Componenta Interim Report 1 January - 31 March 2008
STOCK EXCHANGE RELEASE 16.4.2008 AT 10.30
Componenta Interim Report 1 January - 31 March 2008
· Net sales in the review period totalled MEUR 185.0 (MEUR 167.9).
· The Group's operating profit excluding one-time items was MEUR 23.1
(MEUR 13.4) and the result after financial items, excluding one-time
items, was MEUR 14.9 (MEUR 8.9).
· Net result for the review period was MEUR 11.1 (MEUR 21.4).
· Basic earnings per share was EUR 0.96 (EUR 2.03) and earnings per
share excluding one-time items was EUR 0.96 (EUR 0.57).
Net sales and order book
The Group's net sales in January - March were EUR 185.0 (167.9) million.
Comparable growth in net sales was 14.1%. The order book at the end of
March stood at EUR 134.6 (104.7) million. The order book comprises
orders for the following two months.
Foundry division sales increased 15.8% from the previous year to EUR
73.1 (63.1) million.
Sales of the Machine Shops division rose 9.8% to EUR 50.5 (46.0)
million.
The Machine Shops and Foundries divisions had a combined order book at
the end of the review period of EUR 73.4 (56.2) million. Showing the
order books for the divisions separately is not justified because of the
nature of Componenta's supply chain.
Net sales of the Döktas division increased 18.2% to EUR 70.7 (59.8)
million. Döktas had an order book at the end of the review period of EUR
45.7 (38.5) million.
Componenta's net sales by customer sector were as follows: off-road 36%
(36%), heavy truck industry 27% (26%), automotive 16% (17%), diesel and
wind 6% (6%), machine building 14% (14%) and others 1% (1%).
Result
The interim report has been prepared in accordance with international
financial reporting standards (IFRS). Componenta has prepared the report
applying the same accounting principles as in its 2007 Financial
Statements. The figures in the interim report are unaudited.
The Group's operating profit excluding one-time items was EUR 23.1
(13.4) million and the result after financial items was EUR 14.9 (8.9)
million. The Group had no one-time items in the first quarter of 2008.
The Group's net financial costs in the review period totalled EUR -8.2
(-4.5) million.
The Group's operating profit improved from the previous year due to
changes in the exchange rate for the Turkish lira, good development in
production volumes, and enhanced efficiency in business operations. The
significant weakening of the Turkish lira against the euro towards the
end of the period also resulted in a rise in net financing costs due to
exchange rate losses on loans. The net sum of changes in exchange rates
improved the result after financial items by EUR 3.8 million.
Income taxes in the review period totalled EUR -3.8 (-0.4) million.
The net result for the period was EUR 11.1 (21.4) million.
The basic earnings per share was EUR 0.96 (2.03) and the corresponding
earnings per share excluding one-time items was EUR 0.96 (0.57).
The return on investment was 25.4% (29.3%) and return on equity 48.2%
(100.0%).
Financing
On 31 March 2008 Componenta Corporation had outstanding capital notes
and convertible notes with a combined value of EUR 52.3 million, as
defined in IFRS. In March the Group repaid EUR 3.2 million, or 10%, of
the principal of the preferred capital notes issued in 2002, in
accordance with the terms of the notes. During the review period, 6 of
Componenta's convertible capital notes were converted into shares. As a
result, the number of Componenta shares increased by 1,200 and the
shareholders' equity rose by EUR 10,800.
At the end of the review period, Componenta had EUR 134.2 million in
unused, long-term credit facilities. In addition, the Group had a EUR
150.0 million commercial paper programme. The Group's interest-bearing
net debt, excluding the outstanding capital notes of EUR 52.3 million,
stood at EUR 191.6 (210.7) million. The company's net debt as a
proportion of shareholders' equity, including the capital notes in
shareholders' equity, was 140.4% (146.4%).
Componenta is making more efficient use of capital with a programme to
sell its sales receivables. Under this arrangement, some of the sales
receivables are sold without any right of recourse. By the end of the
period the company had sold sales receivable totalling EUR 49.1 (31.2)
million.
Componenta's net cash flow from operations during the review period was
EUR 17.6 (-0.3) million, and of this the change in net working capital
was EUR -5.8 (-15.5) million. The cash flow from investment was EUR -9.3
(-19.2) million.
At the end of the review period the Group's equity ratio was 16.6%
(16.9%). The Group's shareholders' equity, including the capital notes
in shareholders' equity, as a proportion of the balance sheet total was
27.0% (28.9%). Factors affecting the equity ratio during the review
period were translation differences caused by changes in exchange rates
and the exceptionally high level of cash funds at the end of the period.
Performance of business divisions
Componenta changed its reporting structure on 1 January 2008, when
Componenta Pistons was transferred from Other Business to the Machine
Shops division and the Orhangazi machine shop operations were
transferred from the Döktas division, also to the Machine Shops
division. All figures for comparison for the divisions for 2007 have
been adjusted to bring them in line with this reporting structure.
Foundries
The Foundries division had net sales in the first quarter of EUR 73.1
(63.1) million and an operating profit of EUR 8.9 million, 12.1% of net
sales (EUR 5.2 million, 8.2%). The division's operating profit improved
from the previous year mainly in consequence of increased volumes and
greater efficiency in its operations. Rising prices for raw materials
weakened the operating profit during the review period.
Machine Shops
The Machine Shops division had net sales in the first quarter of 2008 of
EUR 50.5 (46.0) million and an operating profit of EUR 2.0 million, 4.0%
of net sales (EUR 1.8 million, 3.9%).
Döktas
The Döktas division's operating profit increased considerably during the
review period, due to the weakening of the Turkish lira and higher
efficiency in its business operations. The Division had net sales in the
period of EUR 70.7 (59.8) million and an operating profit of EUR 13.0
million, 18.4% of net sales (EUR 5.1 million, 8.5%). The change in
exchange rates contributed EUR 6.6 million to the operating profit
during the period.
Other Business
Other Business comprises the Componenta Wirsbo forges in Sweden, the
sales and logistics company in the UK, real estate companies and the
Group's administrative functions.Other Business had an operating profit
excluding one-time items of EUR 0.8 (1.2) million in the January-March
period.
Shares and share capital
The shares of Componenta Corporation are quoted on the OMX Nordic
Exchange in Helsinki. At the end of the review period the company's
share capital stood at EUR 21.9 (20.5) million. On 31 March 2008 the
quoted price of Componenta Corporation shares stood at EUR 8.20
(11.01).The average price during the review period was EUR 7.52, the
lowest quoted price was EUR 6.12 and the highest EUR 9.35. At the end of
the review period the share capital had a market capitalization of EUR
89.7 (113.0) million and the volume of shares traded during the period
was equivalent to 11.5% (14.6%) of the share stock.
The AGM decided to pay a dividend of EUR 0.50 per share for 2007, in
accordance with the proposal of the Board of Directors.
Purchasing and disposing of company shares
Under the authorization of the AGM held on 25 February 2008, the Board
of Directors may decide to purchase a maximum of 1,000,000 of the
Company's own shares using the Company's unrestricted shareholders'
equity.
The shares shall be purchased in public trading, for which reason they
will be purchased other than in proportion to the holdings of
shareholders. The purchase price shall be based on the market price for
Componenta shares in public trading. The shares shall be purchased on
the OMX Nordic Exchange in Helsinki and in accordance with its rules and
regulations.
The Board of Directors may not implement the authorization to purchase
the Company's own shares if after the purchase the Company or its
subsidiary would possess or hold in pledge altogether more than 10 per
cent of all the Company's shares. The authorization does not exclude the
right of the Board of Directors to decide on a direct purchase of
shares.
The Board holds an authorization granted by the AGM on 26 February
2007 to decide to issue shares and grant option rights and other
special rights with an entitlement to shares under the following terms
and conditions:
1. Under the authorization the Board may decide to issue shares and
grant option rights and other special rights as defined in chapter 10,
section 1 of the Finnish Companies Act, such that a maximum of
2,000,000 shares are issued under the authorization. The authorization
does not exclude the right of the Board of Directors to decide on a
direct issue of shares.
2. The authorization is valid for a period of five years from the
date of the decision of the AGM.
The Board of Directors has to date not exercised either of these
authorizations.
Share-based incentive scheme
The share-based incentive scheme is based on the decision taken on 3
April 2007 by the Board of Directors of Componenta Corporation. The
scheme comprises three one-year earnings periods, which are the calendar
years 2007, 2008 and 2009. The bonuses will be paid in 2008, 2009 and
2010 partly in company shares and partly in cash. The part to be paid in
cash will cover the tax and similar charges arising from the bonus.
There is a ban on selling the shares for two years after the end of the
earnings period.
Any yield from the incentive scheme is based on the Group's result after
financial items and the Group's return on investment. At the end of the
review period the target group contains 39 people. If the targets set
for the scheme are met in full, the scheme will pay a bonus of a maximum
of 180,000 Componenta Corporation shares. For 2008 a maximum of 70,000
Componenta Corporation shares will be allocated in the scheme. The
President and CEO will account for a maximum of 18,000 out of the total
figure and other key personnel for altogether a maximum of 52,000
shares. The scheme had an impact before taxes on the result at the end
of the first quarter of 2008 of EUR 0.1 million.
Investments
Componenta's investments in production facilities during the review
period totalled EUR 10.5 (3.8) million, and finance lease investments
accounted for EUR 1.1 million of these. The net cash flow from
investments was EUR -9.3 (-19.2) million.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 25 February
2008 elected the following to the Board of Directors: Heikki Bergholm,
Heikki Lehtonen, Juhani Mäkinen, Marjo Raitavuo and Matti Tikkakoski.
The Board held its organization meeting after the AGM and elected
Heikki Bergholm as its Chairman and Juhani Mäkinen as its Vice
Chairman.
At the end of the review period the corporate executive team of
Componenta Corporation comprised the following: President and CEO Heikki
Lehtonen; Yaylalý Günay, Senior Vice President of Investments; Hakan
Göral, Senior Vice President of Döktas division; CFO Mika Hassinen; Olli
Karhunen, Senior Vice President of Foundries division; Timo Laitinen,
Senior Vice President of Sales and Development; Jari Leino, Sales
Director of Heavy Trucks; Anu Mankki, Senior Vice President of Human
Resources; Marko Sipola, Senior Vice President of Business Development;
Michael Sjöberg, Senior Vice President of Machine Shops division, and
Communications Director Pirjo Aarniovuori.
Personnel
During the review period the Group had on average 4,290 (4,235)
employees. The number of Group personnel at the end of the period
including contract labour was 5,213 (5,052). At the end of the first
quarter of 2008 49% (52%) of the Group's personnel were in Turkey, 23%
(22%) in Finland, 18% (17%) in the Netherlands and 10% (9%) in Sweden.
Risks
Fluctuations in the prices of Componenta Group's main raw material,
recycled metal, affect the sales margins on the Group's products. When
the price of recycled metal rises, the increase in the price can be
passed on to the products supplied to customers after a certain delay,
so price increases in recycled metal reduce the sales margin only
temporarily. When the prices of recycled metal go down, the Group's
margins improve for a while.
The electricity consumption of the Group's foundries and machine shops
creates a spot price risk for the purchased electricity, so the Group
purchases electricity price forwards to hedge against the impact of
electricity prices on the financial performance. The target hedging
level for the forecast electricity consumption by the Group's production
plants is 90% for the next 12 months, 60% for the following year and 40%
for the third year. Trading in electricity price forwards has been
outsourced. The Group aims to pass on the increase in the price of
electricity to customers with a separate electricity surcharge.
Appropriate insurances have been taken against risks associated with
assets and interruption of operations and to minimize indemnity.
The financial risks relating to Componenta Group's business operations
are managed in accordance with the treasury policy approved by the Board
of Directors. The objective is to protect the Group against unfavourable
changes in the financial markets and to secure the Group's financial
performance and financial position. Management of financial risks takes
place in the corporate treasury function.
Following the acquisition of Döktas, Componenta now has a significant
currency position in Turkish lira. The company hedges its translation
and transaction position in accordance with its treasury policy. Despite
the hedging, however, any changes in the value of the Turkish lira in
relation to other currencies, especially the euro, US dollar and GB
pound, have an impact on Componenta's financial performance.
The Group has no significant concentration of credit risk. The Group
recognized no major credit losses in the review period.
The company's financial agreements contain normal clauses according to
which the company's loans may fall due for payment before the maturity
date if control of the company changes in consequence of a tender offer.
The company is not party to any other significant contracts that will
come into force, that can be amended or that can cease to be valid if
control of the company changes in consequence of a tender offer.
Events after the end of the review period
Tapio Rantala was appointed Director, Business Development at Componenta
Corporation, and a member of the Corporate Executive Team as from 1 May
2008. Marko Sipola, who has been responsible for business development,
is leaving the company to become President of the Viafin Group in summer
2008.
Prospects
Componenta's prospects for the remainder of 2008 are based on general
external financial indicators, order forecasts given by customers, and
on Componenta's order intake and order book.
The demand outlook in all the Group's customer sectors is good at the
beginning of the second quarter of 2008. Componenta's order book at the
end of the first quarter of 2008 was 29% higher than at the same time in
the previous year. Global uncertainty in the financial market and
unfavourable developments in currency exchange rates may weaken
Componenta's prospects during the rest of the year.
Combining the operations of Componenta and Döktas and enhancing the
performance of the business units are expected to have a positive impact
on the Group's operating profit in 2008.
Componenta Group's 2008 net sales are expected to increase and the
result after financial items, excluding one-time items, is expected to
improve on the corresponding figures for 2007.
Interim report tables
Income statement
MEUR 1.1.-31.3.2008 1.1.-31.3.2007 1.1.-31.12.2007
Net sales 185.0 167.9 634.7
Other operating
income 7.2 19.7 17.8
Operating
expenses -163.0 -153.7 -583.3
Depreciation,
amortization and
write-down -6.0 -7.7 -26.6
Share of the
associated
companies' result - 0.1 0.1
Operating profit 23.1 26.3 42.7
% of net sales 12.5 15.7 6.7
Financial income
and expenses -8.2 -4.5 -20.0
Result after
financial items 14.9 21.8 22.7
% of net sales 8.1 13.0 3.6
Income taxes -3.8 -0.4 -1.1
Net result 11.1 21.4 21.6
Allocation of net result
for the period
To equity holders of
the parent 10.5 20.6 20.9
To minority
interest -0.6 0.9 0.7
11.1 21.4 21.6
Earning per share calculated
on the result attributable
to equity holders of the parent
Earnings per share, EUR 0.96 2.03 1.97
Earnings per share with
dilution, EUR 0.76 1.57 1.61
Income statement excluding one-time items
MEUR 1.1.-31.3.2008 1.1.-31.3.2007 1.1.-31.12.2007
Net sales 185.0 167.9 634.7
Other operating income 7.2 0.3 -1.5
Operating expenses -163.0 -148.7 -574.0
Depreciation, amortization
and write-down -6.0 -6.1 -24.4
Share of the associated
companies' result - 0.1 0.1
Operating profit 23.1 13.4 34.9
% of net sales 12.5 8.1 6.0
Financial income
and expenses -8.2 -4.5 -20.0
Result afterfinancial items 14.9 8.9 14.9
% of net sales 8.1 5.5 2.4
The 2007 comparison data has been adjusted by transferring exchange rate
differences of sales and purchases and the corresponding hedging results
from financial income and expenses to other operating income. In 1.1.-
31.3.2007 exchange rate differences were 0.1 MEUR and 1.1.-31.12.2007 -
3.2 MEUR.
Balance sheet
MEUR 31.3.2008 31.3.2007 31.12.2007
Assets
Non-current
assets
Intangible assets 2.9 1.9 2.4
Goodwill 35.9 39.3 41.4
Investment properties 1.8 1.8 1.8
Tangible assets 232.1 236.5 244.9
Investment in associates 0.3 0.3 0.3
Receivables 4.3 5.2 4.3
Other investments 0.9 0.5 0.9
Deferred tax assets 9.0 8.5 9.4
Total non-current
assets 287.2 294.1 305.5
Current assets
Inventories 86.9 72.5 82.5
Receivables 94.8 110.8 81.7
Tax receivables 1.0 0.2
Cash and bank accounts 36.9 20.1 27.5
Total current
assets 219.5 203.3 191.9
Total assets 506.7 497.4 497.3
Liabilities and shareholders' equity
Shareholders' equity
Share capital 21.9 20.5 21.9
Other equity 53.5 55.0 69.4
Equity attributable to equity
holders of the parent 75.4 75.5 91.3
Minority interest 8.7 8.6 9.3
Shareholders' equity 84.2 84.1 100.6
Liabilities
Non-current
Capital loan 40.7 56.9 50.2
Interest bearing 88.6 85.6 77.0
Interest free 0.3 0.0 0.3
Provisions 7.0 0.5 6.4
Deferred tax liability 8.9 7.8 9.4
Current
Capital loan 11.5 3.0 5.2
Interest bearing 139.8 145.2 137.9
Interest free 120.2 102.8 105.9
Tax liabilities 0.8 0.5 0.9
Provisions 4.6 10.9 3.5
Total liabilities 422.5 413.3 396.7
Total liabilities and
shareholders' equity 506.7 497.4 497.3
Cash flow statement
1.1.- 1.1.- 1.1.-
MEUR 31.3.2008 31.3.2007 31.12.2007
Cash flow from operations
Result after
financial items 14.9 22.2 22.7
Depreciation, amortization
and write-down 6.0 7.3 26.6
Net financial income and
expenses 8.2 4.4 23.2
Other income and expenses,
adjustments to cash flow 2.4 -14.2 -15.1
Change in net working capital -5.8 -15.5 11.0
Cash flow from operations before
financing and income taxes 25.7 4.1 68.5
Interest received and paid
and dividends received -8.1 -3.3 -23.1
Taxes paid - -1.2 -2.8
Net cash flow from operations 17.6 -0.3 42.6
Cash flow from investing
activities
Capital expenditure in tangible
and intangible assets -9.3 -4.0 -22.3
Proceeds from tangible and
intangible assets - 0.0 0.1
Other investments and
loans granted - -4.7 -0.7
Proceeds from other investments
and repayments of
loan receivables - 27.9 24.5
Acquisition of subsidiary,
net of cash acquired - -38.3 -40.2
Net cash flow from investing
activities -9.3 -19.2 -38.6
Cash flow from financing activities
Dividends paid -5.5 -3.3 -3.3
Share issue (capital notes) - 2.2 0.0
Draw-down (+)/ repayment
(-) of the equity part of
convertible capital notes - - 0.0
Repayment of finance lease
liabilities -0.1 -0.5 -3.3
Draw-down (+)/ repayment
(-) of current loans 2.3 31.1 44.2
Draw-down (+)/ repayment
(-) of non-current loans 7.4 -5.3 -30.5
Net cash flow from financing
activities 4.1 24.2 7.2
Change in liquid assets 12.4 4.8 11.2
Cash and bank account at the
beginning of the period 27.5 15.3 15.3
Effects of exchange rate
changes on cash -3.0 - 1.0
Cash and bank account at the
period end 36.9 20.1 27.5
Change during the
financial period 12.4 4.8 11.2
Statement of changes in shareholders' equity
Trans- Share
Share lation holders'
Share premium Other diffe- Retained Minority equity
MEUR capital account reserves rences earnings Total interest total
Shareholders'
equity
1.1.2007 20.0 12.4 3.4 0.1 19.1 55.2 37.7 92.9
Derivatives -0.5 -0.5 -0.5
Change in
translation
differences 0.9 0.9 0.3 1.2
Other changes 0.0 0.0
Dividends paid -2.5 -2.5 -0.8 -3.3
Increase of
share capital
(warrants) 0.5 1.7 2.2 2.2
Equity share of
convertible capital notes -0.3 -0.3 -0.3
Change in minority
interest 0.0 -29.5 -29.5
Profit/loss for the
period 20.6 20.6 0.9 21.4
Shareholders'
equity
31.3.2007 20.5 14.1 2.6 1.0 37.2 75.5 8.6 84.1
Trans Share
Share lation holders'
Share premium Other diffe Retained Minority equity
MEUR capital account reserves rences earnings Total interest total
Shareholders'
equity
1.1.2008 21.9 14.9 7.2 9.8 37.5 91.3 9.3 100.6
Derivatives -0.7 -0.7 -0.7
Change in
translation
differences -20.5 -20.5 -1.2 -21.7
Other changes 0.2 0.2 0.2
Dividends paid -5.5 -5.5 -5.5
Increase of
share capital
(convertible
notes) 0.0 0.1 0.1 0.1
Equity share of
convertible
capital notes 0.0 0.0
Change in minority
interest 0.0 0.0
Profit/loss for the
period 10.5 10.5 0.6 11.1
Shareholders'
equity
31.3.2008 21.9 15.0 6.7 -10.7 42.6 75.4 8.7 84.2
Key ratios
31.3.2008 31.3.2007 31.12.2007
Equity ratio, % 16.6 16.9 20.3
Equity per share,
EUR 6.89 7.30 8.34
Invested capital 364.9 374.7 370.9
Return on
investment, % 25.4 29.3 11.9
Return on investment,
excluding one-
time items % 25.4 15.5 9.8
Return on equity, % 48.2 100.0 23.0
Return on equity,
excluding one-
time items % 48.2 31.0 12.1
Net interest bearing debt,
MEUR, preferred capital
note in debt 243.9 270.5 242.8
Net gearing, %,
preferred capital
note in debt 289.8 321.8 241.3
Order book, MEUR 134.6 104.7 129.0
Investments in non-current
assets without finance
leases, MEUR 9.3 42.5 62.9
Investments in non-current
assets incl. finance
leases, MEUR 10.5 42.6 64.5
Investments in non-current
assets, % of net sales 5.7 25.4 10.2
Average number of personnel
during the period 4,290 4,235 4,206
Number of personnel at
period end 4,310 4,132 4,158
Share of export and foreign
activities in net
sales, % 89.0 88.9 89.1
Contingent
liabilities, MEUR 186.4 192.2 177.5
Earnings per share
(EPS), EUR 0.96 2.03 1.97
Earnings per share, with
dilution (EPS), EUR 0.76 1.50 1.61
Changes in tangible assets and goodwill
MEUR 1-3/2008 1-3/2007 1-12/2007
Changes in tangible assets
Acquisition cost
at the beginning
of the period 568.1 545.1 545.1
Translation difference -32.5 -0.5 13.8
Additions 9.8 4.2 27.3
Disposal of
subsidiary - -15.1 -14.9
Disposals -1.7 -1.2 -3.1
Acquisition cost at
the end of the period 543.7 532.5 568.1
Accumulated depreciation at
the beginning of
the period -323.2 -300.0 -300.0
Translation difference 11.9 0.3 -7.7
Accumulated depreciation on
additions - 0.1 -2.0
Accumulated depreciation on
disposals 7.0 0.5 2.1
Depreciation on disposal of
subsidiary - 10.6 10.5
Depreciation during
the period -5.6 -7.5 -26.2
Accumulated depreciation at
the end of the period -309.8 -296.0 -323.2
Book value at the
end of the period 233.9 236.5 244.9
Goodwill
Acquisition cost at the
beginning of the period 43.7 33.2 33.2
Additions - 11.9 7.8
Translation difference -5.5 -3.5 2.7
Acquisition cost at the
end of the period 38.2 41.6 43.7
Accumulated depreciation at
the beginning of the period -2.3 -2.3 -2.3
Accumulated depreciation at
the end of the period -2.3 -2.3 -2.3
Book value at the
end of the period 35.9 39.3 41.4
Segments
Primary reporting format
Foundries, MEUR 31.3.2008 31.3.2007 31.12.2007
Assets 137.4 130.8 143.0
Liabilities 46.3 35.2 38.1
Investments in non-current
assets
(incl. finance leases) 1.2 0.8 4.4
Depreciation 1.9 2.2 12.6
Machine shops,
MEUR 31.3.2008 31.3.2007 31.12.2007
Assets 71.3 62.1 70.4
Liabilities 29.9 27.6 34.1
Investments in non-current
assets
(incl.finance leases) 3.6 1.0 4.5
Depreciation 1.1 1.1 4.3
Döktas, MEUR 31.3.2008 31.3.2007 31.12.2007
Assets 197.5 214.5 204.1
Liabilities 36.4 32.5 34.3
Investments in non-current
assets
(incl. finance leases) 3.4 1.6 13.1
Depreciation 1.8 1.9 8.1
Secondary reporting format
Nordic countries, MEUR 31.3.2008 31.3.2007 31.12.2007
Assets 173.5 224.5 183.5
Investments in non-current
assets
(incl.finance leases) 5.0 3.3 7.3
Other European
countries, MEUR 31.3.2008 31.3.2007 31.12.2007
Assets 259.0 272.8 243.0
Investments in non-current
assets
(incl. finance leases) 5.5 0.5 16.2
Group development
Net sales by market area
MEUR 1-12/2007 1-3/2007 1-3/2008
Nordic countries 183.5 53.7 52.1
Other European
countries 421.8 106.7 125.2
Other countries 29.4 7.4 7.7
Total 634.7 167.9 185.0
Quarterly development by market area
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Nordic
countries 53.7 46.5 38.5 44.9 52.1
Other
European
countries 106.7 106.6 96.7 111.8 125.2
Other
countries 7.4 7.7 8.0 6.3 7.7
Total 167.9 160.7 143.2 162.9 185.0
Group development
MEUR 1-12/2007 1-3/2007 1-3/2008
Net sales 634.7 167.9 185.0
Operating profit 42.7 26.3 23.1
Net financial
items -20.0 -4.5 -8.2
Result after
financial items 22.7 21.8 14.9
Group development by business division
Net sales, MEUR 1-12/2007 1-3/2007 1-3/2008
Foundries 241.7 63.1 73.1
Machine shops 177.8 46.0 50.5
Döktas 225.7 59.8 70.7
Other business 145.5 39.9 40.3
Internal and one-
time items -156.0 -40.9 -49.6
Componenta total 634.7 167.9 185.0
Operating profit,
MEUR 1-12/2007 1-3/2007 1-3/2008
Foundries 16.7 5.2 8.9
Machine shops 6.5 1.8 2.0
Döktas 10.4 5.1 13.0
Other business 1.6 1.2 0.8
Internal and one-
time items 7.5 13.0 -1.6
Componenta total 42.7 26.3 23.1
Order book, MEUR 12/2007 3/2007 3/2008
Foundries and
Machine shops 72.1 56.2 73.4
Döktas 41.9 38.5 45.7
Other business 15.0 9.9 15.5
Componenta total 129.0 104.7 134.6
Group development by quarter
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Net sales 167.9 160.7 143.2 162.9 185.0
Operating
profit 26.3 9.5 2.4 4.5 23.1
Net financial
items -4.5 -4.4 -5.5 -5.6 -8.2
Result after
financial
items 21.8 5.1 -3.1 -1.1 14.9
Quarterly development by business division
Net sales,
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Foundries 63.1 62.0 52.4 64.2 73.1
Machine
shops 46.0 45.5 39.4 46.8 50.5
Döktas 59.8 58.6 56.3 51.0 70.7
Other business 39.9 35.2 31.4 39.1 40.3
Internal and one-
time items -40.9 -40.5 -36.4 -38.2 -49.6
Componenta
total 167.9 160.7 143.2 162.9 185.0
Foundries 5.2 6.1 0.8 4.7 8.9
Machine
shops 1.8 1.7 1.7 1.3 2.0
Döktas 5.1 2.8 -0.6 3.0 13.0
Other business 1.2 0.0 0.5 -0.1 0.8
Internal and one-
time items 13.0 -1.2 0.0 -4.3 -1.6
Componenta
total 26.3 9.5 2.4 4.5 23.1
Order book at
period end, MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Foundries and
Machine shops 56.2 58.1 68.3 72.1 73.4
Döktas 38.5 35.7 41.4 41.9 45.7
Other business 9.9 13.1 15.3 15.0 15.5
Componenta
total 104.7 106.9 125.0 129.0 134.6
Group development excluding one-time items
MEUR 1-12/2007 1-3/2007 1-3/2008
Net sales 634.7 167.9 185.0
Operating profit 34.9 13.4 23.1
Net financial
items -20.0 -4.5 -8.2
Result after
financial items 14.9 8.9 14.9
Group development by business division excluding one-time items
Operating profit,
MEUR 1-12/2007 1-3/2007 1-3/2008
Foundries 16.7 5.2 8.9
Machine shops 6.5 1.8 2.0
Döktas 10.4 5.1 13.0
Other business 1.6 1.2 0.8
Internal items -0.3 0.1 -1.6
Componenta total 34.9 13.4 23.1
Group development by quarter excluding one-time items
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Net sales 167.9 160.7 143.2 162.9 185.0
Operating
profit 13.4 9.5 3.3 8.7 23.1
Net financial
items -4.5 -4.4 -5.5 -5.6 -8.2
Result after
financial
items 8.9 5.1 -2.1 3.1 14.9
Quarterly development by business division excluding one-time items
Operating
profit,
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08
Foundries 5.2 6.1 0.8 4.7 8.9
Machine
shops 1.8 1.7 1.7 1.3 2.0
Döktas 5.1 2.8 -0.6 3.0 13.0
Other business 1.2 0.0 0.5 -0.1 0.8
Internal items 0.1 -1.2 0.9 -0.1 -1.6
Componenta
total 13.4 9.5 3.3 8.7 23.1
Largest registered shareholders on 31 March 2008
Share of total
Shareholder Shares voting rights, %
1 Lehtonen Heikki 4,112,244 37.58
Cabana Trade S.A. 3,801,988
Oy Högfors-
Trading Ab 310,256
2 Etra-Invest Oy Ab 3,028,475 27.67
3 Inkinen Simo-Pekka 364,680 3.33
Inkinen Simo-Pekka 357,680
Väli-Gunnarla
Avoin Yhtiö 4,000
Nahkionkosken
voimalaitos Ky 3,000
4 FIM Fenno Fund 207,478 1.90
5 Lehtonen Anna-Maria 178,823 1.63
6 Laakkonen Mikko 170,000 1.55
7 Bergholm Heikki 165,000 1.51
8 Lehtonen Yrjö M. 85,040 0.78
9 Seppo Saario Oy 60,000 0.55
10 Ilmarinen Mutual Pension
Insurance Company 57,600 0.53
Nominee-registered shares 267,648 2.45
Other shareholders 2,246,710 20.53
Total 10,943,698 100.00
The members of the Board of Directors own 39.3% of the shares. All
shares have equal voting rights. If all the warrants were converted to
shares, the holding of shares by the members of the Board of Directors
would decrease to 32.4%.
Helsinki, 16 April 2008
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen Mika Hassinen
President and CEO CFO
tel. +358 10 403 00 tel. +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, the Netherlands, Sweden, and
Turkey. The pro forma net sales of Componenta was EUR 635 million in
2007 and the Group employes about 5,100 people. Componenta's shares
are quoted on the OMX Nordic Exchange in Helsinki. Componenta specializes
in supplying cast and machined components and total solutions made of
them to its global customers who are manufacturers of vehicles,
machines and equipment.
Componenta Corporation
Panuntie 4
FI-00610 Helsinki , Finland
Tel. +358 10 403 00
Fax +358 10 403 2721
http://www.componenta.com
