Componenta presents its previously published consolidated income statements and financial key figures adjusted with the impact of Componenta Främmestad AB’s bankruptcy
Componenta Corporation, Stock Exchange Release, on 7 November 2019 at 15.25
Componenta has restated its consolidated income statements for the year 2018 and six months period ended 30 June 2019 due to bankruptcy of Componenta Främmestad AB. Componenta’s Sweden-based subsidiary Componenta Främmestad AB filed an application for bankruptcy with the local district court on 25 September 2019. Since the loss of control Componenta has classified and reports Componenta Främmestad AB as discontinued operations.
Componenta applies the requirements of IFRS 5 Non‑current Assets Held for Sale and Discontinued Operations in classifying, presenting and accounting for the loss of control due the bankruptcy of Componenta Främmestad AB. Componenta has classified and reports Componenta Främmestad AB as discontinued operations in the business review 1 January – 30 September 2019 as the loss of control took place 25 September 2019.
Result of discontinued operations is reported separately from continuing operations’ income and expenses in the consolidated income statement, and prior periods have been adjusted accordingly. Intra-group income and expenses between continuing and discontinued operations are eliminated in full. Income and expenses related to discontinued operations are not considered to continue after the bankruptcy. The statement of financial position is not adjusted for prior periods.
The following tables show the unaudited adjusted consolidated income statements, main cash flows of discontinued operations as well as certain key ratios for all four quarters of 2018 separately and for full year 2018, as well as for the first and second quarter of 2019 and six months ended 30 June 2019.
Consolidated income statement
| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Dec 31, 2018 | Jul 1-Dec 31, 2018 | Jan 1-Jun 30, 2018 |
| Continued operations: | ||||
| Net sales | 22.3 | 39.3 | 18.0 | 21.3 |
| Other operating income | 0.1 | 1.9 | 0.7 | 1.0 |
| Operating expenses | -19.8 | -38.0 | -17.4 | -20.4 |
| EBITDA | 2.6 | 3,2 | 1.3 | 1.9 |
| % of net sales | 11.6 % | 5.9 % | 7.2 % | 8.9 % |
| Depreciations, amortisations and write-downs | -0.9 | -2.2 | -1.2 | -1.0 |
| Operating result | 1.7 | 1.0 | 0.0 | 0.9 |
| % of net sales | 7.6 % | 0.2 % | 0.3 % | 4.3 % |
| Financial income and expenses | -0.0 | -0.0 | -0.0 | -0.0 |
| Result after financial items | 1.7 | 0.9 | 0.0 | 0.9 |
| % of net sales | 7.6 % | 2.3 % | 0.2 % | 4.2 % |
| Income taxes | 0.0 | 0.0 | 0.0 | 0.0 |
| Net result of continued operations | 1.7 | 0.9 | 0.0 | 0.9 |
| Discontinued operations: | ||||
| Net result of discontinued operations | -1.0 | 0.1 | -0.4 | 0.5 |
| Net result | 0.7 | 1.0 | -0.4 | 1.4 |
| Allocation of net profit for the period | ||||
| To equity holders of the parent | 0.7 | 1.0 | -0.4 | 1.4 |
| To non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 0.7 | 1.0 | -0.4 | 1.4 |
| Earnings per share calculated on the profit attributable to equity holders of the parent | ||||
| - Basic earnings per share, EUR | 0.00 | 0.01 | 0.00 | 0.01 |
| - Basic earnings per share, continued operations, EUR | 0.01 | 0.01 | 0.00 | 0.01 |
| - Basic earnings per share, discontinued operations, EUR | -0.01 | -0.00 | 0.00 | 0.00 |
| - Diluted earnings per share, EUR | 0.00 | 0.01 | 0.00 | 0.01 |
Consolidated statement of comprehensive income
| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Dec 31, 2018 | Jul 1-Dec 31, 2018 | Jan 1-Jun 30, 2018 |
| Net result | 0.7 | 1.0 | -0.4 | 1.4 |
| Continued operations: | ||||
| Other items | - | - | - | - |
| Total items that may be reclassified to profit or loss subsequently | 0.0 | 0.0 | 0.0 | 0.0 |
| Income tax on other comprehensive income | - | - | - | 0.0 |
| Other comprehensive income of continued operations, net of tax | 0.0 | 0.0 | 0.0 | 0.0 |
| Discontinued operations: | ||||
| Translation differences | -0.1 | -0.1 | 0.9 | -1.0 |
| Other items | - | - | - | - |
| Other comprehensive income of discontinued operations, net of tax | -0.1 | -0.1 | 0.9 | -1.0 |
| Total comprehensive income | 0.6 | 0.9 | 0.5 | 0.5 |
| Allocation of total comprehensive income | ||||
| To equity holders of the parent | 0.6 | 0.9 | 0.5 | 0.5 |
| To non-controlling interest | - | - | - | 0.0 |
| Total | 0.6 | 0.9 | 0.5 | 0.5 |
| Net sales by business area, continued operations | |||||||
| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Jun 30, 2018 | Jan 1-Dec 31, 2018 | ||||
| Heavy trucks | 1.8 | 1.1 | 2.1 | ||||
| Other | 20.5 | 20.2 | 37.2 | ||||
| Total | 22.3 | 21.3 | 39.3 | ||||
Net sales by market area, continued operations
| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Jun 30, 2018 | Jan 1-Dec 31, 2018 |
| Sweden | 4.5 | 4.3 | 7.8 |
| Finland | 15.6 | 14.6 | 26.8 |
| Benelux countries | 0.1 | 0.0 | 0.1 |
| Germany | 1.1 | 1.3 | 2.5 |
| Other European countries | 1.0 | 1.1 | 2.0 |
| Other countries | 0.1 | 0.0 | 0.0 |
| Continued operations total | 22.3 | 21.3 | 39.3 |
Quarterly net sales development by market area, continued operations
| MEUR | Q2/2019 | Q1/2019 | Q4/2018 | Q3/2018 | Q2/2018 | Q1/2018 |
| Sweden | 2.3 | 2.3 | 2.0 | 1.5 | 2.3 | 2.0 |
| Finland | 7.9 | 7.7 | 5.8 | 6.5 | 7.4 | 7.2 |
| Benelux countries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Germany | 0.6 | 0.4 | 0.7 | 0.6 | 0.8 | 0.5 |
| Other European countries | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
| Other countries | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Continued operations total | 11.3 | 11.0 | 8.9 | 9.1 | 11.0 | 10.3 |
Group continued operations development |
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| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Jun 30, 2018 | Jan 1-Dec 31, 2018 |
| Net sales | 22.3 | 21.3 | 39.3 |
| Operating result | 1.7 | 0.9 | 1.0 |
| Net financial items | 0.0 | 0.0 | 0.0 |
| Result after financial items | 1.7 | 0.9 | 0.9 |
| Net result | 1.7 | 0.9 | 0.9 |
Group continued operations development by quarter
| MEUR | Q2/2019 | Q1/2019 | Q4/2018 | Q3/2018 | Q2/2018 | Q1/2018 |
| Net sales | 11.3 | 11.0 | 8.9 | 9.1 | 11.0 | 10.3 |
| Operating result | 0.6 | 1.1 | 0.1 | -0.1 | 0.5 | 0.4 |
| Net financial items | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Result after financial items | 0.6 | 1.1 | 0.1 | -0.1 | 0.5 | 0.4 |
Order book at period end
| MEUR | Q2/2019 | Q1/2019 | Q4/2018 | Q3/2018 | Q2/2018 | Q1/2018 |
| Continued operations total | 4.3 | 6.2 | 5.8 | 6.0 | 4.4 | 5.6 |
Discontinued operations
| MEUR | Jan 1 - Jun 30, 2019 | Jan 1 - Jun 30, 2018 | Jan 1 - Dec 31, 2019 |
| Net sales | 36.8 | 44.8 | 81.4 |
| Expenses | -37.8 | -44.1 | -81.1 |
| Result after financial items | -1.0 | 0.7 | 0.7 |
| Income taxes | 0.0 | -0.2 | -0.2 |
| Net result of discontinued operations | -1.0 | 0.5 | 0.1 |
Cash flow of discontinued operations |
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| MEUR | Jan 1-Jun 30, 2019 | Jan 1-Jun 30, 2018 | Jan 1-Dec 31, 2018 |
| Net cash flow from operating activities | 1.3 | 2.4 | 2.2 |
| Net cash flow from investing activities | -0.5 | -0.3 | -0.8 |
| Net cash flow from financing activities | 0.0 | -3.0 | -2.7 |
| Change in liquid assets | 0.8 | -0.9 | -1.3 |
| Cash and cash equivalents at the beginning of the period | 1.1 | 2.4 | 2.4 |
| Effects of exchange rate changes on cash | 0.0 | 0.0 | 0.0 |
| Cash and cash equivalents at the period end | 1.9 | 1.5 | 1.1 |
Key financial ratios
| Continued operations | Jan 1-Jun 30, 2019* | Jan 1-Mar 31, 2019* | Jan 1-Dec 31, 2018 | Jan 1-Sep 30, 2018 | Jan 1-Jun 30, 2018 |
| Net sales, MEUR | 22.3 | 11.0 | 39.3 | 30.4 | 21.3 |
| EBITDA, MEUR | 2.6 | 1.6 | 3.2 | 2.3 | 1.9 |
| Operating result, MEUR | 1.7 | 1.1 | 1.0 | 0.8 | 0.9 |
| Operating result, % | 7.6 | 10.3 | 2.4 | 2.8 | 4.3 |
| Result after financial items, MEUR | 1.7 | 1.1 | 0.9 | 0.8 | 0.9 |
| Net result, MEUR | 1.7 | 1.1 | 0.9 | 0.8 | 0.9 |
| Basic earnings per share, EUR | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Cash flow from operations, MEUR | 6.0 | 2.8 | 1.3 | 1.4 | 1.3 |
| Equity ratio , % | 39.1 | 37.5 | 39.3 | 37.2 | 35.8 |
| Invested capital at period end, MEUR | 21.8 | 21.9 | 21.2 | 20.6 | 20.4 |
| Return on investment , % | 15.8 | 21.1 | 4.4 | 5.3 | 8.8 |
| Return on equity, % | 17.4 | 23.3 | 5.0 | 5.9 | 9.7 |
| Net interest-bearing debt, MEUR | -8.3 | -6.1 | -3.4 | -4.7 | -3.9 |
| Net gearing, % | -41.9 | -30.9 | -17.7 | -24.6 | -20.8 |
| Order book, MEUR | 4.3 | 6.2 | 5.8 | 6.0 | 4.4 |
| Investments in non-current assets incl. lease liabilities, MEUR | 0.5 | 0.2 | n/a | n/a | n/a |
| Investments in non-current assets excl. lease liabilities, MEUR | 0.5 | 0.2 | 1.1 | 0.9 | 0.5 |
| Investments in non-current assets incl. lease liabilities, % of net sales | 2.2 | 1.7 | 2.8 | 3.0 | 2.6 |
| Average number of personnel during the period | 404 | 411 | 414 | 414 | 409 |
| Average number of personnel during the period, incl. leased personnel | 455 | 453 | 473 | 481 | 478 |
| Number of personnel at period end | 388 | 410 | 412 | 428 | 417 |
| Number of personnel at period end, incl. leased personnel | 423 | 458 | 439 | 485 | 491 |
| Share of export and foreign activities in net sales, % | 30.1 | 30.2 | 31.8 | 30.7 | 31.4 |
| Contingent liabilities, MEUR | 3.4 | 3.4 | 3.8 | 3.8 | 3.8 |
| Per Share Data | Jan 1-Jun 30, 2019 | Jan 1-Mar 31, 2019 | Jan 1-Dec 31, 2018 | Jan 1-Sep 30, 2018 | Jan 1-Jun 30, 2018 |
| Number of shares at period end, thousands | 177 269 | 177 269 | 177 269 | 177 269 | 176 137 |
| Basic earnings per share, EUR | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Diluted earnings per share, EUR | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 |
| Cash flow per share, EUR | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
* As of 1 January 2019, the company adopted the new IFRS 16 “Leases” standard. As a result, in applying the new standard the lease agreements of the lessee are recognized on the balance sheet. Componenta has used the modified retrospective method so consequently the comparative financials have not been restated. The investments in 2019 include right of use assets recognized in the balance sheet and net debt and net gearing include lease liabilities recognized in the balance sheet.
Calculation of key financial figures
| Key figure | Määritelmä | |
| Return on equity-% (ROE) | = | Profit (Group) after financial items – Income taxes x 100 Shareholders' equity + non-controlling interest (average of the accounting period) |
| Invested capital | = | Shareholders' equity + interest bearing liabilities (average of the accounting period) |
| Return on investment-% (ROI) | = | Profit after financial items + Interest and other financial expenses x 100 Shareholders' equity + interest bearing liabilities (average of the accounting period) |
| Equity ratio, % | = | Shareholders' equity + non-controlling interest x 100 Balance sheet total - advances received |
| Net interest-bearing debt | = | Interest bearing liabilities - cash and bank accounts |
| Net gearing, % | = | Net interest bearing liabilities x 100 Shareholder’s equity + non-controlling interest |
| Investments in non-current assets | = | Additions to non-current assets |
| EBITDA | = | Operating profit + Depreciation, amortization and write-downs +/- Share of the associated companies' result |
| Earnings per share, EUR (EPS) | = | Profit after financial items – income taxes +/- non-controlling interest – deferred and paid interest on hybrid loan Average number of shares during the financial period |
| Earnings per share with dilution, EUR | = | As above, the number of shares has been increased with the possible warrants outstanding. When calculating the dilution effect of warrants, the number of shares has been adjusted with the number of own shares which the company could have acquired, if it would have used the funds generated from the warrants to buy back of own shares at market price (= average trading price). After tax interest expense of the possible convertible loan has been added to the profit of the period. Number of shares that can be subscribed by the loan has been added to the number of total shares. |
| Cash flow per share, EUR (CEPS) | = | Net cash flow from operating activities Average number of shares during the financial period |
COMPONENTA CORPORATION
Marko Penttinen
President and CEO
For further information, please contact:
Marko Penttinen, President and CEO, tel. +358 10 403 2200
Marko Karppinen, CFO, tel. +358 10 403 2101
Componenta is an international technology company. Componenta specialises in supplying cast and machined components for its global customers, who are manufacturers of vehicles, machines and equipment. The Company’s share is listed on Nasdaq Helsinki.