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
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
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.

Subscribe