Componenta publishes the key figures of the interim report of the turkish foundry company Döktas
Componenta Corporation Stock Exchange Release 14.11.2006 at 13.15
Componenta publishes the key figures of the interim report of the turkish
foundry company Döktas
Componenta signed in October 2006 an agreement to acquire 55% of the
shares and votes of Döktas Dökümcülük Sanayi ve Ticaret A.S., an iron
and aluminium casting component manufacturer. Döktas is a leading metal
casting company in Turkey with net sales of EUR 209 million in 2005. The
company employs some 2,500 people (incl. indirect employees). Döktas
shares and votes are publicly traded on the Istanbul Stock Exchange.
Döktas released its interim report 1 Jan - 30 Sep 2006 on 14 November 2006.
Below are the key figures of the interim report and the
corresponding combined pro forma figures of Componenta and Döktas.
Döktas income statement 2003, 2004 and 2005, 1-9/2006 and 1-9/2005
MEUR 1-9/2006 1-9/2005 1-12/2005 1-12/2004 1-12/2003
NET SALES 171.8 153.8 208.9 204.3 170.9
Cost of goods sold -135.4 -133.5 -181.2 -170.8 -145.6
GROSS PROFIT 36.4 20.3 27.7 33.5 25.3
% of net sales 21.2 13.2 13.3 16.4 14.8
Operating expenses -18.9 -17.3 -22.7 -23.3 -20.5
OPERATING PROFIT 17.6 3.0 5.0 10.2 4.8
% of net sales 10.2 2.0 2.4 5.0 2.8
Other operating income 0.4 0.8 0.3 0.0 6.2
Financial income and expenses -0.1 -1.5 -1.7 -0.9 -0.1
Share of the associated
companies' result 0.3 0.3 0.2 0.3 -0.1
RESULT AFTER FINANCIAL ITEMS 18.1 2.6 3.8 9.5 10.8
Income taxes -5.3 -0.1 0.0 -3.2 0.1
PROFIT AFTER TAXES 12.8 2.4 3.8 6.3 10.9
% of net sales 7.5 1.6 1.8 3.1 6.4
Monetary gain/loss - - - 1.1 2.2
NET PROFIT 12.8 2.4 3.8 7.5 13.1
% of net sales 7.5 1.6 1.8 3.6 7.7
Depreciation, amortization
and write-down of non-
current assets 4.5 9.2 12.7 11.1 11.4
EBITDA 22.0 12.2 17.7 21.2 16.2
% of net sales 12.8 7.9 8.5 10.4 9.5
Döktas balance sheet 31.12.2004, 31.12.2005 and 30.6.2006
MEUR 30.9.2006 31.12.2005 31.12.2004 31.12.2003
Assets
NON CURRENT ASSETS
Financial assets held for sale 23.6 26.7 16.4 18.0
Tangible assets 51.7 58.7 54.3 58.5
Intangible assets 0.1 0.1 0.1 0.2
Deferred tax receivables 0.0 0.0 0.0 0.9
TOTAL NON CURRENT ASSETS 75.4 85.6 70.9 77.5
CURRENT ASSETS
Cash and cash equivalents 8.0 0.9 3.1 2.2
Trade receivables 43.4 36.6 34.5 24.9
Receivables due from related parties 16.0 17.0 10.6 8.4
Inventories 26.2 22.1 24.2 17.8
Other short term receivables 1.3 1.8 2.5 1.5
TOTAL CURRENT ASSETS 94.9 78.4 74.8 54.8
TOTAL ASSETS 170.4 163.9 145.7 132.3
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY 96.3 102.7 87.4 84.5
LIABILITIES
NON-CURRENT LIABILITES
Provisions 4.2 4.3 3.4 3.2
Deferred tax liabilites 1.6 0.2 0.6
TOTAL NON-CURRENT LIABILITIES 5.9 4.6 4.1 3.2
CURRENT LIABILITIES
Interest-bearing liabilites 40.7 30.4 25.0 11.9
Interest-bearing liabilites due
to related parties 6.2 8.0 6.8 7.0
Trade payables 11.5 11.9 14.0 10.5
Non Interest-bearing liabilites
due to related parties 2.6 2.6 4.4 11.8
Advances received 0.1 0.2 0.2 0
Provisions 1.1 0.1 0 0
Other non-interest bearing
payables 6.1 3.3 3.8 3.3
TOTAL CURRENT LIABILITIES 68.2 56.7 54.3 44.6
TOTAL LIABILITES 74,0 61.2 58.3 47.8
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 170.4 163.9 145.7 132.3
Exchage rates TRY/EUR 1.9112 1.5888 1.8278 1.7367
Combined pro forma income statement 1-9/2006, 1-9/2005 and 112/2005
MEUR 1-9/2006 1-9/2005 1-12/2005
NET SALES 438.4 414.7 552.1
OPERATING PROFIT 28.9 (1 '14.7 (2 '15.4
% of net sales 6.6 3.5 2.8
Financial income and expenses -10.6 -11.5 -15.2
RESULT AFTER FINANCIAL ITEMS 18.2 3.1 0.2
Income taxes -5.2 2.1 2.4
NET PROFIT 13.0 5.2 2.6
% of net sales 3.0 1.3 0.5
Allocation of net profit for the period
To equity holders of the parent 7.2 4.4 1.2
To minority interest 5.8 0.8 1.4
13.0 5.2 2.6
Earnings per share calculated on the profit
attributable to equity holders of the
parent, EUR 0.74 0.46 0.13
Number of shares 9,687,710 9,625,309 9,628,709
Depreciation, amortization and write-down
of non-current assets 17.4 17.2 24.6
EBITDA 46.3 31.8 40.0
% of net sales 10.6 7.7 7.2
(1 Includes amortization of negative goodwill MEUR 4.3
(2 Includes amortization of negative goodwill MEUR 4.6
Combined pro forma balance sheet 30.9.2006
MEUR 30.9.2006
ASSETS
NON-CURRENT ASSETS
Tangible assets 212.0
Investment in properties 1.9
Goodwill 38.5
Intangible assets 2.0
Shares in associated companies 7.4
Receivables 0.5
Financial assets 0.5
Deferred tax assets 8.1
Financial assets held for sale 23.6
TOTAL NON-CURRENT ASSETS 294.6
CURRENT ASSETS
Inventories 66.1
Receivables due from related parties 16.0
Receivables 87.0
Cash and cash equivalents 18.1
TOTAL CURRENT ASSETS 187.3
TOTAL ASSETS 481.8
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Equity attributable to equity holders of the parent 54.4
Minority interest 43.5
Shareholders' equity 97.9
LIABILITES
NON-CURRENT
Capital loan 51.3
Interest-bearing 56.6
Non-interest bearing 0.1
Provisions 4.7
Deferred tax liabilities 2.3
TOTAL NON-CURRENT LIABILITES 115.0
CURRENT
Capital loan 2.9
Interest-bearing 170.5
Non-interest bearing 94.0
Provisions 1.6
TOTAL CURRENT LIABILITIES 269.0
TOTAL LIABILITES 383.9
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 481.8
Equity ratio % 20.3
Equity ratio %, preferred capital note in equity 31.6
Net debt, preferred capital note in debt 263.2
Net debt, preferred capital note in equity 208.9
Net gearing %, preferred capital note in debt 268.8
Net gearing %, preferred capital note in equity 137.3
Döktas has two main business units manufacturing iron cast components in
Orhangazi and aluminium components in Manisa. The company is focused on
customers in the heavy truck, off-road, machine building and car
industry. The share of export sales amounted to 60% of the total net
sales in 2005 and the main export market for Döktas is Western Europe.
Componenta and Döktas together will form the second largest independent
European supplier of casting components and advanced solutions. The
combined net sales of the companies in 2005 were EUR 552 million and the
amount of personnel is approximately 5,000 (incl. indirect employees).
The completion of the acquisition is subject to the approvals of German
and Turkish competition authorities, and it is expected to occur by mid-
December at the latest.
Helsinki, 14 November 2006
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
Further information: Heikki Lehtonen, President and CEO, tel. +358 10 403 00
