Financial Statements 1 January ? 31 Dece
Componenta Oyj Stock Exchange Release 22.1.2004 at 9.00 am
Componenta Corporation
Financial Statements 1 January 31 December 2003
* Net sales in 2003 totalled MEUR 177.8 (net sales in previous year
MEUR 180.8, net sales declined 2%).
* Operating profit excluding one-time items was MEUR 8.1 (2.8) and
the result after financial items, excluding one-time items, was
MEUR 0.5 (-6.3).
* One-time items totalled MEUR 8.0 (4.2); they were mainly related
to the merging of the Alvesta and Karkkila foundries and
the remedial action at the Wirsbo forge.
* The net result for the period including one-time items was MEUR -
4.5 (1.0) and the earnings per share were EUR -0.47 (0.11).
* The Board of Directors proposes to the Annual General Meeting of
Shareholders that no dividend will be paid for 2003.
Markets and developments by customer sector
At the start of 2003 the Iraq war cast a shadow over prospects for
the global economy. The ending of the war and the declining impact of
other destabilizing factors have created the right conditions for
economic growth and for industry to restart investments.
Componenta's sales in 2003 totalled EUR 177.8 (180.8) million, which
was 2% down on the previous year. Sales in the final quarter rose 4%
to EUR 46.1 (44.5) million.
Manufacturing of heavy trucks in Europe rose 0.9% during the year.
Volumes delivered by Componenta in 2003 to the heavy truck industry were,
however, 3% below the previous year, due to a significant fall in
deliveries of brake component. Deliveries in the final quarter were
similar to those in the corresponding period of the previous year.
Deliveries to the power and transmission industries in 2003 were 4%
above those in the previous year. Demand in the sector for diesel engine,
electric motor and wind turbine components picked up towards the end of
2003. Componenta's deliveries in the final quarter to the power and
transmission industries were 27% higher than in the corresponding period
in the previous year.
Production by Nordic machinery and equipment manufacturers remained at a
low level during 2003 as a result of poor investment demand. Componenta's
sales to the machine building industry were 1% above the previous year,
while deliveries to off-road manufacturers fell 5 % from the previous
year.
Net sales and order book
The Group had net sales in the January December review period of EUR
177.8 (180.8) million. Net sales declined 2% from the previous year. The
Group's order book at the end of the review period stood at EUR 25.1
(24.9) million. Net sales in the final quarter of the year totalled EUR
46.1 (44.5) million, an increase of 4% from the previous year.
Exports and foreign operations accounted for 71% (72%) of the Group's net
sales. Net sales by market area were as follows: Finland 29% (28%), other
Nordic countries 51% (52%), Central Europe 17% (17%) and other countries
3% (3%).
Net sales by customer sector were as follows: heavy truck industry 55%
(55%), power and transmission 15% (14%), machinery and equipment
manufacturers 14% (14%), off-road 12% (12%) and others 4% (5%).
Result
Componenta Group made an operating profit, excluding one-time items, of
EUR 8.1 (2.8) million and the result after financial items, excluding
one-time items, was EUR 0.5 (-6.3) million. Onetime items totalled
EUR -8.0 (4.2) million. These consisted mainly of costs arising from
the merging of the operations of Karkkila and Alvesta; of EUR 4.0 million
from the write-down of non-current assets and EUR 2.8 million for running
down the foundry, EUR 1.4 million one-time costs for remedial action at
the Wirsbo forge, a write-down of EUR 0.4 million on receivables from
SEW-Eurodrive, and the cancellation of a write-down of EUR 0.7 million
for the shares of Karkkilan Keskustakiinteistöt Oy. The 2002 one-time
income of EUR 4.2 million consisted mainly of profits on sales of
non-recurring items and of negative goodwill recognized as income during
the year. The operating result for the final quarter, excluding one-time
items, was EUR 2.3 (-0.1) million and the result after financial items
was EUR 0.7 (-2.3) million.
The consolidated result after financial items, excluding one-time write-
downs and costs, improved from the previous year in consequence of the
programme of remedial action carried out, the improved results of
associated companies, and lower financing costs. High prices for steel
scrap and lower net sales than the previous year slowed down this
improvement.
At the beginning of October it was decided to locate the new foundry to
be formed from the merger of the operations at Alvesta and Karkkila in
Karkkila. It was also decided to start personnel negotiations concerning
the termination of the operations of Componenta Alvesta AB. Combining the
operations of Alvesta and Karkkila will eliminate excess capacity, remove
the need for duplicate investments and create a competitive unit that
operates with better capacity usage. This arrangement, which is in line
with the Group's strategy, will have a positive impact on the financial
performance of the Group. It is estimated that this will give an annual
improvement of EUR 5 million in the result as from 2005. Some of the cost
savings will have an impact on the result for the current year. Net
investments in 2004 for starting up the new foundry will be EUR 6
million.
The Group's net financial costs amounted to EUR 7.6 (9.1) million.
The Group's operating profit, including one-time items, was EUR 0.1 (7.0)
million, the result after financial items was EUR -7.5 (-2.1) million and
the net result was EUR -4.5 (1.0) million.
Income taxes were EUR 3.0 Me (3.1) million positive, due to the reduction
in deferred tax liability recorded through the reversal of accelerated
depreciation and the tax receivables of loss-making units. Total tax
receivables of assets are utilized in Finland over 3 - 5 years and in
Sweden over 1 - 2 years.
Earnings per share were EUR -0.47 (0.11).
The return on investment was 0.8% (4.4%) and return on equity 11.8%
(2.5%).
Financing
The Group's equity ratio was 17.8% (18.2%). The equity ratio including
the capital note in shareholders' equity was 31.1% (31.4%).
In March the company carried out an EUR 49 million financing arrangement
lasting until 2006. As part of its action to make more effective use of
capital, in March the Group started a programme to sell its sales
receivables. On the basis of this arrangement, some of the sales
receivables can be sold without any right of recourse. By 31 December
2003 the company had sold sales receivables totalling EUR 11.9 million.
This programme aims to reduce the amount of capital tied up in sales
receivables still further during 2004.
In March the Group repaid EUR 3.2 million, or 10%, of the principal of
the preferred capital note in accordance with the terms for the note. On
31 December 2003 Componenta Corporation had outstanding preferred capital
note to the value of EUR 25.4 million.
The Group had EUR 31.2 million in non-utilised long-term credit
facilities at the end of the review period. The Group has a EUR 40
million commercial paper programme. The Group's interest-bearing net
debt, excluding the EUR 25.4 million preferred capital note, totalled EUR
99.4 (116.5) million. Net gearing, including the preferred capital note
in shareholders' equity, was 168% (171%).
The cash flow from operations was EUR 22.0 (6.5) million, and of this the
change in net working capital was EUR 9.9 (1.6) million. The cash flow
from investments was EUR -0.3 (-5.7) million.
Performance of business groups
The Cast and Other Components business group, which forms the Group's
core business, supplies ready to install cast and machined components to
the heavy truck, power and transmissions, other machine building and off-
road industries.
Cast and Other Components had net sales of EUR 144.5 (148.7) million and
an operating profit of EUR 8.2 (5.8) million. The order book on 31
December 2003 stood at EUR 20.4 (19.6) million. Net sales in the fourth
quarter totalled EUR 36.8 (36.4) million and the operating profit was EUR
1.7 (1.0) million. The decision to run down the Alvesta foundry weakened
the business group's result in the final quarter.
At the beginning of 2003, three major customers of Componenta Främmestad
simultaneously made significant changes to their production strategies.
To cut personnel costs and improve competitiveness, negotiations were
held at Componenta Främmestad and a plan implemented which resulted in
the number of personnel in Främmestad being reduced by 38 to 133 during
the year.
Componenta's Other Business consists of operations that are not part of
the company's core operations, such as the Wirsbo forges, associated
companies, the Group's support functions and service units, as well as
divested business.
Other Business had net sales of EUR 33.3 (32.1) million and an operating
profit, excluding one-time items, of EUR -0.1 (-3.0) million. The order
book at the end of the review period stood at EUR 4.7 (5.3) million. Net
sales in the fourth quarter were EUR 9.3 (8.1) million and the operating
profit excluding one-time items was EUR 0.6 (-0.9) million.
Componenta Wirsbo's sales increased from the previous year and the result
improved in consequence of the cost cutting programme. In August the
managing director of Componenta Wirsbo resigned and Mr Göran Jansson was
appointed as the new managing director as from 1
November 2003. The programme of remedial action at Wirsbo was intensified
towards the end of the year. The remedial programme will improve the
operating profit of the year 2004.
Componenta Group's share of the result of the associated companies was
EUR 1.3 (0.2) million. Thermia's net sales rose to SEK 495 (429) million
and profit after financial items to SEK 37 (20) million. Keycast's net
sales grew 4% to EUR 33,6 million and result after financial items to EUR
1,7 (-0.2) million. Ulefos-NV recorded a poorer operational result,
mainly due to the difficult state of the market in Norway. Because of
changes in exchange rates, Componenta Group's share of the result was
similar to the previous year. The management of the associated company
changed at the end of the year and remedial action has been started at
the company's factory in Norway.
Changes in corporate structure
The Boards of Directors of Componenta Corporation and its fully owned
subsidiary Componenta Finance Ltd approved a merger plan on 15 May 2003.
In accordance with the plan, Componenta Finance Ltd, including its assets
and liabilities, was merged into its parent company without giving any
consideration. The reason for the merger was to simplify the corporate
structure. The merger of Componenta Finance Ltd into its parent company
Componenta Corporation was recorded in the Trade Register on 31 December
2003. In the parent company a merger profit of EUR 14.0 million was
recorded from the merger.
Shares and share capital
The shares of Componenta Corporation are quoted on the main list of the
Helsinki Exchanges. At the end of the review period the company's share
capital stood at EUR 19.2 million. The shares have a nominal value of 2
euros. At the end of the review period on 31 December 2003 the quoted
price of Componenta Corporation shares stood at EUR 2.92 (1.81). The
average price during the year was EUR 2.65, the lowest quoted price was
EUR 1.39 and the highest EUR 3.40. The share capital had a market value
of EUR 28.1 (17.4) million at the end of the review period and the volume
of shares traded during the review period was equivalent to 53.8% (11.3%)
of the share stock.
The distributable equity according to the consolidated balance sheet is
EUR 1.0 million. The distributable equity according to the parent company
balance sheet is EUR 13.7 million, of which the net profit for the
financial period is EUR 12.7 million.
The subscription period for the warrants issued by Componenta Corporation
in 2001 ended on 30 April 2003. The subscription period for the
Componenta Finance Ltd warrants from the 1997 bond with warrants and for
the 1998 warrants ended on 30 April 2003. No shares were subscribed with
these warrants.
Announcements in conformance with Chapter 2, Article 9 of the Finnish
Securities Markets Act in 2002
On 29 September 2003, Componenta Corporation was informed by EtraInvest
Oy that its holding of Componenta Corporation voting rights and share
capital had risen above 15% with a purchase of shares on 26 September
2003. On 31 December 2003, Etra-Invest Oy owns 1,845,700 Componenta
shares and holds 19.20% of Componenta Corporation's voting rights and
share capital.
On 19 December 2003, Componenta was informed by Heikki Lehtonen and
Cabana Trade S.A. that Heikki Lehtonen's holding of Componenta
Corporation's voting rights and share capital had fallen below one third
(33.3%) through a share transaction on 19 December 2003. Correspondingly,
the holding of Cabana Trade S.A. of the company's voting rights and share
capital had risen above one third (33.3%) through the share transaction.
Cabana Trade S.A. is a company 100% owned by Heikki Lehtonen that has its
domicile in Luxembourg. Following this share transaction, companies owned
by Heikki Lehtonen - Cabana Trade S.A., Helsingin Santapaperi Oy and Oy
Högfors-Trading Ab - hold 3 786 131 shares in Componenta Corporation,
which represents 39.38% of the share capital and voting rights.
Authorization for share issues or purchasing own shares
The company's Board of Directors has no authorization for share issues or
for purchasing the company's own shares.
Investments
Investments in production facilities in 2003 totalled EUR 1.6 (7.9)
million. The Group's gross investments totalled EUR 1.6 (9.8) million.
The cash flow from investments was EUR -0.3 (-5.7) million.
Board of Directors and Management
Componenta's Annual Shareholders' Meeting on 12 February 2003 elected
Heikki Bergholm, Juhani Mäkinen, Matti Tikkakoski and Heikki Lehtonen to
the Board of Directors. The Board elected Heikki Bergholm as its Chairman
and Juhani Mäkinen as Vice Chairman.
Kimmo Virtanen started as the new CFO and a member of the corporate
executive team on 18 August 2003 after CFO Sirpa Koskinen left to work
for another company.
The corporate executive team of Componenta Group is formed by President
and CEO Heikki Lehtonen; Lauri Huhtala, Director, Foundries; Olli
Karhunen, Director, Power and Transmission; Jari Leino, Director, Sales
and Marketing; CFO Kimmo Virtanen and Communications Manager Pirjo
Aarniovuori.
Personnel
During the financial year the Group had an average of 1595 (1705)
employees. The Group had 1565 (1616) employees on 31 December 2003. At
the end of 2003, 54.4% (52.8%) of the Group's personnel were in Finland,
44.9% (46.6%) in Sweden and 0.7% (0.5%) in other countries.
Introduction of IAS/IFRS standards
During 2003 Componenta started to train personnel, define the information
required in financial statements, examine the changes in accounting
principles, and examine and implement the changes needed in information
systems. At the beginning of 2004 a new reporting system is being
introduced that will allow the production of financial statements to
IAS/IFRS standards. The opening IAS/IFRS balance sheet and the impact of
IAS standards on shareholders' equity will be defined during 2004. The
goal for Componenta's IAS/IFRS project is to prepare the first official
IAS/IFRS financial statements for the financial year starting on 1
January 2005.
Proposal of the dividend
The Board of Directors proposes to the Annual General Meeting of
Shareholders that no dividend will be paid for 2003.
Shareholders' Meeting
The Annual Shareholders' Meeting of Componenta Corporation will be held
on 10 February 2004 at 11.00 am.
The Board proposes to the Annual General Meeting of Shareholders that the
Meeting authorize the Board to decide on purchasing the company's own
shares, however such that the combined nominal value of shares belonging
to the company and its subsidiaries or the voting rights they hold after
the purchase may not exceed five per cent of the company's share capital
or of the voting rights held by all the shares.
Publication of Annual Report
Componenta Corporation will publish its 2003 annual report and the
Internet version of the report in week 6.
Prospects for 2004
Componenta's prospects for 2004 are based on general external financial
indicators, order forecasts given by customers, and on Componenta's order
intake and order book.
The lessening of uncertainty and the cuts in interest rates have created
the conditions for industrial investments to start up. Any increase in
investments is likely to be slow, so it may well still be necessary to
wait for decisions on major industrial investments. The decline in demand
for heavy truck components, which has continued for three years, has
ended and demand has started to rise.
The growth in demand for power and transmission industry components that
started towards the end of 2003 is expected to continue during 2004.
Demand from Nordic machinery and equipment manufacturers and the off-road
industry towards the end of 2003 matched expectations. Sales in these
sectors are expected to pick up slightly during 2004.
Despite recent positive signals, any start up of growth is still open to
certain risks and these may still have an impact on the assessments made
above.
Componenta Corporation's net sales in the first quarter of 2004 are
expected to be slighter higher than in the corresponding period of last
year. As a result of the remedial action taken in 2003, the result for
the first quarter of 2004 should be better than last year. The cash flow
from operations is expected to be clearly positive.
Consolidated Income statement
Audited annual account
Including one-time items Excluding one-time items
M 1.1.-31.12.2003 1.1.-31.12.2002 1.1.-31.12.2003 1.1.-31.12.2002
Net
sales 177.8 180.8 177.8 180.8
Other
operating income 1.5 3.1 0.6 1.8
Share of the
associated
companies'result 1.3 0.2 1.3 0.2
Operating
expenses 164.5 167.7 159.6 167.7
Depreciation,
amortization and
writedown 16.0 12.3 12.0 12.3
Negative goodwill
recognized as
income - -2.9 - 0.0
Operating profit 0.1 7.0 8.1 2.8
% of net sales 0.0 3.9 4.5 1.5
Financial income
and expenses -7.6 -9.1 -7.6 -9.1
Profit/loss after
financial items -7.5 -2.1 0.5 -6.3
% of net sales -4.2 -1.2 0.3 -3.5
Income taxes 3.0 3.1 1.5 3.5
Minority interest 0.0 0.0 0.0 0.0
Net profit -4.5 1.0 2.0 -2.8
Consolidated Balance sheet
M 31.12.2003 31.12.2002
Assets
Non-current assets
Intangible assets 2.1 3.4
Group goodwill 1.3 1.8
Tangible assets 113.6 127.3
Investments 16.7 16.8
Total non-current assets 133.6 149.2
Current assets
Inventories 20.9 20.2
Receivables 35.5 45.6
Cash and bank accounts 0.5 2.9
Total current assets 57.0 68.8
Total assets 190.6 218.0
Liabilities and shareholders' equity
Shareholders' equity
Share capital 19.2 19.2
Other equity 12.6 18.5
Preferred capital note 25.4 28.6
Total shareholders' equity 57.3 66.3
Minority interest 2.0 2.1
Negative goodwill - -
Provisions 2.6 -
Liabilities
Non-current liabilities
Interest bearing liabilities 48.1 75.8
Interest free liabilities 0.0 0.0
Current liabilities
Interest bearing liabilities 51.9 43.7
Interest free liabilities 28.8 30.1
Total liabilities 128.7 149.6
Total liabilities and shareholders' equity 190.6 218.0
Consolidated cash flow statement 1.1.-31.12.
M 2003 2002
Cash flow from operations
Profit/loss before extraordinary items -7.5 -2.1
Depreciation, amortization and write-down 16.0 9.4
Net financial income and expenses 7.7 9.1
Other income and expenses, adjustments to
cash flow 2.9 -3.5
Change in net working capital 9.9 1.6
Cash flow from operations before
financing and income taxes 29.0 14.4
Net financial income and expenses -7.0 -7.9
Income taxes 0.0 0.0
Cash flow from operations 22.0 6.5
Cash flow from investing activities
Capital expenditure in tangible and
intangible assets -1.6 -7.0
Proceeds from tangible and intangible
assets 1.2 3.6
Other investments and loans granted -0.7 -2.4
Proceeds from other investments and
repayments of loan receivables 0.8 0.0
Cash flow from investing activities -0.3 -5.7
Cash flow from financing activities
Dividends paid -1.0 -1.4
Share issue - -
Draw-down (+)/ repayment (-) of preferred
capital note -3.2 -2.6
Draw-down (+)/ repayment (-) of current
loans 8.2 9.5
Draw-down (+)/ repayment (-) of non
current loans -28.1 -5.0
Cash flow from financing activities -24.1 0.4
Increase (+)/ decrease(-) in cash and
bank accounts -2.4 1.2
Key Ratios
2003 2002
Change in net sales, % -1.7 -6.7
Operating profit, % of net sales 0.0 3.9
Equity ratio, % 17.8 18.2
Equity ratio, %, preferred capital note
in equity 31.1 31.4
Return on equity, % -11.8 2.5
Invested capital at period end, M 161.8 187.8
Return on investment, % 0.8 4.4
Net interest bearing debt, M 99.4 116.5
Net interest bearing debt, M, preferred
capital note in debt 124.8 145.1
Net gearing, %, preferred capital note in
debt 368.3 365.0
Net gearing, %, preferred capital note in
equity 167.7 170.5
Order book, M 25.1 24.9
Share of export and foreign activities in
net sales, % 71.0 72.0
Investments in non-current assets, M 1.6 9.8
Investments in non-current assets, % of
net sales 0.9 5.4
Average number of personnel during the
period 1,595 1,705
Number of personnel at period end 1,565 1,616
Per Share Data
2003 2002
Number of shares at period end, 1,000
shares 9,615 9,615
Earnings per share (EPS), -0.47 0.11
Equity per share, 3.31 3.92
Dividend per share, (* 0.00 0.10
Payout ratio, % 0.00 94.73
Effective dividend yield, % 0.00 5.52
P/E multiple -6.26 17.15
Share price at period end, 2.92 1.81
*) For year 2003 a proposal of the Board of Directors.
Contingent liabilities
M 2003 2002
Mortgages
For own debts 16.8 14.7
General charges
For own debts 16.5 16.9
Pledges
For own debts 12.4 9.7
45.7 41.3
Other own commitments *) 13.1 12.5
Leasing commitments
Next year 1.1 0.8
In more than one year 2.6 2.4
16.9 15.7
Secured liabilities
Liabilities secured with mortgages
Loans from financial institutions 16.6 16.0
Loans from pension funds 13.4 14.4
30.0 30.4
Liabilities secured with pledges
Loans from financial institutions 6.6 6.8
Loans from pension funds 2.2 2.4
8.7 9.2
*) For year 2003 including the Helsinki District Court decision on 31
December 2003, according to which Componenta Karkkila Oy was sentenced to
compensate VR Ltd (Finnish Railways) train wheels supplied and indirect
costs, plus accumulated interest, as well as VR's legal costs (total of
EUR 1.1 million).
Derivative instruments
M 31.12.2003 31.12.2002
Nominal Current Nominal Current
value value value value
Currency derivatives
Forward exchange
contracts 14.7 0.1 37.6 0.0
Currency swaps 8.0 0.0 3.0 0.0
Interest rate
derivatives
Interest rate options 6.0 0.0 - -
Interest rate swaps 24.0 -0.4 21.0 -0.5
Derivative instruments are used to hedge the Group's foreign exchange and
interest rate risks.
Group development by business group
Net sales, MEUR 1.1.-31.12.2003 1.1.-31.12.2002
Cast and Other Components 144.5 148.7
Other business 33.3 32.1
Componenta Group total 177.8 180.8
Operating profit, MEUR 1.1.-31.12.2003 1.1.-31.12.2002
Cast and Other Components 8.2 5.8
Other business -8.1 1.2
Componenta Group total 0.1 7.0
Order book, MEUR 1.1.-31.12.2003 31.12.2002
Cast and Other Components 20.4 19.6
Other business 4.7 5.3
Componenta Group total 25.1 24.9
Group development by quarter
Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Net sales 46.1 38.2 47.2 46.3 44.5 39.1 50.1 47.1
Operating profit -5.3 0.9 2.8 1.6 2.5 0.3 3.1 1.1
Net financial items -1.6 -2.0 -1.9 -2.1 -2.4 -2.2 -2.4 -2.1
Profit/loss after
financial items -6.9 -1.1 1.0 -0.5 0.1 -1.9 0.7 -1
Quarterly development by business group
Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
Net sales, MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Cast and Other
Components 36.8 31.5 38.8 37.4 36.4 32.4 41.1 38.8
Other business 9.3 6.7 8.4 8.9 8.1 6.7 9.0 8.3
Componenta Group total 46.1 38.2 47.2 46.3 44.5 39.1 50.1 47.1
Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
Operating profit, MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Cast and Other
Components 1.7 1.5 2.9 2.1 1.0 -0.4 3.8 1.4
Other business -7.0 -0.5 -0.1 -0.5 1.5 0.7 -0.7 -0.3
Componenta Group total -5.3 0.9 2.8 1.6 2.5 0.3 3.1 1.1
Order book at period Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
end, MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Cast and Other
Components 20.4 21.3 20.4 21.7 19.6 22.5 23.8 22.9
Other business 4.7 5.6 6.1 5.4 5.3 5.9 6.1 5.3
Componenta Group total 25.1 26.9 26.5 27.1 24.9 28.4 29.9 28.2
Group development without one-time items
MEUR 1.1.-31.12.2003 1.1.-31.12.2002
Net sales 177.8 180.8
Operating profit 8.1 2.8
Net financial items -7.6 -9.1
Profit/loss after financial items 0.5 -6.3
Group development by business group without one-time items
Operating profit, MEUR 1.1.-31.12.2003 1.1.-31.12.2002
Cast and Other Components 8.2 5.8
Other business -0.1 -3.0
Componenta Group total 8.1 2.8
Group development by quarter without one-time items
Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Net sales 46.1 38.2 47.2 46.3 44.5 39.1 50.1 47.1
Operating profit 2.3 1.0 3.1 1.6 0.1 -1.6 3.4 0.9
Net financial items -1.6 -2.0 -1.9 -2.1 -2.4 -2.2 -2.4 -2.1
Profit/loss after
financial items 0.7 -1.0 1.3 -0.5 -2.3 -3.8 1.0 -1.2
Quarterly development by business group without one-time items
Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
Operating profit, MEUR 2003 2003 2003 2003 2002 2002 2002 2002
Cast and Other
Components 1.7 1.5 2.9 2.1 1.0 -0.4 3.8 1.4
Other business 0.6 -0.4 0.2 -0.5 -0.9 -1.2 -0.4 -0.5
Componenta Group total 2.3 1.0 3.1 1.6 0.1 -1.6 3.4 0.9
Componenta Corporation
Largest registered shareholders on 31 December 2003
Shares Share of total
voting rights %
Shareholder
1 Lehtonen Heikki 3,786,131 39.38
Cabana Trade S.A. 3,336,731
Helsingin Santapaperi Oy 340,000
Oy Högfors-Trading Ab 109,400
2 Etra-Invest Oy Ab 1,845,700 19.20
3 Ilmarinen Mutual Pension Insurance Company 457,600 4.76
4 Inkinen Simo-Pekka 422,044 4.39
5 Lehtonen Anna-Maria 178,823 1.86
6 Local Goverment Pension Institution Finland 150,000 1.56
7 Lehtonen Yrjö M. 131,040 1.36
8 Bergholm Heikki 100,000 1.04
9 Investment Fund Alfred Berg Finland 91,500 0.95
10 Lehtonen Antti 83,000 0.86
Technology Industries of Finland 83,000 0.86
11 Finnish Cultural Foundation 75,000 0.78
12 Investment Fund Alfred Berg Small Cap 73,300 0.76
13 Investment Fund Alfred Berg Portfolio 71,000 0.74
14 Investment Fund Aktia Capital 67,600 0.70
15 Investment Fund Alfred Berg Optimal 63,000 0.66
Nominee-registered shares 164,200 1.71
Other shareholders 1,772,371 18.43
Total 9,615,309 100.00
The members of the Board of Directors own 40.4% of the shares. All shares
have equal voting rights.
The members of the Board of Directors hold 10.5% of the outstanding
warrants. If all the warrants were converted to shares, the holding of
shares by the members of the Board of Directors would decrease to 39.1%.
Helsinki, 22 January 2004
COMPONENTA CORPORATION Board of Directors
Heikki Lehtonen President and CEO
Further information:
Heikki Lehtonen President and CEO
tel. +358 9 225 021
Kimmo Virtanen
CFO
tel. +358 9 225 021
