Interim Report 1 January - 30 June 2004
Componenta Corporation STOCK EXCHANGE RELEASE 14.7.2004 at 10.00
Interim Report 1 January - 30 June 2004
* Net sales in January - June 2004 totalled MEUR 154.1 (MEUR
93.5); net sales of the Cast and Other Components business group
increased 7%, of De Globe 26% and of other operations 10%.
* Operating profit excluding one-time items was MEUR 6.8 (4.7) and
the result after financial items, excluding one-time items, was
MEUR 3.4 (0.8).
* The earnings per share were EUR 1.66 (0.09).
* The consolidated operating profit including one-time items was
MEUR 19.2 (4.4) and the result after financial items was MEUR
15.8 (0.5).
* The result in the second quarter after financial items was MEUR
3.1 (1.0).
Markets and developments by customer sector
Componenta's sales in January - June rose 65% from the
corresponding period in the previous year to EUR 154.1 (93.5)
million as the result of organic growth in sales and the
acquisition of the Dutch foundry company De Globe. Net sales of
the Cast and Other Components business group increased 7% to EUR
81.7 million, of De Globe 26% to EUR 53.3 million and of other
operations 10% to EUR 19.1 million.
Growth in heavy truck production in Europe strengthened during the
second quarter. Componenta's deliveries to the heavy truck
industry rose 15% in the first half of the year and 24% in the
second quarter from the corresponding periods in the previous
year.
Sales to off-road manufacturers rose 25% in the first half of the
year compared to the previous year, deliveries to the power and
transmission industries increased 4% and sales to the machine
building industry grew by 5%. In the second quarter, sales to off-
road manufacturers rose 34%, deliveries to the power and
transmission industries increased 6% and sales to the machine
building industry grew by 1% from the previous year.
Net sales and order book
The Group had net sales in the January - June review period of EUR
154.1 (93.5) million and an order book of EUR 52.6 (26.5) million
at the end of June. The Cast and Other Components business group
had sales of EUR 81.7 (76.2) million, De Globe of EUR 53.3 (42.2)
million and other operations of EUR 19.1 (17.3) million. At the
end of the review period, Cast and Other Components had an order
book of EUR 27.2 (20.4) million, De Globe of EUR 20.0 (15.8)
million and other operations of EUR 5.4 (6.1) million.
Exports and foreign operations accounted for 82% (72%) of the
Group's net sales. Net sales by market area were as follows:
Central Europe 41% (17%), Scandinavia 35% (52%), Finland 18% (28%)
and other countries 6% (3%).
De Globe's sales to the off-road and heavy truck industries and
for compressors and pressure vessels fit in well with Componenta's
customer base. Componenta's net sales by customer sector were as
follows: heavy truck industry 46% (55%), off-road 24% (13%), power
and transmission 15% (14%), machinery and equipment manufacturers
12% (14%), and others 3% (4%).
Result
Componenta Group made an operating profit, excluding one-time
items, of EUR 6.8 (4.7) million and the result after financial
items, excluding one-time items, was EUR 3.4 (0.8) million. The
Cast and Other Components business group had an operating profit
of EUR 5.8 (5.0) million, De Globe of EUR 0.3 million (loss of EUR
1.1 million), and other operations recorded an operating result,
excluding one-time items, of EUR 0.7 (-0.3) million.
The Group's net financial costs amounted to EUR 3.4 (4.0) million,
which include De Globe's net financing costs of EUR 0.4 million.
The consolidated result after financial items, excluding one-time
items, improved from the previous year mainly because of the
growth in sales, the improved results of associated companies and
lower financing costs. The price of scrap steel, the main raw
material, rose exceptionally sharply at the start of the year and
the average price of scrap was almost 50% higher than the average
price in 2003. The impact on costs of the rise in the price of
scrap was passed on to product prices as from the beginning of the
second quarter. Scrap prices have been extremely volatile during
the year.
The Group's operating profit, including one-time items, was EUR
19.2 (4.4) million, the result after financial items was EUR 15.8
(0.5) million and the net result was EUR 15.9 (0.8) million. One-
time items totalled EUR 12.4 (0.3) million, consisting of EUR 8.4
million in profit from the sale of Thermia shares, EUR 5.5 million
in negative goodwill recognized as income from the De Globe
acquisition, and a writedown of EUR -1.5 million on receivables
for divested operations.
Income taxes were EUR -0.1 (0.4) million. Taxes arising from the
result for the period are covered by confirmed losses for which
tax receivables have not previously been recorded.
Earnings per share were EUR 1.66 (0.09).
The return on investment including one-time items was 24.3% (5.6%)
and return on equity 63.7% (4.3%).
Financing
The Group's equity ratio was 23.5% (19.0%, 17.8% on 31 December
2003). The equity ratio including the capital notes in
shareholders' equity was 33.0% (31.3%, 31.1% on 31 December 2003).
As part of its action to make more effective use of capital, in
March 2003 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 30 June
2004 the company had sold sales receivables totalling EUR 14.9
(5.6) million.
In March the Group repaid EUR 3.2 million, or 10%, of the
principal of the preferred capital notes in accordance with the
terms for the notes. On 30 June 2004 Componenta Corporation had
outstanding preferred capital notes to the value of EUR 22.2
million. In addition, De Globe had preferred capital notes to the
value of EUR 2.0 million from outside the Group.
The Group had EUR 37.8 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 24.2 million preferred capital notes,
totalled EUR 105.1 (109.7) million, which includes De Globe's
interest-bearing net debt of EUR 13.8 million. Net gearing,
including the preferred capital notes in shareholders' equity, was
126% (169%).
The cash flow from operations was EUR 5.1 (11.4) million, and of
this the change in net working capital was EUR -7.0 (4.5) million.
The cash flow from investments was EUR 1.8 (-1.0) million, which
includes the sale of the Thermia AB shares, the acquisition of De
Globe, the sale of Vesiterm AS and the Group's production
investments.
Performance of business groups
Cast and Other Components
The Cast and Other Components business group consists of
Componenta's foundries and machine shops in the Nordic countries
which supply ready to install cast and machined components to the
heavy truck, power and transmission, machine building and off-road
industries.
Cast and Other Components had net sales of EUR 81.7 (76.2) million
and an operating profit of EUR 5.8 (5.0) million. The order book
on 30 June 2004 stood at EUR 27.2 (20.4) million. The extremely
high price of scrap weakened the business group's result in the
first quarter. The impact on costs of the rise in the price of
scrap has been passed on to product prices as from the start of
the second quarter.
Net sales in the second quarter totalled EUR 43.0 (38.8) million
and the operating profit was EUR 4.0 (2.9) million.
The running down of the Alvesta foundry and the transfer of
production to Karkkila which started in October 2003 have
proceeded according to plan. Production at Alvesta ceased on 18
May 2004 and the buffer stocks required for the interruption in
production have been produced on target. The recruitment of
personnel for Karkkila and their training, as well as the planning
and implementing of the necessary investments have also proceeded
according to plan. Production at the upgraded foundry in Karkkila
will start up on 2 August 2004. Merging the two foundries is
estimated to give annual cost savings of some EUR 5 million as
from 2005.
De Globe
During the first quarter of 2004, Componenta purchased 55% of the
shares and voting rights of the Dutch foundry company De Globe. De
Globe comprises three iron foundries in the Netherlands which
supply complex cast components for the off road industry, the
heavy truck industry, and for compressors and pressure vessels.
The acquisition of De Globe is in line with Componenta's strategy
of focusing on developing its core business. De Globe has been
consolidated into Componenta Group as from the beginning of
January 2004.
De Globe had net sales in January - June of EUR 53.3 (42.2)
million, an operating result of EUR 0.3 (-1.1) million and a
result after financial items of EUR -0.1 (-1.4) million. The order
book on 30 June 2004 stood at EUR 20.0 (15.8) million. The growth
in net sales improved De Globe's result, whereas the increase in
the price of scrap slowed down this positive development in the
first quarter.
Net sales in the second quarter totalled EUR 28.1 (20.8) million
and the operating result was EUR 0.1 (-0.4) million. The financial
performance suffered from the major increase in production and
change to non-continuous three-shift production due to it.
A project to raise productivity has been started at De Globe,
which will close down the foundry in Belfeld and transfer
production to the foundry in Hoensbroek. This action will bring
estimated cost savings of EUR 4 million a year as from 2005. The
investments to be made in connection with the transfer of
production will be about EUR 9 million. The costs for closing down
and transferring operations will be altogether EUR 3 million, for
which provision has been made in the 2003 financial statements.
Componenta's sales organization in the Nordic countries and De
Globe's sales organization in central Europe were combined during
the second quarter to form a strong joint sales organization in
Europe. Componenta's machine shops and machining expertise give a
boost to De Globe's operations and enable a broader service
offering to customers.
Other Business
Componenta's Other Business consists of 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 19.1 (17.3) million and an
operating result, excluding one-time items, of EUR 0.7 (-0.3)
million. The order book at the end of the review period stood at
EUR 5.4 (6.1) million.
Net sales in the second quarter totalled EUR 9.9 (8.4) million and
the operating result, excluding one-time items, was EUR 0.8 (0.2)
million.
Componenta Wirsbo's sales increased from the previous year and the
result improved in consequence of the cost cutting programme. The
cost cutting programme and action to enhance operations are
expected to significantly improve the full year result for Wirsbo
in 2004.
Componenta Group's share of the result of the associated companies
was EUR 0.7 (0.1) million.
The results of Keycast and Ulefos improved from the previous year.
The operations of Ulefos NV have recovered following the remedial
action started last year.
During the first quarter of 2004, Componenta sold its shares in
the associated company Thermia AB to Procuritas Capital Investors
III, a Swedish private equity investor. The shares were sold for
EUR 16 million and Componenta recorded a profit of EUR 8.4 million
on the transaction. The operations of Tallinn-based Vesiterm AS
were sold in an MBO to the company's operative management in June.
The price was EUR 0.1 million, in addition to which Vesiterm
retained external liabilities of EUR 0.2 million. Componenta did
not record a profit on the transaction. Selling its shares in
Thermia and the operations of Vesiterm is in line with
Componenta's strategy of divesting non-core business.
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 30
June 2004 the quoted price of Componenta Corporation shares stood
at EUR 4.65 (EUR 2.03, EUR 2.92 on 31 December 2003). The average
price during the year was EUR 3.48, the lowest quoted price was
EUR 2.85 and the highest EUR 5.00. At the end of the review period
the share capital had a market value of EUR 44.7 million (EUR 19.5
million, EUR 28.1 million on 31 December 2003) and the volume of
shares traded during the review period was equivalent to 16.2%
(9.1%) of the share stock.
The Annual General Meeting decided not to pay a dividend, in
accordance with the proposal of the Board of Directors.
Authorization to purchase and dispose of company shares
The Annual General Meeting authorized the Board to decide on
purchasing a maximum of 480,765 of the company's own shares, with
a nominal value of 2 euros each, however such that the combined
number 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. In addition, the Board may decide to
dispose of a maximum of 480,765 of the company's own shares
acquired by the company. The authorization to purchase and dispose
of the company's own shares is in force for one year from the
decision of the Annual General Meeting.
Investments
Investments in production facilities during the review period
totalled EUR 9.3 (0.6) million. The cash flow from investments was
EUR 1.8 (-1.0) million.
Board of Directors and Management
Componenta's Annual General Meeting on 10 February 2004 elected
the following to the Board of Directors: Heikki Bergholm, Heikki
Lehtonen, Juhani Mäkinen, Marjo Raitavuo (new member) and Matti
Tikkakoski. The Board elected Heikki Bergholm as its Chairman and
Juhani Mäkinen as Vice Chairman.
The Corporate Executive Team of Componenta Group is formed by
President and CEO Heikki Lehtonen; Leon Giesen, Director, Sales
and Development, with responsibility for sales in Central Europe
and North America and for the Off-road and Air Power business
areas (as from 1 April 2004); Lauri Huhtala, Director, Foundries,
Nordic countries; Olli Karhunen, Director, Power and Transmission;
Jari Leino, Director, Sales and Development, with responsibility
for sales in the Nordic countries and for the Heavy Trucks
business area; Wim Schut, Director, De Globe foundries (as from 1
April 2004); CFO Kimmo Virtanen and Communications Manager Pirjo
Aarniovuori. Michael Sjöberg will join Componenta and take up the
position of Director, Machine Shops and member of the Corporate
Executive Team on 16 August 2004.
Personnel
During the review period the Group had an average of 2371 (1596)
employees, which includes 808 De Globe employees. On 30 June 2004,
the Group had 2379 (1614) employees, including 824 De Globe
employees. At the end of June 2004, 39.4% (54.6%) of the Group's
personnel were in Finland, 34.4% (0.0%) in the Netherlands, 26.1%
(44.9%) in Sweden and 0.2% (0.6%) in other countries.
Prospects
Componenta's prospects in 2004 are based on general external
financial indicators, order forecasts given by customers, and on
Componenta's order intake and order book.
The growth in demand for heavy truck components, which started
towards the end of 2003, strengthened during the second quarter.
Demand for components from the off-road industry is also growing
strongly. Demand for components from the power and transmission
industry and from machinery and equipment manufacturers is
expected to continue to grow slightly.
The growth in the markets is still exposed to risks which may have
an impact on these assessments.
The comparable net sales of Cast and Other Components and De Globe
in the third quarter are forecast to grow from last year.
Componenta's result after financial items for the third quarter of
2004 are forecast to be better than in the corresponding period of
last year.
Income statement
MEUR 1.1.-30.6.2004 1.1.-30.6.2003 1.1.-31.12.2003
Net sales 154.1 93.5 177.8
Other operating income 8.9 0.4 1.5
Share of the associated
companies' result 0.7 0.1 1.3
Operating expenses 142.3 83.5 164.5
Depreciation,
amortization and write-down 7.7 6.1 16.0
Negative goodwill
recognized as income 5.5 - -
Operating profit 19.2 4.4 0.1
% of net sales 12.5 4.7 0.0
Financial income and expenses -3.4 -4.0 -7.6
Result after
financial items 15.8 0.5 -7.5
% of net sales 10.2 0.5 -4.2
Income taxes -0.1 0.4 3.0
Minority interest and conversion
difference 0.3 0.0 0.0
Net profit 15.9 0.8 -4.5
Income statement excluding one-time items
MEUR 1.1.-30.6.2004 1.1.-30.6.2003 1.1.-31.12.2003
Net sales 154.1 93.5 177.8
Other operating income 0.2 0.4 0.6
Share of the associated
companies' result 0.7 0.1 1.3
Operating expenses 140.5 83.2 159.6
Depreciation, amortization and
write-down 7.7 6.1 12.0
Negative goodwill
recognized as income - - -
Operating profit 6.8 4.7 8.1
% of net sales 4.4 5.0 4.5
Financial income and expenses -3.4 -4.0 -7.6
Result after financial items 3.4 0.8 0.5
% of net sales 2.2 0.9 0.3
Income taxes -0.1 0.3 1.5
Minority interest
and conversion
difference 0.3 0.0 0.0
Net profit 3.6 1.1 2.0
Balance sheet
MEUR 30.6.2004 30.6.2003 31.12.2003
Assets
Non-current assets 157.3 142.2 133.6
Current assets
Inventories 36.4 20.2 20.9
Receivables 58.9 44.3 35.5
Cash and bank accounts 1.2 0.7 0.5
Total current assets 96.5 65.2 57.0
Total assets 253.8 207.4 190.6
Liabilities and shareholders'
equity
Shareholders' equity
Share capital 19.2 19.2 19.2
Other equity 28.6 18.2 12.6
Preferred capital note 24.2 25.4 25.4
Total shareholders' equity 72.0 62.8 57.3
Minority interest 11.7 2.1 2.0
Negative goodwill - - -
Provisions 4.2 - 2.6
Liabilities
Non-current liabilities
Interest bearing 55.6 61.6 48.1
Interest free 1.1 0.0 0.0
Current liabilities
Interest bearing 50.7 48.8 51.9
Interest free 58.5 32.1 28.8
Total liabilities 165.9 142.5 128.7
Total liabilities and
shareholders' equity 253.8 207.4 190.6
Cash flow statement
MEUR 1.1.-30.6.2004 1.1.-30.6.2003 1.1.-31.12.2003
Cash flow from operations
Profit/loss before
extraordinary items 15.8 0.5 -7.5
Depreciation, amortization and
write-down 2.2 6.1 16.0
Net financial income
and expenses 3.4 4.0 7.7
Other income and expenses,
adjustments to cash flow -4.9 0.5 2.9
Change in net working capital -7.0 4.5 9.9
Cash flow from operations before
financing and income taxes 9.5 15.6 29.0
Net financial income
and expenses -4.3 -4.2 -7.0
Income taxes 0.0 0.0 0.0
Cash flow from operations 5.1 11.4 22.0
Cash flow from investing activities
Capital expenditure
in tangible and
intangible assets -9.6 -0.6 -1.6
Proceeds from tangible and
intangible assets 0.0 0.0 1.2
Other investments
and loans granted -4.2 -0.4 -0.7
Proceeds from other
investments and
repayments of loan receivables 15.7 0.0 0.8
Cash flow from
investing activities 1.8 -1.0 -0.3
Cash flow from
financing activities
Dividends paid 0.0 -1.0 -1.0
Share issue - - -
Draw-down (+)/repayment (-) of
preferred capital note -1.2 -3.2 -3.2
Draw-down (+)/repayment (-) of
current loans -7.7 5.1 8.2
Draw-down (+)/repayment (-) of
non current loans -2.6 -13.7 -28.1
Cash flow from
financing activities -6.3 -12.7 -24.1
Increase (+)/decrease(-) in
cash and bank accounts 0.6 -2.3 -2.4
Key Ratios
30.6.2004 30.6.2003 31.12.2003
Equity ratio, % 23.5 19.0 17.8
Equity ratio, %, preferred
capital note in equity 33.0 31.3 31.1
Earnings per share (EPS), EUR 1.66 0.09 -0.47
Equity per share, EUR 4.97 3.89 3.31
Invested capital 194.2 175.3 161.8
Return on investment, % 24.3 5.6 0.8
Return on equity, % 63.7 4.3 -11.8
Net interest bearing debt, MEUR 105.1 109.7 99.4
Net interest bearing debt, MEUR,
preferred capital note in debt 129.3 135.1 124.8
Net gearing, %, preferred
capital note in equity 125.5 169.0 167.7
Net gearing, %, preferred
capital note in debt 217.3 342.2 368.3
Order book, MEUR 52.6 26.5 25.1
Investments in non-current
assets, MEUR 14.0 0.6 1.6
Investments in non-current
assets, % of net sales 9.1 0.6 0.9
Average number of personnel
during the period 2,371 1,596 1,595
Number of personnel at period end 2,379 1,614 1,565
Share of export and foreign
activities in net sales, % 81.6 72.0 71.0
Contingent liabilities, MEUR 87.5 61.5 62.6
Derivative instruments
MEUR 30.6.2004 30.6.2003 31.12.2003
Nomi- Nomi- Nomi-
nal Current nal Current nal Current
value value value value value value
Currency derivatives
Forward exchange
agreements 22.2 -0.1 26.3 0.2 14.7 0.1
Currency swaps 0.8 0.0 0.9 0.0 8.0 0.0
Interest rate derivatives
Interest rate
options 6.0 0.0 6.0 0.0 6.0 0.0
Interest rate
swaps 28.3 -0.3 24.0 -0.7 24.0 -0.4
Derivative instruments are used to hedge the Group's foreign
exchange and interest rate risks.
Group development
MEUR 1.1.-31.12.2003 1.1.-30.6.2003 1.1.-30.6.2004
Net sales 177.8 93.5 154.1
Operating profit 0.1 4.4 19.2
Net financial items -7.6 -4.0 -3.4
Profit/loss after
financial items -7.5 0.5 15.8
Group development by business group
Net sales, MEUR 1.1.-31.12.2003 1.1.-30.6.2003 1.1.-30.6.2004
Cast and Other
Components 144.5 76.2 81.7
De Globe - - 53.3
Other business 33.3 17.3 19.1
Componenta Group total 177.8 93.5 154.1
Operating profit,
MEUR 1.1.-31.12.2003 1.1.-30.6.2003 1.1.-30.6.2004
Cast and Other
Components 8.2 5.0 5.8
De Globe - - 0.3
Other business -8.1 -0.6 13.1
Componenta Group total 0.1 4.4 19.2
Order book, MEUR 31.12.2003 30.6.2003 30.6.2004
Cast and Other Components 20.4 20.4 27.2
De Globe - - 20.0
Other business 4.7 6.1 5.4
Componenta Group total 25.1 26.5 52.6
Group development by quarter
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
MEUR
Net sales 46.3 47.2 38.2 46.1 73.0 81.1
Operating profit 1.6 2.8 0.9 -5.3 14.4 4.8
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7 -1.7
Profit/loss after
financial items -0.5 1.0 -1.1 6.9 12.7 3.1
Quarterly development by business group
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
Net sales, MEUR
Cast and Other
Components 37.4 38.8 31.5 36.8 38.7 43.0
De Globe - - - - 25.2 28.1
Other business 8.9 8.4 6.7 9.3 9.1 9.9
Componenta Group total 46.3 47.2 38.2 46.1 73.0 81.1
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
Operating profit, MEUR
Cast and Other
Components 2.1 2.9 1.5 1.7 1.8 4.0
De Globe - - - - 0.2 0.1
Other business -0.5 -0.1 -0.5 -7.0 12.4 0.7
Componenta Group total 1.6 2.8 0.9 -5.3 14.4 4.8
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
Order book at period end, MEUR
Cast and Other Components 21.7 20.4 21.3 20.4 22.7 27.2
De Globe - - - - 19.9 20.0
Other business 5.4 6.1 5.6 4.7 5.5 5.4
Componenta Group total 27.1 26.5 26.9 25.1 48.0 52.6
Group development excluding one-time items
MEUR 1.1.-31.12.2003 1.1.-30.6.2003 1.1.-30.6.2004
Net sales 177.8 93.5 154.1
Operating profit 8.1 4.7 6.8
Net financial items -7.6 -4.0 -3.4
Profit/loss after
financial items 0.5 0.8 3.4
Group development by business group excluding one-time items
Operating profit,
MEUR 1.1.-31.12.2003 1.1.-30.6.2003 1.1.-30.6.2004
Cast and Other Components 8.2 5.0 5.8
De Globe - - 0.3
Other business -0.1 -0.3 0.7
Componenta Group total 8.1 4.7 6.8
Group development by quarter excluding one-time items
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
MEUR
Net sales 46.3 47.2 38.2 46.1 73.0 81.1
Operating profit 1.6 3.1 1.0 2.3 2.0 4.9
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7 -1.7
Profit/loss after
financial items -0.5 1.3 -1.0 0.7 0.2 3.2
Quarterly development by business group excluding one-time items
Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004
Operating profit, MEUR
Cast and Other Components 2.1 2.9 1.5 1.7 1.8 4.0
De Globe - - - - 0.2 0.1
Other business -0.5 0.2 -0.4 0.6 -0.1 0.8
Componenta Group total 1.6 3.1 1.0 2.3 2.0 4.9
Largest registered shareholders on 30 June 2004
Share of total
Shareholder Shares voting rights
1 Lehtonen Heikki 3,786,131 39.38%
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 109,400
2 Etra-Invest Oy 1,512,400 15.73%
3 Ilmarinen Mutual Pension Insurance
Company 457,600 4.76%
4 Inkinen Simo-Pekka 422,044 4.39%
5 FIM Fenno Investment Fund 284,800 2.96%
6 Investment Fund Alfred Berg Small Cap 217,100 2.26%
7 Lehtonen Anna-Maria 178,823 1.86%
8 Lehtonen Yrjö M 131,040 1.36%
9 Investment Fund Alfred Berg Finland 114,700 1.19%
10 Bergholm Heikki 101,000 1.05%
Nominee-registered shares 193,100 2.01%
Other shareholders 2,216,571 23.05%
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, 14 July 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
