Interim Report 1 January ? 30 June 2005
Componenta Corporation STOCK EXCHANGE RELEASE 13.7.2005 at 10.00
Interim Report 1 January 30 June 2005
* Net sales in January June 2005 totalled MEUR 188.5 (MEUR 154.0);
net sales of the Cast Components business group increased 15%,
of De Globe 25% and of other operations 47%.
* Operating profit excluding one-time items was MEUR 8.5 (6.8)
and the result after financial items, excluding one-time items, was
MEUR 4.2 (3.3).
* Consolidated operating profit including one-time items
totalled MEUR 12.5 (20.2) and the profit after financial items was
MEUR 8.2 (16.6).
* The profit after financial items for the second quarter,
excluding one-time items, was MEUR 2.5 (2.7).
* The earnings per share were EUR 0.85 (1.43).
Net sales and order book
The Group had net sales in the January June review period of EUR
188.5 (154.0) million and an order book of EUR 62.4 (52.6) million
at the end of June. The Cast Components business group had sales of
EUR 94.0 (81.7) million, De Globe of EUR 66.6 (53.3) million and
other operations of EUR 28.0 (19.1) million. At the end of the
review period, Cast Components had an order book of
EUR 31.4 (27.2) million, De Globe of EUR 23.6 (20.0) million
and other operations of EUR 7.4 (5.4) million.
Production of heavy trucks in Europe continued to rise from the
previous year during the first half of the year. Componenta's
deliveries to the heavy truck industry rose 24% from the previous
year and 14% from the corresponding quarter in the previous year.
Sales to off-road manufacturers grew 25%, deliveries to the power
and transmission industries rose 20%, and sales to the machine
building industry grew 21% during the first half of the year. During
the second quarter, sales to off-road manufacturers grew 21%,
deliveries to the power and transmission industries rose 20%, and
sales to the machine building industry grew 26% from the
corresponding period in the previous year.
Componenta's net sales by customer sector were as follows: heavy
truck industry 47% (46%), off-road 25% (25%), machinery and
equipment manufacturers 14% (15%), power and transmission 11% (11%),
and others 2% (3%).
Componenta's net sales by market area were as follows: Nordic
countries 51% (54%), other European countries 43% (42%) and other
countries 6% (4%).
Result
Componenta's interim report has been prepared in accordance with
recognition and measurement principles of international financial
reporting standards (IFRS). Componenta Group made an operating
profit, excluding one-time items, of EUR 8.5 (6.8) million and the
result after financial items, excluding one-time items, was
EUR 4.2 (3.3) million. The Cast Components business group had an
operating profit of EUR 4.6 (6.2) million, De Globe of EUR 1.7 (0.2)
million, and other operations recorded an operating profit, excluding
one-time items, of EUR 2.3 (0.4) million.
The Group's net financial costs amounted to EUR -4.3 (-3.6) million.
The consolidated result after financial items, excluding one-time
items, improved from the previous year mainly due to the growth in
sales, price adjustments for unprofitable products, and the
improvement in the results of De Globe, the Wirsbo forges and
associated companies. Towards the end of the review period the price
of steel scrap came down at least temporarily from its high level
early in the year. Price adjustments for unprofitable products have
been implemented during the first half of the year. Running in the
new machinery and equipment installed at the Karkkila and Heerlen
foundries weakened the result in the first half of the year by a
total of EUR 3.1 million.
The Group's operating profit, including one-time items, was
EUR 12.5 (20.2) million, the result after financial items was
EUR 8.2 (16.6) million and the net result was EUR 8.2 (13.7) million.
Onetime items EUR 4.0 (13.4) million consisted mainly of profit of
EUR 2.2 million from the sale of Keycast and Profiz shares, the negative
goodwill recognized as income of EUR 4.3 million in connection with the
purchase of De Globe shares, and one-time costs of EUR 2.4 million
for adjustments and restructuring at De Globe and Åmål.
Income taxes were EUR -0.3 (-3.2) million.
Earnings per share were EUR 0.85 (1.43).
The return on investment, including one-time items, was 12.7% (23.2%)
and return on equity 28.8% (56.9%).
Financing
The Board of Directors of Componenta Corporation, under the
authorization of the Annual General Meeting of Shareholders, decided
to issue convertible capital notes and on 4 March 2005 approved
subscriptions for convertible capital notes with a nominal value of
EUR 19.0 million. In March the Group repaid EUR 3.2 million, or 10%,
of the principal of the old preferred capital notes in accordance
with the terms for the notes. On 30 June 2005 Componenta Corporation
had outstanding capital notes and as liabilities convertible bonds
with a combined value of EUR 37.5 million, as defined in IFRS.
The Group had EUR 56.4 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 outstanding capital notes of EUR 37.5
million, totalled EUR 109.8 million (EUR 110.5 million, EUR 118.1
million on 31 December 2004). Net gearing, including the capital
notes in shareholders' equity, was 120% (139%).
Componenta is making more effective use of capital with a programme
to sell its sales receivables. Under this arrangement, some of the
sales receivables are sold without any right of recourse. By 30 June
2005 the company had sold sales receivables totalling EUR 17.6 (14.9) million.
The cash flow from operations was EUR 5.7 (3.3) million, and of this
the change in net working capital was EUR -4.2 (-10.0) million. The
cash flow from investments was EUR -5.9 (4.1) million, which
includes the cash flow from the Group's production investments and
the cash flow from the sale and purchase of shares and from the sale
of fixed assets.
The Group's equity ratio was 19.6% (21.9%) and the equity ratio,
including capital notes in shareholders' equity, was 33.2% (31.4%).
Performance of business groups
Cast Components
The Cast 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,
machine building, power and transmission, and off-road industries.
Cast Components had net sales in the review period of
EUR 94.0 (81.7) million and an operating profit of EUR 4.6 (6.2) million.
The order book on 30 June 2005 stood at EUR 31.4 (27.2) million.
Technical problems on the production line at the Karkkila foundry
and running in production weakened the business group's result in
the first half of the year by EUR 2.0 million. The available
capacity at the Karkkila Foundry did not match demand and products
had to be manufactured at the company's other foundries, with higher
costs. During the first half of June the production organization at
Karkkila was restructured and strengthened and a new melting furnace
was taken into operation that will boost production capacity. At the
beginning of June, maintenance at Karkkila, which was outsourced in
2000, was taken over by a combined maintenance organization for the
Pori and Karkkila foundries. As from 13 June 2005, the Karkkila
foundry switched from four shifts to three, which reduced by 40 the
number of leased personnel. These changes are expected to raise
production efficiency at Karkkila and speed up the return to normal
production. It is estimated that the merging of the Karkkila and
Alvesta foundries will achieve annual savings of EUR 5 million as
from 2006. During the 2005 price negotiations the price level of
unprofitable products was corrected. Second quarter net sales
totalled EUR 48.4 (43.0) million and the operating profit was EUR
3.0 (4.2) million.
De Globe
De Globe comprises two iron foundries located in the Netherlands
that supply complex cast components for the off-road industry, the
heavy truck industry, and for compressors and pressure vessels. Two
production lines function at the foundry in the town of Heerlen:
Heerlen HWS and Heerlen Furan. De Globe's joint functions moved in
February from Belfeld into rented premises in Weert, close to the
Weert iron foundry. In March, De Globe switched to a profit unit
organization, with a director appointed with responsibility for the
operations and financial performance of each unit.
De Globe had net sales in January June of EUR 66.6 (53.3) million
and an operating profit of EUR 1.7 (0.2) million. The order book on
30 June 2005 stood at EUR 23.6 (20.0) million. The growth in sales
and correcting the prices of unprofitable products improved De
Globe's result. Transferring the foundry from Belfeld alongside the
foundry in Heerlen and running in the production line weakened the
result in the first half of the year by EUR 1.0 million. Merging the
foundries is expected to achieve savings of some EUR 1 million in
2005 and annual savings of some EUR 4 million as from 2006. Second
quarter net sales totalled EUR 33.4 (28.1) million and the operating
profit was EUR 1.0 (0.1) million.
Under an agreement signed on 30 June 2005, Componenta acquired the
remaining 45% of the shares and voting rights of the Dutch company
De Globe B.V. The shares were sold by Industriebank LIOF, a Dutch
capital investment fund, for a price of EUR 2.3 million. The seller
may be entitled to a further EUR 0.3 million, depending on De Globe's
2005 result. Following the purchase, Componenta owns 100% of
De Globe's shares. Componenta recognized as income the EUR 4.3 million
in negative goodwill arising from the transaction during the
second quarter. Componenta acquired 55% of the shares of De Globe in
March 2004, with an option to acquire the remaining shares by 2007.
Other Business
Componenta's Other Business consists of the Wirsbo forges,
associated companies, the Group's support functions and service
units, and divested business.
Other Business had net sales in January June of EUR 28.0 (19.1)
million and an operating profit, excluding one-time items, of EUR
2.3 (0.4) million. The order book at the end of the review period
stood at EUR 7.4 (5.4) million. Second quarter net sales totalled
EUR 13.5 (9.9) million and the operating profit excluding one-time
items was EUR 0.7 (0.2) million.
Sales by the Wirsbo forges increased 52% from the previous year to
EUR 27.5 million. The operating profit improved considerably in
consequence of the growth in sales and the steps taken to enhance
operations. Wirsbo's full year result for 2005 is expected to
improve significantly from the previous year.
Componenta's share of the result of the associated companies was
EUR 1.4 (1.0) million. Keycast had net sales of EUR 20.0 (18.1) million
and a profit after financial items of EUR 1.4 (1.2) million. Ulefos
NV's net sales totalled EUR 19.4 (16.4) million and profit after
financial items was EUR 2.3 (1.3) million.
On 30 March 2005, Componenta sold its 26% holding in IT company
Profiz Business Solution Oyj to Skuutinliikki Oy for approximately
EUR 0.4 million. The transaction had a slightly positive impact on
Componenta's result for the first quarter of 2005.
In a transaction confirmed on 30 June 2005, Componenta sold its
43% holding of the shares of Keycast Oy to a new company established by
OKO Venture Capital and Keycast's operational management. The price
for the shares was EUR 6.5 million and Componenta recorded a sales
profit of EUR 2.1 million on the transaction in the second quarter.
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
2005 the quoted price of Componenta Corporation shares stood at
EUR 6.99 (EUR 4.65). The average price during the first half of the year
was EUR 7.12, the lowest quoted price was EUR 5.32 and the highest
EUR 9.44. At the end of the review period the share capital had a
market value of EUR 67.3 million (EUR 44.7 million) and the volume
of shares traded during the review period was equivalent to
31% (16%) of the share stock.
Componenta Corporation and Nordea Bank Finland Plc have signed a
market making agreement that meets the requirements for Liquidity
Providing (LP) on the Helsinki Exchanges. The agreement, which came
into force on 4 January 2005, aims to improve the liquidity of
Componenta's shares and increase investor interest in the shares.
Under the terms of the agreement, Nordea Bank Finland Plc will quote
bids and offers for Componenta shares so that the spread of the bid
and offer prices is a maximum of 2%, calculated on the bid price.
The quoted prices cover a minimum of 2,000 shares, the equivalent of
10 trading lots.
The Annual General Meeting of Shareholders decided to pay a dividend
of EUR 0.50 per share for 2004, in accordance with the
proposal of the Board of Directors.
Authorization to purchase and dispose of company shares
The Annual General Meeting of Shareholders on 7 February 2005
authorized the Board to decide on purchasing the company's own
shares using distributable funds, 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. The authorization had not been exercised by
30 June 2005.
Authorization to raise the share capital
The Annual General Meeting authorized the Board of Directors to
decide on increasing the company's share capital through one or more
issue of new shares, convertible bonds or option rights. The share
capital of the company may be increased by a maximum of EUR
3,846,122 or by a lesser amount that corresponds to a maximum of one
fifth of the registered share capital of the company and the voting
rights attached to all the shares on the date when the Annual
General Meeting gave the authorization and when the Board of
Directors decided on the increase. The Board of Directors of
Componenta Corporation decided on the basis of this authorization to
issue convertible capital notes and on 4 March 2005 approved
subscriptions for the Convertible Capital Notes 2005 with a nominal
value of EUR 19 million. The exchange rate for the shares is
EUR 10.00.
Investments
Investments in production facilities during the review period
totalled EUR 14.4 (9.7) million, and finance lease investments
accounted for EUR 4.5 million of these. The cash flow from
investments was EUR -5.9 (4.1) million.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 7 February
2005 elected the following to the Board of Directors: Heikki
Bergholm, Heikki Lehtonen, Juhani Mäkinen, Marjo Raitavuo 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; Lauri Huhtala, Director,
Foundries Finland; Olli Karhunen, Director, Power and Transmission;
Jari Leino, Director, Sales and Product Development; Wim Schut,
Director, Foundries Holland; Michael Sjöberg, Director, Machine
Shops; CFO Kimmo Virtanen and Communications Manager Pirjo
Aarniovuori. Marc Omes will take up the position of a director at De
Globe and become a member of the corporate executive team in August
2005.
Personnel
During the review period the Group had on average 2206 (2371)
employees. At the end of June 2005, 47% (39%) of the Group's
personnel were in Finland, 25% (34%) in the Netherlands and
27% (26%) in Sweden.
Prospects
Componenta's prospects in 2005 are based on general external
financial indicators, order forecasts given by customers, and on
Componenta's order intake and order book.
Demand for components for the heavy truck and off road industries
has remained high during the first half of 2005. Growth in demand
from the heavy truck industry has stopped. Demand for components
from the power and transmission industry and from machinery and
equipment manufacturers is expected to continue to rise slightly.
Componenta's order book at the end of June was at a strong level.
Net sales in the third quarter of 2005 are expected to be some 10%
higher than in the previous year. Componenta's result after
financial items for the third quarter of 2005, excluding one-time
items, is forecast to be on the same level as in the corresponding
period of the previous year.
Income statement
MEUR 1.1.-30.6.2005 1.1.-30.6.2004 1.1.-31.12.2004
Net sales 188.5 154.0 316.0
Other operating income 2.5 8.9 10.0
Operating expenses -176.0 -142.3 -293.2
Depreciation, amortization and
write-down -8.2 -8.0 -15.4
Negative goodwill recognized
as income 4.3 6.6 6.6
Share of the associated
companies' result 1.4 1.0 1.9
Operating profit 12.5 20.2 25.7
% of net sales 6.6 13.1 8.1
Financial income and expenses -4.3 -3.6 -7.9
Result after financial items 8.2 16.6 17.9
% of net sales 4.3 10.8 5.7
Income taxes -0.3 -3.2 -3.6
Minority interest 0.3 0.3 1.4
Net profit 8.2 13.7 15.6
Earnings per share, EUR 0.85 1.43 1.62
Earnings per share with
dilution, EUR 0.84 1.46 1.64
Income statement excluding one-time items
MEUR 1.1.-30.6.2005 1.1.-30.6.2004 1.1.-31.12.2004
Net sales 188.5 154.0 316.0
Other operating income 0.3 0.2 0.7
Operating expenses -173.4 -140.4 -290.8
Depreciation, amortization and
write-down -8.2 -8.0 -15.2
Negative goodwill recognized
as income - - -
Share of the associated
companies' result 1.4 1.0 1.9
Operating profit 8.5 6.8 12.5
% of net sales 4.5 4.4 4.0
Financial income and expenses -4.3 -3.6 -7.9
Result after financial items 4.2 3.3 4.6
% of net sales 2.2 2.1 1.5
Balance sheet
MEUR 1.1.-30.6.2005 1.1.-30.6.2004 1.1.-31.12.2004
Assets
Non-current assets
Intangible assets, excl.
consolidated goodwill 1.8 1.6 1.7
Consolidated goodwill 0.5 0.5 0.5
Investment properties 1.9 1.9 1.9
Tangible assets 162.7 144.9 157.8
Investment in associate 6.6 9.5 10.5
Receivables 1.1 2.0 2.0
Other investments 0.5 1.4 1.2
Defferred tax assets 7.0 8.0 7.3
Total non-current assets 182.1 169.8 183.0
Current assets
Inventories 41.5 34.2 42.4
Receivables 48.3 48.1 45.9
Cash and bank accounts 4.4 1.1 1.2
Total current assets 94.2 83.4 89.5
Total assets 276.3 253.2 272.4
Liabilities and shareholders'equity
Shareholders' equity
Share capital 19.2 19.2 19.2
Other equity 33.3 27.4 29.3
Equity part of convertible capital notes 1.5 - -
Equity attributable to equity
holders of the parent 54.0 46.7 48.5
Preferred capital note - 24.2 24.2
Minority interest 0.1 8.7 7.6
Shareholders' equity 54.1 79.5 80.3
Liabilities
Non-current liabilities
Interest bearing 97.3 60.0 68.3
Interest free 0.1 0.0 0.1
Provisions 1.0 3.7 0.9
Current liabilities
Interest bearing 54.3 51.7 51.1
Interest free 68.9 57.9 70.6
Provisions 0.5 0.4 1.1
Total liabilities 222.2 173.7 192.1
Total liabilities and
shareholders' equity 276.3 253.2 272.4
Cast flow statement
MEUR 1.1.-30.6.2005 1.1.-30.6.2004 1.1.-31.12.2004
Cash flow from operations
Result after financial items 8.2 16.6 17.9
Depreciation, amortization and
write-down 3.9 1.4 9.0
Net financial income and expenses 4.3 3.6 8.5
Other income and expenses,
adjustments to cash flow -2.0 -3.8 -15.1
Change in net working capital -4.2 -10.0 -1.2
Cash flow from operations before
financing and income taxes 10.2 7.8 19.0
Interest received and paid and
dividends received -4.4 -4.5 -7.8
Taxes paid 0.0 0.0 0.0
Net cash flow from operations 5.7 3.3 11.2
Cash flow from investing activities
Capital expenditure in
tangible and intangible assets -10.4 -7.4 -27.3
Proceeds from tangible and
intangible assets 0.0 0.0 3.3
Other investments and loans granted -2.9 -4.2 -4.7
Proceeds from other investments and
repayments of loan receivables 7.5 15.7 19.3
Net cash flow from investing activities -5.9 4.1 -9.4
Cash flow from financing activities
Dividends paid -4.8 0.0 0.0
Share issue 0.0 - -
Draw-down (+)/ repayment (-) of the equity
part of convertible capital notes 1.5 -1.2 -
Repayment of finance lease liabilities -0.9 -0.5 -1.1
Draw-down (+)/ repayment (-) of
current loans -6.3 -7.7 -14.2
Draw-down (+)/ repayment (-) of
non-current loans 13.8 2.6 14.2
Net cash flow from financing activities 3.3 -6.8 -1.2
Change in liquid assets 3.2 0.6 0.7
Statement of changes in shareholders' equity
Shareholders'
equity
MEUR A B C D E F G Total H total
Shareholders' equity 31.12.2004
19.2 11.5 24.2 0.0 17.8 72.8 7.6 80.3
IAS 39 -24.2 -0.7 -24.9 -24.9
Shareholders' equity 1.1.2005
19.2 11.5 0.0 0.0 0.0 0.0 17.1 47.8 7.6 55.4
Electricity forwards and interest
rate derivatives 1.3 0.1 1.4 1.4
Other changes 0.0 0.0 -0.1 -0.1 -0.1
Direct entries into equity
1.3 0.0 0.0 -0.1 0.1 1.3 1.3
Profit/loss for the period 8.2 8.2 -0.3 7.9
Income and expenses for
the period 1.3 0.0 0.0 -0.1 8.3 9.5 -0.3 9.2
Dividends paid -4.8 -4.8 -4.8
Increase of share capital,
warrants 0.0 0.0 0.0 0.0
Change in minority interest -7.2 -7.2
Equity share of convertible
capital notes 1.5 1.5 1.5
Shareholders' equity 30.6.2005
19.2 11.6 1.3 0.0 1.5 -0.1 20.6 54.0 0.1 54.1
A Share capital
B Share premium account
C Hedging reserve
D Capital notes
E Equity share of convertible capital notes
F Other items
G Retained earnings
H Minority interest
Key Ratios
30.6.2005 30.6.2004 31.12.2004
Equity ratio, % 19.6 21.9 20.6
Equity ratio, %, preferred capital note in equity 33.2 31.4 29.5
Equity per share, EUR 5.61 4.85 5.05
Invested capital 205.7 191.2 199.7
Return on investment, % 12.7 23.2 14.2
Return on equity, % 28.8 56.9 28.1
Net interest bearing debt, MEUR, preferred
capital note in debt 147.2 134.8 142.4
Net interest bearing debt, MEUR preferred
capital note in equity 109.2 110.5 118.1
Net gearing, %, preferred capital note in debt 272.2 243.6 253.8
Net gearing, %, preferred capital note in
equity 119.8 139.0 147.0
Order book, MEUR 62.4 52.6 59.2
Investments in non-current assets without
finance leases, MEUR 12.8 14.0 35.1
Investments in non-current assets incl.
finance leases, MEUR 17.3 14.4 37.0
Investments in non-current assets, % of net
sales 9.2 9.3 11.7
Average number of personnel during the period 2,206 2,371 2,168
Number of personnel at period end 2,257 2,379 2,213
Share of export and foreign activities in net
sales, % 83.3 81.6 81.4
Contingent liabilities, MEUR 96.5 87.5 103.6
Earnings per share, EUR 0.85 1.43 1.62
Earnings per share with dilution, EUR 0.84 1.46 1.64
Segments
Cast Components, MEUR 30.6.2005 30.6.2004 31.12.2004
Assets 187.2 176.9 180.4
Liabilities 63.8 73.5 63.3
Investments in non-current assets incl.
finance leases 16.5 14.0 35.1
Depreciation 7.1 6.6 13.6
Nordic countries, MEUR 30.6.2005 30.6.2004 31.12.2004
Assets 195.8 183.2 197.2
Investments in non-current assets incl.
finance leases 9.4 7.6 21.7
Other European countries, MEUR 30.6.2005 30.6.2004 31.12.2004
Assets 72.5 68.0 72.3
Investments in non-current assets incl.
finance leases 7.9 6.8 15.3
Group development
Net sales by market area
MEUR 1.1.-31.12.2004 1.1.-30.6.2004 1.1.-30.6.2005
Nordic countries 167.9 82.4 96.9
Other European countries 133.8 65.4 80.0
Other countries 14.3 6.3 11.5
Total 316.0 154.0 188.5
Quarterly development by market area
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Nordic countries 39.4 43.0 36.1 49.4 47.5 49.4
Other European countries 30.6 34.8 30.6 37.8 40.4 39.7
Other countries 2.9 3.3 3.7 4.3 5.3 6.3
Total 73.0 81.1 70.4 91.4 93.2 95.3
Group development
MEUR 1.1.-31.12.2004 1.1.-30.6.2004 1.1.-30.6.2005
Net sales 316.0 154.0 188.5
Operating profit 25.7 20.2 12.5
Net financial items -7.9 -3.6 -4.3
Profit/loss after financial items 17.9 16.6 8.2
Group development by business group
Net sales, MEUR 1.1.-31.12.2004 1.1.-30.6.2004 1.1.-30.6.2005
Componenta Cast Components 166.1 81.7 94.0
De Globe 109.4 53.3 66.6
Cast Components total 275.5 135.0 160.5
Other business 40.4 19.1 28.0
Componenta Group total 316.0 154.0 188.5
Componenta Cast Components 12.4 6.2 4.6
De Globe -1.1 0.2 1.7
Cast Components total 11.3 6.4 6.3
Other business 14.4 13.8 6.2
Componenta Group total 25.7 20.2 12.5
Order book, MEUR 31.12.2004 30.6.2004 30.6.2005
Componenta Cast Components 27.3 27.2 31.4
De Globe 23.9 20.0 23.6
Cast Components total 51.2 47.2 55.1
Other business 8.0 5.4 7.4
Componenta Group total 59.2 52.6 62.4
Group development by quarter
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Net sales 73.0 81.1 70.4 91.4 93.2 95.3
Operating profit 15.9 4.3 1.9 3.6 3.9 8.6
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1 -2.2
Profit/loss after
financial items 14.1 2.6 0.0 1.3 1.8 6.4
Quarterly development by business group
Net sales, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Componenta Cast Components 38.7 43.0 37.3 47.1 45.6 48.4
De Globe 25.2 28.1 25.0 31.1 33.2 33.4
Cast Components total 63.9 71.1 62.3 78.2 78.8 81.8
Other business 9.1 9.9 8.1 13.2 14.4 13.5
Componenta Group total 73.0 81.1 70.4 91.4 93.2 95.3
Operating profit, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6 3.0
De Globe 0.1 0.1 -0.4 -0.9 0.7 1.0
Cast Components total 2.1 4.3 1.3 3.6 2.3 4.0
Other business 13.8 0.0 0.6 0.0 1.6 4.6
Componenta Group total 15.9 4.3 1.9 3.6 3.9 8.6
Order book at period end,
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Componenta Cast Components 22.7 27.2 29.7 27.3 29.5 31.4
De Globe 19.9 20.0 22.3 23.9 25.7 23.6
Cast Components total 42.6 47.2 52.0 51.2 55.2 55.1
Other business 5.5 5.4 7.9 8.0 8.6 7.4
Componenta Group total 48.0 52.6 59.9 59.2 63.8 62.4
Group development excluding one-time items
MEUR 1.1.-31.12.2004 1.1.-30.6.2004 1.1.-30.6.2005
Net sales 316.0 154.0 188.5
Operating profit 12.5 6.8 8.5
Net financial items -7.9 -3.6 -4.3
Profit/loss after financial items 4.6 3.3 4.2
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2004 1.1.-30.6.2004 1.1.-30.6.2005
Componenta Cast Components 12.4 6.2 4.6
De Globe -1.7 0.2 1.7
Cast Components total 10.7 6.4 6.3
Other business 1.8 0.4 2.3
Componenta Group total 12.5 6.8 8.5
Group development by quarter excluding one-time items
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Net sales 73.0 81.1 70.4 91.4 93.2 95.3
Operating profit 2.3 4.5 1.8 3.9 3.8 4.7
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1 -2.2
Profit/loss after
financial items 0.5 2.7 -0.1 1.5 1.7 2.5
Quarterly development by business group excluding one-time items
Operating profit, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6 3.0
De Globe 0.1 0.1 -0.4 -1.5 0.7 1.0
Cast Components total 2.1 4.3 1.3 3.0 2.3 4.0
Other business 0.2 0.2 0.5 0.9 1.5 0.7
Componenta Group total 2.3 4.5 1.8 3.9 3.8 4.7
Largest registered shareholders on 31 March 2005
Share of total
Shareholder Shares voting rights
1 Lehtonen Heikki 3,786,131 39.34%
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 109,400
2 Etra-Invest Oy 1,512,400 15.71%
3 Inkinen Simo-Pekka 460,044 4.78%
4 Veritas Pension Insurance Company Ltd. 261,400 2.72%
5 Ilmarinen Mutual Pension Insurance Company 254,200 2.64%
6 Lehtonen Anna-Maria 178,823 1.86%
7 Investment Fund Alfred Berg Finland 156,250 1.62%
8 Lehtonen Yrjö M 131,040 1.36%
9 Investment Fund Alfred Berg Small Cap 115,500 1.20%
10 Bergholm Heikki 101,000 1.05%
Nominee-registered shares 246,985 2.57%
Other shareholders 2,421,536 25.16%
Total 9,625,309 100.00%
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, 13 July 2005
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
FURTHER INFORMATION:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Kimmo Virtanen
CFO
tel +358 10 403 00
