Interim Report 1 January - 30 June 2006
Componenta Corporation STOCK EXCHANGE RELEASE 14.7.2006 at 9.30
Interim Report 1 January - 30 June 2006
* Net sales in January - June 2006 totalled MEUR 188.2 (MEUR 188.5); net sales of
the Cast Components business group increased 2% and of Other Business
declined 15%.
* Operating profit excluding one-time items was MEUR 11.9 (8.5) and the result
after financial items, excluding one-time items, was MEUR 7.2 (4.2).
* Consolidated operating profit including one-time items totalled MEUR 11.9 (12.5)
and the result after financial items was MEUR 7.2 (8.2).
* Second quarter net sales totalled MEUR 94.6 (95.3) and the operating profit
excluding one-time items was MEUR 6.6 (4.7).
* Net sales and the result after financial items, excluding one-time items, for
the third quarter of 2006 are expected to show an improvement on the
corresponding period of the previous year.
Net sales and order book
The Group had net sales in January - June of EUR 188.2 (188.5) million and an
order book of EUR 61.6 (62.4) million at the end of June. The Cast Components
business group had sales of EUR 164.1 (160.3) million and Other Business sales of
EUR 24.1 (28.2) million. At the end of the review period, Cast Components had an
order book of EUR 55.1 (55.1) million and Other Business of EUR 6.5 (7.4) million.
Componenta's deliveries to the heavy truck industry declined 6% from the previous
year. Sales to off-road manufacturers grew 1%, deliveries to the power and
transmission industries rose 8%, and sales to the machine building industry grew
11% during the first half of the year.
Componenta's net sales by customer sector were as follows: heavy truck industry
44% (47%), off-road 26% (25%), machinery and equipment manufacturers 16% (14%),
power and transmission 12% (11%), and others 2% (2%).
Componenta's net sales by market area were as follows: Nordic countries 49% (51%),
other European countries 45% (43%) and other countries 6% (6%).
Result
Componenta's interim report has been prepared in accordance with international
financial reporting standards (IFRS). Componenta has prepared the interim report
applying the same accounting principles as in its 2005 Financial Statements. The
figures in the interim report are unaudited.
Componenta Group made an operating profit, excluding one-time items, of EUR 11.9
(8.5) million and the result after financial items, excluding one-time items, was
EUR 7.2 (4.2) million. Cast Components had an operating profit of EUR 11.3 (6.3)
million and Other Business recorded an operating profit, excluding one-time items,
of EUR 0.6 (2.3) million. Second quarter net sales totalled EUR 94.6 (95.3)
million and the operating profit, excluding one-time items, was EUR 6.6 (4.7)
million.
The Group's net financial costs amounted to EUR -4.7 (-4.3) million.
The consolidated result after financial items, excluding one-time items, improved
from the previous year mainly due to the increased efficiency in the operations of
the Cast Components business group. The operating losses at the Karkkila foundry
and the Heerlen furan foundry weakened Cast Components' operating profit. Steel
scrap prices started to pick up towards the end of the second quarter.
The Group's operating profit, including one-time items, was EUR 11.9 (12.5)
million, the result after financial items was EUR 7.2 (8.2) million and the net
result was EUR 5.3 (8.2) million. The Group had no one-time items during the first
half of the year (EUR 4.0 million). The one-time items in the corresponding period
in 2005 consisted mainly of profit of EUR 2.2 million from the sale of Keycast and
Profiz shares, the recognition as income of EUR 4.3 million in negative goodwill
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 -1.9 (-0.3) million. Taxes include taxes due on the result
for the review period.
Earnings per share were EUR 0.55 (0.85).
The return on investment was 12.9% (12.7%) and return on equity 20.5% (28.8%).
Financing
On 30 June 2006 Componenta Corporation had outstanding capital notes and
convertible bonds with a combined value of EUR 34.7 million, as defined in IFRS.
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.
The Group had EUR 60.0 million in non-utilised long-term credit facilities at the
end of the review period. In addition, the Group has a EUR 60 million commercial
paper programme. The Group's interest-bearing net debt, excluding the EUR 34.7
million in outstanding capital notes, totalled EUR 102.3 (109.8) million. Net
gearing, including the capital notes in shareholders' equity, was 114% (120%).
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 2006 the company had sold sales
receivables totalling EUR 30.2 (17.6) million.
The cash flow from operations during the review period was EUR 11.8 (5.7) million,
and of this the change in net working capital was EUR -7.4 (-4.2) million. The
cash flow from investments was EUR -3.1 (-5.9) million.
The Group's equity ratio was 20.5% (19.6%) and the equity ratio, including capital
notes in shareholders' equity, was 33.4% (33.2%).
Performance of business groups
The organizational structure of Componenta Group was altered on 1 November 2005
and the Group's production units were organized into three business divisions -
Foundries, Machine Shops and Heavy Components. Together these form the Cast
Components business segment. Other Business comprises the Wirsbo forges,
associated companies, the Group's support functions and service companies, and
divested business.
Foundries
The Foundries division contains the Group's foundries in Karkkila, Pori,
Pietarsaari and Weert as well as the HWS business unit at the Heerlen foundry. The
division had net sales in January - June of EUR 94.8 (92.1) million and an
operating profit of EUR 7.1 (3.5) million. The division's operating profit
improved from the previous year mainly due to raising efficiency in operations.
The Karkkila foundry recorded an operating loss in the first half of the year of
EUR -2.7 (-3.1) million. The programme to enhance operations underway at Karkkila
is expected to reduce the unit's operating loss in the current year from the
previous year. The division had second quarter net sales of EUR 48.9 (47.0)
million and an operating profit of EUR 3.8 (2.0) million.
Machine Shops
The Machine Shops division consists of the Främmestad, Åmål and Albin machine
shops in Sweden, the machine shops in Pori and Pietarsaari in Finland, and the
machine shop functions in the Netherlands. The division had net sales in January -
June of EUR 79.5 (74.3) million and an operating profit of EUR 4.6 (3.5) million.
The investments carried out in 2004 and 2005 increased the division's sales and
improved the efficiency of its operations. Second quarter net sales totalled EUR
39.2 (37.5) million and operating profit was EUR 2.0 (1.6) million.
Heavy Components
The Heavy Components division contains the Group's furan foundries in Iisalmi,
Finland and Heerlen, the Netherlands, and the machine shops Componenta Nisamo in
Lempäälä and Componenta Pistons in Pietarsaari. The division had net sales in
January - June of EUR 28.9 (24.1) million and an operating result of EUR 0.5
(-0.8) million. The operating result improved from the previous year mainly due to
the growth in sales and the improved efficiency in the operations of the Heerlen
furan foundry. The Heerlen furan foundry made an operating loss in the first half
of the year of EUR -1.2 (-2.2) million. The programme to stabilize and enhance
operations at the unit is expected to continue to reduce the unit's operating loss
during the current year. The division had second quarter net sales of EUR 15.0
(13.6) million and an operating profit of EUR 0.6 (0.1) million.
Other Business
Other Business had net sales in January - June of EUR 24.1 (28.2) million and an
operating profit, excluding one-time items, of EUR 0.6 (2.3) million. Sales by the
Wirsbo forges declined 16% from the previous year to EUR 23.2 million and the
operating profit in the first six months declined from the previous year mainly
due to the fall in sales. Componenta's share of the result of the associated
companies was EUR 0.8 (1.4) million. Associated company Ulefos NV recorded net
sales of EUR 18.7 (19.4) million and profit after financial items of EUR 2.0 (2.3)
million. Other Business had second quarter net sales of EUR 11.4 (13.6) million
and an operating profit excluding one-time items of EUR 0.2 (0.7) million
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 19.3 million. The shares have a nominal value of 2 euros. At the end of the
review period the quoted price of Componenta Corporation shares stood at EUR 6.55
(EUR 6.99). The average price during the year was EUR 5.96, the lowest quoted
price was EUR 5.29 and the highest EUR 7.18. At the end of the review period the
share capital had a market value of EUR 63.8 million (EUR 67.3 million) and the
volume of shares traded during the review period was equivalent to 30% (31%) of
the share stock.
The Annual General Meeting of Shareholders decided not to pay a dividend for 2005,
in accordance with the proposal of the Board of Directors.
On 8 February 2006, Componenta received notification from Oy Etra-Invest Ab that
its share of the voting rights and share capital of Componenta Corporation had
exceeded 20% through a share transaction on 8 February 2006. On 30 June 2006, Oy
Etra-Invest Ab held 23.0% of the share capital and voting rights of Componenta
Corporation.
On 27 April 2006, Componenta received notification from Simo-Pekka Inkinen that
the share of the voting rights and share capital of Componenta Corporation
controlled by him had exceeded 5% through a share transaction on 24 April 2006. On
30 June 2006, the shares controlled by Simo-Pekka Inkinen accounted for 5.5% of
the share capital and voting rights of Componenta Corporation.
The share capital was raised by EUR 65,250 during the review period, as 32,625 new
shares were subscribed using the option rights. The corresponding increases in
share capital were registered in the Trade Register on 27 April 2006 and 15 June
2006.
At the end of June, the Group had 399,697 outstanding Componenta 2001 option
rights. Each option right entitles the holder to subscribe one Componenta
Corporation share. The share subscription period using the option rights ends on
31 October 2006.
During July 2006 the Board of Directors has approved altogether 26,376 share
subscriptions using the option rights, but the increase in share capital of EUR
52,752 has not yet been registered in the Trade Register.
Purchasing and disposing of company shares
The company's Board of Directors holds no current authorization to purchase or
dispose of the company's own shares. The company doesn't own it's own shares.
Investments
Investments in production facilities during the review period totalled EUR 4.3
(14.4) million, and finance lease investments accounted for EUR 0.8 (4.5) million
of these. The cash flow from investments was EUR -3.1 (-5.9) million.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 8 February 2006 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; Olli Karhunen, Director, Heavy Components; CFO Matti Kivekäs (as
from 7 August 2006); Jari Leino, Director, Sales and Product Development; Anu
Mankki, Director, Human Resources; Marc Omes, Director, Sales and Product
Development; Marko Sipola, Director, Business Development (as from 7 August 2006);
Michael Sjöberg, Director, Machine Shops; Kimmo Suupohja, Director, Foundries, and
Communications Manager Pirjo Aarniovuori.
Personnel
During the review period the Group had on average 2164 (2206) employees. At the
end of June 2006, 49% (47%) of the Group's personnel were in Finland, 26% (25%) in
the Netherlands and 25% (27%) in Sweden.
Prospects
Componenta's prospects in 2006 are based on general external financial indicators,
order forecasts given by customers, and on Componenta's order intake and order
book.
Demand for heavy truck components in January - June 2006 fell short of the
corresponding period in the previous year. The introduction of new environmental
standards in Europe on 1 October 2006 coupled with improved economic prospects has
increased demand for heavy trucks in Europe at least in the short term. Demand for
components from the off-road and power and transmission industries and from
machinery and equipment manufacturers increased during the first six months of the
year.
Running in the investments carried out in 2004 and 2005 at Karkkila and Heerlen
continues operationally during 2006. The goal is to reduce the operating losses at
these units during 2006 and to achieve an operating profit at the Karkkila and
Heerlen units, as elsewhere, in 2007.
Componenta's order book at the end of the second quarter of 2006 stood at the same
level as in the corresponding period in the previous year. Componenta's net sales
and result after financial items, excluding one-time items, for the third quarter
of 2006 are expected to improve on the corresponding period of the previous year.
Income statement
MEUR 1.1.-30.6. 1.1.-30.6. 1.4.-30.6. 1.4.-30.6. 1.1.-31.12.
2006 2005 2006 2005 2005
Net sales 188.2 188.5 94.6 95.3 343.2
Other operating income 0.5 2.5 0.4 2.3 3.5
Operating expenses -169.2 -176.0 -84.8 -89.9 -327.0
Depreciation, amortization
and write-down -8.5 -8.2 -4.3 -4.2 -16.5
Negative goodwill
recognized as income - 4.3 - 4.3 4.6
Share of the associated
companies' result 0.8 1.4 0.6 0.8 2.1
Operating profit 11.9 12.5 6.6 8.6 9.9
% of net sales 6.3 6.6 7.0 9.0 2.9
Financial income and
expenses -4.7 -4.3 -2.5 -2.2 -8.9
Result after financial items 7.2 8.2 4.1 6.4 1.0
% of net sales 3.8 4.3 4.4 6.7 0.3
Income taxes -1.9 -0.3 -1.0 0.0 1.2
Net profit 5.3 7.9 3.1 6.4 2.2
Allocation of net profit for the period
To equity holders of the
parent 5.3 8.2 3.1 6.8 2.5
To minority interest 0.0 -0.3 -0.1 -0.4 -0.3
5.3 7.9 3.1 6.4 2.2
Earning per share calculated
on the profit attributable
to equity holders of the parent
Earnings per share, EUR 0.55 0.85 0.32 0.71 0.26
Earnings per share with
dilution, EUR 0.50 0.84 0.29 0.70 0.26
Income statement excluding one-time items
MEUR 1.1.-30.6. 1.1.-30.6. 1.4.-30.6. 1.4.-30.6. 1.1.-31.12.
2006 2005 2006 2005 2005
Net sales 188.2 188.5 94.6 95.3 343.2
Other operating income 0.5 0.3 0.4 0.2 1.1
Operating expenses -169.2 -173.4 -84.8 -87.4 -323.4
Depreciation, amortization
and writedown -8.5 -8.2 -4.3 -4.2 -16.5
Negative goodwill recognized
as income - - - - -
Share of the associated
companies' result 0.8 1.4 0.6 0.8 2.1
Operating profit 11.9 8.5 6.6 4.7 6.6
% of net sales 6.3 4.5 7.0 4.9 1.9
Financial income and
expenses -4.7 -4.3 -2.5 -2.2 -8.9
Result after financial items 7.2 4.2 4.1 2.5 -2.4
% of net sales 3.8 2.2 4.4 2.6 -0.7
Balance sheet
MEUR 1.1.-30.6.2006 1.1.-30.6.2005 1.1.-31.12.2005
Assets
Non-current assets
Intangible assets 2.1 1.8 2.1
Goodwill 0.5 0.5 0.5
Investment properties 1.9 1.9 1.9
Tangible assets 158.8 162.7 162.5
Investment in associates 7.2 6.6 6.9
Receivables 0.5 1.1 1.0
Other investments 0.5 0.5 0.5
Defferred tax assets 7.4 7.0 9.0
Total non-current assets 178.8 182.1 184.6
Current assets
Inventories 41.5 41.5 37.8
Receivables 47.8 48.3 41.5
Cash and bank accounts 1.9 4.4 5.3
Total current assets 91.2 94.2 84.6
Total assets 270.1 276.3 269.1
Liabilities and shareholders' equity
Shareholders' equity
Share capital 19.3 19.2 19.3
Other equity 34.6 33.3 27.8
Equity part of convertible capital notes 1.5 1.5 1.5
Equity attributable to equity holders
of the parent 55.3 54.0 48.5
Minority interest 0.1 0.1 0.1
Shareholders' equity 55.4 54.1 48.6
Liabilities
Non-current
Capital loan 31.8 34.7 34.9
Interest bearing 56.1 62.7 57.8
Interest free 0.1 0.1 0.1
Provisions 0.6 1.0 0.7
Deferred tax liability 0.8 - 0.7
Current
Capital loan 2.9 2.8 2.9
Interest bearing 48.2 51.5 54.3
Interest free 73.8 68.9 68.9
Provisions 0.5 0.5 0.4
Total liabilities 214.7 222.2 220.5
Total liabilities and shareholders'equity 270.1 276.3 269.1
Cash flow statement
MEUR 1.1.-30.6.2006 1.1.-30.6.2005 1.1.-31.12.2005
Cash flow from operations
Result after financial items 7.2 8.2 1.0
Depreciation, amortization and write-down 8.5 3.9 11.9
Net financial income and expenses 4.7 4.3 8.9
Other income and expenses, adjustments
to cash flow 3.3 -2.0 -4.7
Change in net working capital -7.4 -4.2 8.7
Cash flow from operations before
financing and income taxes 16.3 10.2 25.8
Interest received and paid and
dividends received -4.5 -4.4 -7.2
Taxes paid 0.0 0.0 0.0
Net cash flow from operations 11.8 5.7 18.6
Cash flow from investing activities
Capital expenditure in tangible and
intangible assets -3.2 -10.4 -17.5
Proceeds from tangible and
intangible assets 0.1 0.0 0.2
Other investments and loans granted - -2.9 -2.7
Proceeds from other investments and
repayments of loan receivables - 7.5 8.4
Net cash flow from investing activities -3.1 -5.9 -11.6
Cash flow from financing activities
Dividends paid 0.0 -4.8 -4.8
Share issue 0.2 0.0 0.1
Draw-down (+)/ repayment (-) of the equity
part of convertible capital notes - 1.5 1.5
Repayment of finance lease liabilities -1.0 -0.9 -1.8
Draw-down (+)/ repayment (-) of current
loans -6.2 -6.3 1.3
Draw-down (+)/ repayment (-) of non
current loans -5.1 13.8 1.0
Net cash flow from financing activities -12.0 3.3 -2.8
Change in liquid assets -3.4 3.2 4.1
Cash and bank account at the beginning
of the period 5.3 1.2 1.2
Cash and bank account at the period end 1.9 4.4 5.3
Change during the financial period -3.4 3.2 4.1
Statement of changes in shareholders equity
Share Mino- Share
Share pre- Other Retain rity holder's
capi- mium re- Other earn- inte- equity
MEUR tal account serves items ings Total rest total
Shareholder's equity
1.1.2005 19.2 11.5 0.0 0.0 17.1 47.9 7.6 55.4
Derivatives 1.3 0.1 1.4 1.4
Other changes 0.0 -0.1 -0.1 -0.1
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 0.0 -7.2 -7.2
Equity share of convertible
capital notes 1.5 1.5 1.5
Profit/loss for the
period 8.2 8.2 -0.3 7.9
Shareholder's
equity 30.6.2005 19.2 11.6 2.8 0.0 20.5 54.0 0.1 54.1
Share Mino- Share
Share pre- Other Retain rity holder's
capi- mium re- Other earn- inte- equity
tal account serves items ings Total rest total
Shareholder's equity
1.1.2006 19.3 11.6 2.4 0.1 15.3 48.5 0.1 48.6
Derivatives 1.2 1.2 1.2
Other changes 0.0 0.0 0.0
Increase of share
capital (warrants) 0.0 0.1 0.1 0.2 0.2
Equity share of
convertible capital notes 0.0 0.0 0.0
Profit/loss for the
period 5.3 5.3 0.0 5.3
Shareholder's equity
30.6.2006 19.3 11.7 3.6 0.1 20.6 55.3 0.1 55.4
Key ratios
30.6.2006 30.6.2005 31.12.2005
Equity ratio, % 20.5 19.6 18.1
Equity ratio, %, preferred capital note in equity 33.4 33.2 32.1
Equity per share, EUR 5.72 5.61 5.04
Invested capital 194.4 205.7 198.4
Return on investment, % 12.9 12.7 5.0
Return on equity, % 20.5 28.8 4.2
Net interest bearing debt, MEUR, preferred
capital note in debt 137.1 147.2 144.5
Net interest bearing debt, MEUR preferred
capital note in equity 102.3 109.8 106.8
Net gearing, %, preferred capital note in debt 247.6 272.2 297.5
Net gearing, %, preferred capital note in equity 113.6 119.8 123.7
Order book, MEUR 61.6 62.4 60.4
Investments in non-current assets
without finance leases, MEUR 3.5 12.8 17.9
Investments in non-current assets
incl. finance leases, MEUR 4.3 17.3 25.1
Investments in non-current assets, % of net sales 2.3 9.2 7.3
Average number of personnel during the period 2,164 2,206 2,214
Number of personnel at period end 2,228 2,257 2,185
Share of export and foreign activities
in net sales, % 82.4 83.3 81.9
Contingent liabilities, MEUR 100.9 96.5 100.2
Earnings per share, EUR 0.55 0.85 0.26
Earnings per share with dilution, EUR 0.50 0.84 0.26
Segments
Cast Components, MEUR 30.6.2006 30.6.2005 31.12.2005
Assets 186.3 187.2 181.8
Liabilities 63.5 63.8 61.5
Investments in non-current assets incl.
finance leases 2.7 16.5 20.0
Depreciation 7.4 7.1 14.3
Nordic countries, MEUR 30.6.2006 30.6.2005 31.12.2005
Assets 195.8 201.7 194.7
Investments in non-current assets incl.
finance leases 3.7 9.4 19.1
Other European countries, MEUR 30.6.2006 30.6.2005 31.12.2005
Assets 74.3 74.6 74.4
Investments in non-current assets incl.
finance leases 0.6 7.9 6.0
Group development
Net sales by market area
MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Nordic countries 175.9 96.9 92.9
Other European countries 146.8 80.0 84.3
Other countries 20.5 11.5 11.0
Total 343.2 188.5 188.2
Quarterly development by market area
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Nordic countries 47.5 49.4 34.7 44.3 45.6 47.3
Other European countries 40.4 39.7 32.2 34.6 42.1 42.2
Other countries 5.3 6.3 5.5 3.5 5.9 5.1
Total 93.2 95.3 72.4 82.3 93.6 94.6
Group development
MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Net sales 343.2 188.5 188.2
Operating profit 9.9 12.5 11.9
Net financial items -8.9 -4.3 -4.7
Profit/loss after financial
items 1.0 8.2 7.2
Group development by business group
Net sales, MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Foundries 167.5 92.1 94.8
Machine shops 136.2 74.3 79.5
Heavy components 47.3 24.1 28.9
Internal sales -55.6 -30.2 -39.1
Cast Components total 295.4 160.3 164.1
Other business 47.8 28.2 24.1
Componenta total 343.2 188.5 188.2
Operating profit, MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Foundries 2.4 3.5 7.1
Machine shops 5.4 3.5 4.6
Heavy components -2.8 -0.8 0.5
Other items -0.5 0.1 -0.9
Cast Components total 4.5 6.3 11.3
Other business 5.4 6.2 0.6
Componenta total 9.9 12.5 11.9
Order book, MEUR 31.12.2005 30.6.2005 30.6.2006
Cast Components total 54.1 55.1 55.1
Other business 6.3 7.4 6.5
Componenta total 60.4 62.4 61.6
Group development by quarter
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Net sales 93.2 95.3 72.4 82.3 93.6 94.6
Operating profit 3.9 8.6 -1.9 -0.7 5.3 6.6
Net financial items -2.1 -2.2 -2.3 -2.3 -2.2 -2.5
Profit/loss after
financial items 1.8 6.4 -4.2 -3.0 3.1 4.1
Quarterly development by business group
Net sales, MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Foundries 45.0 47.0 36.1 39.2 45.9 48.9
Machine shops 36.8 37.5 28.6 33.3 40.3 39.2
Heavy components 10.5 13.6 11.2 12.1 13.9 15.0
Internal sales -13.7 -16.4 -12.4 -13.2 -19.1 -19.9
Cast Components total 78.6 81.7 63.5 71.5 81.0 83.2
Other business 14.6 13.6 8.9 10.8 12.6 11.4
Componenta total 93.2 95.3 72.4 82.3 93.6 94.6
Operating profit,
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Foundries 1.5 2.0 -0.9 -0.2 3.3 3.8
Machine shops 1.8 1.6 0.4 1.5 2.6 2.0
Heavy components -0.9 0.1 -1.1 -0.9 -0.1 0.6
Other items -0.1 0.2 0.0 -0.6 -0.8 0.0
Cast Components total 2.3 4.0 -1.5 -0.2 5.0 6.4
Other business 1.6 4.6 -0.4 -0.5 0.3 0.2
Componenta total 3.9 8.6 -1.9 -0.7 5.3 6.6
Order book at period end,
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Cast Components total 55.2 55.1 49.2 54.1 58.7 55.1
Other business 8.6 7.4 6.4 6.3 6.8 6.5
Componenta total 63.8 62.4 55.6 60.4 65.5 61.6
Group development excluding one-time items
MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Net sales 343.2 188.5 188.2
Operating profit 6.6 8.5 11.9
Net financial items -8.9 -4.3 -4.7
Profit/loss after
financial items -2.4 4.2 7.2
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2005 1.1.-30.6.2005 1.1.-30.6.2006
Foundries 2.4 3.5 7.1
Machine shops 5.4 3.5 4.6
Heavy components -2.8 -0.8 0.5
Other items -0.5 0.1 -0.9
Cast Components total 4.5 6.3 11.3
Other business 2.1 2.3 0.6
Componenta total 6.6 8.5 11.9
Group development by quarter excluding one-time items
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Net sales 93.2 95.3 72.4 82.3 93.6 94.6
Operating profit 3.8 4.7 -1.6 -0.3 5.3 6.6
Net financial items -2.1 -2.2 -2.3 -2.3 -2.2 -2.5
Profit/loss after
financial items 1.7 2.5 -4.0 -2.6 3.1 4.1
Quarterly development by business group excluding one-time items
Operating profit,
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006
Foundries 1.5 2.0 -0.9 -0.2 3.3 3.8
Machine shops 1.8 1.6 0.4 1.5 2.6 2.0
Heavy components -0.9 0.1 -1.1 -0.9 -0.1 0.6
Other items -0.1 0.2 0.0 -0.6 -0.8 0.0
Cast Components total 2.3 4.0 -1.5 -0.2 5.0 6.4
Other business 1.5 0.7 -0.1 -0.1 0.3 0.2
Componenta total 3.8 4.7 -1.6 -0.3 5.3 6.6
Largest registered share-holders on 30 June 2006
Share of total
Shareholder Shares voting rights %
1 Lehtonen Heikki 3,811,131 39.45 %
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 115,900
Heikki Lehtonen 18,500
2 Etra-Invest Oy 2,224,750 23.03 %
3 Inkinen Simo-Pekka 529,834 5.48%
Inkinen Simo-Pekka 485,344
Nahkionkosken Voimalaitos Ky 41,490
Väli-Gunnarla Avoin yhtiö 3,000
4 Nordea Life Assurance Finland Ltd. 318,025 3.29 %
5 Ilmarinen Mutual Pension Insurance Company 232,600 2.41 %
6 Lehtonen Anna-Maria 178,823 1.85 %
7 Mandatum Finnish Small Cap Fund 112,600 1.17 %
8 Lehtonen Yrjö M 106,040 1.10 %
9 Bergholm Heikki 105,800 1.10 %
10 Lisboa De Castro Palacios Hietala Marta 97,000 1.00 %
Nominee-registered shares 148,476 1.54 %
Other shareholders 1,840,745 18.59 %
Total 9,661,334 100.00%
The members of the Board of Directors own 40.6% of the shares. All shares have
equal voting rights. The members of the Board of Directors hold 11.7% of the
outstanding warrants. If all the warrants and convertible capital notes were
converted to shares, the holding of shares by the members of the Board of
Directors would decrease to 33.2%.
Helsinki, 14 July 2006
COMPONENTA CORPORATION
Board of Director
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
