Interim Report 1 January ? 30 September 2006
Componenta Corporation Stock Exchange Release 13.10.2006 at 10.00
Interim Report 1 January 30 September 2006
* Net sales in January - September 2006 totalled MEUR 266.6
(MEUR 260.9); net sales of the Cast Components business group
increased 5% and of Other Business declined -12%.
* Operating profit excluding one-time items was MEUR 10.7 (6.9) and
the result after financial items, excluding one-time items,
was MEUR 3.8 (0.3).
* Consolidated operating profit including one-time items totalled
MEUR 10.7 (10.6) and the result after financial items was MEUR 3.8 (4.0).
* Third quarter net sales totalled MEUR 78.4 (72.4) and the
operating loss excluding one-time items was MEUR -1.2 (-1.6).
* Net sales and the result after financial items, excluding onetime
items, for the fourth 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 - September of
EUR 266.6 (260.9) million and an order book of EUR 64.9 (55.6) million at
the end of September. The Cast Components business group had sales of
EUR 234.2 (223.9) million and Other Business sales of
EUR 32.4 (37.0) million. At the end of the review period, Cast Components
had an order book of EUR 57.2 (49.2) million and Other Business of
EUR 7.7 (6.4) million.
Componenta's deliveries to the heavy truck industry declined 4% from the
previous year. Sales to off-road manufacturers grew 7%, deliveries to the
power and transmission industries rose 8%, and sales to the machine
building industry grew 12% during the first nine months of the year.
Componenta's net sales by customer sector were as follows: heavy truck
industry 43% (46%), off-road 26% (25%), machine building 17% (15%), power
and transmission 12% (12%), and others 2% (2%).
Componenta's net sales by market area were as follows: Nordic countries
48% (50%), other European countries 46% (43%) and other countries 6% (7%).
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 10.7 (6.9) million and the result after financial items, excluding
one-time items, was EUR 3.8 (0.3) million. Cast Components had an
operating profit of EUR 10.3 (4.7) million and Other Business recorded an
operating profit, excluding one-time items, of EUR 0.4 (2.2) million.
Third quarter net sales totalled EUR 78.4 (72.4) million and the
operating loss, excluding one-time items, was EUR -1.2 (-1.6) million.
The Group's net financial costs amounted to EUR -6.9 (-6.6) million.
The consolidated result after financial items, excluding one-time items,
improved from the previous year mainly due to increased efficiency in the
operations of the Cast Components business group. The Karkkila foundry
and the Heerlen furan foundry have reduced their operating losses during
the current year but these continued to weaken Cast Components' operating
profit. The price of scrap steel has remained high although price
fluctuation has decreased. The price of electricity has risen rapidly
during the current year. Product prices have been revised due to rising
costs. The takeover of the foundries in the Netherlands and their
integration into the Group's profit centre organization has taken place
smoothly. Their operations have been stable and their financial performance
during the review period has been positive.
The Group's operating profit, including one-time items, was
EUR 10.7 (10.6) million, the result after financial items was
EUR 3.8 (4.0) million and the net result was EUR 2.9 (5.3) million.
The Group had no one-time items during the first three quarters of the
year. The one-time items of EUR 3.7 million 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 2.6 million for adjustments and restructuring
at De Globe and Åmål.
Income taxes were EUR -0.9 (+1.3) million. Taxes include taxes due on the
result for the review period.
Earnings per share were EUR 0.30 (0.58).
The return on investment was 8.0% (7.4%) and return on equity 7.3% (13.0%).
Financing
On 30 September 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 50 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 101.1 (110.5) million. Net gearing, including the capital
notes in shareholders' equity, was 113.8% (124.2%). 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 September 2006 the company had
sold sales receivables totalling EUR 31.1 (14.9) million.
The cash flow from operations during the review period was
EUR 18.7 (12.0) million, and of this the change in net working capital
was EUR 1.2 (4.4) million. The cash flow from investments was
EUR -5.3 (-10.2) million.
The Group's equity ratio was 19.7% (19.0%) and the equity ratio,
including capital notes in shareholders' equity, was 32.5% (32.9%).
Performance of business groups
Componenta has simplified its organizational structure. As from the
beginning of September the Group's production units have been organized
in two business divisions - Foundries and Machine Shops - instead of the
previous three. Olli Karhunen has been appointed Director of the renewed
Foundries division. Kimmo Suupohja, who was Director of the old Foundries
division, has left Componenta.
Reporting in the company in 2006, however, continues to be based on the
former organizational structure. This was altered on 1 November 2005,
when the Group's production units were organized into three divisions -
Foundries, Machine Shops and Heavy Components. Together these form the
Cast Components business segment. Other Business still 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 - September of
EUR 134.5 (128.2) million and an operating profit of EUR 5.5 (2.6) 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 nine months of the year of
EUR -4.1 (-5.0) 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 third quarter net sales
of EUR 39.7 (36.1) million and an operating loss of EUR -1.6 (-0.9) million.
The operating loss increased from the previous year due to the unsatisfactory
financial performance at the Pietarsaari foundry.
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 - September of EUR 113.5 (102.9) million and an
operating profit of EUR 5.6 (3.9) million. The investments carried out in
2004 and 2005 increased the division's sales and improved the efficiency
of its operations. Third quarter net sales totalled
EUR 34.0 (28.6) million and operating profit was EUR 0.9 (0.4) 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 - September of EUR 40.9 (35.2) million
and an operating result of EUR 0.2 (-1.9) 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 nine months of
the year of EUR -2.1 (-3.8) million. The programme to stabilize and
enhance operations at the unit is expected to continue to reduce the
Heerlen furan foundry's operating loss during the current year. The
division had third quarter net sales of EUR 12.1 (11.2) million and an
operating loss of EUR -0.2 (-1.1) million.
Other Business
Other Business had net sales in January - September of
EUR 32.5 (37.0) million and an operating profit, excluding one-time items,
of EUR 0.4 (2.2) million. Sales by the Wirsbo forges declined 13.3%
from the previous year to EUR 31.3 million and the operating profit in
the first nine 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 1.2 (1.8) million. Associated company Ulefos NV recorded
net sales of EUR 28.4 (28.7) million and profit after financial items
of EUR 2.8 (3.2) million. Other Business had third quarter net sales of
EUR 8.4 (8.9) million and an operating loss excluding one-time items
of EUR -0.2 (-0.1) million
Shares and share capital
The shares of Componenta Corporation are quoted on the Small cap segment
of the Helsinki Stock Exchange. At the end of the review period the
company's share capital stood at EUR 19.4 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 6.60 (EUR 7.1). The
average price during the year was EUR 6.04, the lowest quoted price was
EUR 5.29 and the highest EUR 7.24. At the end of the review period the
share capital had a market value of EUR 63.9 million (EUR 68.3 million)
and the volume of shares traded during the review period was equivalent
to 43% (46%) 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 EtraInvest
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 September 2006, Oy EtraInvest 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 September 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 118,002 during the review period, as
59,001 new shares were subscribed using the option rights. The
corresponding increases in share capital were registered in the
Trade Register on 27 April 2006, 15 June 2006 and 28 July 206.
After the share subscriptions made by the end of September, the Group had
373,321 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.
In October 2006 the Board of Directors has approved altogether 117,150
share subscriptions using the option rights. The corresponding increases
in share capital were registered in the Trade Register on 5 October 2006.
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 does not own
any of the company's own shares
Investments
Investments in production facilities during the review period totalled
EUR 10.4 (20.4) million, and finance lease investments accounted for
EUR 5.1 (6.9) million of these. The cash flow from investments was
EUR -5.3 (-10.2) 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, Foundries;
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, and Communications Manager
Pirjo Aarniovuori.
Personnel
During the review period the Group had on average 2,183 (2,201)
employees. At the end of September 2006, 48% (48%) of the Group's
personnel were in Finland, 27% (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 - September 2006 remained
lower than during the corresponding period in the previous year. The
improved economic prospects in Europe have 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 machine
building industry has increased during the first nine months of the year.
Running in operationally the investments made in 2004 and 2005 at
Karkkila and Heerlen has continued during the review period. The
operating losses at these units will decline during 2006. The target is
to achieve an operating profit at the Karkkila and Heerlen units, as
elsewhere, in 2007.
Componenta's order book at the end of the third quarter of 2006 stood at
a higher level than in the corresponding period in the previous year.
Componenta's net sales and result after financial items, excluding one-
time items, for the fourth quarter of 2006 are expected to improve on the
corresponding period of the previous year.
Income statement
1.1.- 1.1.- 1.7.- 1.7.- 1.1.-
30.9. 30.9. 30.9. 30.9. 31.12.
MEUR 2006 2005 2006 2005 2005
Net sales 266.6 260.9 78.4 72.4 343.2
Other operating income 0.6 2.9 0.1 0.4 3.5
Operating expenses -244.9 -246.9 -75.7 -70.9 -327.0
Depreciation, amortization and
write-down -12.9 -12.3 -4.4 -4.2 -16.5
Negative goodwill recognized as
income 0.0 4.3 0.0 0.0 4.6
Share of the associated companies'
result 1.2 1.8 0.4 0.4 2.1
Operating profit 10.7 10.6 -1.2 -1.9 9.9
% of net sales 4.0 4.1 -1.5 -2.6 2.9
Financial income and expenses -6.9 -6.6 -2.3 -2.3 -8.9
Result after financial items 3.8 4.0 -3.4 -4.2 1.0
% of net sales 1.4 1.5 -4.3 5.8 0.3
Income taxes -0.9 1.3 1.0 1.6 1.2
Net profit 2.9 5.3 -2.5 -2.6 2.2
Allocation of net profit for the period
To equity holders of the parent 2.9 5.6 -2.4 -2.6 2.5
To minority interest 0.0 -0.3 0.0 0.0 -0.3
2.9 5.3 -2.4 -2.6 2.2
Earning per share calculated on
the profit attributable
to equity holders of the parent
Earnings per share, EUR 0.30 0.58 -0.25 -0.27 0.26
Earnings per share with dilution, EUR 0.30 0.58 -0,20 -0.26 0.26
Income statement excluding one-time items
1.1.- 1.1.- 1.7.- 1.7.- 1.1.-
30.9. 30.9. 30.9. 30.9. 31.12.
MEUR 2006 2005 2006 2005 2005
Net sales 266.6 260.9 78.4 72.4 343.2
Other operating income 0.6 0.6 0.1 0.3 1.1
Operating expenses -244.9 -244.0 -75.7 -70.7 -323.4
Depreciation, amortization and
write-down -12.9 -12.3 -4.4 -4.2 -16.5
Negative goodwill recognized as
income - - - - -
Share of the associated companies'
result 1.2 1.8 0.4 0.4 2.1
Operating profit 10.7 6.9 -1.2 -1.6 6.6
% of net sales 4.0 2.6 -1.5 -2.3 1.9
Financial income and expenses -6.9 -6.6 -2.3 -2.3 -8.9
Result after financial items 3.8 0.3 -3.4 -4.0 -2.4
% of net sales 1.4 0.1 -4.3 -5.5 -0.7
Balance sheet
MEUR 1.1.-30.9.2006 1.1.-30.9.2005 1.1.-31.12.2005
Assets
Non-current assets
Intangible assets 1.9 1.8 2.1
Goodwill 0.5 0.5 0.5
Investment properties 1.9 1.9 1.9
Tangible assets 160.3 164.8 162.5
Investment in associates 7.4 7.0 6.9
Receivables 0.5 1.0 1.0
Other investments 0.5 0.5 0.5
Defferred tax assets 8.1 8.4 9.0
Total non-current assets 181.1 186.0 184.6
Current assets
Inventories 39.9 37.7 37.8
Receivables 42.3 44.8 41.5
Cash and bank accounts 10.1 2.4 5.3
Total current assets 92.3 84.9 84.6
Total assets 273.5 270.8 269.1
Liabilities and shareholders' equity
Shareholders' equity
Share capital 19.4 19.3 19.3
Other equity 33.0 30.6 27.8
Equity part of convertible capital notes 1.5 1.5 1.5
Equity attributable to equity holders
of the parent 53.9 51.3 48.5
Minority interest 0.1 0.1 0.1
Shareholders' equity 54.0 51.4 48.6
Liabilities
Non-current
Capital loan 31.9 34.8 34.9
Interest bearing 56.6 61.9 57.8
Interest free 0.1 0.1 0.1
Provisions 0.4 0.9 0.7
Deferred tax liability 0.7 - 0.7
Current
Capital loan 2.9 2.8 2.9
Interest bearing 54.6 51.0 54.3
Interest free 71.8 67.4 68.9
Provisions 0.5 0.4 0.4
Total liabilities 219.5 219.4 220.5
Total liabilities and shareholders'
equity 273.5 270.8 269.1
Cash flow statement
1.1.- 1.1.- 1.1.-
30.9. 30.9. 31.12.
MEUR 2006 2005 2005
Cash flow from operations
Result after financial items 3.8 4.0 1.0
Depreciation, amortization and write-down 12.9 8.0 11.9
Net financial income and expenses 6.9 6.6 8.9
Other income and expenses, adjustments to cash flow -0.3 -5.8 -4.7
Change in net working capital 1.2 4.4 8.7
Cash flow from operations before financing and income
taxes 24.5 17.2 25.8
Interest received and paid and dividends received -5.8 -5.1 -7.2
Taxes paid 0.0 -0.1 0.0
Net cash flow from operations 18.7 12.0 18.6
Cash flow from investing activities
Capital expenditure in tangible and intangible assets -5.4 -15.1 -17.5
Proceeds from tangible and intangible assets 0.1 0.0 0.2
Other investments and loans granted - -3.0 -2.7
Proceeds from other investments and repayments of loan
receivables - 7.9 8.4
Net cash flow from investing activities -5.3 -10.2 -11.6
Cash flow from financing activities
Dividends paid 0.0 -4.8 -4.8
Share issue 0.8 0.1 0.1
Draw-down (+)/ repayment (-) of the equity part of
convertible capital notes 0.0 1.5 1.5
Repayment of finance lease liabilities -1.6 -1.3 -1.8
Draw-down (+)/ repayment (-) of current loans 0.0 -1.9 1.3
Draw-down (+)/ repayment (-) of non-current loans -7.8 6.0 1.0
Net cash flow from financing activities -8.6 -0.6 -2.8
Change in liquid assets 4.8 1.2 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 10.1 2.4 5.3
Change during the financial period 4.8 1.2 4.1
Statement of changes in shareholder's equity
share-
Share Other Retained Minority holder's
Share premium reser- Other ear- inte- equity
MEUR capital account ves items nings 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 1.4 -0.2 1.2 1.2
Other changes 0.0 0.0 0.0 0.0
Dividends paid -4.8 -4.8 -4.8
Increase of share
capital (warrants) 0.0 0.0 0.1 0.1
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 5.6 5.6 -0.3 5.3
Shareholder's equity
30.9.2005 19.3 11.6 2.9 0.0 17.7 51.3 0.1 54.1
Share-
Share Share Other Retained Minority holder's
Share premium reser- Other ear- inte- equity
MEUR capital account ves items nings 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 1.7 1.7 1.7
Other changes 0.1 0.1 0.1
Increase of share
capital (warrants) 0.1 0.1 0.0 0.6 0.8 0.8
Equity share of
convertible capital
notes 0.0 0.0 0.0
Profit/loss for the
period 2.9 2.9 0.0 2.9
Shareholder's equity
30.9.2006 19.4 11.6 4.0 0.7 18.1 53.9 0.1 54.0
Key Ratios
30.9.2006 30.9.2005 31.12.2005
Equity ratio, % 19.7 19.0 18.1
Equity ratio, %, preferred capital note in
equity 32.5 32.9 32.1
Equity per share, EUR 5.56 5.33 5.04
Invested capital 200.0 201.9 198.4
Return on investment, % 8.0 7.4 5.0
Return on equity, % 7.3 13.0 4.2
Net interest bearing debt, MEUR,
preferred capital note in debt 135.9 148.1 144.5
Net interest bearing debt, MEUR
preferred capital note in equity 101.1 110.5 106.8
Net gearing, %, preferred capital note in debt 251.8 288.3 297.5
Net gearing, %, preferred capital note in equity 113.8 124.2 123.7
Order book, MEUR 64.9 55.6 60.4
Investments in non-current assets without
finance leases, MEUR 5.3 16.6 17.9
Investments in non-current assets incl.
finance leases, MEUR 10.4 23.4 25.1
Investments in non-current assets, % of net sales 3.9 9.0 7.3
Average number of personnel during the period 2,183 2,201 2,214
Number of personnel at period end 2,239 2,226 2,185
Share of export and foreign activities in net
sales, % 82,5 82.4 81.9
Contingent liabilities, MEUR 96,4 93.3 100.2
Earnings per share, EUR 0.30 0.58 0.26
Earnings per share with dilution, EUR 0.30 0.58 0.26
Segments
Cast Components, MEUR 30.9.2006 30.9.2005 31.12.2005
Assets 189.1 184.6 181.8
Liabilities 61.7 62.9 61.5
Investments in non-current assets incl.
finance leases 12.4 22.2 20.0
Depreciation 10.9 10.7 14.3
Nordic countries, MEUR 30.9.2006 30.9.2005 31.12.2005
Assets 199.5 196.4 194.7
Investments in non-current assets incl.
finance leases 8.8 14.5 19.1
Other European countries, MEUR 30.9.2006 30.9.2005 31.12.2005
Assets 74.0 69.0 74.4
Investments in non-current assets incl.
finance leases 1.6 8.9 6.0
Group development
Net sales by market area
MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Nordic countries 175.9 131.7 128.3
Other European countries 146.8 112.2 121.4
Other countries 20.5 17.0 16.9
Total 343.2 260.9 266.6
Quarterly development by market area
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Nordic countries 47.5 49.4 34.7 44.3 45.6 47.3 35.4
Other European countries 40.4 39.7 32.2 34.6 42.1 42.2 37.1
Other countries 5.3 6.3 5.5 3.5 5.9 5.1 5.9
Total 93.2 95.3 72.4 82.3 93.6 94.6 78.4
Group development
MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Net sales 343.2 260.9 266.6
Operating profit 9.9 10.6 10.7
Net financial items -8.9 -6.6 -6.9
Profit/loss after financial items 1.0 4.0 3.8
Group development by business group
Net sales, MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Foundries 167.5 128.2 134.5
Machine shops 136.2 102.9 113.5
Heavy components 47.3 35.2 40.9
Internal sales -55.6 -42.5 -54.8
Cast Components total 295.4 223.9 234.2
Other business 47.8 37.0 32.5
Componenta total 343.2 260.9 266.6
Operating profit, MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Foundries 2.4 2.6 5.5
Machine shops 5.4 3.9 5.6
Heavy components -2.8 -1.9 0.2
Other items -0.5 0.1 -0.9
Cast Components total 4.5 4.7 10.3
Other business 5.4 5.9 0.4
Componenta total 9.9 10.6 10.7
Order book, MEUR 31.12.2005 30.9.2005 30.9.2006
Cast Components total 54.1 49.2 57.2
Other business 6.3 6.4 7.7
Componenta total 60.4 55.6 64.9
Group development by quarter
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Net sales 93.2 95.3 72.4 82.3 93.6 94.6 78.4
Operating profit 3.9 8.6 -1.9 -0.7 5.3 6.6 -1.2
Net financial items -2.1 -2.2 -2.3 -2.3 -2.2 -2.5 -2.3
Profit/loss after
financial items 1.8 6.4 -4.2 -3.0 3.1 4.1 -3.4
Quarterly development by business group
Net sales, MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Foundries 45.0 47.0 36.1 39.2 45.9 48.9 39.7
Machine shops 36.8 37.5 28.6 33.3 40.3 39.2 34.0
Heavy components 10.5 13.6 11.2 12.1 13.9 15.0 12.1
Internal sales -13.7 -16.4 -12.4 -13.2 -19.1 -19.9 -15.7
Cast Components total 78.6 81.7 63.5 71.5 81.0 83.2 70.0
Other business 14.6 13.6 8.9 10.8 12.6 11.4 8.4
Componenta total 93.2 95.3 72.4 82.3 93.6 94.6 78.4
Operating profit, MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Foundries 1.5 2.0 -0.9 -0.2 3.3 3.8 -1.6
Machine shops 1.8 1.6 0.4 1.5 2.6 2.0 0.9
Heavy components -0.9 0.1 -1.1 -0.9 -0.1 0.6 -0.2
Other items -0.1 0.2 0.0 -0.6 -0.8 0.0 -0.1
Cast Components total 2.3 4.0 -1.5 -0.2 5.0 6.4 -1.0
Other business 1.6 4.6 -0.4 -0.5 0.3 0.2 -0.2
Componenta total 3.9 8.6 -1.9 -0.7 5.3 6.6 -1.2
Order book at period
end, MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Cast Components total 55.2 55.1 49.2 54.1 58.7 55.1 57.2
Other business 8.6 7.4 6.4 6.3 6.8 6.5 7.7
Componenta total 63.8 62.4 55.6 60.4 65.5 61.6 64.9
Group development excluding one-time items
MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Net sales 343.2 260.9 266.6
Operating profit 6.6 6.9 10.7
Net financial items -8.9 -6.6 -6.9
Profit/loss after
financial items -2.4 0.3 3.8
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2005 1.1.-30.9.2005 1.1.-30.9.2006
Foundries 2.4 2.6 5.5
Machine shops 5.4 3.9 5.6
Heavy components -2.8 -1.9 0.2
Other items -0.5 0.1 -0.9
Cast Components total 4.5 4.7 10.3
Other business 2.1 2.2 0.4
Componenta total 6.6 6.9 10.7
Group development by quarter excluding one-time items
MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Net sales 93.2 95.3 72.4 82.3 93.6 94.6 78.4
Operating profit 3.8 4.7 -1.6 -0.3 5.3 6.6 -1.2
Net financial items -2.1 -2.2 -2.3 -2.3 -2.2 -2.5 -2.3
Profit/loss after
financial items 1.7 2.5 -4.0 -2.6 3.1 4.1 -3.4
Quarterly development by business group excluding one-time items
Operating profit, MEUR Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006
Foundries 1.5 2.0 -0.9 -0.2 3.3 3.8 -1.6
Machine shops 1.8 1.6 0.4 1.5 2.6 2.0 0.9
Heavy components -0.9 0.1 -1.1 -0.9 -0.1 0.6 -0.2
Other items -0.1 0.2 0.0 -0.6 -0.8 0.0 -0.1
Cast Components total 2.3 4.0 -1.5 -0.2 5.0 6.4 -1.0
Other business 1.5 0.7 -0.1 -0.1 0.3 0.2 -0.2
Componenta total 3.8 4.7 -1.6 -0.3 5.3 6.6 -1.2
Largest registered shareholders on 30 September 2006
Share of total
Shareholder Shares voting rights
1 Lehtonen Heikki 3,831,507 39.55%
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 115,900
Heikki Lehtonen 38,876
2 Etra-Invest Oy 2,224,750 22.96%
3 Inkinen Simo-Pekka 528,634 5.46%
Inkinen Simo-Pekka 484,144
Nahkionkosken Voimalaitos Ky 41,490
Väli-Gunnarla Avoin Yhtiö 3,000
4 Nordea Life Assurance Finland Ltd. 318,025 3.28%
5 Ilmarinen Mutual Pension Insurance Company 232,900 2.40%
6 Lehtonen Anna-Maria 178,823 1.85%
7 Mandatum Finnish Small Cap Fund 172,600 1.78%
8 Lehtonen Yrjö M 106,040 1.09%
9 Bergholm Heikki 105,800 1.09%
10 Kaupthing Bank Oyj 102,170 1.05%
Nominee-registered shares 157,906 1.63%
Other shareholders 1,728,555 17.84%
Total 9,687,710 100.00%
The members of the Board of Directors own 40.7% of the shares. All shares
have equal voting rights.
The members of the Board of Directors hold 5.4% 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 33.5%.
Helsinki, 13 October 2006
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
