Interim Report 1 January ? 31 March 2004
Componenta Corporation Stock Exchange Release 15.4.2004 at 10.30
Componenta Corporation
Interim Report 1 January 31 March 2004
* Net sales in January March 2004 totalled MEUR 73.0 (MEUR 46.3,
growth of 58%); net sales of the Cast and Other Components business group
increased 3%, of De Globe 18% and of other operations 2%.
* Operating profit excluding one-time items was MEUR 2.0 (1.6) and
the result after financial items, excluding one-time items, was
MEUR 0.2 (-0.5).
* One-time items included in the operating profit totalled MEUR
12.5 (0.0); they mainly consisted of the profit from the sale of
Thermia shares and the negative goodwill recognized as income
from the acquisition of De Globe.
* The earnings per share were EUR 1.09 (-0.04).
* Componenta owns 55% of De Globe which has been consolidated into
Componenta from the beginning of January 2004.
Markets and developments by customer sector
Componenta's sales in January - March rose 58% from the corresponding
period in the previous year to EUR 73.0 (46.3) million, which was mainly
due to the acquisition of the Dutch foundry company De Globe. Net sales
of the Cast and Other Components business group increased 3% to
EUR 38.7 million, of De Globe 18% to EUR 25.2 million and of other
operations 2% to EUR 9.1 million.
Production of heavy trucks in Europe started to pick up during 2003 and
continued to rise at the start of 2004. Componenta's comparable
deliveries to the heavy trucks industry increased 6% from the
corresponding period of last year.
The Group's comparable sales to off-road manufacturers grew 16%,
deliveries to the power and transmission industries increased 1% and
sales to the machine building industry grew 10% comparing to previous
year.
Net sales and order book
The Group had net sales in the January March review period of
EUR 73.0 (46.3) million and an order book of EUR 48.0 (27.1) million
at the end of March. The Cast and Other Components business group had
sales of EUR 38.7 (37.4) million, De Globe of EUR 25.2 (21.4) million
and other operations of EUR 9.1 (8.9) million. At the end of the
review period, Cast and Other Components had an order book of
EUR 22.7 (21.7) million, De Globe of EUR 19.9 (12.7) million and other
operations of EUR 5.5 (5.4) million.
De Globe's sales are mainly in Germany, Belgium, the Netherlands, France
and the USA which expand the geographical distribution of Componenta's
sales. Exports and foreign operations accounted for 82% (74%) of the
Group's net sales. Net sales by market area were as follows: Central
Europe 40% (17%), Scandinavia 37% (55%), Finland 18% (26%) and other
countries 6% (2%).
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 in the first quarter by customer sector were
as follows: heavy truck industry 46% (56%), off-road 24% (14%), power and
transmission 14% (13%), machinery and equipment manufacturers 12% (13%)
and others 3% (4%).
Result
Componenta Group made an operating profit, excluding one-time items, of
EUR 2.0 (1.6) million and the result after financial items, excluding
one-time items, was EUR 0.2 (-0.5) million. The Cast and Other
Components business group had an operating profit of
EUR 1.8 (2.1) million, De Globe of EUR 0.2 (-0.7) million, and other
operations recorded an operating result, excluding one-time items, of
EUR -0.1 (-0.5) million.
The Group's net financial costs amounted to EUR 1.7 (2.1) million, which
include De Globe's net financing costs of EUR 0.2 million.
The consolidated result after financial items, excluding one-time items,
improved from the previous year mainly because of the improved results of
associated companies and lower financing costs. The price of steel scrap,
the main raw material, rose exceptionally sharply at the start of the
year. The average price during the first quarter of 2004 was almost 50%
higher than the average price in 2003. The cost impact of the scrap price
increase has been passed on to product prices as from the beginning of
the second quarter. The increase in the price of scrap weakened the
result in the first quarter by some EUR 0.7 million.
The Group's operating profit, including one-time items, was
EUR 14.4 (1.6) million, the result after financial items was
EUR 12.7 (-0.5) million and the net result was EUR 10.5 (-0.4) million.
One-time items totalled EUR 12.5 (0.0) million. These consisted of
EUR 8.6 million in profit from the sale of Thermia shares, EUR 5.5 million
negative goodwill recognized as income from the De Globe acquisition, and
a write-down of EUR -1.6 million for receivables from divested operations.
Income taxes were EUR -2.2 (0.1) million. During the review period, tax
receivables entered in the balance sheet in previous years were utilized.
Earnings per share were EUR 1.09 (-0.04).
The return on investment was 34.4% (4.0%) and return on equity
95.1% (-4.1%).
Financing
The Group's equity ratio was 22.3% (17.6%, 17.8% on 31 December 2003).
The equity ratio including the capital notes in shareholders' equity was
32.3% (29.3%, 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 31 March 2004 the company had sold
sales receivables totalling EUR 13.6 million. This programme aims to
reduce the amount of capital tied up in sales receivables still further
during 2004.
In March the Group repaid EUR 3.2 million, or 10%, of the principal of
the preferred capital notes in accordance with the terms for the notes.
On 31 March 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 36.3 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 101.9 (120.0) million, which includes De Globe's
interest-bearing net debt of EUR 10.2 million. Net gearing, including the
preferred capital notes in shareholders' equity, was 130% (188%).
The cash flow from operations was EUR 1.4 (0.2) million, and of this the
change in net working capital was EUR -4.7 (-2.5) million. The cash flow
from investments was EUR 8.9 (-0.2) million including the sale of Thermia
AB shares, the acquisition of De Globe and the Group investments to
production facilities.
Performance by 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, other machine building and off-road industries.
Cast and Other Components had net sales of EUR 38.7 (37.4) million and an
operating profit of EUR 1.8 (2.1) million. The order book on
31 March 2004 stood at EUR 22.7 (21.7) 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.
The closing down of the Alvesta foundry and the transfer of production to
Karkkila which started in October 2003 have proceeded according to plan.
Production will cease at Alvesta on 19 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 proceeded
according to plan. Merging the two foundries is estimated to contribute
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 to focus 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 March of EUR 25.2 (21.4) million, an
operating result of EUR 0.2 (-0.7) million and a result after financial
items of EUR 0.0 (-0.9) million. The order book on 31 March 2004 stood at
EUR 19.9 (12.7) million. The growth in net sales improved De Globe's
result, whereas the increase in the price of scrap slowed down this
positive development. 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.
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 is supposed to contribute 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 is being combined
with De Globe's sales organization in Central Europe to form a strong
joint sales organization in Europe. Componenta's machine shops and
machining expertise will give a boost to De Globe's operations and enable
a broader service offering to customers.
Other Business
Componenta's Other Business consists of operations that are not part of
the company's core operations, such as the Wirsbo forges, associated
companies, the Group's support functions and service units, as well as
divested business.
Other Business had net sales of EUR 9.1 (8.9) million and an operating
result, excluding one-time items, of EUR -0.1 (-0.5) million. The order
book at the end of the review period stood at EUR 5.5 (5.4) 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 of Wirsbo in 2004.
Componenta Group's share of the result of the associated companies was
EUR 0.1 (-0.2) million. Associated companies Keycast and Ulefos had
positive results after financial items. 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 Thermia
AB to Procuritas Capital Investors III, a Swedish private equity fund.
The shares were sold for EUR 16 million and Componenta recorded a profit
of EUR 8.6 million on the sale. Selling its shares in Thermia 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 31 March 2004 the quoted price
of Componenta Corporation shares stood at EUR 3.35 (EUR 1.80, EUR 2.92 on
31 December 2003). The average price during the first quarter of the year
was EUR 3.10, the lowest quoted price was EUR 2.85 and the highest
EUR 3.50. At the end of the review period the share capital had a market
value of EUR 32.2 million (EUR 17.3 million, EUR 28.1 million on
31 December 2003) and the volume of shares traded during the review period
was equivalent to 10.8% (7.5%) of the share stock.
The Annual General Meeting of Shareholders 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 of Shareholders 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 2.0 (0.3) million. The cash flow from investments was
EUR 8.9 (-0.2) million.
Board of Directors and Management
Componenta's Annual Shareholders' Meeting on 10 February 2004 elected the
following members to the Board of Directors: Heikki Bergholm, Heikki
Lehtonen, Juhani Mäkinen, Marjo Raitavuori (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, Globe foundries
(as from 1 April 2004); CFO Kimmo Virtanen and Communications Manager
Pirjo Aarniovuori.
Personnel
During the review period the Group had an average of
2231 (1597) employees, which includes 689 De Globe employees.
On 31 March 2004, the Group had 2284 (1626) employees, including
741 De Globe employees. At the end of March 2004, 37.4% (53.0%) of the
Group's personnel were in Finland, 32.2% (0.0%) in the Netherlands,
29.7% (46.4%) in Sweden and 0.7% (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 lessening of uncertainty and the low interest rates have created the
conditions for industrial investments to start up. Any increase in
investments is likely to be slow, so it may well still be necessary to
wait for decisions on major industrial investments.
The decline in demand for heavy truck components, which continued for
three years, ended in the second half of 2003 and demand is picking up.
Demand for components from the off-road industry has also taken an upward
turn. Demand for components from the power and transmission industry and
from machinery and equipment manufacturers is expected to continue to
strengthen slightly.
The growth in the markets is still exposed to risks which may have
an impact on these assessments.
Net sales of Cast and Other Components and De Globe in the second quarter
of 2004 are expected to be higher than in the corresponding period of
last year. Componenta's result for the second quarter of 2004, excluding
one-time items, is forecasted to be better than in the corresponding
period of last year and the cash flow from operations is expected to be
positive.
Income statement
MEUR 1.1.-31.3.2004 1.1.-31.3.2003 1.1.-31.12.2003
Net sales 73.0 46.3 177.8
Other operating
income 8.7 0.1 1.5
Share of the
associated
companies' result 0.1 -0.2 1.3
Operating expenses 69.0 41.6 164.5
Depreciation,
amortization and
write-down 3.9 3.0 16.0
Negative goodwill
recognized as income 5.5 - -
Operating profit 14.4 1.6 0.1
% of net sales 19.8 3.4 0.0
Financial income and
expenses -1.7 -2.1 -7.6
Result after
financial items 12.7 -0.5 -7.5
% of net sales 17.4 -1.1 -4.2
Income taxes -2.2 0.1 3.0
Minority interest
and conversion
difference -0.0 -0.0 0.0
Net profit 10.5 -0.4 -4.5
Income statement excluding one-time items
MEUR 1.1.-31.3.2004 1.1.-31.3.2003 1.1.-31.12.2003
Net sales 73.0 46.3 177.8
Other operating
income 0.1 0.1 0.6
Share of the
associated
companies' result 0.1 -0.2 1.3
Operating expenses 67.3 41.6 159.6
Depreciation,
amortization and
write-down 3.9 3.0 12.0
Negative goodwill
recognized as income - - -
Operating profit 2.0 1.6 8.1
% of net sales 2.7 3.4 4.5
Financial income and
expenses -1.7 -2.1 -7.6
Result after
financial items 0.2 -0.5 0.5
% of net sales 0.3 -1.1 0.3
Income taxes 0.7 0.1 1.5
Minority interest
and conversion
difference 0.0 0.0 0.0
Net profit 0.9 -0.4 2.0
Balance sheet
MEUR 31.3.2004 31.3.2003 31.12.2003
Assets
Non-current assets 154.0 145.6 133.6
Current assets
Inventories 36.1 19.8 20.9
Receivables 52.6 49.5 35.5
Cash and bank accounts 0.7 2.3 0.5
Total current assets 89.4 71.7 57.0
Total assets 243.4 217.2 190.6
Liabilities and shareholders'
equity
Shareholders' equity
Share capital 19.2 19.2 19.2
Other equity 23.1 16.9 12.6
Preferred capital note 24.2 25.5 25.4
Total shareholders' equity 66.5 61.7 57.3
Minority interest 12.0 2.1 2.0
Negative goodwill - - -
Provisions 5.5 - 2.6
Liabilities
Non-current liabilities
Interest bearing 52.0 63.0 48.1
Interest free 1.1 0.0 0.0
Current liabilities
Interest bearing 50.6 59.4 51.9
Interest free 55.7 31.2 28.8
Total liabilities 159.4 153.5 128.7
Total liabilities and
shareholders' equity 243.4 217.2 190.6
Cash flow statement
MEUR 1.1.-31.3.2004 1.1.-31.3.2003 1.1.-31.12.2003
Cash flow from
operations
Profit/loss before
extraordinary items 12.7 -0.5 -7.5
Depreciation,
amortization and
write-down -1.6 3.0 16.0
Net financial income
and expenses 1.6 2.1 7.7
Other income and
expenses,
adjustments to cash
flow -4.2 1.7 2.9
Change in net
working capital -4.7 -2.5 9.9
Cash flow from
operations before
financing and income
taxes 3.9 3.8 29.0
Net financial income
and expenses -2.5 -3.6 -7.0
Income taxes 0.0 0.0 0.0
Cash flow from
operations 1.4 0.2 22.0
Cash flow from
investing activities
Capital expenditure
in tangible and
intangible assets -1.9 -0.3 -1.6
Proceeds from
tangible and
intangible assets 0.0 0.0 1.2
Other investments
and loans granted -5.0 0.0 -0.7
Proceeds from other
investments and
repayments of loan
receivables 15.8 0.1 0.8
Cash flow from
investing activities 8.9 -0.2 -0.3
Cash flow from
financing activities
Dividends paid 0.0 -1.0 -1.0
Share issue - - -
Draw-down (+)/
repayment (-) of
preferred capital
note -3.2 -3.1 -3.2
Draw-down (+)/
repayment (-) of
current loans -6.6 15.7 8.2
Draw-down (+)/
repayment (-) of non
current loans -0.3 -12.3 -28.1
Cash flow from
financing activities -10.1 -0.6 -24.1
Increase (+)/
decrease(-) in cash
and bank accounts 0.2 -0.6 -2.4
Key Ratios
31.3.2004 31.3.2003 31.12.2003
Equity ratio, % 22.3 17.6 17.8
Equity ratio, %, preferred capital
note in equity 32.3 29.3 31.1
Earnings per share (EPS), EUR 1.09 -0.04 -0.47
Equity per share, EUR 4.40 3.76 3.31
Invested capital 186.6 186.1 161.8
Return on investment, % 34.4 4.0 0.8
Return on equity, % 95.1 -4.1 -11.8
Net interest bearing debt, MEUR 101.9 120.0 99.4
Net interest bearing debt, MEUR,
preferred capital note in debt 126.1 145.5 124.8
Net gearing, %, preferred capital
note in equity 129.7 188.3 167.7
Net gearing, %, preferred capital
note in debt 232.2 380.4 368.3
Order book, MEUR 48.0 27.1 25.1
Investments in non-current assets,
MEUR 6.7 0.3 1.6
Investments in non-current assets,
% of net sales 9.2 0.7 0.9
Average number of personnel during
the period 2,231 1,597 1,595
Number of personnel at period end 2,284 1,626 1,565
Share of export and foreign
activities in net sales, % 82.0 74.0 71.0
Contingent liabilities, MEUR 87.2 59.7 62.6
Derivative instruments
MEUR 31.3.2004 31.3.2003 31.12.2003
Nominal Current Nominal Current Nominal Current
value value value value value value
Currency
derivatives
Forward
exchange
agreements 27.8 -0.1 26.0 0.1 14.7 0.1
Currency
swaps 0.0 0.0 14.0 0.1 8.0 0.0
Interest
rate derivatives
Interest
rate options 6.0 0.0 0.0 0.0 6.0 0.0
Interest
rate swaps 33.5 -0.7 16.0 -0.6 24.0 -0.4
Derivative instruments are used to hedge the Group's foreign exchange and
interest rate risks.
Largest registered shareholders on March 31, 2004
Share of
total voting
Shareholder Shares 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 359,800 3.74%
6 Lehtonen Anna-Maria 178,823 1.86%
7 Local Government Pensions Institution 150,000 1.56%
8 Lehtonen Yrjö M 131,040 1.36%
9 Bergholm Heikki 101,000 1.05%
10 Investment Fund Alfred Berg Small Cap 98,500 1.02%
Nominee-registered shares 159,500 1.66%
Other shareholders 2,258,471 23.49%
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%.
Group development by business group
Net sales, MEUR 1.1.-31.12.2003 1.1.-31.3.2003 1.1.-31.3.2004
Cast and Other
Components 144.5 37.4 38.7
De Globe - - 25.2
Other business 33.3 8.9 9.1
Componenta Group
total 177.8 46.3 73.0
Operating profit, MEUR 1.1.-31.12.2003 1.1.-31.3.2003 1.1.-31.3.2004
Cast and Other
Components 8.2 2.1 1.8
De Globe - - 0.2
Other business -8.1 -0.5 12.4
Componenta Group
total 0.1 1.6 14.4
Order book, MEUR 31.12.2003 31.3.2003 31.3.2004
Cast and Other Components 20.4 21.7 22.7
De Globe - - 19.9
Other business 4.7 5.4 5.5
Componenta Group total 25.1 27.1 48.0
Group development by quarter
MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Net sales 46.3 47.2 38.2 46.1 73.0
Operating profit 1.6 2.8 0.9 -5.3 14.4
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7
Profit/loss after
financial items -0.5 1.0 -1.1 6.9 12.7
Quarterly development by business group
Net sales, MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Cast and Other Components 37.4 38.8 31.5 36.8 38.7
De Globe - - - - 25.2
Other business 8.9 8.4 6.7 9.3 9.1
Componenta Group total 46.3 47.2 38.2 46.1 73.0
Operating profit, MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Cast and Other Components 2.1 2.9 1.5 1.7 1.8
De Globe - - - - 0.2
Other business -0.5 -0.1 -0.5 -7.0 12.4
Componenta Group total 1.6 2.8 0.9 -5.3 14.4
Order book at period
end, MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Cast and Other Components 21.7 20.4 21.3 20.4 22.7
De Globe - - - - 19.9
Other business 5.4 6.1 5.6 4.7 5.5
Componenta Group total 27.1 26.5 26.9 25.1 48.0
Group development excluding one-time items
MEUR 1.1.-31.12.2003 1.1.-31.3.2003 1.1.-31.3.2004
Net sales 177.8 46.3 73.0
Operating profit 8.1 1.6 2.0
Net financial items -7.6 -2.1 -1.7
Profit/loss after
financial items 0.5 -0.5 0.2
Group development by business group excluding one-time items
Operating profit,
MEUR 1.1.-31.12.2003 1.1.-31.3.2003 1.1.-31.3.2004
Cast and Other
Components 8.2 2.1 1.8
De Globe - - 0.2
Other business -0.1 -0.5 -0.1
Componenta Group
total 8.1 1.6 2.0
Group development by quarter excluding one-time items
MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Net sales 46.3 47.2 38.2 46.1 73.0
Operating profit 1.6 3.1 1.0 2.3 2.0
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7
Profit/loss after
financial items -0.5 1.3 -1.0 -0.7 0.2
Quarterly development by business group excluding one-time items
Operating profit, MEUR Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004
Cast and Other Components 2.1 2.9 1.5 1.7 1.8
De Globe - - - - 0.2
Other business -0.5 0.2 -0.4 0.6 -0.1
Componenta Group total 1.6 3.1 1.0 2.3 2.0
Helsinki, 15 April 2004
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen Kimmo Virtanen
President and CEO CFO
tel. +358 9 225 021 tel. +358 9 225 021
