Interim Report 1 January ? 31 March 2005
Componenta Corporation Stock Exchange Release 13.4.2005 at 9.00
Interim Report 1 January 31 March 2005
* Net sales in January March 2005 totalled MEUR 93.2 (MEUR 73.0);
net sales of Componenta's Cast Components business group increased 18%,
of De Globe 32% and of other operations 58%.
* Operating profit excluding one-time items was MEUR 3.8 (2.3) and
the result after financial items, excluding one-time items, was
MEUR 1.7 (0.5).
* Operating profit including one-time items totalled MEUR 3.9 (15.9)
and the profit after financial items was MEUR 1.8 (14.1).
* The earnings per share were EUR 0.14 (1.18).
* Componenta's interim report has been prepared in accordance with
international financial reporting standards (IFRS).
Net sales and order book
The Group had net sales in the January March review period of
EUR 93.2 (73.0) million and an order book of EUR 63.8 (48.0) million at
the end of March. Componenta's Cast Components business group
had sales of EUR 45.6 (38.7) million, De Globe of EUR 33.2 (25.2) million
and other operations of EUR 14.4 (9.1) million. At the end of the review
period, Cast Components had an order book of EUR 29.5 (22.7) million, De
Globe of EUR 25.7 (19.9) million and other operations of
EUR 8.6 (5.5) million.
Production of heavy trucks in Europe continued to rise during the first
quarter of the year. Componenta's deliveries to the heavy truck industry
rose 35% from the corresponding quarter in the previous year. Sales to
off-road manufacturers grew 29%, deliveries to the power and transmission
industries rose 19%, and sales to the machine building industry grew 16%
from the corresponding period in the previous year.
Componenta's net sales by customer sector were as follows: heavy truck
industry 49% (46%), off-road 25% (25%), machinery and equipment
manufacturers 14% (15%), power and transmission 10% (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 Group made an operating profit, excluding one-time items, of
EUR 3.8 (2.3) million and the result after financial items, excluding one-
time items, was EUR 1.7 (0.5) million. The Cast Components business group
had an operating profit of EUR 1.6 (2.0) million, De Globe of
EUR 0.7 (0.1) million, and other operations recorded an operating profit,
excluding one-time items, of EUR 1.5 (0.2) million.
The Group's net financial costs amounted to EUR 2.1 (1.8) 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 improvements in the
results of the Wirsbo forges and associated companies. The price of steel
scrap during the first part of the year has been at the high level it
reached at the end of the previous year. Price adjustments for
unprofitable products were agreed during the first quarter. Running in
the production lines at the foundries weakened the result in the first
quarter by a total of EUR 2.2 million.
The Group's operating profit, including one-time items, was
EUR 3.9 (15.9) million, the result after financial items was
EUR 1.8 (14.1) million and the net result was EUR 1.4 (11.3) million.
Onetime items totalled EUR 0.1 (13.6) million, consisting of the profit
from the sale of Profiz shares.
Income taxes were EUR -0.3 (-2.8) million.
Earnings per share were EUR 0.14 (1.18).
The return on investment, including one-time items, was 8.3% (37.1%) and
return on equity 10.7% (105.0%).
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 31 March 2005 Componenta Corporation had outstanding capital notes and
convertible bonds with a combined value of EUR 37.3 million, as defined
in IFRS. The preferred capital notes are classified under IFRS as
interest-bearing liabilities.
The Group had EUR 54.8 million in non-utilised long-term credit
facilities at the end of the review period. The Group has a EUR 40 million
commercial paper programme. The Group's interest-bearing net debt,
excluding the capital notes of EUR 37.3 million, totalled EUR 114.5 million
(EUR 107.3 million, EUR 118.1 million on 31 December 2004). Net gearing,
including the capital notes in shareholders' equity, was 125% (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 31 March 2005 the
company had sold sales receivables totalling EUR 18.8 (13.6) million.
The cash flow from operations was EUR -0.6 (1.7) million, and of this the
change in net working capital was EUR -8.9 (-5.0) million. The cash flow
from investments was EUR -5.4 (8.9) 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% (21.7%) and the equity ratio,
including capital notes was 33.0% (31.6%).
Performance of business groups
Cast Components
Componenta's 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 offroad industries.
Cast Components had net sales in the first quarter of
EUR 45.6 (38.7) million and an operating profit of EUR 1.6 (2.0) million.
The order book on 31 March 2005 stood at EUR 29.5 (22.7) million. Technical
problems on the production line at the Karkkila foundry and running in
production weakened the business group's result in the first quarter by
EUR 1.4 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 second quarter a melting furnace
is being installed, which will ensure that sufficient capacity is available.
Karkkila maintenance, which was outsourced in 2000, will be taken over at
the beginning of June by the combined maintenance organizations of the Pori
and Karkkila foundries. It is estimated that the merging of the Karkkila
and Alvesta foundries will give savings of some EUR 3 million this year
and savings of some EUR 5 million a year as from 2006. The price level of
unprofitable products was corrected during the 2005 price negotiations.
De Globe
Componenta purchased 55% of the shares and voting rights of the Dutch
foundry company De Globe in 2004. De Globe comprises two iron foundries
in the Netherlands that supply complex cast components for the off-road
industry, the heavy truck industry, and for compressors and pressure
vessels.
De Globe had net sales in January March of EUR 33.2 (25.2) million and
an operating result of EUR 0.7 (0.1) million. The order book on
31 March 2005 stood at EUR 25.7 (19.9) million. The growth in sales and
correcting the prices of unprofitable products improved De Globe's result.
Transferring the Belfeld foundry to Heerlen alongside the Hoensbroek
foundry and running up its production during the first quarter weakened
the result in the first part of the year by EUR 0.8 million. Merging the
foundries is expected to achieve savings of some EUR 2 million in 2005
and annual savings of some EUR 4 million as from 2006.
Following the transfer of the Belfeld production line, two production
lines now operate in one foundry in the town of Heerlen: Globe Heerlen
HWS (formerly the Hoensbroek foundry) and Globe Heerlen Furan (formerly
the Belfeld foundry). De Globe's joint functions moved in February from
Belfeld into rented premises in Weert, close to the Globe 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.
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 of EUR 14.4 (9.1) million and an operating
profit, excluding one-time items, of EUR 1.5 (0.2) million. The order
book at the end of the review period stood at EUR 8.6 (5.5) million.
Sales by the Wirsbo forges increased 65% from the previous year to
EUR 14.2 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 0.6 (0.2) million. Keycast had net sales of EUR 9.6 (8.5) million and a
profit after financial items of EUR 0.8 (0.2) million. Ulefos NV's net
sales totalled EUR 8.6 (7.1) million and profit after financial items was
EUR 0.8 (0.3) million.
On 30 March 2005, Componenta sold its 26.4% 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 2005.
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 2005 the quoted price
of Componenta Corporation shares stood at EUR 7.38 (EUR 3.35). The
average price during the year was EUR 7.64, 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 71.0 million (EUR 32.2 million)
and the volume of shares traded during the review period was equivalent
to 15.6% (10.8%) 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 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 31 March 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 19.0 million. The exchange rate for the shares is EUR 10.00.
Investments
Investments in production facilities during the review period totalled
EUR 8.3 (2.0) million, and finance lease investments accounted for
EUR 2.5 million of these. The cash flow from investments was
EUR -5.4 (8.9) 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.
Personnel
During the review period the Group had on average 2179 (2231) employees.
At the end of March 2005, 47% (37%) of the Group's personnel were in
Finland, 25% (32%) in the Netherlands and 28% (30%) 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
continued on the high level during the first quarter of 2005. 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 March was at a strong level. Net
sales in the second quarter of 2005 are expected to be some 20% higher
than in the previous year. Componenta's result after financial items for
the second quarter of 2005, excluding one-time items, is forecast to be
better than in the corresponding period of the previous year.
Income statement
MEUR 1.1.-31.3.2005 1.1.-31.3.2004 1.1.-31.12.2004
Net sales 93.2 73.0 316.0
Other operating income 0.2 8.7 10.0
Operating expenses -86.1 -68.6 -293.2
Depreciation, amortization and write-down -4.0 -4.1 -15.4
Negative goodwill recognized as income - 6.6 6.6
Share of the associated companies' result 0.6 0.2 1.9
Operating profit 3.9 15.9 25.7
% of net sales 4.2 21.8 8.1
Financial income and expenses -2.1 -1.8 -7.9
Result after financial items 1.8 14.1 17.9
% of net sales 1.9 19.3 5.7
Income taxes -0.3 -2.8 -3.6
Minority interest -0.1 0.0 1.4
Net profit 1.4 11.3 15.6
Earnings per share, EUR 0.14 1.18 1.62
Earnings per share with dilution, EUR 0.14 1.22 1.64
Income statement excluding one-time items
MEUR 1.1.-31.3.2005 1.1.-31.3.2004 1.1.-31.12.2004
Net sales 93.2 73.0 316.0
Other operating income 0.1 0.1 0.7
Operating expenses -86.1 -66.9 -290.8
Depreciation, amortization and write-down -4.0 -4.1 -15.2
Negative goodwill recognized as income - - -
Share of the associated companies' result 0.6 0.2 1.9
Operating profit 3.8 2.3 12.5
% of net sales 4.1 3.2 4.0
Financial income and expenses -2.1 -1.8 -7.9
Result after financial items 1.7 0.5 4.6
% of net sales 1.9 0.7 1.5
Balance sheet
MEUR 1.1.-31.3.2005 1.1.-31.3.2004 1.1.-31.12.2004
Assets
Non-current assets
Intangible assets, excl.
consolidated goodwill 1.8 1.7 1.7
Consolidated goodwill 0.5 0.5 0.5
Investment properties 1.9 1.9 1.9
Tangible assets 161.5 141.5 157.8
Investment in associates 10.6 9.5 10.5
Receivables 1.9 2.8 2.0
Other investments 1.1 0.5 1.2
Defferred tax assets 7.0 8.9 7.3
Total non-current assets 186.3 167.3 183.0
Current assets
Inventories 39.6 33.4 42.4
Receivables 49.2 43.3 45.9
Cash and bank accounts 2.6 0.7 1.2
Total current assets 91.3 77.4 89.5
Total assets 277.6 244.7 272.4
Liabilities and shareholders' equity
Shareholders' equity
Share capital 19.2 19.2 19.2
Other equity 26.0 25.0 29.3
Equity part of convertible capital notes 1.5 - -
Preferred capital note - 24.2 24.2
Equity attributable to equity
holders of the parent 46.7 68.5 72.8
Minority interest 7.7 8.9 7.6
Shareholders' equity 54.4 77.4 80.3
Liabilities
Non-current liabilities
Interest bearing 98.0 56.5 68.3
Interest free 0.2 0.0 0.1
Provisions 1.2 5.0 0.9
Current liabilities
Interest bearing 56.4 51.5 51.1
Interest free 67.0 53.8 70.6
Provisions 0.5 0.4 1.1
Total liabilities 223.2 167.2 192.1
Total liabilities and
shareholders' equity 277.6 244.7 272.4
Cast flow statement
MEUR 1.1.-31.3.2005 1.1.-31.3.2004 1.1.-31.12.2004
Cash flow from operations
Result after financial items 1.8 14.1 17.9
Depreciation, amortization and write-down 4.0 -2.5 9.0
Net financial income and expenses 2.1 1.7 8.5
Other income and expenses, adjustments
to cash flow 3.0 -4.2 -15.1
Change in net working capital -8.9 -5.0 -1.2
Cash flow from operations before
financing and income taxes 2.0 4.2 19.0
Interest received and paid and
dividends received -2.6 -2.5 -7.8
Taxes paid 0.0 0.0 0.0
Net cash flow from operations -0.6 1.7 11.2
Cash flow from investing activities
Capital expenditure in
tangible and intangible assets -5.5 -1.8 -27.3
Proceeds from tangible and
intangible assets 0.0 0.0 3.3
Other investments and loans granted 0.0 -5.0 -4.7
Proceeds from other investments and
repayments of loan receivables 0.1 15.8 19.3
Net cash flow from investing activities -5.4 8.9 -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 - -
Repayment of finance lease liabilities -0.4 -0.3 -1.1
Draw-down (+)/ repayment (-)
of current loans 5.4 -9.7 -14.2
Draw-down (+)/ repayment (-) of
non-current loans 5.7 -0.3 14.2
Net cash flow from financing activities 7.4 -10.3 -1.2
Change in liquid assets 1.4 0.2 0.7
Statement of changes in shareholders' equity
Share
holders'
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 0.7 0.1 0.8 0.8
Other changes 0.0 0.0 -0.1 -0.1 -0.1
Direct entries
into equity, total 0.7 0.0 0.0 0.0 0.1 0.8 0.8
Profit/loss for the period 1.4 1.4 0.1 1.5
Income and expenses for
the period 50.0 0.1 1.5
Dividends paid -4.8 -4.8 -4.8
Increase of share
capital, options 0.0 0.0 0.0 0.0
Equity share of
convertible capital
notes 1.5 1.5 1.5
Shareholders'
equity 31.3.2005 19.2 11.6 0.7 0.0 1.5 0.0 13.7 46.7 7.7 54.4
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
31.3.2005 31.3.2004 31.12.2004
Equity ratio, % 19.6 21.7 20.6
Equity ratio, %, preferred capital note in equity 33.0 31.6 29.5
Equity per share, EUR 4.86 4.60 5.05
Invested capital 208.8 185.5 199.7
Return on investment, % 8.3 37.1 14.2
Return on equity, % 10.7 105.0 28.1
Net interest bearing debt, MEUR, preferred
capital note in debt 151.8 131.6 142.4
Net interest bearing debt, MEUR preferred
capital note in equity 114.5 107.3 118.1
Net gearing, %, preferred capital note in debt 278.9 247.3 253.8
Net gearing, %, preferred capital note in equity 124.9 138.6 147.0
Order book, MEUR 63.8 48.0 59.2
Investments in non-current assets without
finance leases, MEUR 5.8 6.7 35.1
Investments in non-current assets incl.
finance leases, MEUR 8.3 6.9 37.0
Average number of personnel during the period 2,192 2,231 2,168
Number of personnel at period end 2,196 2,284 2,213
Share of export and foreign activities in net
sales, % 84.8 82.0 81.4
Contingent liabilities, MEUR 97.6 82.7 103.6
Segments
Cast Components, MEUR 31.3.2005 31.3.2004 31.12.2004
Assets 189.2 162.7 180.4
Liabilities 59.2 66.5 63.3
Investments in non-current assets incl.
finance leases 7.9 6.7 35.1
Depreciation 3.5 3.5 13.6
Nordic countries, MEUR 31.3.2005 31.3.2004 31.12.2004
Assets 196.9 175.0 197.2
Investments in non-current assets incl.
finance leases 4.9 2.5 21.7
Other European countries, MEUR 31.3.2005 31.3.2004 31.12.2004
Assets 72.1 65.2 72.3
Investments in non-current assets incl.
finance leases 3.4 4.4 15.3
Group development
Net sales by market area
MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Nordic countries 167.9 39.4 47.5
Other European countries 133.8 30.6 40.4
Other countries 14.3 2.9 5.3
Total 316.0 73.0 93.2
Quarterly development by market area
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Nordic countries 39.4 43.0 36.1 49.4 47.5
Other European countries 30.6 34.8 30.6 37.8 40.4
Other countries 2.9 3.3 3.7 4.3 5.3
Total 73.0 81.1 70.4 91.4 93.2
Group development
MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Net sales 316.0 73.0 93.2
Operating profit 25.7 15.9 3.9
Net financial items -7.9 -1.8 -2.1
Profit/loss after financial items 17.9 14.1 1.8
Group development by business group
Net sales, MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Componenta Cast Components 166.1 38.7 45.6
De Globe 109.4 25.2 33.2
Cast Components total 275.5 63.9 78.8
Other business 40.4 9.1 14.4
Componenta Group total 316.0 73.0 93.2
Operating profit, MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Componenta Cast Components 12.4 2.0 1.6
De Globe -1.1 0.1 0.7
Cast Components total 11.3 2.1 2.3
Other business 14.4 13.8 1.6
Componenta Group total 25.7 15.9 3.9
Order book, MEUR 31.12.2004 31.3.2004 31.3.2005
Componenta Cast Components 27.3 22.7 29.5
De Globe 23.9 19.9 25.7
Cast Components total 51.2 42.6 55.2
Other business 8.0 5.5 8.6
Componenta Group total 59.2 48.0 63.8
Group development by quarter
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Net sales 73.0 81.1 70.4 91.4 93.2
Operating profit 15.9 4.3 1.9 3.6 3.9
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1
Profit/loss after
financial items 14.1 2.6 0.0 1.3 1.8
Quarterly development by business group
Net sales, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Componenta Cast Components 38.7 43.0 37.3 47.1 45.6
De Globe 25.2 28.1 25.0 31.1 33.2
Cast Components total 63.9 71.1 62.3 78.2 78.8
Other business 9.1 9.9 8.1 13.2 14.4
Componenta Group total 73.0 81.1 70.4 91.4 93.2
Operating profit, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6
De Globe 0.1 0.1 -0.4 -0.9 0.7
Cast Components total 2.1 4.3 1.3 3.6 2.3
Other business 13.8 0.0 0.6 0.0 1.6
Componenta Group total 15.9 4.3 1.9 3.6 3.9
Order book at
period end, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Componenta Cast Components 22.7 27.2 29.7 27.3 29.5
De Globe 19.9 20.0 22.3 23.9 25.7
Cast Components total 42.6 47.2 52.0 51.2 55.2
Other business 5.5 5.4 7.9 8.0 8.6
Componenta Group total 48.0 52.6 59.9 59.2 63.8
Group development excluding one-time items
MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Net sales 316.0 73.0 93.2
Operating profit 12.5 2.3 3.8
Net financial items -7.9 -1.8 -2.1
Profit/loss after financial items 4.6 0.5 1.7
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2004 1.1.-31.3.2004 1.1.-31.3.2005
Componenta Cast Components 12.4 2.0 1.6
De Globe -1.7 0.1 0.7
Cast Components total 10.7 2.1 2.3
Other business 1.8 0.2 1.5
Componenta Group total 12.5 2.3 3.8
Group development by quarter excluding one-time items
MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Net sales 73.0 81.1 70.4 91.4 93.2
Operating profit 2.3 4.5 1.8 3.9 3.8
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1
Profit/loss after
financial items 0.5 2.7 -0.1 1.5 1.7
Quarterly development by business group excluding one-time items
Operating profit, MEUR Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6
De Globe 0.1 0.1 -0.4 -1.5 0.7
Cast Components total 2.1 4.3 1.3 3.0 2.3
Other business 0.2 0.2 0.5 0.9 1.5
Componenta Group total 2.3 4.5 1.8 3.9 3.8
Largest registered shareholders on 31 March 2005
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 Inkinen Simo-Pekka 460,044 4.78%
4 Ilmarinen Mutual Pension Insurance Company 447,569 4.65%
5 Investment Fund Alfred Berg Small Cap 197,500 2.05%
6 Investment Fund Alfred Berg Finland 189,250 1.97%
7 Lehtonen Anna-Maria 178,823 1.86%
8 Lehtonen Yrjö M 131,040 1.36%
9 Bergholm Heikki 101,000 1.05%
10 Hietala Pekka 87,000 0.90%
Nominee-registered shares 418,635 4.35%
Other shareholders 2,105,917 21.90%
Total 9,615,309 100.00%
The members of the Board of Directors own 40.4% of the shares. All shares
have equal voting rights.
The members of the Board of Directors hold 10.5% of the outstanding
warrants. If all the warrants were converted to shares, the holding of
shares by the members of the Board of Directors would decrease to 39.1%.
Helsinki, 13 April 2005
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
FURTHER INFORMATION
Heikki Lehtonen Kimmo Virtanen
President and CEO CFO
tel. +358 10 403 00 tel +358 10 403 00
