Addition to Exel Composites’ stock exchange release published on 23 April 2018 at 16:25 EET concerning the acquisition of DSC

EXEL COMPOSITES PLC                 STOCK EXCHANGE RELEASE       24 April 2018 at 09:45 EET

Referring to Exel Composites’ stock exchange release published on 23 April at 16:25 EET concerning the acquisition of Diversified Structural Composites, Inc. (“DSC”), Exel Composites publishes additional information about DSC’s prior profit development and financial position. The figures are based on financial statements for the fiscal years 2016 and 2017 that have been prepared in accordance to US GAAP accounting standards. The financial statements are not separately audited, however, they have been reviewed by the auditor as part of the group audit.

USD thousand 1.4.2017-31.3.2018 1.4.2016-31.3.2017
Revenue 19,181 11,790
Materials and services -10,161 -5,777
Employee benefit expenses -6,083 -4,752
Depreciations -41 -491
Other operating expenses 1) -3,549 -4,899
Other operating income 18 0
Operating profit -635 -4,129
Net financial items 2) -375 -184
Profit before tax -1,011 -4,313
Income taxes 0 0
Profit/loss for the period -1,011 -4,313

1) Other operating expenses include in the fiscal year ending in March 2017 totally USD 2,001 thousand one-off type impairment losses.
2) Net financial items include interest expenses USD 375 thousand (USD 184 thousand in 2017) from parent company loans not to be transferred to Exel.

USD thousand 1.4.2017-31.3.2018 1.4.2016-31.3.2017
Non-current assets
Tangible assets 533 0
Other non-current assets 22 0
Non-current assets total 555 0

Current assets
Inventories 3,685 1,859
Trade and other receivables 4,198 1,837
Cash at bank and in hand 15 0
Total current assets 7,898 3,696
Total assets 8,454 3,696

Shareholders´ equity
Share capital 0 0
Invested unrestricted equity fund 15,261 15,261
Retained earnings -24,479 -20,166
Profit for the period -1,011 -4,313
Total equity -10,228 -9,217

Non-current liabilities
Interest-bearing liabilities 0 0
Interest-free liabilities 0 0
Total non-current liabilities 0 0

Current liabilities
Interest-bearing liabilities 0 0
Trade and other non-current liabilities 1) 18,682 12,914
Total liabilities 18,682 12,914
Total equity and liabilities 8,454 3,696

1) Other non-current liabilities include USD 14,113 thousand (USD 11,224 thousand in 2017) of liabilities (mainly loan payables to the current owner of Diversified Structural Composites), which are not to be transferred to Exel.

Vantaa, 24 April 2018

Exel Composites Plc

For further information, please contact:

Mikko Kettunen, CFO
tel. +358 50 347 7462


Nasdaq Helsinki Ltd
Main news media

Exel Composites in brief

Exel Composites ( is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships.

The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The employees' expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.

About Us

Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications. The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations. Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.