Exel Composites Plc's interim report for January 1 - June 30, 2012
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 25.7.2012 at 10.00 1 (11)
EXEL COMPOSITES PLC’S INTERIM REPORT FOR JANUARY 1 – JUNE 30, 2012
APRIL – JUNE 2012 HIGHLIGHTS
- Net sales decreased to EUR 19.8 (23.4) million in the second quarter of 2012, down by 15.3 per cent on the previous year
- Operating profit was EUR 1.8 (3.6 including EUR +0.2 million one-off items) million in the second quarter of 2012, or 9.2 (15.5) per cent of net sales
- Net operative cash flow was positive at EUR +1.9 (+2.3) million
- Fully diluted earnings per share were EUR 0.11 (0.22)
JANUARY – JUNE 2012 HIGHLIGHTS
- Net sales decreased to EUR 40.3 (44.9) million in the first six months of 2012, down by 10.3 per cent on the corresponding period in 2011
- Operating profit was EUR 3.6 (6.8 including EUR +0.2 million one-off items) million in the first six months of 2012, or 9.0 (15.1) per cent of net sales
- Net operative cash flow was positive at EUR +3.4 (+4.0) million
- Fully diluted earnings per share were EUR 0.22 (0.41)
OUTLOOK FOR 2012
Major uncertainties relating to general growth prospects in the economy continue, and these uncertainties may affect the demand for composite products. Due to the prevailing state of the markets, the visibility is low.
Exel Composites maintains its cautious stance in 2012, but will continue to drive the long-term initiatives to strengthen the Company’s competitive position and to invest in growing market segments to pursue the strategy of profitable growth.
COMMENTS BY THE CEO
“The demand remained on the same level as during the previous three quarters. Compared to the second quarter of 2011, net sales decreased by 15.3 per cent to EUR 19.8 (23.4) million. Market demand decreased in the building, construction and infrastructure market, telecommunication products, energy sector and machine industry compared to the same period last year. Market demand increased in the transportation and cleaning and maintenance segments compared both to the second quarter of 2011 and the first quarter of 2012. The weak market situation has affected the sales of our main customers, which has resulted in declining sales for Exel Composites. We have invested actively in our sales activities and developed constantly new applications in co-operation with our current and new customers.
The Group’s operating profit for the second quarter of 2012 decreased to EUR 1.8 (3.6) million. The decreased sales volumes and increased employee expenses were the main reasons for the decrease in the operating profit. Our operating cash flow continued to be clearly positive. Our financial position is strong and net gearing was 7.6 per cent.
Cost-savings campaigns were initiated in all the units of the Group. Co-determination negotiations concerning the Finnish units were finalized in July 2012. We will continue measures to mitigate the effects of the rising costs, and to pass them to the market by increasing product prices.
The Group’s units in Austria and Belgium achieved ISO 14001 environmental management status in May 2012. The Group’s Finnish and Chinese units have been certified earlier. The aim is to have all the units of the Group certified in 2012.
Visibility remains low and we remain cautious. However, the financial situation of Exel Composites is strong and we will continue our strategy of profitable growth and to invest in the development of new products, to expand our customer base by reinforcing sales and to maintain good cost control. We are prepared to reinforce actions to cope with continuing slow demand and uncertainty.”
CONSOLIDATED KEY FIGURES, EUR million
(unaudited)
| 1.4. – 30.6. 2012 | 1.4 – 30.6. 2011 | Change % | 1.1. – 30.6. 2012 | 1.1. – 30.6. 2011 | Change | 1.1. – 31.12. 2011 | |||||
| Net sales | 19.8 | 23.4 | -15.3 | 40.3 | 44.9 | -10.3 | 85.1 | ||||
| Operating profit | 1.8 | 3.6 | -50.0 | 3.6 | 6.8 | -46.1 | 11.1 | ||||
| % of net sales | 9.2 | 15.5 | 9.0 | 15.1 | 13.0 | ||||||
| Profit for the period | 1.3 | 2.6 | -49.5 | 2.6 | 4.9 | -46.8 | 7.9 | ||||
| Shareholders’ equity | 32.4 | 30.8 | 5.3 | 32.4 | 30.8 | 5.3 | 35.1 | ||||
| Net interest-bearing liabilities | 2.5 | 2.1 | -18.3 | 2.5 | 2.1 | -18.3 | -1.7 | ||||
| Capital employed | 42.6 | 41.0 | 3.7 | 42.6 | 41.0 | 3.7 | 43.2 | ||||
| Return on equity, % | 16.6 | 31.8 | 15.5 | 31.0 | 23.5 | ||||||
| Return on capital employed, % | 18.4 | 34.2 | 17.3 | 32,5 | 26.1 | ||||||
| Equity ratio, % | 56.8 | 54.0 | 56.8 | 54.0 | 61.6 | ||||||
| Net gearing, % | 7.6 | 6.8 | 7.6 | 6.8 | -5.0 | ||||||
| Earnings per share, EUR | 0.11 | 0.22 | 0.22 | 0.41 | 0.67 | ||||||
| Earnings per share, diluted, EUR | 0.11 | 0.22 | 0.22 | 0.41 | 0.67 | ||||||
| Equity per share, EUR | 2.73 | 2.59 | 2.73 | 2.59 | 2.95 |
IFRS REPORTING
This interim report has been prepared in accordance with the recognition and measurement principles of IFRS, which are the same as in the 2011 financial statements.
FINANCIAL PERFORMANCE
1 April – 30 June 2012
The demand remained on the same level as during the previous three quarters. The Group’s net sales in April – June 2012 decreased by 15.3 per cent on the corresponding period last year and were EUR 19.8 (23.4) million. Market demand decreased in the building, construction and infrastructure market, telecommunication products, energy sector and machine industry compared to the same period last year. Market demand increased in the transportation and cleaning and maintenance segments compared both to the second quarter of 2011 and the first quarter of 2012. The weak market situation affected the sales of our main customers, which has resulted in declining sales. We have invested actively in our sales activities and developed constantly new applications in co-operation with our current and new customers.
Exel Composites’ operating profit for the second quarter of 2012 was EUR 1.8 (3.6 including EUR +0.2 million one-off items) million or 9.2 (15.5) per cent of net sales. The decreased sales volumes and increased employee expenses were the main reasons for the decrease in the operating profit. Cost-savings campaigns were initiated in all the units of the Group to adjust costs to current sales levels. We will continue measures to mitigate the effects of the rising costs, and to pass them to the market by increasing product prices.
The Group’s units in Austria and Belgium achieved ISO 14001 environmental management status in May 2012. The Group’s Finnish and Chinese units have been certified earlier. The aim is to have all the units of the Group certified in 2012.
1 January – 30 June 2012
The weak demand that started during the third quarter of 2011 continued in the first half of 2012. The Group’s net sales in January – June 2012 decreased by 10.3 per cent to EUR 40.3 (44.9) million compared to the corresponding period in 2011.
Exel Composites’ operating profit in January – June 2012 decreased by 46.1 per cent to EUR 3.6 (6.8 including EUR +0.2 million one-off items) million compared to the corresponding period last year. Operating profit as a percentage of net sales was 9.0 (15.1) per cent. The declined operating profit is mainly due to decreased sales volumes and investments made in organizational development.
The Group’s net financial expenses in January - June 2012 were EUR -0.1 (-0.1) million. The Group’s profit before taxes was EUR 3.5 (6.6) million and profit after taxes EUR 2.6 (4.9) million.
Earnings per share were EUR 0.22 (0.41). Return on capital employed was 17.3 (32.5) per cent. Return on equity was 15.5 (31.0) per cent.
BALANCE SHEET AND FINANCIAL POSITION
Cash flow from business operations was positive at EUR 3.4 (4.0) million. Cash flow before financing, but after capital expenditure, amounted to EUR 1.8 (2.5) million.
Capital expenditure was financed with cash flow from business operations.
At the end of the review period, the Group’s liquid assets stood at EUR 7.7 (8.1) million.
The Group’s consolidated total assets at the end of the period under review were EUR 57.2 (57.1) million.
Interest-bearing liabilities amounted to EUR 10.1 (10.2) million. Net interest-bearing liabilities were EUR 2.5 (2.1) million.
The dividend for 2011 resolved by the Annual General Meeting on 29 March 2012 totaling EUR 5.9 (5.9) million, or EUR 0.50 (0.50) per share, was paid on 12 April 2012.
Equity at the end of the period under review was EUR 32.4 (30.8) million and equity ratio 56.8 (54.0) per cent. The net gearing ratio was 7.6 (6.8) per cent.
CAPITAL EXPENDITURE AND DEPRECIATION
The capital expenditure on fixed assets amounted to EUR 1.7 (1.5) million.
Total depreciation of non-current assets during the period under review amounted to EUR 1.5 (1.3) million.
PERSONNEL
The number of Exel Composites Group employees on 30 June 2012 was 438 (438), of whom 206 (205) worked in Finland and 232 (233) in other countries. The average number of personnel during the financial year was 432 (424).
Co-determination negotiations concerning the salaried employees working in the Finnish units of the Exel Composites Group were started in June 2012. As a result of negotiations, the amount of employment contracts to be terminated are five at the most. Possibilities for part-time employment contracts will be investigated for some of the persons concerned. In addition, job descriptions, tasks and essential terms of the employment contracts will be altered to correspond to the new situation when necessary.
Furthermore, the salaried employees of the Finnish units will be laid off temporarily for a maximum of 90 days between autumn 2012 and spring 2013.
Permanent personnel reductions will take place by the end of 2012.
The ExelWay project that was launched in the latter half of 2011 was continued. The project aims at improving co-operation and harmonizing processes between the units. Project findings including new and efficient business processes and best practices are to be implemented as the project proceeds.
SHARES AND SHARE CAPITAL
At the end of June 2012, Exel Composites’ share capital was EUR 2,141,431.74 and the number of shares was 11,896,843. There were no changes in the share capital during the review period.
Based on the closing price on 30 June 2012, the market capitalization totaled EUR 80.7 (96.6) million. During the reporting period 512,570 (649,317) shares were traded, accounting for 4.3 (5.5) per cent of the average number of shares outstanding.
The highest share quotation was EUR 8.79 (9.40) and the lowest EUR 6.42 (6.85). The share price closed at EUR 6.78 (8.12). The average share price during the period under review was EUR 7.82 (8.29).
Own shares
Exel Composites did not hold any of its own shares during the period of review.
SHAREHOLDERS AND DISCLOSURES
Exel Composites had a total of 2,718 (2,566) shareholders on 30 June 2012. Information on Exel Composites’ shareholders is available on the Company website at www.exelcomposites.com.
Exel Composites received no flagging notifications during the period under review.
MAJOR NEAR-TERM RISKS AND UNCERTAINTIES
The most significant near-term business risks are related to the general economic development, government regulations and continued financial crisis in the Euro area as well as to market demand in certain market segments. Raw material prices, energy cost and other cost increases may continue and put pressure on profitability. Currency rate changes, price competition and alternative competing materials may also have a negative effect on the result. The availability and cost of financing may continue to have an effect on the demand and increase the risk of credit losses.
OUTLOOK FOR 2012
Major uncertainties relating to general growth prospects in the economy continue, and these uncertainties may affect the demand for composite products. Due to the prevailing state of the markets, the visibility is low.
Exel Composites maintains its cautious stance in 2012, but will continue to drive the long-term initiatives to strengthen the Company’s competitive position and to invest in growing market segments to pursue the strategy of profitable growth.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
(unaudited)
| EUR thousand | 1.4. – 30.6. 2012 | 1.4. – 30.6. 2011 | Change, % | 1.1. – 30.6. 2012 | 1.1. – 30.6. 2011 | Change, % | 1.1. – 31.12. 2011 |
| Net sales | 19,791 | 23,367 | -15.3 | 40,310 | 44,915 | -10.3 | 85,136 |
| Materials and services | -7,491 | -9,295 | 19.4 | -15,610 | -17,673 | 11.7 | -33,358 |
| Employee benefit expenses | -5,942 | -5,672 | -4.8 | -11,560 | -10,894 | -6.1 | -21,133 |
| Depreciation and impairment | -723 | -663 | -9.0 | -1,464 | -1,347 | -8.7 | -2,702 |
| Other operating expenses | -4,209 | -4,424 | 4.9 | -8,660 | -8,686 | 0.3 | -17,709 |
| Other operating income | 390 | 317 | 23.3 | 629 | 452 | 39.2 | 849 |
| Operating profit | 1,816 | 3,630 | -50.0 | 3,645 | 6,768 | -46.1 | 11,082 |
| Net financial items | -30 | -104 | 71.2 | -113 | -127 | 11.0 | -284 |
| Profit before tax | 1,786 | 3,527 | -49.4 | 3,532 | 6,641 | -46.8 | 10,798 |
| Income taxes | -485 | -948 | 48.8 | -920 | -1,729 | 46.8 | -2,852 |
| Profit/loss for the period | 1,302 | 2,579 | -49.5 | 2,612 | 4,912 | -46.8 | 7,946 |
| Other comprehensive income: | |||||||
| Exchange differences on translating foreign operations | 866 | 172 | 403.5 | 660 | -696 | 194.8 | 893 |
| Other comprehen-sive income, net of tax | 866 | 172 | 403.5 | 660 | -696 | 194.8 | 893 |
| Total comprehen- sive income | 2,167 | 2,751 | -21.2 | 3,272 | 4,216 | -22.4 | 8,839 |
| Profit/loss attributable to: | |||||||
| Equity holders of the parent company | 1,302 | 2,579 | 2,612 | 4,912 | 7,946 | ||
| Comprehensive income | |||||||
| attributable to: | |||||||
| Equity holders of the parent company | 2,167 | 2,751 | 3,272 | 4,216 | 8,839 | ||
| Earnings per share, diluted and undiluted, EUR | 0.11 | 0.22 | 0.22 | 0.41 | 0.67 |
CONDENSED CONSOLIDATED BALANCE SHEET
| EUR thousand | 30.6.2012 | 30.6.2011 | Change | 31.12.2011 |
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill | 12,238 | 11,396 | 842 | 11,939 |
| Other intangible assets | 1,811 | 2,109 | -298 | 1,961 |
| Tangible assets | 12,123 | 10,576 | 1,547 | 11,612 |
| Deferred tax assets | 101 | 642 | -541 | 148 |
| Other non-current assets | 64 | 63 | 1 | 64 |
| Non-current assets total | 26,337 | 24,786 | 1,551 | 25,723 |
| Current assets | ||||
| Inventories | 10,556 | 10,097 | 459 | 10,499 |
| Trade and other receivables | 12,650 | 14,109 | -1,459 | 10,985 |
| Cash at bank and in hand | 7,660 | 8,131 | -471 | 9,840 |
| Current assets total | 30,866 | 32,336 | -1,470 | 31,323 |
| Total assets | 57,203 | 57,122 | 81 | 57,047 |
| EQUITY AND LIABILITIES | ||||
| Shareholders’ equity | ||||
| Share capital | 2,141 | 2,141 | 0 | 2,141 |
| Other reserves | 30 | 30 | 0 | 30 |
| Invested unrestricted equity fund | 8,488 | 8,488 | 0 | 8,488 |
| Translation differences | 4,864 | 2,616 | 2,248 | 4,204 |
| Retained earnings | 14,306 | 12,631 | 1,675 | 12,309 |
| Profit for the period | 2,612 | 4,912 | -2,300 | 7,946 |
| Total equity attributable to equity holders of the parent company | 32,442 | 30,818 | 1,624 | 35,118 |
| Total equity | 32,442 | 30,818 | 1,624 | 35,118 |
| Non-current liabilities | ||||
| Interest-bearing liabilities | 8,117 | 10,207 | -2,090 | 8,088 |
| Interest-free liabilities | 410 | 367 | 43 | 392 |
| Deferred tax liabilities | 497 | 559 | -62 | 539 |
| Current liabilities | ||||
| Interest-bearing liabilities | 2,011 | 10 | 2,001 | 10 |
| Trade and other non-current liabilities | 13,727 | 15,160 | -1,433 | 12,900 |
| Total liabilities | 24,761 | 26,304 | -1,543 | 21,928 |
| Total equity and liabilities | 57,203 | 57,122 | 81 | 57,047 |
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
| EUR thousand | Share Capital | Other Reserves | Invested Unrestricted Equity Fund | Translation Differences | Retained Earnings | Total |
| Balance at 1 January 2011 | 2,141 | 37 | 8,488 | 3,311 | 18,529 | 32,507 |
| Comprehensive result | 0 | 0 | 0 | -696 | 4,912 | 4,216 |
| Other items | 0 | -7 | 0 | 0 | 50 | 43 |
| Dividend | 0 | -5,948 | ||||
| Balance at 30 June 2011 | 2,141 | 30 | 8,488 | 2,616 | 17,543 | 30,818 |
| Balance at 1 January 2012 | 2,141 | 30 | 8,488 | 4,204 | 20,255 | 35,118 |
| Comprehensive result | 0 | 0 | 0 | 660 | 2,612 | 3,272 |
| Other items | 0 | 0 | 0 | -1 | -1 | |
| Dividend | 0 | -5,948 | -5,948 | |||
| Balance at 30 June 2012 | 2,141 | 30 | 8,488 | 4,864 | 16,918 | 32,442 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| EUR thousand | 1.1. – 30.6. 2012 | 1.1. – 30.6. 2011 | Change | 1.1. – 31.12. 2011 |
| Cash Flow from Operating Activities | ||||
| Profit for the period | 2,612 | 4,912 | -2,300 | 7,946 |
| Adjustments | 2,700 | 2,562 | 138 | 6,308 |
| Change in working capital | -492 | -2,468 | 1,976 | -2,216 |
| Cash Flow Generated by Operations | 4,820 | 5,006 | -186 | 12,038 |
| Interest paid | -99 | -173 | 74 | -349 |
| Interest received | 65 | 47 | 18 | 129 |
| Other financial items | -8 | 146 | -154 | -191 |
| Income taxes paid | -1,344 | -1,070 | -274 | -2,067 |
| Net Cash Flow from Operating Activities | 3,434 | 3,956 | -522 | 9,560 |
| Capital expenditure | -1,677 | -1,478 | -199 | -3,208 |
| Proceeds from sale of fixed assets | 16 | 0 | 16 | 0 |
| Cash Flow from Investing Activities | -1,661 | -1,478 | -183 | -3,208 |
| Cash Flow from Financing | ||||
| Proceeds from long-term borrowings | 0 | 0 | 0 | 0 |
| Instalments of long-term borrowings | 0 | 0 | 0 | -2,160 |
| Change in short-term loans | 2,000 | 0 | 2,000 | 0 |
| Instalments of finance lease liabilities | -5 | -5 | 0 | -10 |
| Dividends paid | -5,948 | -5,948 | 0 | -5,948 |
| Net Cash Flow from Financing | -3,953 | -5,953 | 2,000 | -8,118 |
| Change in Liquid Funds | -2,180 | -3,475 | 1,295 | -1,766 |
| Liquid funds in the beginning of period | 9,840 | 11,606 | -1,766 | 11,606 |
| Change in liquid funds | -2,180 | -3,475 | 1,295 | -1,766 |
| Liquid funds at the end of period | 7,660 | 8,131 | -471 | 9,840 |
QUARTERLY KEY FIGURES
| EUR thousand | II/ 2012 | I/ 2012 | IV/ 2011 | III/ 2011 | II/ 2011 | I/ 2011 |
| Net sales | 19,791 | 20,519 | 19,758 | 20,463 | 23,367 | 21,548 |
| Materials and services | -7,491 | -8,119 | -7,529 | -8,156 | -9,295 | -8,378 |
| Employee benefit expenses | -5,942 | -5,618 | -5,419 | -4,820 | -5,672 | -5,221 |
| Depreciation and impairment | -723 | -742 | -672 | -683 | -663 | -684 |
| Operating expenses | -4,209 | -4,452 | -4,668 | -4,356 | -4,424 | -4,262 |
| Other operating income | 390 | 240 | 284 | 113 | 317 | 135 |
| Operating profit | 1,816 | 1,828 | 1,754 | 2,560 | 3,630 | 3,137 |
| Net financial items | -30 | -83 | -31 | -126 | -104 | -23 |
| Profit before taxes | 1,786 | 1,745 | 1,723 | 2,434 | 3,527 | 3,115 |
| Income taxes | -485 | -435 | -459 | -664 | -948 | -782 |
| Profit/loss for the period from continuing operations | 1,302 | 1,310 | 1,264 | 1,770 | 2,579 | 2,333 |
| Profit/loss for the period | 1,302 | 1,310 | 1,264 | 1,770 | 2,579 | 2,333 |
| Earnings per share, EUR | 0.11 | 0.11 | 0.11 | 0.15 | 0.22 | 0.20 |
| Earnings per share, EUR, diluted | 0.11 | 0.11 | 0.11 | 0.15 | 0.22 | 0.20 |
| Average number of shares, undiluted, | ||||||
| 1,000 shares | 11,897 | 11,897 | 11,897 | 11,897 | 11,897 | 11,897 |
| Average number of shares, diluted, | ||||||
| 1,000 shares | 11,897 | 11,897 | 11,897 | 11,897 | 11,897 | 11,897 |
| Average number of personnel | 435 | 428 | 433 | 433 | 432 | 416 |
COMMITMENTS AND CONTINGENCIES
| EUR thousand | 30.6.2012 | 30.6.2011 |
| On own behalf | ||
| Mortgages | 2,783 | 2,783 |
| Corporate mortgages | 12,500 | 12,500 |
| Lease liabilities | ||
| - in next 12 months | 903 | 927 |
| - in next 1-5 years | 3,054 | 2,481 |
| Other commitments | 45 | 6 |
DERIVATIVE FINANCIAL INSTRUMENTS
| Nominal values EUR thousand | 30.6.2012 | 30.6.2011 |
| Interest rate derivatives | ||
| Interest rate swaps | 5,000 | 10,000 |
CONSOLIDATED KEY FIGURES
| EUR thousand | 1.1. – 30.6. 2012 | 1.1. – 30.6. 2011 | Change % | 1.1. – 31.12. 2011 |
| Net sales | 40,310 | 44,915 | -10.3 | 85,136 |
| Operating profit | 3,645 | 6,768 | -46.1 | 11,082 |
| % of net sales | 9.0 | 15.1 | 13.0 | |
| Profit before tax | 3,532 | 6,641 | -46.8 | 10,798 |
| % of net sales | 8.8 | 14.8 | 12.7 | |
| Profit for the period | 2,612 | 4,912 | -46.8 | 7,946 |
| % of net sales | 6.5 | 10.9 | 9.3 | |
| Shareholders’ equity | 32,442 | 30,818 | 5.3 | 35,118 |
| Interest-bearing liabilities | 10,128 | 10,217 | -0.9 | 8,098 |
| Cash and cash equivalents | 7,660 | 8,131 | -5.8 | 9,840 |
| Net interest-bearing liabilities | 2,468 | 2,086 | -18.3 | -1,742 |
| Capital employed | 42,569 | 41,035 | 3.7 | 43,216 |
| Return on equity, % | 15.5 | 31.0 | 23.5 | |
| Return on capital employed, % | 17.3 | 32.5 | 26.1 | |
| Equity ratio, % | 56.8 | 54.0 | 61.6 | |
| Net gearing, % | 7.6 | 6.8 | -5.0 | |
| Capital expenditure | 1,677 | 1,478 | 13.5 | 3,208 |
| % of sales | 4.2 | 3.3 | 3.8 | |
| Research and development costs | 857 | 795 | 7.8 | 1,639 |
| % of net sales | 2.1 | 1.8 | 1.9 | |
| Order stock | 14,173 | 15,946 | -11.1 | 13,114 |
| Earnings per share, EUR | 0.22 | 0.41 | -46.7 | 0.67 |
| Earnings per share, EUR, diluted | 0.22 | 0.41 | -46.7 | 0.67 |
| Equity per share, EUR | 2.73 | 2.59 | 5.4 | 2.95 |
| Average number of shares | ||||
| - cumulative | 11,897 | 11,897 | 11,897 | |
| - cumulative, diluted | 11,897 | 11,897 | 11,897 | |
| Average number of employees | 432 | 424 | 1.9 | 428 |
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including, without limitation, those regarding expectations for general economic development and market situation; regarding customer industry profitability and investment willingness; regarding Company growth, development and profitability; regarding cost savings; regarding fluctuations in exchange rates and interest levels; regarding the success of pending and future acquisitions and restructurings; and statements preceded by "believes," "expects," "anticipates," "foresees" or similar expressions are forward-looking statements.
These statements are based on current expectations and currently known facts. Therefore, they involve risks and uncertainties that may cause actual results to differ materially from results currently expected by the Company.
Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Exel Composites does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Vantaa, 25 July 2012
EXEL COMPOSITES PLC Vesa Korpimies
Board of Directors President and CEO
FURTHER INFORMATION:
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@exelcomposites.com
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
EXEL COMPOSITES IN BRIEF
Exel Composites (www.exelcomposites.com) is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.
The core of the operations is based on own, internally developed composite technology, product range based on it and a 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 personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.
Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.