Exel Composites Plc's interim report for January 1 - June 30, 2013
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 25.7.2013 at 10.00
EXEL COMPOSITES PLC’S INTERIM REPORT FOR JANUARY 1 – JUNE 30, 2013
APRIL – JUNE 2013 HIGHLIGHTS
- Net sales were EUR 17.5 (19.8) million in the second quarter of 2013, down by 11.3 per cent on the previous year
- Operating profit was EUR 1.6 million in the second quarter of 2013 compared to EUR 1.8 million in the second quarter of 2012, or 9.2 (9.2) per cent of net sales
- Net cash flow from operating activities was positive at EUR +1.9 (+1.9) million and on the same level as in the corresponding period in 2012
- Fully diluted earnings per share were EUR 0.10 (0.11)
JANUARY – JUNE 2013 HIGHLIGHTS
- Net sales were EUR 34.4 (40.3) million in the first six months of 2013, down by 14.6 per cent on the previous year
- Operating profit was EUR 2.3 million in the first six months of 2013 compared to EUR 3.6 million in the first six months of 2012, or 6.6 (9.0) per cent of net sales
- Net cash flow from operating activities was positive at EUR +2.6 (+3.4) million
- Fully diluted earnings per share were EUR 0.14 (0.22)
OUTLOOK FOR 2013
Major uncertainties relating to general growth prospects in the economy continue. Visibility is low and the market pressure is expected to continue in 2013. The Company will continue to work on sales development and on adjusting costs to market conditions. Additional contingency actions may be undertaken which may impact the short-term profits, but protect long-term cash flow and profitability.
COMMENTS BY THE CEO
“The market situation in Central Europe continued to be challenging. Net sales were EUR 17.5 (19.8) million in the second quarter of 2013, a decrease of 11.3 per cent. Sales decreased especially in the Finnish units. Market demand decreased in the building and construction as well as in the telecommunication industries compared to the second quarter of 2012. However, demand improved in the transportation industry, electrical industry and machine industry market segments in the second quarter of 2013 compared to the the corresponding period in 2012.
The Group’s operating profit improved from the first quarter of 2013 and was EUR 1.6 (1.8) million, i.e. 9.2 (9.2) per cent of net sales in the second quarter of 2013. Due to cost-saving measures and other corrective actions taken, we managed to maintain operating profit as a percentage of net sales on the same level as in the corresponding period in 2012. Net cash flow from operating activities was positive at EUR +1.9 (+1.9) million and on the same level as in the corresponding period in 2012.
Exel Composites has during the first half of 2013 continued to develop several new customer-specific applications, especially in the building and construction, machine industry and transportation industry market segments.
Visibility is low and the market pressure is expected to continue. Corrective actions have started to have a positive impact in the Australian and British business units. Co-determination negotiations were started in June in the Finnish business units due to weak demand and profitability. Corrective measures will be continued in the whole Group. The focus will be on sales, efficiency and yield improvement as well as on turnaround measures. Structural changes will also be considered.
Despite the challenging situation the composite market is estimated to develop positively in the longer run. Due to a healthy balance sheet and financial position, Exel Composites is well-positioned when the market recovers.”
CONSOLIDATED KEY FIGURES, EUR million
(unaudited)
| 1.4. – 30.6. 2013 | 1.4. – 30.6. 2012 | Change, % | 1.1. – 30.6. 2013 | 1.1.–30.6. 2012 | Change, % | 1.1. – 31.12. 2012 | |
| Net sales | 17.5 | 19.8 | -11.3 | 34.4 | 40.3 | -14.6 | 76.0 |
| Operating profit | 1.6 | 1.8 | -11.4 | 2.3 | 3.6 | -37.6 | 3.4 |
| % of net sales | 9.2 | 9.2 | 6.6 | 9.0 | 4.5 | ||
| Profit for the period | 1.2 | 1.3 | -10.8 | 1.7 | 2.6 | -34.3 | 2.0 |
| Shareholders’ equity | 28.2 | 32.4 | -13.0 | 28.2 | 32.4 | -13.0 | 31.4 |
| Net interest-bearing liabilities | 1.3 | 2.5 | 47.2 | 1.3 | 2.5 | -14.5 | -1.1 |
| Capital employed | 36.4 | 42.6 | -14.5 | 36.4 | 42.6 | 39.6 | |
| Return on equity, % | 16.3 | 16.6 | | 11.5 | 15.5 | 6.1 | |
| Return on capital employed, % | 17.8 | 18.4 | 12.0 | 17.3 | 8.4 | ||
| Equity ratio, % | 55.7 | 56.8 | 55.7 | 56.8 | 61.0 | ||
| Net gearing, % | 4.6 | 7.6 | 4.6 | 7.6 | -3.4 | ||
| Earnings per share, EUR | 0.10 | 0.11 | 0.14 | 0.22 | 0.17 | ||
| Earnings per share, diluted, EUR | 0.10 | 0.11 | 0.14 | 0.22 | 0.17 | ||
| Equity per share, EUR | 2.37 | 2.73 | 2.37 | 2.73 | 2.64 |
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 2012 financial statements.
FINANCIAL PERFORMANCE
APRIL – JUNE 2013
The market situation in Central Europe continued to be challenging.
The Group’s net sales in April – June 2013 decreased by 11.3 per cent on the corresponding period last year and were EUR 17.5 (19.8) million. Sales decreased especially in the Finnish units. Market demand decreased in the building and construction as well as in the telecommunication industries compared to the second quarter of 2012. However, demand improved in the transportation industry, electrical industry and machine industry market segments in the second quarter of 2013 compared to the corresponding period in 2012.
The Group’s operating profit improved from the first quarter of 2013 and was EUR 1.6 (1.8) million, i.e. 9.2 (9.2) per cent of net sales in the second quarter of 2013. Due to cost-saving measures and other corrective actions taken we managed to maintain operating profit as a percentage of net sales on the same level as in the corresponding period in 2012. Net cash flow from operating activities was positive at EUR +1.9 (+1.9) million and on the same level as in the corresponding period in 2012.
JANUARY – JUNE 2013
The Group’s net sales in January – June 2013 were EUR 34.4 (40.3) million, a decrease of 14.6 per cent on the previous year.
Exel Composites’ operating profit in January – June 2013 was EUR 2.3 (3.6) million or 6.6 (9.0) per cent of net sales. The main reasons for the decrease were lower sales especially in the Finnish units. On the other hand, cost-saving measures and other corrective actions taken had a positive impact on the operating profit.
Exel Composites has during the first half of 2013 continued to develop several new customer specific applications, especially in the building and construction, machine industry and transportation industry market segments.
The Group’s net financial expenses in January – June 2013 were EUR 0.0 (-0.1) million. The Group’s profit before taxes was EUR 2.3 (3.5) million and profit after taxes EUR 1.7 (2.6) million.
Fully diluted total earnings per share were EUR 0.14 (0.22). Return on capital employed was 12.0 (17.3) per cent. Return on equity was 11.5 (15.5) per cent.
BALANCE SHEET AND FINANCIAL POSITION
Net cash flow from operating activities was positive at EUR 2.6 (3.4) million. Cash flow before financing, but after capital expenditure, amounted to EUR 1.2 (1.8) 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 6.9 (7.7) million.
The Group’s consolidated total assets at the end of the period under review were EUR 50.8 (57.2) million.
Interest-bearing liabilities amounted to EUR 8.2 (10.1) million. Net interest-bearing liabilities were EUR 1.3 (2.5) million. Non-current liabilities were amortized by EUR 5.0 million and new short-term loans were withdrawn amounting to EUR 5.0 million.
The dividend for 2012 resolved by the Annual General Meeting on 27 March 2013 totaling EUR 3.6 (5.9) million, or EUR 0.30 (0.50) per share, was paid on 10 April 2013.
Equity at the end of the period under review was EUR 28.2 (32.4) million and equity ratio 55.7 (56.8) per cent. The net gearing ratio was 4.6 (7.6) per cent.
CAPITAL EXPENDITURE AND DEPRECIATION
The capital expenditure on fixed assets amounted to EUR 1.3 (1.7) million.
Total depreciation of non-current assets during the period under review amounted to EUR 1.4 (1.5) million.
PERSONNEL
The number of Exel Composites Group employees on 30 June 2013 was 426 (438), of whom 206 (206) worked in Finland and 220 (232) in other countries. The average number of personnel during January – June 2013 was 433 (432). The use of temporary workforce has been largely discontinued for the time being. In addition, in Finland part of maintenance functions were transferred back to Exel Composites, which increased its own personnel by 8 persons.
Co-determination negotiations were started on 13 May 2013 in the Finnish business units due to weak demand and profitability. They are expected to be concluded in mid-August 2013. Corrective actions have started to have a positive impact in the Australian and British business units. Corrective measures will be continued in the whole Group. Structural changes will also be considered.
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 2013, 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.
Exel Composites did not hold any of its own shares during the period of review.
SHARE PERFORMANCE AND TURNOVER
The highest share price quoted was EUR 6.50 (8.79) and the lowest EUR 5.10 (6.42). The share price closed at EUR 5.25 (6.78). The average share price during the period under review was EUR 5.85 (7.82).
A total of 621,761 (512,570) shares were traded during the reporting period, which represents 5.2 (4.3) per cent of the average number of shares. Based on the closing price on 30 June 2013, Exel Composites’ market capitalization was EUR 62.5 (80.7) million.
SHAREHOLDERS AND DISCLOSURES
Exel Composites had a total of 2,752 (2,718) shareholders on 30 June 2013. Information on Exel Composites’ shareholders is available on the Company website at www.exelcomposites.com.
Exel Composites did not receive any flagging announcements 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. Success of corrective actions as well as possible restructuring and impairment charges can have an impact on the profitability. Raw material prices, energy cost and other cost increases may continue to 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.
CHANGES IN GROUP MANAGEMENT
Mr. Kari Loukola was appointed VP Sales and Marketing and member of the Group Management Team as of 1 August 2013 to reinforce sales and profitable growth.
OUTLOOK FOR 2013
Major uncertainties relating to general growth prospects in the economy continue. Visibility is low, but the market pressure is expected to continue in 2013. The Company will continue to work on sales development and on adjusting costs to market conditions. Additional contingency actions may be undertaken which may impact the short-term profits, but protect long-term cash flow and profitability.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
(unaudited)
| EUR thousand | 1.4. – 30.6. 2013 | 1.4. – 30.6. 2012 | Change, % | 1.1. – 30.6. 2013 | 1.1. – 30.6. 2012 | Change, % | 1.1. – 31.12. 2012 |
| Net sales | 17,548 | 19,791 | -11.3 | 34,445 | 40,310 | -14.6 | 75,998 |
| Materials and services | -6,455 | -7,491 | 13.8 | -12,885 | -15,610 | 17.5 | -29,986 |
| Employee benefit expenses | -5,448 | -5,942 | 8.3 | -10,757 | -11,560 | 6.9 | -21,077 |
| Depreciation and impairment | -684 | -723 | 5.4 | -1,357 | -1,464 | 7.3 | -5,387 |
| Other operating expenses | -3,510 | -4,209 | 16.6 | -7,491 | -8,660 | 13.5 | -17,057 |
| Other operating income | 159 | 390 | -59.2 | 322 | 629 | -48.8 | 909 |
| Operating profit | 1,609 | 1,816 | -11.4 | 2,276 | 3,645 | -37.6 | 3,399 |
| Net financial items | -48 | -30 | -60.0 | -23 | -113 | 79.6 | -428 |
| Profit before tax | 1,562 | 1,786 | -12.5 | 2,252 | 3,532 | -36.2 | 2,971 |
| Income taxes | -399 | -485 | 17.7 | -535 | -920 | 41.8 | -940 |
| Profit/loss for the period | 1,162 | 1,302 | -10.8 | 1,717 | 2,612 | -34.3 | 2,031 |
| Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||||||
| Exchange differences on translating foreign operations | -1,690 | 866 | -295.2 | -1,392 | 660 | 310.9 | 133 |
| Other comprehensive income, net of tax | -1,690 | 866 | -295.2 | -1,392 | 660 | 310.9 | 133 |
| Total comprehensive income | -527 | 2,167 | -124.3 | 326 | 3,272 | -90.0 | 2,164 |
| Profit/loss attributable to: | |||||||
| Equity holders of the parent company | 1,162 | 1,302 | 1,717 | 2,612 | -90.0 | 2,031 | |
| Comprehensive income | |||||||
| attributable to: | |||||||
| Equity holders of the parent company | -527 | 2,167 | 326 | 3,272 | 2,164 | ||
| Earnings per share, diluted and undiluted, EUR | 0.10 | 0.11 | 0.14 | 0.22 | 0.17 |
CONDENSED CONSOLIDATED BALANCE SHEET
| EUR thousand | 30.6.2013 | 30.6.2012 | Change | 31.12.2012 |
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill | 10,017 | 12,238 | -2,221 | 10,898 |
| Other intangible assets | 971 | 1,811 | -840 | 1,220 |
| Tangible assets | 10,791 | 12,123 | -1,332 | 10,681 |
| Deferred tax assets | 799 | 101 | 698 | 752 |
| Other non-current assets | 63 | 64 | -1 | 64 |
| Non-current assets total | 22,640 | 26,337 | -3,696 | 23,615 |
| Current assets | ||||
| Inventories | 9,097 | 10,556 | -1,459 | 9,129 |
| Trade and other receivables | 12,206 | 12,650 | -444 | 9,513 |
| Cash at bank and in hand | 6,884 | 7,660 | -776 | 9,245 |
| Current assets total | 28,186 | 30,866 | -2,680 | 27,887 |
| Total assets | 50,826 | 57,203 | -6,377 | 51,502 |
| EQUITY AND LIABILITIES | ||||
| Shareholders´ equity | ||||
| Share capital | 2,141 | 2,141 | 0 | 2,141 |
| Other reserves | 72 | 30 | 42 | 45 |
| Invested unrestricted equity fund | 8,488 | 8,488 | 0 | 8,488 |
| Translation differences | 2,946 | 4,864 | -1,918 | 4,337 |
| Retained earnings | 12,845 | 14,306 | -1,461 | 14,396 |
| Profit for the period | 1,717 | 2,612 | -895 | 2,031 |
| Total equity attributable to equity holders of the parent company | 28,209 | 32,442 | -4,233 | 31,438 |
| Total equity | 28,209 | 32,442 | -4,233 | 31,438 |
| Non-current liabilities | ||||
| Interest-bearing liabilities | 2,496 | 8,117 | -5,621 | 8,168 |
| Interest-free liabilities | 401 | 410 | -9 | 411 |
| Deferred tax liabilities | 382 | 497 | -115 | 377 |
| Current liabilities | ||||
| Interest-bearing liabilities | 5,690 | 2,011 | 3,679 | 11 |
| Trade and other non-current liabilities | 13,649 | 13,727 | -78 | 11,098 |
| Total liabilities | 22,617 | 24,761 | -2,144 | 20,064 |
| Total equity and liabilities | 50,826 | 57,203 | -6,377 | 51,502 |
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 2012 | 2,141 | 30 | 8,488 | 4,204 | 20,255 | 35,118 |
| Comprehensive result | | | | 660 | 2,612 | 3,272 |
| Other items | -1 | -1 | ||||
| Dividend | -5,948 | -5,948 | ||||
| | ||||||
| Balance at 30 June 2012 | 2,141 | 30 | 8,488 | 4,864 | 16,919 | 32,442 |
| Balance at 1 January 2013 | 2,141 | 45 | 8,488 | 4,337 | 16,427 | 31,438 |
| Comprehensive result | | | | -1,392 | 1,717 | 326 |
| Other items | 27 | -13 | 14 | |||
| Dividend | -3,569 | -3,569 | ||||
| Balance at 30 June 2013 | 2,141 | 72 | 8,488 | 2,946 | 14,562 | 28,209 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| EUR thousand | 1.1. – 30.6. 2013 | 1.1. – 30.6. 2012 | Change | 1.1. – 31.12. 2012 |
| Cash Flow from Operating Activities | ||||
| Profit for the period | 1,717 | 2,612 | -885 | 2,031 |
| Adjustments | 1,771 | 2,700 | -929 | 7,170 |
| Change in working capital | -265 | -492 | 227 | 1,223 |
| Cash Flow Generated by Operations | 3,223 | 4,820 | -1,597 | 10,424 |
| Interest paid | -93 | -99 | 6 | -259 |
| Interest received | 8 | 65 | -57 | 80 |
| Other financial items | -45 | -8 | -37 | -155 |
| Income taxes paid | -539 | -1,344 | 805 | -1,897 |
| Net Cash Flow from Operating Activities | 2,554 | 3,434 | -880 | 8,193 |
| Capital expenditure | -1,341 | -1,677 | 336 | -2,846 |
| Proceeds from sale of fixed assets | 0 | 16 | -16 | 16 |
| Cash Flow from Investing Activities | -1,341 | -1,661 | 320 | -2,830 |
| Cash Flow from Financing | ||||
| Proceeds from long-term borrowings | 0 | 0 | 0 | 0 |
| Instalments of long-term borrowings | -5,000 | 0 | -5,000 | 0 |
| Change in short-term loans | 5,000 | 2,000 | 3,000 | 0 |
| Change in finance lease liabilities | -5 | -5 | 0 | -10 |
| Dividends paid | -3,569 | -5,948 | 2,379 | -5,948 |
| Net Cash Flow from Financing | -3,574 | -3,953 | 379 | -5,958 |
| Change in Liquid Funds | -2,361 | -2,180 | -181 | -595 |
| Liquid funds in the beginning of period | 9,245 | 9,840 | -595 | 9,840 |
| Change in liquid funds | -2,361 | -2,180 | -181 | -595 |
| Liquid funds at the end of period | 6,884 | 7,660 | -776 | 9,245 |
QUARTERLY KEY FIGURES
| EUR thousand | II/ 2013 | I/ 2013 | IV/ 2012 | III/ 2012 | II/ 2012 | I/ 2012 |
| Net sales | 17,548 | 16,897 | 18,634 | 17,054 | 19,791 | 20,519 |
| Materials and services | -6,455 | -6,430 | -7,670 | -6,706 | -7,491 | -8,119 |
| Employee benefit expenses | -5,448 | -5,309 | -5,095 | -4,422 | -5,942 | -5,618 |
| Depreciation and impairment | -684 | -673 | -3,304 | -619 | -723 | -742 |
| Operating expenses | -3,510 | -3,981 | -4,345 | -4,052 | -4,209 | -4,452 |
| Other operating income | 159 | 163 | 173 | 107 | 390 | 240 |
| Operating profit | 1,609 | 666 | -1,608 | 1,362 | 1,816 | 1,828 |
| Net financial items | -48 | 24 | -109 | -206 | -30 | -83 |
| Profit before taxes | 1,562 | 691 | -1,717 | 1,156 | 1,786 | 1,745 |
| Income taxes | -399 | -136 | 246 | -266 | -485 | -435 |
| Profit/loss for the period | 1,162 | 555 | -1,471 | 890 | 1,302 | 1,310 |
| Earnings per share, EUR | 0.10 | 0.05 | -0.12 | 0.07 | 0.11 | 0.11 |
| Earnings per share, EUR, diluted | 0.10 | 0.05 | -0.12 | 0.07 | 0.11 | 0.11 |
| 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 | 427 | 436 | 431 | 433 | 435 | 428 |
COMMITMENTS AND CONTINGENCIES
| EUR thousand | 30.6.2013 | 30.6.2012 |
| On own behalf | ||
| Mortgages | 2,783 | 2,783 |
| Corporate mortgages | 12,500 | 12,500 |
| Lease liabilities | ||
| - in next 12 months | 953 | 903 |
| - in next 1-5 years | 1,838 | 3,054 |
| Other commitments | 6 | 45 |
DERIVATIVE FINANCIAL INSTRUMENTS
| Nominal values EUR thousand | 30.6.2013 | 30.6.2012 |
| Foreign exchange derivatives | ||
| Forward contracts | 0 | 0 |
| Interest rate derivatives | ||
| Interest rate swaps | 5,000 | 5,000 |
CONSOLIDATED KEY FIGURES
| EUR thousand | 1.1. – 30.6. 2013 | 1.1. – 30.6. 2012 | Change, % | 1.1.– 31.12. 2012 |
| Net sales | 34,445 | 40,310 | -14.6 | 75,998 |
| Operating profit | 2,276 | 3,645 | -37.6 | 3,399 |
| % of net sales | 6.6 | 9.0 | 4.5 | |
| Profit before tax | 2,252 | 3,532 | -36.2 | 2,971 |
| % of net sales | 6.5 | 8.8 | 3.9 | |
| Profit for the period | 1,717 | 2,612 | -34.3 | 2,031 |
| % of net sales | 5.0 | 6.5 | 2.7 | |
| Shareholders´ equity | 28,209 | 32,442 | -13.0 | 31,438 |
| Interest-bearing liabilities | 8,185 | 10,128 | -19.2 | 8,179 |
| Cash and cash equivalents | 6,884 | 7,660 | -10.1 | 9,245 |
| Net interest-bearing liabilities | 1,302 | 2,468 | 47.2 | -1,066 |
| Capital employed | 36,394 | 42,569 | -14.5 | 39,617 |
| Return on equity, % | 11.5 | 15.5 | 6.1 | |
| Return on capital employed, % | 12.0 | 17.3 | 8.4 | |
| Equity ratio, % | 55.7 | 56.8 | 61.0 | |
| Net gearing, % | 4.6 | 7.6 | -3.4 | |
| Capital expenditure | 1,341 | 1,677 | -20.0 | 2,846 |
| % of net sales | 3.9 | 4.2 | 3.7 | |
| Research and development costs | 868 | 857 | 1.3 | 1,606 |
| % of net sales | 2.5 | 2.1 | 2.1 | |
| Order stock | 13,057 | 14,173 | -7.9 | 10,677 |
| Earnings per share, EUR | 0.14 | 0.22 | -36.4 | 0.17 |
| Earnings per share, EUR, diluted | 0.14 | 0.22 | -36.4 | 0.17 |
| Equity per share, EUR | 2.37 | 2.73 | -13.2 | 2.64 |
| Average number of shares | ||||
| - cumulative | 11,897 | 11,897 | 0.0 | 11,897 |
| - cumulative, diluted | 11,897 | 11,897 | 0.0 | 11,897 |
| Average number of employees | 433 | 432 | 0.2 | 431 |
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 2013
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.comIlkka
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.