Exel Composites Plc’s Interim Report for January 1 – September 30, 2015

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EXEL COMPOSITES PLC     INTERIM REPORT                 23.10.2015 at 9.00 a.m.         1 (13)

Exel Composites Plc’s Interim Report for January 1 – September 30, 2015
  

Q3 2015 in brief
- Net sales were 18.0 MEUR (Q3/2014: 19.0 MEUR)

-Operating profit was 0.5 MEUR (1.9 MEUR including an impairment of -0.5 MEUR), and was 2.6 (9.9) per cent of net sales
-Net cash flow from operating activities was positive at +0.5 (+3.8) MEUR
-Fully diluted earnings per share were 0.01 (0.07) EUR

January – September 2015 in brief
-Net sales were 60.9 MEUR, up by 4.6 per cent on the previous year (1-9/2014: 58.2 MEUR)

-Operating profit was 3.8 MEUR including -0.3 MEUR non-recurring items (6.8 MEUR including an impairment of -0.5 MEUR), and was 6.3 (11.7) per cent of net sales
-Net cash flow from operating activities was positive at +2.9 (+6.9) MEUR
-Fully diluted earnings per share were 0.20 (0.36) EUR

    
Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company’s key market segments. However, uncertainties relating to general growth prospects in the economy continue. The Company implements its new strategy by reinforcing the organization, especially in sales resources, product development and operations development, and by increasing its capacity. These efforts are expected to reduce the 2015 operating profit margin compared to 2014, but will position the Company better for long-term profitable growth.


President and CEO Riku Kytömäki:
Exel Composites’ operating profit decreased to EUR 0.5 (1.9) million in the third quarter of 2015. Profitability was impacted by higher operating costs mainly attributable to the additional resources required to implement the long-term growth strategy. The Company has continued the screening process of potential acquisition targets. We have continued the implementation of the new group-wide ERP-system, which is expected to be rolled out to all business units during 2016.

We recorded delays in orders from some key customers in the second quarter and this continued also in the third quarter. New customer acquisitions partly mitigated the weak sales development of some key customers. Consequently, profitability in the third quarter was affected by lower sales volumes than in the corresponding period last year. The Company has taken further actions to control costs and to drive sales. Myself, management and the entire organization are taking extra efforts to accelerate the generation of new orders. The long-term market fundamentals remain attractive as customers are considering replacing existing materials with composites. This transition will position Exel Composites for long-term profitable growth.



CONSOLIDATED KEY FIGURES, EUR million 

  1.7. –
30.9.
2015
1.7. –
30.9.
2014
Change, % 1.1. –
30.9.
2015
1.1.–30.9.
2014
Change % 1.1. –
31.12.
2014
 
                 
Net sales 18.0 19.0 -5.0 60.9 58.2 4.6 79.3  
Operating profit 0.5 1.9 -75.1 3.8 6.8 -44.2 8.9  
% of net sales 2.6 9.9   6.3 11.7   11.2  
Profit for the period  
0.1
 
0.9
 
 
-91.2
 
2.4
 
4.2
 
-42.5
 
5.7
 
Shareholders’ equity  
29.9
 
28.6
 
4.7
 
29.9
 
28.6
 
4.7
 
29.7
 
Net interest-bearing liabilities  
-0.4
 
-1.0
 
65.0
 
-0.4
 
-1.0
 
65.0
 
-2.6
 
Capital employed  
38.0
 
38.4
 
-0.9
 
38.0
 
38.4
 
-0.9
 
35.3
 
Return on equity, %  
1.0
 
12.8
 
 
 
10.9
 
22.0
   
21.7
 
Return on capital employed, %  
4.8
 
19.5
   
13.8
 
24.7
   
25.2
 
Equity ratio, % 56.2 53.1   56.2 53.1   56.9  
Net gearing, % -1.2 -3.5   -1.2 -3.5   -8.7  
                 
Earnings per share, EUR  
0.01
 
0.07
   
0.20
 
0.36
   
0.48
 
Earnings per share, diluted, EUR  
 
0.01
 
 
0.07
   
 
0.20
 
 
0.36
   
 
0.48
 
Equity per share, EUR  
2.51
 
2.40
   
2.51
 
2.40
   
2.50
 

 

Order intake and order backlog July – September 2015
Order intake in the third quarter of 2015 decreased to EUR 18.7 (20.8) from the corresponding period in 2014. The Group’s order backlog on 30 September 2015 was EUR 14.3 (15.7) million.

Sales review July – September 2015
Group net sales decreased by 5.0 per cent to EUR 18.0 (19.0) million compared to the corresponding period in 2014.


Net sales decreased in the largest region, Europe, by 10.3 per cent compared to the corresponding period in 2014. Net sales in the APAC region increased by 28.6 per cent. Net sales in the region Rest of the world decreased by 16.7 per cent compared to the corresponding period in 2014.

Net sales of Industrial applications decreased by 9.2 per cent to EUR 9.8 million from EUR 10.8 million in the corresponding period in 2014. Net sales of Construction and Infrastructure applications were up by 6.3 per cent to EUR 4.7 (4.3) million compared to the corresponding period in 2014. Net sales of Other applications decreased by 6.0 per cent to EUR 3.6 (3.9) million compared to the corresponding period in 2014.

Order intake January – September 2015
Order intake decreased by 1.6 per cent to EUR 62.9 (63.9) million compared to the corresponding period in 2014.

Sales review January – September 2015
Group net sales increased by 4.6 per cent from the corresponding period in 2014 from EUR 58.2 million to EUR 60.9 million.

Net sales increased in Europe and APAC and decreased in the region Rest of the world in January – September 2015. In the largest region, Europe, net sales increased by 1.9 per cent compared to the corresponding period in 2014. Net sales in the APAC region increased by 32.1 per cent and in the region Rest of the world net sales decreased by 36.4 per cent compared to the corresponding period in 2014.

Net sales of Industrial applications increased by 7.2 per cent to EUR 36.2 million from EUR 33.8 million in the corresponding period in 2014. Net sales of Construction and Infrastructure applications were up by 8.1 per cent to EUR 13.9 (12.8) million compared to the corresponding period in 2014. Net sales of Other applications decreased by 6.9 per cent to EUR 10.8 (11.6) million compared to the corresponding period in 2014.

 

Net sales by Region

MEUR 1.7. –30.9.
2015
1.7. –30.9.
2014
Change, % 1.1. –30.9.
2015
1.1. –30.9.
2014
Change, % 1.1. –
31.12.
2014
               
Europe 14.0 15.6 -10.3 48.8 47.9 1.9 64.6
APAC 3.6 2.8 28.6 10.7 8.1 32.1 11.8
Rest of world 0.5 0.6 -16.7 1.4 2.2 -36.4 2.9
Total 18.0 19.0 -5.0 60.9 58.2 4.6 79.3
               
                 

Net sales by Customer Industry

MEUR 1.7. –30.9.
2015
1.7. –30.9.
2014
Change, % 1.1. –30.9.
2015
1.1. –30.9.
2014
Change, % 1.1. –
31.12.
2014
               
Construction and infrastructure  
4.7
 
4.3
 
6.3
 
13.9
 
12.8
 
8.1
 
17.4
Industrial applications  
9.8
 
10.8
 
-9.2
 
36.2
 
33.8
 
7.2
 
47.5
Other applications 3.6 3.9 -6.0 10.8 11.6 -6.9 14.3
Total 18.0 19.0 -5.0 60.9 58.2 4.6 79.3


Financial performance

July – September 2015

The Group’s operating profit decreased to EUR 0.5 million (EUR 1.9 million after impairment of EUR -0.5 million) and was 2.6 (9.9) per cent of net sales. Profitability was impacted by higher operational costs due to increased resources relating to the implementation of the long-term growth strategy. Profitability was also affected by lower than expected volumes resulting from delayed orders from some customers.

January – September 2015
The Group’s operating profit in January – September 2015 decreased to EUR 3.8 million including EUR -0.3 million non-recurring items (EUR 6.8 million after impairment of EUR -0.5 million) and was 6.3 (11.7) per cent of net sales. Non-recurring items amounting to EUR -0.3 million relate to M&A screening costs.

The profitability of the Australian unit has improved compared to the corresponding period last year, but is not yet at a satisfactory level. Corrective actions are ongoing. The focus is on generating more sales.

The Group’s net financial items during the period under review were EUR -0.3 (-0.4) million. The Group’s profit before taxes was EUR 3.5 (6.5) million and profit after taxes EUR 2.4 (4.2) million.

Financial position
Net cash flow from operating activities in January – September 2015 was positive at EUR +2.9 (+6.9) million. Cash flow before financing, but after capital expenditure, amounted to EUR 0.1 (4.4) million. The capital expenditure on fixed assets amounted to EUR 2.8 (2.4) million. Capital expenditure was financed with cash flow from business operations. At the end of the period under review, the Group’s liquid assets stood at EUR 8.5 (10.8) million.


The Group’s consolidated total assets at the end of the third quarter were EUR 53.4 (53.8) million. Interest-bearing liabilities amounted to EUR 8.2 (9.8) million. Net interest-bearing liabilities were EUR -0.4 (-1.0) million.

Equity at the end of the third quarter was EUR 29.9 (28.6) million and equity ratio 56.2 (53.1) per cent. The net gearing ratio was -1.2 (-3.5) per cent.

Fully diluted total earnings per share were EUR 0.20 (0.36). Return on capital employed was 13.8 (24.7) per cent. Return on equity was 10.9 (22.0) per cent.


Business development and strategy implementation
The Company has continued the screening process of potential acquisition targets. We have continued the implementation of the new group-wide ERP-system, which is expected to be rolled out to all business units during 2016.

Research and development
Research and development costs totaled EUR 1.4 (1.3) million in January – September 2015, representing 2.2 (2.2) per cent of net sales. The main projects were connected with the development of new products and customer applications.

Shares and share performance
Exel Composites’ share is listed in the Small Cap segment of the NASDAQ OMX Helsinki Ltd. in the Industrials sector.

At the end of September 2015, Exel Composites’ share capital was EUR 2,141,431.74 and the number of shares was 11,896,843 each having the counter-book value of EUR 0.18. There were no changes in the share capital during the period under review. There is only one class of shares and all shares are freely assignable under Finnish law.

Exel Composites did not hold any of its own shares during the period under review.

During the period under review the highest share price quoted was EUR 9.85 (8.17) and the lowest EUR 6.56 (5.56). The share price closed at EUR 6.64 (7.79). The average share price during the period under review was EUR 8.90 (6.31).

A total of 2,168,132 (5,455,363) shares were traded during the period under review, which represents 18.2 (45.9) per cent of the average number of shares. On 30 September 2015, Exel Composites’ market capitalization was EUR 79.0 (92.7) million.

Shareholders and disclosures
Exel Composites had a total of 3,011 (2,666) shareholders on 30 September 2015. 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 third quarter of 2015.

Significant related-party transactions
Exel Composites’ permanent public insiders include Exel Composites’ Board members, the President and CEO and the members of the Group Management Team. No significant related-party transactions were conducted by the Group or the permanent insiders during the period under review.

Organization and personnel
The number of employees on 30 September 2015 was 495 (442), of whom 213 (205) worked in Finland and 282 (237) in other countries. The average number of personnel in January – September 2015 was 500 (427).

Health, safety and environment
Special attention is given to occupational health and safety also in 2015. The Group is rolling out the Occupational Health and Safety Management System OHSAS 18001 over all sites.

Major near-term risks and uncertainties
The Company has added resources to pursue the long-term growth strategy. As a result, the operating cost level has increased. The most significant near-term business risk relates to the possibility of sales growth not materializing according to forecast and the resulting negative impact to the profitability of the Company. In addition, the general economic development, government regulations and financial crisis in the Euro area remain risks for Exel Composites. The profitability of the Australian operations is not satisfying despite the implemented turnaround measures. Further corrective actions and restructuring costs can have an impact on the profitability.

Raw material prices, energy cost and other cost increases may continue to put pressure on profitability. The new European Community’s anti-dumping tariffs imposed on Chinese glass fiber may have a negative effect on the result in terms of increased raw material prices. 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 full year 2015
The market has remained stable and we can see positive signs in the Company’s key market segments. However, uncertainties relating to general growth prospects in the economy continue. The Company implements its new strategy by reinforcing the organization, especially in sales resources, product development and operations development, and by increasing its capacity. These efforts are expected to reduce the 2015 operating profit margin compared to 2014, but will position the Company better for long-term profitable growth.


Financial results briefing
Exel Composites will hold a financial results briefing regarding the interim report today 23 October 2015 at 12.30 p.m. at Scandic Hotel Simonkenttä’s Tapiola meeting room at the address of Simonkatu 9, Helsinki, Finland.

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, 23 October 2015

Board of Directors of Exel Composites Plc


For further information, please contact:
Mr. Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email
riku.kytomaki@exelcomposites.com  
Mr. Mikko Kettunen, CFO
tel. +358 50 3477 462, or email
mikko.kettunen@exelcomposites.com

Distribution
NASDAQ OMX Helsinki Ltd.
Main news media

www.exelcomposites.com

Exel Composites in brief
Exel Composites (www.exelcomposites.com) 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 personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.

Exel Composites Plc share is listed in NASDAQ OMX Helsinki Ltd.


Summary of Financial Statements and notes to the Financial Statements 1 January – 30 September 2015

Accounting principles:

This Interim Report has been prepared in accordance with IAS 34, Interim Financial Reporting. The same accounting policies have been followed as in the previous Financial Statements.

Preparation of financial statements in accordance with the IFRS standards requires Exel Composites’ management to make estimates and assumptions that have an effect on the amount of assets and liabilities on the balance sheet at the closing date as well as the amounts of income and expenses for the financial period. In addition, the management must exercise its judgement regarding the application of accounting policies. Since the estimates and assumptions are based on the views at the date of the Financial Statements, they include risks and uncertainties. The actual results may differ from the estimates and assumptions.

The amounts presented in the income statement and balance sheet are Group figures. The amounts presented in the release are rounded, so the sum of individual figures may differ from the sum reported.

The interim report is unaudited.


 

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR thousand 1.7. –
30.9.
2015
1.7. –
30.9.
2014
Change, % 1.1. –
30.9.
2015
1.1. –
30.9.
2014
Change, % 1.1.  – 31.12. 2014
               
Net sales 18,006 18,950 -5.0 60,853 58,182 4.6 79,253
               
Materials and services  
-6,819
 
-6,876
 
0.8
 
-22,368
 
-21,142
 
-5.8
 
-29,134
Employee benefit expenses  
 
-6,005
 
 
-5,595
 
 
-7.3
 
 
-19,188
 
 
-16,623
 
 
-15.4
 
 
-22,691
Depreciation and impairment  
 
-721
 
 
-1,167
 
 
38.2
 
 
-2,157
 
 
-2,484
 
 
13.2
 
 
-3,115
Other operating expenses  
 
-4,033
 
 
-3,621
 
 
-11.4
 
 
-13,525
 
 
-11,660
 
 
-16.0
 
 
-16,133
Other operating income  
 
38
 
 
185
 
 
-79.5
 
 
190
 
 
545
 
 
-65.1
 
 
707
               
Operating profit  
466
 
1,875
 
-75.1
 
3,805
 
6,818
 
-44.2
 
8,887
               
Net financial items  
-209
 
-22
 
-850.0
 
-324
 
-369
 
12.2
 
-430
               
Profit before tax  
257
 
1,853
 
-86.1
 
3,481
 
6,449
 
-46.0
 
8,457
               
Income taxes -180 -962 81.3 -1,046 -2,212 52.7 -2,754
               
Profit/loss for the period  
78
 
891
 
-91.2
 
2,435
 
4,237
 
-42.5
 
5,702
               
               
Other comprehensive income:              
               
Other comprehensive income to be reclassified to profit or loss in subsequent periods:              
               
Exchange differences on translating foreign operations  
 
 
 
-1,053
 
 
 
 
552
 
 
 
 
-290.8
 
 
 
 
116
 
 
 
 
1,484
 
 
 
 
-92.2
 
 
 
 
1,370
Income tax relating to components of other comprehensive income              
 
 
 
 
 
               
Items that will not be classified to profit or loss              
               
Defined benefit plan actuarial gains (+/)/loss(-), net tax  
 
 
 
 
0
 
 
 
 
 
0
   
 
 
 
 
0
 
 
 
 
 
0
   
 
 
 
 
-90
Other comprehensive income, net of tax  
 
 
-1,053
 
 
 
552
 
 
 
-290.8
 
 
 
116
 
 
 
1,484
 
 
 
-92.2
 
 
 
1,280
               
Total comprehensive income  
 
-975
 
 
1,443
 
 
-167.6
 
 
2,551
 
 
5,721
 
 
-55.4
 
 
6,983
               
Profit/loss attributable to:              
Equity holders of the parent company  
 
78
 
 
891
 
 
-91.2
 
 
2,435
 
 
4,237
 
 
-42.5
 
 
5,702
               
Comprehensive income              
attributable to:              
Equity holders of the parent company  
 
-975
 
 
1,443
 
 
-167.6
 
 
2,551
 
 
5,721
 
 
-55.4
 
 
6,983
               
Earnings per share, diluted and undiluted, EUR  
 
 
0.01
 
 
 
0.07
   
 
 
0.20
 
 
 
0.36
   
 
 
0.48

 

CONDENSED CONSOLIDATED BALANCE SHEET

EUR thousand 30.9.2015 30.9.2014 Change 31.12.2014
         
ASSETS        
Non-current assets        
Goodwill 9,165 9,873 -708 9,676
Other intangible assets 486 634 -148 686
Tangible assets 13,590 11,263 2,327 12,533
Deferred tax assets 294 237 57 285
Other non-current assets 82 72 10 74
Non-current assets total 23,617 22,078 1,538 23,253
         
Current assets        
Inventories 10,407 9,869 538 10,034
Trade and other receivables 10,902 11,001 -99 10,906
Cash at bank and in hand 8,505 10,846 -2,341 8,218
Current assets total 29,814 31,716 -1,902 29,158
Total assets 53,431 53,794 -363 52,411
         
EQUITY AND LIABILITIES        
Shareholders´ equity        
Share capital 2,141 2,141 0 2,141
Other reserves 79 72 7 79
Invested unrestricted equity fund 2,539 2,539 0 2,539
Translation differences 3,650 3,648 2 3,534
Retained earnings 19,047 15,924 3,123 15,724
Profit for the period 2,435 4,237 -1,802 5,702
         
Total equity attributable to equity holders of the parent company  
29,891
 
28,561
 
1,330
 
29,720
Total equity 29,891 28,561 1,330 29,720
         
Non-current liabilities        
Interest-bearing liabilities 3,629 4,328 -699 4,623
Interest-free liabilities 479 440 39 454
Deferred tax liabilities 507 472 35 505
         
Current liabilities        
Interest-bearing liabilities 4,523 5,506 -983 1,000
Trade and other non-current liabilities  
14,402
 
14,488
 
-86
 
16,110
         
Total liabilities 23,540 25,233 -1,693 22,692
         
Total equity and liabilities 53,431 53,794 -363 52,411

 

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 2014  
2,141
 
72
 
2,539
 
2,164
 
15,924
 
22,841
             
Comprehensive result  
 
 
 
 
 
 
1,484
 
4,237
 
5,721
Other items       0 0 0
Dividend         0 0
             
 
Balance at 30 September 2014  
2,141
 
72
 
2,539
 
3,648
 
20,161
 
28,561
             
Balance at 1st January 2015  
2,141
 
79
 
2,539
 
3,534
 
21,426
 
29,720
             
Comprehensive result  
 
 
 
 
 
 
116
 
2,435
 
2,551
Other items         0 0
Dividend         -2,379 -2,379
             
Balance at 30 September 2015  
2,141
 
79
 
2,539
 
3,650
 
21,482
 
29,891

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR thousand 1.1. –
30.9.
2015
1.1. –
30.9.
2014
Change 1.1. –
31.12.
2014
       
Cash Flow from Operating Activities      
Profit for the period 2,435 4,237 -1,802 5,702
Adjustments 3,847 5,931 -2,084 7,425
Change in working capital -1,486 -1,366 -120 455
         
Cash Flow Generated by Operations 4,796 8,802 -4,006 13,582
Interest paid -59 -143 84 -167
Interest received 6 45 -39 56
Other financial items -266 -143 -123 -328
Income taxes paid -1,569 -1,708 139 -2,464
         
Net Cash Flow from Operating Activities 2,908 6,853 -3,945 10,679
         
Cash Flow from Investing Activities      
         
Capital expenditure -2,765 -2,406 -359 -4,354
Proceeds from sale of fixed assets 0 0 0 0
         
Cash Flow from Investing Activities -2,765 -2,406 -359 -4,354
         
Cash Flow from Financing        
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 5,000 -5,000 5,000
Instalments of long-term borrowings -1,000 -2,840 1,840 -2,840
Change in short-term loans 3,523 -5,194 8,717 -9,700
Instalments of finance lease liabilities 0 -5 5 -5
Additional capital repayment 0 0 0 0
Dividends paid -2,379 0 -2,379 0
Net Cash Flow from Financing 144 -3,039 3,183 -7,545
         
Change in Liquid Funds 287 1,408 -1,121 -1,220
         
Liquid funds in the beginning of period 8,218 9,438 -1,220 9,438
Change in liquid funds 287 1,408 -1,121 -1,220
Liquid funds at the end of period 8,505 10,846 -2,341 8,218

 

QUARTERLY KEY FIGURES

EUR thousand III/
2015
II/
2015
I/
2015
IV/
2014
III/
2014
II/
2014
I/
2014
               
               
Net sales 18,006 21,352 21,495 21,071 18,950 21,420 17,811
Materials and services  
-6,819
 
-7,778
 
-7,771
 
-7,992
 
-6,876
 
-8,290
 
-5,976
Employee benefit expenses  
 
-6,005
 
 
-6,733
 
 
-6,450
 
 
-6,068
 
 
-5,595
 
 
-5,635
 
 
-5,393
Depreciation and impairment  
 
-721
 
 
-725
 
 
-711
 
 
-631
 
 
-1,167
 
 
-654
 
 
-663
Operating expenses  
-4,033
 
-4,937
 
-4,556
 
-4,473
 
-3,621
 
-3,949
 
-4,089
Other operating income  
 
38
 
 
169
 
 
-16
 
 
162
 
 
185
 
 
161
 
 
200
               
Operating profit  
466
 
1,348
 
1,991
 
2,069
 
1,875
 
3,054
 
1,890
               
Net financial items  
-209
 
-187
 
72
 
-62
 
-22
 
-118
 
-229
               
Profit before taxes  
257
 
1,161
 
2,063
 
2,007
 
1,853
 
2,935
 
1,661
               
Income taxes -180 -361 -506 -542 -962 -706 -545
               
Profit/loss for the period  
78
 
800
 
1,557
 
1,466
 
891
 
2,229
 
1,116
               
Earnings per share, EUR  
0.01
 
0.07
 
0.13
 
0.12
 
0.07
 
0.19
 
0.09
Earnings per share, EUR, diluted  
 
0.01
 
 
0.07
 
 
0.13
 
 
0.12
 
 
0.07
 
 
0.19
 
 
0.09
Average number of shares, undiluted,              
1,000 shares 11,897 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 11,897
Average number of personnel  
 
500
 
 
513
 
 
487
 
 
451
 
 
437
 
 
427
 
 
418


COMMITMENTS AND CONTINGENCIES

EUR thousand 30.9.2015 30.9.2014
     
On own behalf    
Mortgages 2,783 2,733
Corporate mortgages 12,500 12,500
     
Lease liabilities    
     
  -  in next 12 months 951 721
  -  in next 1-5 years 853 1,111
     
Other commitments 6 6

 

DERIVATIVE FINANCIAL INSTRUMENTS

Nominal values
EUR thousand
30.9.2015 30.9.2014
     
Interest rate derivatives    
Interest rate swaps 2,400 3,000

CONSOLIDATED KEY FIGURES

EUR thousand 1.1. – 30.9.
2015
1.1. –
30.9.
2014
Change, % 1.1. –
31.12.
2014
         
Continuing operations        
Net sales 60,853 58,182 4.6 79,253
Operating profit 3,805 6,818 -44.2 8,887
% of net sales 6.3 11.7   11.2
Profit before tax 3,481 6,449 -46.0 8,457
% of net sales 5.7 11.1   10.7
Profit for the period 2,435 4,237 -42.5 5,702
% of net sales 4.0 7.3   7.2
         
Shareholders’ equity 29,891 28,561 4.7 29,720
Interest-bearing liabilities 8,152 9,834 -17.1 5,623
Cash and cash equivalents 8,505 10,846 -21.6 8,218
Net interest-bearing liabilities -354 -1,012 65.0 -2,595
Capital employed 38,043 38,395 -0.9 35,342
Return on equity, % 10.9 22.0   21.7
Return on capital employed, % 13.8 24.7   25.2
Equity ratio, % 56.2 53.1   56.9
Net gearing, % -1.2 -3,5   -8.7
         
Capital expenditure 2,765 2,406 14.9 4,354
% of net sales 4.5 4.1   5.5
Research and development costs 1,363 1,284 6.2 1,837
% of net sales 2.2 2.2   2.3
         
Order intake 62,908 63,904 -1.6 82,327
Order backlog
 
14,259 15,697 -9.2 12,833
Earnings per share, EUR 0.20 0.36   0.48
Earnings per share, EUR, diluted 0.20 0.36   0.48
Equity per share, EUR 2.51 2.40   2.50
         
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 500 427 17.1 433

 

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