Exel Interim Report for 1 January - 30 June 2006
EXEL OYJ STOCK EXCHANGE RELEASE 26.7.2006 at 11.00 1
(13)
EXEL INTERIM REPORT FOR 1 JANUARY 30 JUNE 2006
Summary
Group:
- Net sales in the first six months rose to EUR 53.5
million, up 14.0 per cent on the previous years EUR 46.9
million
- Net sales were EUR 27.9 (25.2) million in the second
quarter
- Operating profit in the first six months was EUR 0.8 (7.2)
million.
- Operating profit in the second quarter was EUR 0.2 (5.0)
million or 0.6 (19.9) per cent of net sales
- Non-recurring costs of EUR 2.3 million were recorded from
the reorganisation of the Groups factories in the UK and
the Sport Divisions production activities in Mäntyharju as
well as EUR 1.3 million of IFRS valuation items were
recorded related to the acquisition of Pacific Composites
- Earnings per share in the first six months were EUR 0.03
(0.45) based on the number of shares at the end of the
reporting period
Industry:
- Industry Division reported continued growth in net sales,
net sales in the first six months increased to EUR 38.7
(28.0) million, an increase of 38.4 per cent
- Second quarter net sales up 38.4 per cent to EUR 21.4
(15.5) million. The growth was generated by the Pacific
acquisition.
- Deliveries for industrial profiles were affected by
shortage of carbon fibre
- Operating profit in the first six months was EUR 4.0 (5.1)
million including EUR 1.7 million of non-recurring items
- The integration of Pacific Composites is proceeding as
planned
Sport:
- Sport Divisions net sales were low in the first six
months, EUR 14.8 (19.0) million
- Second quarter sales decreased by 33.1 per cent to EUR 6.5
(9.7) million
- Nordic Walking markets in Central Europe are significantly
down from the record year 2005
- Operating loss in the first six months EUR -3.3 (+2.1)
million including EUR 1.9 million of non-recurring costs
- Measures to improve the Sport Divisions production and
logistics operations are continuing according to plan
- New measures aimed at improving the profitability of the
Sport Division being planned
KEY FINANCIAL FIGURES (unaudited)
1.4. - 1.4. Change 1.1. - 1.1. 1.1. -
- % - Change
%
30.6. 30.6 30.6. 30.6 31.12.
. .
EUR million 2006 2005 2006 2005 2005
Net sales 27.9 25.2 10.7% 53.5 46.9 14.0% 91.3
Operating 0.2 5.0 -96.7% 0.8 7.2 -89.4% 12.4
profit
% of net 0.6% 19.9 1.4% 15.4 13.6%
sales % %
Profit for -0.0 3.6 -100.5% 0.3 5.1 -94.0% 8.9
the period
Shareholder 25.2 21.8 15.2% 25.2 21.8 15.2% 27.0
s equity
Net 29.2 13.0 124.8.% 29.2 13.0 124.8% 8.2
interest-
bearing
liabilities
Capital 59.5 40.3 47.9% 59.5 40.3 47.9% 41.0
employed
Return on -0.3% 64.6 -100.5% 2.3% 48.0 37.3%
equity, % % %
Return on 0.9% 54.0 3.1% 40.1 34.0%
capital % %
employed, %
Equity 31,1 % 38.9 31.1% 38.9 50.0%
ratio, % % %
Net 115.9% 59.4 115.9% 59.4 30.2%
gearing, % % %
Earnings 0.00 0.32 -99.4% 0.03 0.45 -94.3% 0.78
per share,
EUR
Earnings 0.00 0.31 -99.6% 0.03 0.45 -94.2% 0.76
per share,
EUR,
diluted
Equity per 2.12 1.95 9.0% 2.12 1.95 9.0% 2.34
share, EUR
IFRS REPORTING
Exel has applied IFRS reporting since the beginning of 2005.
This interim report has been prepared in accordance with the
recognition and measurement principles of IFRS, which are
the same as in the 2005 financial statements.
The financial statements of Pacific Composites Pty. Ltd.,
which was acquired by Exel Oyj on 28.2.2006, are included in
the consolidated financial statements as of 1.3.2006.
NET SALES
Exels consolidated net sales for January-June grew by 14.0
per cent over the previous year to EUR 53.5 (46.9) million.
The net sales include as of 1.3.2006 the operations of
Pacific Composites Pty. Ltd., which has subsidiaries in
Australia, Great Britain and China. Pacific Composites
accounted for EUR 8.4 million of the net sales for the
reporting period. Net sales in the second quarter grew by
10.7 per cent to EUR 27.9 (25.2) million. Growth was
hampered by a significant decline in Central European sales
for the Sport Division as well as a shortage in carbon
fibre.
PROFIT PERFORMANCE
Exels operating profit for January-June was EUR 0.8 (7.2)
million. Operating profit as a percentage of net sales was
1.4 (15.4) per cent. Operating profit was weakened by costs
related to reorganisations amounting to EUR 1.9 million in
Sport Division and EUR 0.4 million in Industry Division.
Additionally, the Sport Divisions operating profit was
weakened by lower sales. EUR 1.3 million of the acquisition
price of Pacific Composites Pty. Ltd. has been allocated to
the value of the inventory and order stock. This figure has
been recorded in its entirety to decrease realised sales
margins during the period March-May in the Industry
Division.
Operating profit for April-June was EUR 0.2 (5.0) million.
The Industry Divisions operating profit was affected by the
costs related to the closing down of the Clacton unit, IFRS
valuation items related to the Pacific acquisition and
certain claims provisions. The decrease in operating profit
of the Sport Division was due to decrease in volumes.
The Groups net financial expenses were EUR 0.5 (0.2)
million. This increase is due mainly to financing
arrangements connected with the Pacific Composites
acquisition. The Groups pre-tax profit was EUR 0.3 (7.0)
million, and profit for the reporting period totalled EUR
0.3 (5.1) million.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet total at the end of the
reporting period stood at EUR 81.0 (56.2) million.
Approximately EUR 28 million of the increase was due to the
Australian acquisition.
At the end of the reporting period, equity stood at EUR 25.2
(21.8) million, and the solvency ratio was 31.1 (38.9) per
cent. Interest-bearing liabilities were EUR 34.4 (18.4)
million, of which short-term liabilities accounted for EUR
7.7 (10.8) million. Net interest-bearing liabilities were
EUR 29.2 (13.0) million, and the net gearing was 115.9
(59.4) per cent.
The development of cash flow from business operations
remained positive in the reporting period and was EUR +3.2
(+1.5) million. Operative capital expenditure was financed
with cash flow from business operations. The acquisition was
financed with a long-term loan amounting to EUR 18 million
and an issue of share capital. At the end of the reporting
period, the Groups liquid assets stood at EUR 5.2 million,
compared with EUR 5.8 million at the end of 2005.
CAPITAL EXPENDITURE
The Groups capital expenditure totalled EUR 2.1 (1.1)
million. The estimated total cost of the acquisition of
Pacific Composites Pty. Ltd. including transaction costs was
EUR 21 million. The final acquisition price will be
determined based on the final audited accounts as of the
acquisition date.
PERSONNEL
The number of people employed by the Exel Group on 30 June
2006 was 668 (514). Of these 347 (362) worked in Finland and
300 (152) abroad. The number of employees during the
reporting period averaged 588 (451). The increase from last
year is mainly due to the acquisition of Pacific Composites.
The Sport Divisions personnel negotiations in Finland,
which were connected with the transfer of the finishing and
assembly operations of consumer products (poles and
floorball) to the Far East for cost reasons, were concluded
in the spring. As a result of the negotiations, 54 full-time
jobs will be discontinued at the end of September 2006. In
addition, approximately 20 part-time jobs will be
discontinued.
Personnel negotiations in the UK connected with the transfer
of the Groups operations from the production site in
Clacton, UK were initiated. The negotiations were concluded
after the end of the reporting period. As a result of the
negotiations, 25 full-time jobs will be discontinued by the
end of 2006.
BUSINESS SEGMENTS
The Groups operations are divided into two primary
segments: the Industry Division and the Sport Division.
INDUSTRY DIVISION
Industry Division
The Industry Divisions key financial figures for the
reporting period:
1.4. - 1.1. - 1.1.- 1.1.-
1.4.- Change
Change %
%
30.6 30.6. 30.6. 30.6. 31.12.
.
EUR million 2006 2005 2006 2005 2005
Net sales 21.4 15.5 38.4% 38.7 28.0 38.4% 56.8
Operating 1.3 3.3 -59.5% 4.0 5.1 -20.7% 10.8
profit
% of net sales 6.2% 21.2% 10.4% 18.2% 19.0%
Average number 416 247 68.4% 354 222 59.5% 236
of personnel
The Groups strategic focus area, the Industry Division
continued its expansion. The divisions net sales increased
in the first six months to EUR 38.7 (28.0) million, up 38
per cent. Almost all of the increase, EUR 9.4 million, arose
from the acquisition of Pacific Composites and the Austrian
acquisition. The Industry Divisions net sales in the second
quarter of 2006 grew by 38 per cent from EUR 15.5 million to
EUR 21.4 million. Demand in the profiles market was lower
than normal in the first six months. Shortage of carbon
fibre affected deliveries in the reporting period. The
production utilisation rate was good at most production
plants.
The production operations in Australia, Great Britain and
China of Pacific Composites Pty. Ltd., which was acquired at
the end of February, will be integrated with the Exel Group
during 2006. The acquisition enables Exel to achieve one of
its strategic goals: to serve its international customers
globally. The start-up of Pacifics factory in Nanjing,
China is in full swing. The plants capacity utilisation and
production volumes will be rapidly increased in the coming
months.
As a result of the acquisition of Pacific Composites, the
Industry Divisions European production strategy is being
reassessed. The Industry Division currently has seven
production plants in Europe. Exel took the decision in the
second quarter to close its factory in Clacton-on-Sea in the
UK. Furthermore, the transfer to other company units of the
subcontracted production of profiles in Spain began during
the reporting period. Rationalising measures will create non-
recurring costs of approximately EUR 0.4 million, which have
been recorded in the result for the second quarter.
Profitability remained at a satisfactory level despite a
considerable increase in raw material prices. Some of this
price pressure has been systematically passed on within the
production chain. The Belgian factorys operative
profitability is not at a satisfactory level mainly due to
the personnels low experience level of new applications,
which has decreased profitability clearly. Claims provisions
totalling EUR 0.3 million relating to certain Central
European customer deliveries were made in the second
quarter. Operating profit decreased to EUR 4.0 million from
EUR 5.1 million the previous year due to non-recurring items
relating to the integration of Pacific Composites.
The acquisition price of Pacific Composites will be
allocated according to the IFRS 3 standard to the assets and
liabilities of the acquired balance sheet. During the first
quarter the preliminary allocation has been made to the
inventory and order stock, which have been valued at sales
price. Therefore the sales margin relating to the inventory
and order stock of the acquisition date is not recorded in
the result. The negative impact of this on the result is
approximately EUR 1.3 million. Moreover, the final
allocation of the acquisition cost to fixed assets will
incur depreciations in the latter part of the year in
addition to the above-mentioned impact on the result.
Carbon fibre raw materials remain in short supply. Exel has
for the most part ensured adequate fibre supplies for this
years projects, but the low supply is limiting the
development of new applications and could impact sales of
some product groups. The main carbon fibre manufacturers
have announced investments to increase capacity. The new
capacity will enter the market in stages from the second
half of 2006. The shortage is expected to continue into the
beginning of 2007.
Sport Division
The Sport Divisions key financial figures for the reporting
period:
1.4.- 1.4. - 1.1. - 1.1.- Change 1.1.-
Change %
%
30.6. 30.6. 30.6. 30.6. 31.12
.
EUR million 2006 2005 2006 2005 2005
Net sales 6.5 9.7 -33.1% 14.8 19.0 -22.0% 34.5
Operating -1.2 1.7 -166.7% -3.3 2.1 -254.1% 1.6
profit
% of net -17.7% 17.8% -22.1% 11.2% 4.6%
sales
Average 215 238 -9.7% 214 229 -6.6% 231
number of
personnel
The Sport Divisions net sales in the first six months
decreased by 22 per cent from EUR 19.0 million to EUR 14.8
million from the previous year. The outlook for the Sport
Division has worsened since the previous forecast due to
weak sales of Nordic Walking products in Central Europe.
This is due to retail chains selling off old stock, which
has continued longer than expected. The total demand in
these markets for the entire year is now expected to be
clearly lower than in the previous year. As a result of
this, Exels Sport Division posted lower sales in the second
quarter compared to the same period last year. In the
future, retail chains are expected to favour leading pole
brands, including Exel.
Exel is still investing heavily in opening new Nordic
Walking markets, especially in North America, key European
countries and China. Significant progress was made in North
America when Exel signed a co-operation agreement with
Reebok for the joint marketing of Nordic Walking. Advance
sales of cross-country skiing poles have increased over the
previous year, reflecting the increasing popularity of this
sport in both Scandinavia and Central Europe.
The floorball and laminate components groups have increased
sales over last year. The Floorball World Championships in
Stockholm strengthened Exels position as the market leader.
New measures aimed at restoring profitability are currently
being planned. The new measures may result in non-recurring
costs in the latter part of the year. The transfer of
surface treatment, assembly and packaging operations for
Nordic Walking and floorball products to China is
progressing according to plan. This transfer is taking place
in phases throughout the year with the goal of having all
these operations handled completely in China by the
beginning of 2007. The outsourcing of the warehousing and
delivery operations of Exel Sports Oy to a service provider
will be implemented according to plan during the third
quarter.
The Sport Divisions operating loss was EUR 3.3 (+2.1)
million including non-recurring costs amounting to EUR 1.9
million stemming from the transfer of production operations
recorded at the beginning of the year. The weak
profitability was due to the decline in the Nordic Walking
markets in Central Europe and investments made to open new
Nordic Walking markets.
SHARES
An increase in the share capital of Exel Oyj of EUR 41,533
to EUR 2,124,115 was registered in the Finnish Trade
Register on 5 April 2006. The increase in share capital was
subscribed by Lemarne Corporation Ltd. and was a part of the
payment of the purchase price of Pacific Composites Pty.
Ltd. realised at the end of February. The increase in share
capital was carried out by virtue of authorisation given by
the Annual General Meeting to the Board of Directors on 14
April 2005. As a result of this share subscription, Exel Oyj
received a total of EUR 2,788,968 as shareholders equity.
During the reporting period, on 22 May 2006, an increase in
the share capital of EUR 17,316 due to a subscription of
shares under the warrant programme was registered in the
Finnish Trade Register. A total of 96,200 shares were
subscribed. Both of Exels options programmes, from 1998 and
2001, have now expired. After 2001, no new options
programmes have been submitted to or approved by the Annual
General Meeting.
As a result of the increase, the share capital of Exel Oyj
is now EUR 2,141,431.74 and the total number of shares is
11,869,843, each with a counter-value of EUR 0.18.
The highest share quotation during the reporting period was
EUR 15.13 (13.78) and the lowest EUR 10.80 (11.35). The
share price closed at EUR 12.46 (12.20). The average share
price during the reporting period was EUR 13.12 (12.48).
During the reporting period 3,319,387 (2,074,235) shares
were traded, accounting for 28.2 (18.5) per cent of the
average number of outstanding shares. Based on the closing
price in the reporting period, market capitalisation
totalled EUR 148.2 (137.0) million.
OUTLOOK
The outlook for Exel Group has worsened since the previous
interim report due to continued weak sales of Nordic Walking
products in Central Europe, as markets have decreased
significantly from the record year 2005 and retail chains
are still selling off old stock.
Carbon fibre raw materials are expected to remain in short
supply also during the latter half of 2006, which limits
growth opportunities and may continue to impact sales of
some product groups.
The integration of Pacific Composites within the Group will
continue during the rest of the year 2006. The acquisition
will significantly increase sales of the Industry Division
and contribute to the growth, especially in Far East
markets, already during 2006.
Additional measures to improve the profitability of the
Sport Division are currently being planned, which are
expected to lead to additional non-recurring costs. The
transfer of assembly and surface treatment operations for
pole and floorball products to the Far East, outsourced
logistics, and further measures will decrease costs and
improve competitiveness for the Sport Division beginning in
2007.
Full year Group sales are expected to increase clearly over
the last year mainly due to the acquisition of Pacific
Composites. Due to weaker demand in the Nordic Walking
markets and non-recurring costs, the Groups full year pre-
tax profit will be clearly lower than in 2005.
Mäntyharju, 26 July 2006
Exel Oyj Ari Jokelainen
Board of Directors President & CEO
Further information:
Ari Jokelainen, President & CEO, tel. +358 50 590 6750
Ilkka Silvanto, CFO, tel. +358 50 598 9553
CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
CONDENSED CONSOLIDATED INCOME STATEMENT, EUR 1,000
1.4.- 1.4.- Change 1.1.- 1.1- Change 1.1.-
30.6 30.6. 30.6. 30.6. 31.12
. .
2006 2005 % 2006 2005 % 2005
Net sales 27907 25203 10.7% 53507 46941 14.0% 9188
Other operating 21 153 -86.3% 51 203 -74.9% 186
income
Operating -26620 -19505 -36.5% -49793 -38298 -30.0% -75
expenses 502
Depreciation and -1144 -845 -35.4% -2998 -1636 -83.3% -3584
impairment
Operating profit 164 5006 -96.7% 767 7210 -89.4% 12388
Net financial -327 -112 -192.0% -478 -170 -181.2% -342
items
Profit before tax -162 4894 -103.3% 290 7040 -95.9% 12046
Income taxes 144 -1332 110.8% 15 -1934 100.8% -3144
Profit/loss for -18 3562 -100.5% 305 5106 -94.0% 8902
the period
Attributable to:
Equity holders -13 3562 -100.4% 311 5106 -93.9% 8902
of the parent
company
Minority -4 0 -7 0 0
interest
Earnings per 0.00 0.32 -99.4% 0.03 0.45 -94.3% 0.78
share, EUR
Earnings per 0.00 0.31 -99.6% 0.03 0.45 -94.2% 0.76
share, EUR,
diluted
CONDENSED CONSOLIDATED BALANCE SHEET, EUR thousand
30.6.20 30.6.20 Chang 31.12.20
06 05 e 05
ASSETS
Non-current assets
Goodwill 14,123 3,878 10,24 3,877
5
Other intangible assets 758 778 -20 880
Tangible assets 20,045 14,311 5,734 15,395
Deferred tax assets 2,293 928 1,841 1,070
Other non-current assets 71 101 -30 103
Non-current assets total 37,290 19,996 17,77 21,325
0
Current assets
Inventories 20,550 15,108 5,442 15,361
Trade and other receivables 17,919 15,639 1,804 12,157
Other liquid assets 0 0 0 1,324
Cash at bank and in hand 5,205 5,444 -239 4,454
Current assets total 43,674 36,191 7,007 33,295
Total assets 80,964 56,187 24,77 54,621
7
EQUITY AND LIABILITIES
Shareholders equity
Share capital 2,141 2,021 120 2,070
Share issue 0 0 0 287
Share premium reserve 8,492 4,118 4,374 5,142
Retained earnings 14,222 10,599 3,623 10,628
Profit for the period 311 5,106 - 8,902
4,795
Total equity 25,166 21,844 3,322 27,029
Minority share 3 3 11
Non-current liabilities
Interest-bearing 26,659 7,643 19,01 9,611
liabilities 6
Deferred tax liabilities 1,049 349 700 407
Current liabilities
Interest-bearing 7,707 10,772 - 4,346
liabilities 3,065
Trade and other non-current 20,379 15,579 4,800 13,217
liabilities
Total liabilities 55,794 34,343 21,45 27,581
1
Total equity and 80,964 56,187 24,77 54,621
liabilities 3
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY, EUR thousand
Share Share Share Retaine Minority Total
premiu d
m
Capita Issue Reserv Earning Interest
l e s
Balance at 1 1,932 817 3,390 14,553 0 20,692
January 2005
Share issue 89 -817 728 0 0
Exchange rate -23 -23
Differences
Other items 0 0
Dividend -3,931 -3,931
Profit for the 5,106 0 5,106
Period
Balance at 30 2,021 0 4,118 15,705 0 21,844
June 2005
Balance at 1 2,070 287 5,142 19,530 10 27,039
January 2006
Share issue 71 -287 3,350 0 3,134
Exchange rate -689 -689
differences
Other items 101 101
Dividend -4,720 -4,720
Profit for the 311 -7 305
period
Balance at 30 2,141 0 8,492 14,533 3 25,170
June 2006
CONDENSED CONSOLIDATED CASH FLOW STATEMENT, EUR thousand
1.1.- 1.1- Change 1.1.-
30.6. 30.6. 31.12.
2006 2005 2005
Cash flow from operating activities
Profit for the period 305 5,106 -4,801 8,902
Adjustments 4,570 3 847 723 6,935
Change in working capital 883 -4,862 5,745 -2,760
Cash flow generated by
operations 5,758 4,091 1,667 13,077
Interest paid -273 -175 -78 -407
Interest received 65 24 41 59
Other financial items -64 -4 -60 12
Income taxes paid -2,298 -2,431 133 -4,823
Net cash flow from
operating activities 3,188 1,485 1,767 7,918
Cash flow from financing
Acquisitions -18,687 -1,912 -16,775 -2,056
Capital expenditure -2,062 -1,077 -985 -2,377
Proceeds from sale of fixed 32 0 32 62
assets
Cash flow from investing -20,717 -2,989 -17,728 -4,371
activities
Cash flow from financing
Share issue 3,134 0 3,134 1,360
Proceeds from long-term 18,000 2,000 16,000 2,000
borrowings
Instalments of long-term -1,248 -983 -265 -2,011
borrowings
Change in short-term loans 1,977 4,792 -2,815 -30
Instalments of finance lease -187 -80 -107 -307
liabilities
Dividends paid -4,720 -3,931 -789 -3,931
Net cash flow from financing 16,956 1,798 15,158 -2,919
Change in liquid funds -573 294 -803 628
Liquid funds in the 5,778 5,150 628 5,150
beginning of period
Change in liquid funds -573 294 -867 628
Liquid funds at the end of 5,205 5,444 -239 5,778
period
QUARTERLY KEY FIGURES, EUR thousand
II/20 I/200 IV/20 III/20 II/20 I/200
06 6 05 05 05 5
Net sales by segment
Industry 21,38 17,31 15,07 13,755 15,45 12,50
8 5 2 9 9
Sport 6,519 8,285 6,875 8,647 9,744 9,229
Net sales, total 53,50 25,60 21,94 22,402 25,20 21,73
7 0 7 3 8
Operating profit by segment
Industry 1,323 2,713 3,235 2,484 3,271 1,818
Sport - - - 525 1,735 386
1,157 2,111 1,066
Operating profit, 164 603 2,169 3,009 5,006 2,204
total
Net financial items -327 -151 -112 -60 -112 -58
Profit before taxes -162 452 2,057 2,949 4,894 2,146
Income taxes 144 -129 -332 -878 - -602
1,332
Profit for the -18 323 1,725 2,071 3,562 1,544
period
Earnings per share, 0 0.03 0.15 0.18 0.32 0.14
EUR
Earnings per share, 0 0.03 0.14 0.17 0.31 0.13
EUR, diluted
Average number of shares
undiluted, 1000 11,87 11,65 11,35 11,302 11,23 11,23
shares 3 2 9 0 0
Average number of shares
diluted, 1000 11,87 11,89 11,55 11,574 11,39 11,52
shares 3 6 0 3 4
Average number of 652 518 469 498 485 417
personnel
COMMITMENTS AND CONTINGENCIES, EUR thousand
30.6.2006 30.6.2005 31.12.2005
On own behalf
Mortgages 2,953 2,954 2,953
Corporate mortgages 12,500 12,500 12,500
Lease liabilities
- in next 12 months 433 455 216
- in next 1-5 years 2,403 1,786 263
Other commitments 43 260 66
DERIVATIVE FINANCIAL INSTRUMENTS, nominal values, EUR
thousand
30.6.200 30.6.200 31.12.2005
6 5
Foreign exchange derivatives
Forward contracts 8,470 335 0
Purchased currency options 3,202 750 0
Sold currency options 1,585 371 0
Interest rate derivatives
Interest rate swaps 5,971 2,192 1,748
CONSOLIDATED KEY FIGURES, EUR thousand
1.1.- 1.1- Change 1.1.-
30.6. 30.6. % 31.12.
2006 2005 2005
Net sales 53,507 46,941 14.0% 91,288
Operating profit 767 7,210 -89.4% 12,388
% of net sales 1.4 15,4 13.6%
Profit before tax 290 7,040 -95.9% 12,046
% of net sales 0.5% 15.0% 13.2%
Profit for the period 305 5,106 -94.0% 8,902
% of net sales 0.6% 10.9% 9.8%
Shareholders equity 25,166 21,844 15.2% 27,029
Interest-bearing liabilities 34,366 18,415 86.6% 13,957
Cash and cash equivalents 5,205 5,444 -4.4% 5,778
Net interest-bearing 29,161 12,971 124.8% 8,179
liabilities
Capital employed 59,536 40,259 47.9% 40,997
Return on equity, % 2.3% 48.0% 37.3%
Return on capital employed, 3.1% 40.1% 34.0%
%
Equity ratio, % 31.1% 38.9% 50.0%
Net gearing, % 115.9% 59.4% 30.2%
Capital expenditure 18,580 2,743 577.4% 4,119
% of net sales 34.7% 5.8% 4.5%
Research and development 1,160 1,214 -4.4% 2,323
costs
% of net sales 2.2% 2.6% 2.5%
Order stock 17,902 11,132 60.8% 12,381
Earnings per share, EUR 0.03 0,.5 -94.3% 0.78
Earnings per share, EUR,
diluted
Equity per share, EUR 2.12 1.95 9.0%
Average number of shares
- cumulative 11,763 11,230 4.7% 11,359
- cumulative, diluted 11,772 11,393 3.3% 11,550
Average number of employees 588 451 30.4% 467
