Exel interim report for 1 January - 30 September 2006
EXEL OYJ STOCK EXCHANGE RELEASE 26.10.2006 at 11.00
1 (12)
EXEL INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2006
First nine months in brief
Group
- Net sales in the first nine months rose to EUR 82.0
million, up 18.3 per cent on the previous years EUR 69.3
million
- Net sales were EUR 28.5 (22.4) million in the third
quarter
- Operating loss in the first nine months was EUR -0.3 (10.2)
million including EUR -6.3 million of non-recurring items
- Operating loss in the third quarter was EUR 1.0 (3.0)
million or -3.6 (13.4) per cent of net sales including EUR -
2.8 of nonrecurring items
- Earnings per share were EUR -0.06 (0.62) based on the
number of shares at the end of the reporting period
- Ari Jokelainen, President & CEO, resigns from Exel as of 20
November 2006. Göran Jönsson appointed interim President &
CEO.
Industry Division
- Industry Division reported continued growth in net sales,
net sales in the first nine months increased to EUR 60.8
(41.7) million, an increase of 45.6 per cent, increase mainly
due to Pacific Composites acquisition
- Third quarter net sales up 60.4 per cent to EUR 22.1 (13.8)
million
- Deliveries for industrial profiles affected by shortage of
carbon fibre
- Operating profit in the first nine months was EUR 6.9 (7.6)
million including EUR -1.6 million non-recurring items
- Operating profit in the third quarter was EUR 2.8 (2.5)
million
- The integration of Pacific Composites is proceeding as
planned
Sport Division
- Sport Divisions net sales in the first nine months were
EUR 21.3 (27.6) million
- Net sales decreased in the third quarter by 25.2 per cent
to EUR 6.5 (8.6) million
- Nordic Walking markets in German-speaking Central Europe
are significantly down from the record year 2005
- Operating loss in the first nine months was EUR 7.1 (2.6)
million including EUR -4.7 million of non-recurring items
- Personnel reductions connected to the restructuring of
production operations were implemented at the end of
September
- Additional measures in sales, marketing and logistics to
adjust the cost level to present market conditions being
performed throughout the rest of the year
KEY FINANCIAL FIGURES, EUR million
(unaudited)
1.7.- 1.7.- Change 1.1.- 1.1.- Change
1.1.-
30.9. 30.9. % 30.9. 30.9. %
31.12.
2006 2005 2006 2005
2005
Net sales 28.5 22.4 27.3% 82.0 69.3 18.3%
91.3
Operating -1.0 3.0 -133.9% -0.3 10.2 -102.5%
12.4
profit/loss
% of net sales -3.6% 13.4% -0.3% 14.7%
13.6% Profit/loss for -1.0 2.1 -149.3% -0.7 7.2 -
110.0% 8.9
the period
Shareholders 24.2 24.4 -0.6% 24.2 24.4 -0.6%
27.0
equity
Net interest- 30.9 10.9 184.0% 30.9 10.9 184.0%
8.2 bearing
liabilities
Capital employed 59.9 40.9 46.5% 59.9 40.9 46.5%
41.0 Return on -16.5% 35.9% -3.7% 42.5%
37.3% equity, %
Return on -6.0% 29.4% -0.3% 37.2%
34.0% capital
employed, %
Equity ratio, % 29.4% 43.1% 29.4% 43.1%
50.0% Net gearing, % 127.7% 44.7% 127.7% 44.7%
30.2%
Earnings per -0.09 0.18 -147.2% -0.06 0.64 -109.5%
0.78 share, EUR
Earnings per -0.09 0.17 -150.3% -0.06 0.62 -109.5%
0.76 share, diluted,
EUR
Equity per 2.04 2.15 -5.1% 2.04 2.15 -5.1%
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-September grew by
18.3 per cent over the previous year to EUR 82.0 (69.3)
million. The net sales include as of 1.3.2006 the operations
of Pacific Composites, which accounted for EUR 15.8 million
of the net sales for the reporting period. Net sales in the
third quarter grew by 27.3 percent to EUR 28.5 (22.4)
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 loss for January-September was EUR -0.3
(10.2) million. Operating profit as a percentage of net sales
was -0.3 (14.7) per cent. Operating profit was weakened by
costs related to reorganisations amounting to EUR -4.7
million for the Sport Division and EUR -0.4 million for the
Industry Division. Additionally, the Sport Divisions
operating profit was weakened by lower sales. EUR 1.3 million
of the acquisition price of Pacific Composites 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. Total nonrecurring items in the first nine months
were EUR -6.3 million.
Operating loss for July-September was EUR -1.0 (3.0) million.
The Industry Divisions operating profit was affected by
production problems in the Belgium unit which have been
resolved during the third quarter. The decrease in operating
profit of the Sport Division was due to cost increase
provisions related to restructuring and a decrease in
volumes.
The Groups net financial expenses were EUR 0.7 (0.3)
million. This
increase is due mainly to financing arrangements connected
with the Pacific Composites acquisition. The Groups pre-tax
profit was EUR 1.0 (10.0) million, and loss for the reporting
period totalled EUR 0.7 (7.2) million.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet total at the end of the
reporting period stood at EUR 82.7 (56.6) million.
Approximately EUR 28 million of the increase was due to the
acquisition of Pacific Composites.
At the end of the reporting period, equity stood at EUR 24.2
(24.4) million, and the solvency ratio was 29.4 (43.1) per
cent. Interestbearing liabilities were EUR 35.7 (16.5)
million, of which shortterm liabilities accounted for EUR 9.7
(6.3) million. Net interestbearing liabilities were EUR 30.9
(10.9) million, and the net gearing was 127.7 (44.7) per
cent.
The development of cash flow from operating activities
remained positive in the reporting period and was EUR +1.7
(+5.4) 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 4.8 million,
compared with EUR 5.6 million at the end of 2005.
CAPITAL EXPENDITURE
The Groups operative capital expenditure totalled EUR 2.4
(3.2) million. The estimated total cost of the acquisition of
Pacific Composites 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
September 2006 was 612 (471). Of these 311 (321) worked in
Finland and 301 (150) abroad. The number of employees during
the reporting period averaged 611 (467). The increase from
last year is mainly due to the acquisition of Pacific
Composites. The Sport Divisions personnel negotiations in
Finland were concluded in the spring. As a result of the
negotiations, 54 full-time jobs and approximately 20 part-
time jobs were discontinued at the end of September 2006. In
addition, as a result of personnel negotiations in Finland
during the reporting period, 3 full-time jobs will be
discontinued at Exel Sports Oy and 11 jobs at the German
company. Additionally it has been agreed that temporary lay-
offs of production personnel can be done depending on the
workload. Personnel negotiations affecting some Sport
Division operations abroad are ongoing.
Personnel negotiations in the UK connected with the transfer
of the Groups operations from Clacton were concluded during
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
The Industry Divisions key financial figures for the
reporting period:
1.7.- 1.7.- Change 1.1.- 1.1.- Change
1.1.%
%
30.9. 30.9. 30.9. 30.9.
31.12.
EUR thousand 2006 2005 2006 2005
2005
Net sales 22.1 13.8 60.4% 60.8 41.7 45.6%
56.8 Operating profit/loss 2.8 2.5 13.5% 6.9 7.6 -
9.5% 10.8
% of net sales 12.8% 18.1% 11.3% 18.2%
19.0%
Average number of 425 257 65.4% 377 234 61.1%
236 personnel
Non-recurring items 1.6
The Groups strategic focus area, the Industry Division
continued
its expansion. The divisions net sales increased in the
first nine months to EUR 60.8 (41.7) million, up 45.6 per
cent. Main part of the increase, EUR 16.8 million, arose from
the acquisition of Pacific Composites and the Austrian
acquisition. Organic growth during the period was 5.5%. The
Industry Divisions net sales in the third quarter of 2006
grew by 60.4 per cent from EUR 13.8 million to EUR 22.1
million, with organic growth of 6.5%.
The recent increase in the price of metals, especially
aluminium and stainless steel, has further stimulated
interest among designers and engineers in composite profiles
and solutions. Demand has been good in the third quarter, and
the production utilisation rate has remained high despite the
summer holidays. Carbon fibre raw materials remain in short
supply and are hampering growth significantly.
The summer season has traditionally seen high demand for
airport safety masts. However, this year it can be clearly
seen that the major safety mast installations in Europe have
been completed already. Meanwhile, safety mast installations
in Asia, Africa and South America continue to lag behind
despite the requirements stipulated by the International
Civil Aviation Organization (ICAO). During the third quarter,
airport safety masts were delivered to Moscows Vnukovo
Airport, as well as to several airports operated by the
Federal Aviation Administration in the USA, including
Nashville, Tennessee.
A new operating model has been introduced at the Belgium
factory, and the positive results could be seen already at
the end of the third quarter.
The formation of the Industry Division organisation at the
Mäntyharju factory also began in the third quarter. The first
new production line will be started up in Mäntyharju in the
fourth quarter.
The launch and marketing of X-tel telescopes began in the
third quarter. The X-tel is the first 10-part composite
telescope for the high-reaching application segments and
features top design and an easy-to-use locking system. X-tel
production began at the end of the third quarter, and the
first deliveries to customers will take place in the fourth
quarter.
The production operations in Australia, Great Britain and
China of Pacific Composites, 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 year.
Profitability remained at a good level despite a considerable
increase in raw material prices. Some of this price pressure
has been systematically passed on within the production
chain. Operating profit decreased to EUR 6.9 million from EUR
7.6 million the previous year due to non-recurring items of
EUR -1.6 million related to the integration of Pacific
Composites and UK consolidation.
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
two quarters 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:
1.7.- 1.7.- Change 1.1.- 1.1.- Change
1.1.% %
30.9. 30.9. 30.9. 30.9.
31.12. EUR thousand 2006 2005 2006 2005
2005
Net sales 6.5 8.6 -25.2% 21.3 27.6 -23.0%
34.5 Operating profit/loss -3.8 0.5 - -7.1 2.6
- 1.6
831.4% 368.6%
% of net sales -59.4% 6.1% -33.4% 9.6%
4.6% Average number of 198 241 -17.8% 214 233 -
8.2% 231 personnel
Non-recurring items 2.8 4.7
The Sport Divisions net sales in the first nine months
decreased by
23 per cent from EUR 27.6 million to EUR 21.3 million from the
previous year. The sales of the Sport Division are low in
2006 due to weak sales of Nordic Walking products in German-
speaking Central Europe. This is due to retail chains selling
off old stock, which has continued longer than expected. As a
result of this, Exels Sport Division posted significantly
lower sales in the third quarter compared to the same period
last year.
The floorball and laminate components groups have increased
sales over last year.
New measures aimed at restoring profitability were decided in
August. Those measures include adjusting the marketing, sales
and logistics costs of the Sport Division in Finland, Germany
and the USA to present market level. This will reduce the
personnel by some 20-30 persons towards the yearend. The new
measures will result in non-recurring costs in the latter
part of the year. EUR -2.8 million have been recorded in the
third quarter. 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 was
implemented according to plan at the end of August and
beginning of September. The transfer affects deliveries
temporarily.
The Sport Divisions operating loss was EUR 7.1 (2.6)
million. This includes non-recurring costs due to
reorganisations amounting to EUR 4.7 million, of which EUR
2.8 million has been recorded in the third quarter. The weak
profitability was also due to the decline in the Nordic
Walking markets in Central Europe and investments made to
open new Nordic Walking markets.
SHARES
The highest share quotation during the reporting period was
EUR 15.13 (14.14) and the lowest EUR 10.50 (11.35). The share
price closed at EUR 13.00 (14.10). The average share price
during the reporting period was EUR 12.82 (12.61).
During the reporting period 4,327,316 (3,381,524) shares were
traded, accounting for 36.6 (30.0) per cent of the average
number of outstanding shares. Based on the closing price in
the reporting period, market capitalisation totalled EUR
155.8 (159.8) million.
EVENTS AFTER THE END OF THE REVIEW PERIOD
The Board of Exel appointed Mr. Göran Jönsson (born 1947) as
interim President and CEO of Exel. Göran Jönsson succeeds Mr.
Ari Jokelainen, who has been the President and CEO of Exel
since 1990. The Board of Exel and Ari Jokelainen have agreed
that Jokelainen will resign from his duties as President of
Exel Oyj, but he will continue to serve the company as CEO
until Göran Jönsson assumes his new position 20 November
2006. Vesa Korpimies continues to serve as Executive Vice
President of Exel.
Göran Jönsson has held senior management positions in the
chemicals and coatings industries, most recently within Nobel
Industries and AkzoNobel, where he was General Manager for
industrial coatings with annual sales of some EUR 500
million. He will bring extensive global industrial experience
to Exel concerning organic growth, acquisitions and
integration. As part of his assignment, he will work together
with the Board of Exel in appointing a long-term successor
for the position as CEO.
OUTLOOK
The Exel Groups outlook for the full year 2006 remains as
presented in the guidance given on the 24th August 2006.
Sales of Nordic Walking products in German-speaking Central
Europe remain weak. The total demand in these markets for the
entire year is expected to be clearly lower than in 2005.
Still, for 2007 retail chains are expected to favour leading
pole brands, including Exel. Restructuring measures to
improve profitability will be implemented throughout the
year, and they will result in non-recurring costs in 2006.
The integration of Pacific Composites will to a major extent
be completed in 2006. The acquisition will significantly
increase net sales for the Industry Division. However, carbon
fibre raw materials remain in short supply also during the
rest of 2006, which impact growth opportunities negatively.
IFRS valuation acquisition items,
the costs of restructuring measures to concentrate production
and close-down of the factory in Clacton-on-Sea in the UK and
the reorganization of the Exel factory in Belgium weaken the
Industry Divisions profitability in 2006.
Annual Group sales are expected to increase clearly over last
year mainly due to the acquisition of Pacific Composites.
However, due to the weaker demand for Nordic Walking products
and the non-recurring costs stemming from the restructuring
measures in Exel, the Groups pre-tax profit after non-
recurring items is expected to be negative for 2006.
Mäntyharju, 26 October 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
INTERIM REPORT 1.1. 30.9.2006
CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
CONDENSED CONSOLIDATED INCOME STATEMENT, EUR 1,000
1.7.- 1.7.- Change % 1.1.- 1.1.- Change %
1.1.-
30.9. 30.9. 30.9. 30.9.
31.12. 2006 2005 2006 2005
2005
Net sales 28,527 22,402 27.3% 82,034 69,343 18.3%
91,288
Other 30 17 76.5% 81 220 -63.2%
186
operating
income
Operating - - -47.5% - -56,775 -35.7%
-75,502
expenses 27,261 18,477 77,054
Depreciation -2,316 -933 -148.2% -5,314 -2,569 -106.9%
-3,584 and
impairment
Operating -1,020 3,009 -133.9% -253 10,219 -102.5%
12,388 profit
Net -258 -60 -330.0% -736 -229 -221.4%
-342
financial
items
Profit -1,278 2,949 -143.3% -988 9,989 -109.9%
12,046 before tax
Income taxes 258 -878 129.4% 273 -2,812 109.7%
-3,144
Profit/loss -1,020 2,071 -149.3% -715 7,177 -110.0%
8,902 for the
period
Attributable
to:
Equity -1,021 2,071 -149.3% -709 7,177 -109.9%
8,902 holders of
the parent
company
Minority 1 0 -6 0
0
interest
Earnings per -0.09 0.18 -147.2% -0.06 0.64 -109.5%
0.78 share, EUR
Earnings per -0.09 0.17 - -0.06 0.62 -109.8%
0.76
share, 150.3%
diluted, EUR
CONDENSED CONSOLIDATED BALANCE SHEET, EUR thousand
30.9.20 30.9.20 Chang
31.12.20
06 05 e
05
ASSETS
Non-current assets
Goodwill 13,183 3,717 9,466
3,877
Other intangible assets 638 855 -217
880
Tangible assets 19,561 15,725 3,836
15,395
Deferred tax assets 2,122 994 1,128
1,070
Other non-current assets 73 102 -29
103
Non-current assets total 35,576 21,393 14,18
21,325
4
Current assets
Inventories 20,347 15,458 4,889 15,361
Trade and other receivables 21,914 14,135 7,779 12,157
Other liquid assets 0 0 0 1,324
Cash at bank and in hand 4,765 5,637 -872 4,454
Current assets total 47,026 35,230 11,79 33,295
6
Total assets 82,602 56,623 25,98 54,621
0
EQUITY AND LIABILITIES
Shareholders equity
Share capital 2,141 2,041 100 2,070
Share issue 0 0 0 287
Share premium reserve 8,492 4,542 3,950 5,142
Retained earnings 14,293 10,614 3,679 10,628
Profit for the period -709 7,177 - 8,902
7,886
Equity holders of the 24 ,217 24,374 -157 27,029
parent company
Minority interest 4 4 11
Total equity and 24,221 24,374 -153 27,040
liabilities
Non-current liabilities
Interest-bearing 25,958 10,236 15,72 9,611
liabilities 2
Deferred tax liabilities 192 375 -183 407
Current liabilities
Interest-bearing 9,730 6,288 3,442 4,346
liabilities
Trade and other non-current 22,501 15,350 7,151 13,217
liabilities
Total liabilities 58,381 32,249 26,13 27,581
2
Total equity and 86,602 56,623 25,98
54,621
liabilities 0
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 109 -817 1,152 0 444
Exchange rate -8 -8
differences
Other items 0 0 0
Dividend -3,931 -3,931
Profit for the 7,177 0 7,177
period
Balance at 30 2,041 0 4,542 17,791 0 24,374
September
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 -517 -517
differences
Other items 0 0
dividend -4,720 -4,720
Profit for the -709 -6 -715
period
Balance at 30 2,141 0 8,492 13,584 4 24,221
September
2006
CONDENSED CONSOLIDATED CASH FLOW STATEMENT, EUR thousand
1.1.- 1.1- Change
1.1.-
30.9. 30.9.
31.12.
2006 2005
2005
Cash flow from operating activities
Profit for the period -715 7,177 -7,892
8,902
Adjustments 6,666 5,653 1,013
6,935
Change in working capital -710 -3,880 3,170 -
2,760
Cash flow generated by
operations 5,241 8,950 -3,709
13,077
Interest paid -807 -341 -466
-407
Interest received 102 40 62 59
Other financial items 25 39 14 12
Income taxes paid -2,855 -3,272 417
-4,823
Net cash flow from
operating activities 1,706 5,416 -3,710
7,918
Cash flow from financing
Acquisitions -18,687 -2,056 -16,631
-2,056
Capital expenditure -2,373 -1,452 -921
-2,377
Proceeds from sale of fixed 32 0 32 62
assets
Cash flow from investing -21,028 -3,508 -17,520 -
4,371
activities
Cash flow from financing
Share issue 3,134 443 2,691
1,360
Proceeds from long-term 18,000 401 17,599
2,000
borrowings
Instalments of long-term -1,583 0 -1,583 -
2,011
borrowings
Change in short-term loans 3,759 1,666 2,093
-30
Instalments of finance lease -281 0 -281
-307
liabilities
Dividends paid -4,720 -3,931 -789 -
3,931
Net cash flow from financing 18,309 -1,421 19,730 -
2,919
Change in liquid funds -1,013 487 -1,500
616
Liquid funds in the 5,778 5,150 628
5,150
beginning of period
Change in liquid funds -1,013 487 -1,500
628
Liquid funds at the end of 4,765 5,637 -872
5,778
period
QUARTERLY KEY FIGURES, EUR thousand
III/06 II/06 I/06 IV/05 III/05
II/05 I/05
Net sales by segment
Industry 22062 21388 17315 15072 13755
15459 12509
Sport 6466 6519 8285 6875 8647
9744 9229
Net sales, 28527 27907 25600 21947 22402
25203 21738
total
Operating profit by
Segment
Industry 2819 1323 2713 3235 2484
3271 1818
Sport -3840 -1157 -2111 -1066 525
1735 386
Operating -1020 164 603 2169 3009
5006 2204
profit, total
Net financial -258 -327 -151 -112 -60 -
112 -58
items
Profit before -1278 -162 452 2057 2949
4894 2146
taxes
Income taxes 258 144 -129 -332 -878 -
1332 -602
Profit for the -1020 -18 323 1725 2071
3562 1544
period
Earnings per -0.09 0.00 0.03 0.15 0.18
0.32 0.14
share, EUR
Earnings per -0.09 0.00 0.03 0.14 0.17
0.31 0.13
share, diluted,
EUR
Average number of shares,
undiluted, 1000 11897 11873 11652 11359 11302
11230 11230
shares
Average number of shares,
diluted, 1000 11897 11873 11896 11550 11574
11393 11524
shares
Average number 644 652 518 469 498
485 417
of personnel
COMMITMENTS AND CONTINGENCIES, EUR thousand
30.9.2006 30.9.2005
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 463 440 216
- in next 1-5 years 2,128 1,743 263
Other commitments 43 262 66
DERIVATIVE FINANCIAL INSTRUMENTS, nominal values, EUR
thousand
30.9.2006 30.9.2005
31.12.2005
Foreign exchange derivatives
Forward contracts 8,470 -233 0
Purchased currency 2,383 750 0
options
Sold currency 1,179 371 0
options
Interest rate derivatives
Interest rate swaps 1,221 2,109 1,748
Purchased interest 4,667
options
CONSOLIDATED KEY FIGURES, EUR thousand
1.1.- 1.1- Change 1.1.-
30.9. 30.9. % 31.12.
2006 2005 2005
Net sales 82,034 69,343 18.3% 91,288
Operating profit/loss -253 10,219 -102.5% 12,388
% of net sales -0.3% 14.7% 13.6%
Profit before tax -988 9,989 -109.9% 12,046
% of net sales -1.2% 14.4% 13.2%
Profit for the period -715 7,177 -110.0% 8,902
% of net sales -0.9% 10.3% 9.8%
Shareholders equity 24,221 24,374 -0.6% 27,029
Interest-bearing liabilities 35,687 16,524 116.0% 13,957
Cash and cash equivalents 4,765 5,637 -15.5% 5,778
Net interest-bearing 30,922 10,887 184.0% 8,179
liabilities
Capital employed 59,908 40,898 46.5% 40,997
Return on equity, % -3.7% 42.5% 37.3%
Return on capital employed, -0.3% 37.2% 34.0%
%
Equity ratio, % 29.4% 43.1% 50.0%
Net gearing, % 127.7% 44.7% 30.2%
Capital expenditure 18,926 3,249 482.5% 4,119
% of net sales 23.1% 4.7% 4.5%
Research and development 1,731 1,766 -2.0% 2,323
costs
% of net sales 2.1% 2.5% 2.5%
Order stock 16,965 12,672 33.9%
12,381
Earnings per share, EUR -0.06 0.64 -109.5% 0.78
Earnings per share, diluted, -0.06 0.62 -109.8% 0.76
EUR
Equity per share, EUR 2.04 2.15 -5.1% 2.34
Average number of shares, 1000 shares
- cumulative 11,808 11,254 4.9% 11,359
- cumulative, diluted 11,814 11,574 2.1% 11,550
Average number of personnel 611 467 30.8%
467