Componenta Oyj Interim report 14.10.2008 at 9.30
Componenta interim report 1 January - 30 September 2008
Consolidated net sales in the review period totalled MEUR 556.1 (MEUR 471.8).
Operating profit excluding one-time items was MEUR 53.9 (MEUR 26.2).
Result after financial items, excluding one-time items, was MEUR 35.3 (MEUR
11.8).
Basic earnings per share, excluding one-time items, were EUR 2.35 (EUR 0.76).
Consolidated net sales in the third quarter totalled MEUR 170.1 (MEUR 143.2),
operating profit excluding one-time items was MEUR 7.7 (MEUR 3.3) and the result
after financial items, excluding one-time items, was MEUR 1.7 (MEUR -2.1).
Net sales and order book
The Group's net sales in January - September were EUR 556.1 (471.8) million.
Comparable growth in net sales was 19.3%. The order book at the end of September
stood at EUR 123.2 (125.0) million.
Foundry division's net sales increased 29.7% from the previous year to EUR 230.3
(177.5) million.
Net sales of the Machine shops division rose 13.8% to EUR 149.1 (131.0) million.
The Machine shops and Foundries divisions had a combined order book at the end
of the review period of EUR 73.2 (68.3) million. Showing the order books for the
divisions separately is not justified due to the nature of Componenta's supply
chain.
Net sales of the Turkey division increased 21.5% to EUR 212.3 (174.7) million.
The Turkey division had an order book at the end of the review period of EUR
31.2 (41.4) million.
Componenta's net sales by customer sector were as follows: off-road 35% (37%),
heavy truck industry 28% (26%), automotive 16% (17%), diesel and wind 6% (5%),
machine building 14% (14%) and others 1% (1%).
Result
The interim report has been prepared in accordance with international financial
reporting standards (IFRS). Componenta has prepared the report applying the same
accounting principles as in its 2007 Financial Statements. The figures in the
interim report are unaudited.
The Group's operating profit in the review period excluding one-time items was
EUR 53.9 (26.2) million. The operating profits of all the divisions improved
significantly from the previous year. Other operating income includes exchange
rate differences on sales and purchases.
The Group's net financial expenses in the review period totalled EUR -18.7
(-14.4) million. Net financial expenses increased EUR 4.3 million from the
previous year mainly due to exchange rate differences on loans.
The Group's result after financial items, excluding one-time items, was EUR 35.3
(11.8) million. One-time items in the review period totalled EUR -0.4 million.
Income taxes, calculated from the net profit for the period, totalled EUR -8.3
(-0.9) million.
The net profit for the period, excluding one-time items, was EUR 26.8 (8.8)
million and the corresponding figure including one-time items was EUR 26.5
(22.9) million.
The basic earnings per share, excluding one-time items, were EUR 2.35 (0.76) and
the corresponding figure including one-time items was EUR 2.32 (2.10).
The return on investment, excluding one-time items, was 19.9% (9.8%) and return
on equity, excluding one-time items, 35.1% (12.7%).
Financing
On 30 September Componenta Corporation had outstanding capital notes and
convertible notes with a combined value of EUR 50.9 million, as defined in IFRS.
In March the Group repaid EUR 3.2 million, or 10%, of the principal of the
preferred capital notes issued in 2002, in accordance with the terms of the
notes. In addition, in July the Group repaid in full the capital notes issued in
2004 with their capitalized interest, EUR 2.1 million. During the review period,
6 of Componenta's convertible capital notes were converted into shares. As a
result, the number of Componenta shares increased by 1,200 and the shareholders'
equity rose by EUR 10,800. At the end of the review period the outstanding
unconverted capital notes and convertible notes entitled holders to subscribe to
3,167,000 shares.
At the end of the review period, Componenta had EUR 80.2 million in unused,
long-term credit facilities. In addition, during the period the Group signed an
agreement with Componenta's Finnish pension companies on borrowing long-term
pension loans totalling EUR 20.0 million. The Group also has a EUR 150.0 million
commercial paper programme. The Group's interest-bearing net debt, excluding the
outstanding capital notes of EUR 50.9 million, stood at EUR 204.2 (209.0)
million. The company's net debt as a proportion of shareholders' equity,
including the capital notes in shareholders' equity, was 121.6% (134.2%).
Componenta is making more efficient use of capital with a programme to sell its
trade receivables. Under this arrangement, some of the trade receivables are
sold without any right of recourse. By the end of the period the company had
sold trade receivables totalling EUR 76.9 (33.2) million.
Componenta's net cash flow from operations during the review period was EUR 23.9
(14.8) million, and of this the change in net working capital was EUR -21.7
(-10.0) million. The net cash flow from investing activities was EUR -30.0
(-31.5) million.
At the end of the review period the Group's equity ratio was 22.8% (20.4%). The
Group's shareholders' equity on 30 September 2008, including the capital notes
in shareholders' equity, as a proportion of the balance sheet total was 32.7%
(31.6%).
Performance of business divisions
Componenta amended its reporting structure on 1 January 2008, when two units
were transferred to the Machine shops division. Componenta Pistons was
transferred from the Other business division and the Orhangazi machine shop
operations from the Turkey division. All figures for comparison for the
divisions for 2007 have been adjusted to bring them in line with the new
reporting structure.
Foundries
The Foundries division had net sales in the January - September period of EUR
230.3 (177.5) million and an operating profit of EUR 23.6 million, 10.2% of net
sales (EUR 12.1 million, 6.8%). Increased volumes and greater efficiency in its
operations made a positive contribution to the division's operating profit. In
consequence of the sharp increases in raw material prices, in the review period
Componenta introduced a new price compensation system, which means that the
impact of changes in raw material prices is updated on a monthly basis instead
of quarterly basis as before.
Capacity at the Iisalmi foundry was increased to meet the growing demand for
wind power components and capacity was increased at the Karkkila foundry for the
needs of the production being transferred from Metso's foundry in Jyväskylä.
Both investments were mainly carried out during the third quarter.
In the third quarter the division had net sales of EUR 71.1 (52.4) million and
an operating profit of EUR 2.2 (0.8) million.
Machine shops
The Machine shops division had net sales of EUR 149.1 (131.0) million in the
review period and an operating profit of EUR 6.0 million, or 4.0% of net sales
(EUR 5.2 million, 4.0%).
The new machine shop at Orhangazi was completed during the summer and the unit
moved its operations into the new premises during the third quarter.
The division had third quarter net sales of EUR 44.3 (39.4) million and an
operating profit of EUR 1.4 (1.7) million.
Turkey
The Turkey division had net sales in the review period of EUR 212.3 (174.7)
million and an operating profit of EUR 24.1 million, or 11.4% of net sales (EUR
7.4 million, 4.2%). The main factors that improved the division's financial
performance in the review period were increased volumes and higher efficiency in
its business operations. During the review period the Turkey division introduced
the same raw material price compensation system as the Foundries division.
Changes in the value of the Turkish lira improved the operating profit in the
first quarter by EUR 7.1 million and weakened the division's operating profit
during the second and third quarters by total of EUR 4.3 million.
The Turkey division had net sales in the third quarter of EUR 70.6 (56.3)
million and an operating profit of EUR 4.2 (-0.6) million.
The Orhangazi iron foundry had net sales in the review period of EUR 152.8
(116.9) million and an operating profit of EUR 16.6 (5.0) million. Net sales for
Manisa during the review period totalled EUR 59.5 (57.8) million and operating
profit was EUR 7.6 (2.4) million.
Other business
Other business comprises the Componenta Wirsbo forges in Sweden, the sales and
logistics company in the UK, real estate companies and the Group's
administrative functions. Other business had an operating profit excluding
one-time items of EUR 1.7 (1.8) million in the review period.
Other Business had a third quarter operating profit excluding one-time items of
EUR -0.4 (0.5) million.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Helsinki. At
the end of the review period the company had a total of 10,943,698 shares. At
the end of the review period the company's share capital stood at EUR 21.9
(21.9) million. On 30 September 2008 the quoted price of Componenta Corporation
shares stood at EUR 9.06 (10.25). The average price during the review period was
EUR 8.90, the lowest quoted price was EUR 6.12 and the highest EUR 11.76. At the
end of the review period the share capital had a market capitalization of EUR
99.1 (111.3) million and the volume of shares traded during the period was
equivalent to 26.1% (36.3%) of the share stock.
Share-based incentive scheme
The share-based incentive scheme is based on the decision taken on 3 April 2007
by the Board of Directors of Componenta Corporation. The scheme comprises three
one-year earnings periods, which are the calendar years 2007, 2008 and 2009. The
bonuses will be paid in 2008, 2009 and 2010 partly in company shares and partly
in cash. The part to be paid in cash will cover the tax and similar charges
arising from the bonus. There is a ban on selling the shares for two years after
the end of the earnings period.
Any yield from the incentive scheme is based on the Group's result after
financial items and the Group's return on investment. At the end of the review
period the target group contained 39 people. If the targets set for the scheme
are met in full, the scheme will pay a bonus of a maximum of 180,000 Componenta
Corporation shares. For the 2008 earnings period a maximum of 70,000 Componenta
Corporation shares will be allocated in the scheme. The President and CEO will
account for a maximum of 18,000 out of the total figure and other key personnel
for altogether a maximum of 52,000 shares. The scheme had an impact before taxes
on the result at the end of the review period of EUR 0.4 million.
Purchasing and disposing of the Company's shares
Under the authorization of the AGM held on 25 February 2008, the Board of
Directors may decide to purchase a maximum of 1,000,000 of the Company's own
shares using the Company's unrestricted shareholders' equity.
The shares shall be purchased in public trading, for which reason they will be
purchased other than in proportion to the holdings of shareholders. The purchase
price shall be based on the market price for Componenta shares in public
trading. The shares shall be purchased on the NASDAQ OMX Helsinki and in
accordance with its rules and regulations.
The Board of Directors may not implement the authorization to purchase the
Company's own shares if after the purchase the Company or its subsidiary would
possess or hold in pledge altogether more than 10 per cent of all the Company's
shares. The authorization does not exclude the right of the Board of Directors
to decide on a direct purchase of shares.
The Board holds an authorization granted by the AGM on 26 February 2007 to
decide to issue shares and grant option rights and other special rights with an
entitlement to shares under the following terms and conditions:
Under the authorization the Board may decide to issue shares and grant option
rights and other special rights as defined in chapter 10, section 1 of the
Finnish Companies Act, such that a maximum of 2,000,000 shares are issued under
the authorization. The authorization does not exclude the right of the Board of
Directors to decide on a direct issue of shares.
The authorization is valid for a period of five years from the date of the
decision of the AGM.
The Board of Directors has to date not exercised either of these authorizations.
Investments
Componenta's investments in production facilities during the review period
totalled EUR 31.9 (15.0) million, of which the finance lease investments
accounted for EUR 2.5 (0.3) million. The net cash flow from investing activities
was EUR -30.0 (-31.5) million. This figure includes EUR 0.9 million used during
the review period to purchase shares of Componenta Dökümcülük Ticaret Ve Sanayi
A.S. on the Istanbul Stock Exchange. Componenta now owns 93.25% of the shares of
Componenta Dökümcülük Ticaret Ve Sanayi A.S.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 25 February 2008 elected
the following persons to the Board of Directors: Heikki Bergholm, Heikki
Lehtonen, Juhani Mäkinen, Marjo Raitavuo and Matti Tikkakoski. The Board held
its organization meeting after the AGM and elected Heikki Bergholm as its
Chairman and Juhani Mäkinen as its Vice Chairman.
At the end of the review period the corporate executive team of Componenta
Corporation comprised the following persons: President and CEO Heikki Lehtonen;
Yaylalý Günay, Senior Vice President, Investments; Hakan Göral, Senior Vice
President, Turkey division, CFO Mika Hassinen; Olli Karhunen, Senior Vice
President, Foundries division; Timo Laitinen, Senior Vice President, Sales and
Product Development; Jari Leino, Sales Director, Heavy Trucks; Anu Mankki,
Senior Vice President, Human Resources; Tapio Rantala, Director, Business
Development; Michael Sjöberg, Senior Vice President, Machine shops division, and
Communications Director Pirjo Aarniovuori.
Personnel
The average number of Group personnel during the review period was 5,266
(5,089), including 939 (880) leased employees. The number of Group personnel at
the end of the review period was 5,311 (5,083), which includes 971 (892) leased
employees. At the end of September, 49% (50%) of the Group's personnel were in
Turkey, 23% (22%) in Finland, 19% (17%) in the Netherlands and 9% (11%) in
Sweden.
Risks
Fluctuations in the prices of Componenta Group's main raw material, recycled
metal, affect the sales margins on the Group's products. Increases in raw
material prices are passed on to the products supplied to customers after a
certain delay, so price increases in recycled metal reduce the sales margin
temporarily. Correspondingly, if the prices of recycled metal go down, the
Group's margins improve for a while.
The electricity consumption of the Group's foundries and machine shops creates a
spot price risk for the purchased electricity, so the Group purchases
electricity price forwards to hedge against the impact of electricity prices on
the financial performance. The target hedging level for the forecasted
electricity consumption by the Group's production plants is 90% for the next 12
months, 60% for the following year and 40% for the third year. Trading in
electricity price forwards has been outsourced. The Group aims to pass on the
increase in the price of electricity to customers with a separate electricity
surcharge.
Appropriate insurance has been taken against risks associated with assets and
interruption of operations and to minimize indemnity.
The financial risks relating to Componenta Group's business operations are
managed in accordance with the treasury policy approved by the Board of
Directors. The objective is to protect the Group against unfavourable changes in
the financial markets and to secure the Group's financial performance and
financial position. Management of financial risks takes place in the corporate
treasury function.
Translating the shareholders' equity of Componenta Turkey into euros creates a
significant translation risk for the Group in Turkish lira. Changes in the value
of the US dollar, the GB pound and the euro in relation to the Turkish lira have
an impact on the company's operating profit and result after financial items on
short term.
During the review period Componenta's Board of Directors approved a revised
version of the Group's treasury policy. In compliance with the policy, the
transaction position is divided into separate foreign currency-denominated
balance sheet items, depending on whether the exchange rate differences that
arise from them have an impact on the operating profit or on the financial
income and expenses. The hedging level for the transaction positions shall be
within 95-105%. Changes in the value of the Group's shareholders' equity caused
by translating the foreign currency-denominated shareholders' equity of
subsidiaries into euros (translation risk) are hedged 0-100%.
The Group has no significant concentration of risk for receivables. The Group
recognized no major credit losses in the review period.
The company's financial agreements contain normal clauses according to which the
company's loans may fall due for payment before the maturity date if control of
the company changes in consequence of a public purchase offer. The company is
not party to any other significant contracts that will come into force, that can
be amended or that can cease to be valid if control of the company changes in
consequence of a public purchase offer.
Prospects
Componenta's prospects for the remainder of 2008 are based on general external
financial indicators, order forecasts given by customers, and on Componenta's
order intake and order book.
The demand outlook in most of the Group's customer sectors is uncertain at the
beginning of the fourth quarter of 2008 due to the recent turbulence in the
financial markets.
The slow down in construction in the USA and Europe has reduced demand in the
off-road sector. Demand for mining machinery remains at a good level. The recent
fall in the prices of raw materials may weaken demand for mining machinery.
Production volumes for heavy trucks in the final part of the year will be on
satisfactory level. They are expected to take a downward turn during the first
part of next year.
The increased uncertainty in the financial markets has cut demand in the
automotive industry in Europe.
The demand outlook in the diesel and wind power sectors and in the machine
building industry remain good.
The operations of Componenta's units are being adapted for lower demand in
Turkey, the Netherlands, Sweden and Finland by reducing the use of leased
employees during October and November by altogether 720 persons and by reducing
the number of the company's own employees by altogether 170 through lay-offs and
redundancies. In addition, the use of external subcontractors will be reduced by
an amount equivalent to the work of altogether 150 people.
The investments in the new aluminium component factory in Manisa and the melting
furnace in Orhangazi have been halted for the time being.
Componenta's order book at the end of the third quarter of 2008 was similar to
that at the same time in the previous year, i.e. EUR 123 (125) million.
Due to the high raw material prices, the amount of working capital has increased
by altogether EUR 22 million since the beginning of the year. The sharp fall in
raw material prices during the summer will release considerable amounts of funds
from working capital during the last quarter of the year.
Integrating the operations in Turkey with Componenta's other operations and
enhancing the performance of the Turkish business units have had a positive
impact on the Group's operating profit in 2008.
Componenta Group's 2008 net sales and result after financial items, excluding
one-time items, are expected to show a considerable improvement on the
corresponding figures for 2007.
Interim report tables
Consolidated income statement
--------------------------------------------------------------------------------
| MEUR | 1.1.-30 | 1.1.-30 | 1.7.-30. | 1.7.-30. | 1.1.- |
| | .9.2008 | .9.2007 | 9.2008 | 9.2007 | 31 |
| | | | | | .12.2007 |
--------------------------------------------------------------------------------
| Net sales | 556.1 | 471.8 | 170.1 | 143.2 | 634.7 |
--------------------------------------------------------------------------------
| Other operating income | 4.4 | 17.5 | -0.7 | -0.7 | 17.8 |
--------------------------------------------------------------------------------
| Operating expenses | -489.1 | -431.6 | -156.1 | -134.0 | -583.3 |
--------------------------------------------------------------------------------
| Depreciation, | -17.9 | -19.6 | -6.1 | -6.0 | -26.6 |
| amortization and | | | | | |
| write-down | | | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 |
| companies' result | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 53.5 | 38.2 | 7.2 | 2.4 | 42.7 |
--------------------------------------------------------------------------------
| % of net sales | 9.6 | 8.1 | 4.3 | 1.7 | 6.7 |
--------------------------------------------------------------------------------
| Financial income and | -18.7 | -14.4 | -5.9 | -5.5 | -20.0 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result after financial | 34.9 | 23.8 | 1.3 | -3.1 | 22.7 |
| items | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 6.3 | 5.0 | 0.8 | -2.1 | 3.6 |
--------------------------------------------------------------------------------
| Income taxes | -8.3 | -0.9 | 0.1 | 0.5 | -1.1 |
--------------------------------------------------------------------------------
| Net profit | 26.5 | 22.9 | 1.4 | -2.5 | 21.6 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Allocation of net | | | | | |
| profit for the period | | | | | |
--------------------------------------------------------------------------------
| To equity holders of | 25.4 | 22.1 | 1.2 | -2.4 | 20.9 |
| the parent | | | | | |
--------------------------------------------------------------------------------
| To minority interest | 1.2 | 0.8 | 0.2 | -0.1 | 0.7 |
--------------------------------------------------------------------------------
| | 26.5 | 22.9 | 1.4 | -2.5 | 21.6 |
--------------------------------------------------------------------------------
| Earning per share | | | | | |
| calculated on the | | | | | |
| profit attributable to | | | | | |
| equity holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 2.32 | 2.10 | 0.11 | -0.23 | 1.97 |
--------------------------------------------------------------------------------
| Earnings per share with | 1.85 | 1.69 | 0.11 | -0.18 | 1.61 |
| dilution, EUR | | | | | |
--------------------------------------------------------------------------------
Consolidated income statement excluding one-time items
--------------------------------------------------------------------------------
| MEUR | 1.1.-30 | 1.1.-30 | 1.7.-30. | 1.7.-30. | 1.1.- |
| | .9.2008 | .9.2007 | 9.2008 | 9.2007 | 31 |
| | | | | | .12.2007 |
--------------------------------------------------------------------------------
| Net sales | 556.1 | 471.8 | 170.1 | 143.2 | 634.7 |
--------------------------------------------------------------------------------
| Other operating income | 4.3 | -1.8 | -0.7 | -0.7 | -1.5 |
--------------------------------------------------------------------------------
| Operating expenses | -488.6 | -425.9 | -155.6 | -133.2 | -574.0 |
--------------------------------------------------------------------------------
| Depreciation, | -17.9 | -18.0 | -6.1 | -6.0 | -24.4 |
| amortization and | | | | | |
| write-down | | | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 |
| companies' result | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 53.9 | 26.2 | 7.7 | 3.3 | 34.9 |
--------------------------------------------------------------------------------
| % of net sales | 9.7 | 5.6 | 4.5 | 2.3 | 6.0 |
--------------------------------------------------------------------------------
| Financial income and | -18.7 | -14.4 | -5.9 | -5.5 | -20.0 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result after financial | 35.3 | 11.8 | 1.7 | -2.1 | 14.9 |
| items | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 6.3 | 2.5 | 1.0 | -1.5 | 2.4 |
--------------------------------------------------------------------------------
| Income taxes | -8.4 | -3.0 | 0.0 | 0.3 | -3.5 |
--------------------------------------------------------------------------------
| Net profit | 26.8 | 8.8 | 1.8 | -1.9 | 11.4 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Allocation of net | | | | | |
| profit for the period | | | | | |
--------------------------------------------------------------------------------
| To equity holders of | 25.7 | 8.0 | 1.6 | -1.8 | 10.7 |
| the parent | | | | | |
--------------------------------------------------------------------------------
| To minority interest | 1.2 | 0.8 | 0.2 | -0.1 | 0.7 |
--------------------------------------------------------------------------------
| | 26.8 | 8.8 | 1.8 | -1.9 | 11.4 |
--------------------------------------------------------------------------------
| Earning per share | | | | | |
| calculated on the | | | | | |
| profit attributable to | | | | | |
| equity holders of the | | | | | |
| parent | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 2.35 | 0.76 | 0.14 | -0.17 | 1.03 |
--------------------------------------------------------------------------------
The 2007 comparison data has been adjusted by transferring exchange rate
differences of sales and purchases and the corresponding hedging results from
financial income and expenses to other operating income. In 1.1. - 30.9.2007
exchange rate differences were -3.2 MEUR, in 1.7. - 30.9.2007 -1.5 MEUR and 1.1.
- 31.12.2007 -3.2 MEUR.
Balance sheet
--------------------------------------------------------------------------------
| MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 2.8 | 2.4 | 2.4 |
--------------------------------------------------------------------------------
| Goodwill | 38.2 | 41.4 | 41.4 |
--------------------------------------------------------------------------------
| Investment properties | 1.8 | 1.8 | 1.8 |
--------------------------------------------------------------------------------
| Tangible assets | 251.6 | 243.2 | 244.9 |
--------------------------------------------------------------------------------
| Investment in associates | 0.3 | 0.3 | 0.3 |
--------------------------------------------------------------------------------
| Receivables | 4.0 | 5.1 | 4.3 |
--------------------------------------------------------------------------------
| Other investments | 1.0 | 0.5 | 0.9 |
--------------------------------------------------------------------------------
| Deferred tax assets | 8.3 | 8.8 | 9.4 |
--------------------------------------------------------------------------------
| Total non-current assets | 308.0 | 303.6 | 305.5 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 106.5 | 80.6 | 82.5 |
--------------------------------------------------------------------------------
| Receivables | 93.8 | 98.9 | 81.7 |
--------------------------------------------------------------------------------
| Tax receivables | 0.3 | 0.9 | 0.2 |
--------------------------------------------------------------------------------
| Cash and bank accounts | 5.4 | 10.6 | 27.5 |
--------------------------------------------------------------------------------
| Total current assets | 206.0 | 191.0 | 191.9 |
--------------------------------------------------------------------------------
| Total assets | 514.0 | 494.5 | 497.3 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Shareholders' equity and | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | |
--------------------------------------------------------------------------------
| Share capital | 21.9 | 21.9 | 21.9 |
--------------------------------------------------------------------------------
| Other equity | 85.4 | 69.6 | 69.4 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 107.3 | 91.5 | 91.3 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| Minority interest | 9.6 | 9.3 | 9.3 |
--------------------------------------------------------------------------------
| Shareholders' equity | 117.0 | 100.8 | 100.6 |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Non-current | | | |
--------------------------------------------------------------------------------
| Capital loan | 41.4 | 49.8 | 50.2 |
--------------------------------------------------------------------------------
| Interest bearing | 137.0 | 78.1 | 77.0 |
--------------------------------------------------------------------------------
| Interest free | 0.6 | 0.0 | 0.3 |
--------------------------------------------------------------------------------
| Provisions | 9.4 | 5.3 | 6.4 |
--------------------------------------------------------------------------------
| Deferred tax liability | 9.9 | 9.0 | 9.4 |
--------------------------------------------------------------------------------
| Current | | | |
--------------------------------------------------------------------------------
| Capital loan | 9.5 | 5.1 | 5.2 |
--------------------------------------------------------------------------------
| Interest bearing | 72.7 | 141.5 | 137.9 |
--------------------------------------------------------------------------------
| Interest free | 110.3 | 99.4 | 105.9 |
--------------------------------------------------------------------------------
| Tax liabilities | 1.7 | 0.3 | 0.9 |
--------------------------------------------------------------------------------
| Provisions | 4.5 | 5.0 | 3.5 |
--------------------------------------------------------------------------------
| Total liabilities | 397.0 | 393.7 | 396.7 |
--------------------------------------------------------------------------------
| Total shareholders' equity and | 514.0 | 494.5 | 497.3 |
| liabilities | | | |
--------------------------------------------------------------------------------
Cash flow statement
--------------------------------------------------------------------------------
| MEUR | 1.1.- | 1.1.- | 1.1.- |
| | 3 | 3 | 31 |
| | 0.9.200 | 0.9.200 | .12.2007 |
| | 8 | 7 | |
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Result after financial items | 34.9 | 23.8 | 22.7 |
--------------------------------------------------------------------------------
| Depreciation, amortization and write-down | 17.9 | 19.6 | 26.6 |
--------------------------------------------------------------------------------
| Net financial income and expenses | 18.7 | 14.4 | 23.2 |
--------------------------------------------------------------------------------
| Other income and expenses, adjustments to | -1.1 | -18.2 | -15.1 |
| cash flow | | | |
--------------------------------------------------------------------------------
| Change in net working capital | -21.7 | -10.0 | 11.0 |
--------------------------------------------------------------------------------
| Cash flow from operations before financing | 48.7 | 29.7 | 68.5 |
| and income taxes | | | |
--------------------------------------------------------------------------------
| Interest received and paid and dividends | -19.4 | -11.7 | -23.1 |
| received | | | |
--------------------------------------------------------------------------------
| Taxes paid | -5.3 | -3.2 | -2.8 |
--------------------------------------------------------------------------------
| Net cash flow from operations | 23.9 | 14.8 | 42.6 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Capital expenditure in tangible and | -29.1 | -14.9 | -22.3 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Proceeds from tangible and intangible assets | - | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Other investments and loans granted | - | -5.1 | -0.7 |
--------------------------------------------------------------------------------
| Proceeds from other investments and | - | 28.4 | 24.5 |
| repayments of loan receivables | | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary, net of cash | -0.9 | -40.0 | -40.2 |
| acquired | | | |
--------------------------------------------------------------------------------
| Net cash flow from investing activities | -30.0 | -31.5 | -38.6 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Dividends paid | -5.6 | -3.3 | -3.3 |
--------------------------------------------------------------------------------
| Share issue (capital notes) | - | 7.8 | 0.0 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of the equity | - | 0.0 | 0.0 |
| part of convertible capital notes | | | |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -1.5 | -1.9 | -3.3 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of current loans | -61.0 | 34.5 | 44.2 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of non-current | 53.1 | -25.2 | -30.5 |
| loans | | | |
--------------------------------------------------------------------------------
| Net cash flow from financing activities | -15.0 | 12.0 | 7.2 |
--------------------------------------------------------------------------------
| Change in liquid assets | -21.1 | -4.7 | 11.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and bank account at the beginning of the | 27.5 | 15.3 | 15.3 |
| period | | | |
--------------------------------------------------------------------------------
| Effects of exchange rate changes on cash | -1.0 | - | 1.0 |
--------------------------------------------------------------------------------
| Cash and bank account at the period end | 5.4 | 10.6 | 27.5 |
--------------------------------------------------------------------------------
| Change during the financial period | -21.1 | -4.7 | 11.2 |
--------------------------------------------------------------------------------
Statement of changes in shareholders' equity
--------------------------------------------------------------------------------
| MEUR | Shar | Shar | Othe | Tran | Retai | Total | Minor | Share |
| | e | e | r | s | ned | | ity | hold |
| | cap | pr | re | lat | e | | i | ers' |
| | ital | emiu | serv | ion | arnin | | ntere | equit |
| | | m | es | diff | gs | | st | y |
| | | ac | | e | | | | tot |
| | | coun | | re | | | | al |
| | | t | | nces | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 20.0 | 12.4 | 3.4 | 0.1 | 19.1 | 55.2 | 37.7 | 92.9 |
| equity 1.1.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Derivatives | | | 0.0 | | | 0.0 | | 0.0 |
--------------------------------------------------------------------------------
| Share-based | | | 0.0 | | | 0.0 | | 0.0 |
| payments | | | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 11.2 | | 11.2 | 1.1 | 12.3 |
| translation | | | | | | | | |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Change in equity | | | | -2.2 | | -2.2 | | -2.2 |
| hedging | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -2.5 | -2.5 | -0.8 | -3.3 |
--------------------------------------------------------------------------------
| Increase of | 1.8 | 2.5 | 3.4 | | | 7.8 | | 7.8 |
| share capital | | | | | | | | |
| (warrants) | | | | | | | | |
--------------------------------------------------------------------------------
| Equity share of | | | 0.0 | | | 0.0 | | 0.0 |
| convertible | | | | | | | | |
| capital notes | | | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | | | 0.0 | -29.5 | -29.5 |
| minority | | | | | | | | |
| interest | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | | 22.1 | 22.1 | 0.8 | 22.9 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 21.9 | 14.9 | 6.9 | 9.1 | 38.7 | 91.5 | 9.3 | 100.8 |
| equity 30.9.2007 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR | Shar | Shar | Othe | Tran | Retai | Total | Minor | Share |
| | e | e | r | s | ned | | ity | hold |
| | ca | pr | re | la | e | | i | ers' |
| | pita | emiu | serv | tion | arnin | | ntere | equit |
| | l | m | es | dif | gs | | st | y |
| | | ac | | fe | | | | tot |
| | | coun | | r | | | | al |
| | | t | | ence | | | | |
| | | | | s | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 21.9 | 14.9 | 7.2 | 9.8 | 37.5 | 91.3 | 9.3 | 100.6 |
| equity 1.1.2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Derivatives | | | -0.2 | | | -0.2 | | -0.2 |
--------------------------------------------------------------------------------
| Change in | | | | -4.1 | | -4.1 | -0.3 | -4.3 |
| translation | | | | | | | | |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | 0.2 | | | 0.2 | | 0.2 |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -5.5 | -5.5 | -0.1 | -5.6 |
--------------------------------------------------------------------------------
| Increase of | 0.0 | 0.1 | 0.1 | | | 0.2 | | 0.2 |
| share capital | | | | | | | | |
| (convertible | | | | | | | | |
| notes) | | | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | | | 0.0 | -0.5 | -0.5 |
| minority | | | | | | | | |
| interest | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | | 25.4 | 25.4 | 1.2 | 26.5 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 21.9 | 15.0 | 7.3 | 5.7 | 57.4 | 107.3 | 9.6 | 117.0 |
| equity 30.9.2008 | | | | | | | | |
--------------------------------------------------------------------------------
Key ratios
--------------------------------------------------------------------------------
| | 30.9.200 | 30.9.2007 | 31.12.200 |
| | 8 | | 7 |
--------------------------------------------------------------------------------
| Equity ratio, % | 22.8 | 20.4 | 20.3 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 9.81 | 8.31 | 8.34 |
--------------------------------------------------------------------------------
| Invested capital | 377.5 | 375.4 | 370.9 |
--------------------------------------------------------------------------------
| Return on investment, % | 19.7 | 14.9 | 11.9 |
--------------------------------------------------------------------------------
| Return on investment, excluding one-time | 19.9 | 9.8 | 9.8 |
| items, % | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 34.7 | 32.9 | 23.0 |
--------------------------------------------------------------------------------
| Return on equity, excluding one-time | 35.1 | 12.7 | 12.1 |
| items, % | | | |
--------------------------------------------------------------------------------
| Net interest bearing debt, MEUR, | 255.1 | 263.9 | 242.8 |
| preferred capital note in debt | | | |
--------------------------------------------------------------------------------
| Net gearing, %, preferred capital note in | 218.1 | 261.8 | 241.3 |
| debt | | | |
--------------------------------------------------------------------------------
| Order book, MEUR | 123.2 | 125.0 | 129.0 |
--------------------------------------------------------------------------------
| Investments in non-current assets without | 30.3 | 55.0 | 62.9 |
| finance leases, MEUR | | | |
--------------------------------------------------------------------------------
| Investments in non-current assets incl. | 32.8 | 55.2 | 64.5 |
| finance leases, MEUR | | | |
--------------------------------------------------------------------------------
| Investments in non-current assets, % of | 5.9 | 11.7 | 10.2 |
| net sales | | | |
--------------------------------------------------------------------------------
| Average number of personnel during the | 4,327 | 4,210 | 4,206 |
| period | | | |
--------------------------------------------------------------------------------
| Average number of personnel during the | 5,266 | 5,089 | 5,094 |
| period, incl. leased personnel | | | |
--------------------------------------------------------------------------------
| Number of personnel at period end | 4,340 | 4,192 | 4,158 |
--------------------------------------------------------------------------------
| Number of personnel at period end, incl. | 5,311 | 5,083 | 5,064 |
| leased personnel | | | |
--------------------------------------------------------------------------------
| Share of export and foreign activities in | 88.8 | 89.1 | 89.1 |
| net sales, % | | | |
--------------------------------------------------------------------------------
| Contingent liabilities, MEUR | 179.7 | 181.8 | 177.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR | 2.32 | 2.10 | 1.97 |
--------------------------------------------------------------------------------
| Earnings per share. with dilution (EPS), | 1.85 | 1.69 | 1.61 |
| EUR | | | |
--------------------------------------------------------------------------------
Segments
Primary reporting format
--------------------------------------------------------------------------------
| Foundries, MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | 150.3 | 127.8 | 143.0 |
--------------------------------------------------------------------------------
| Liabilities | 47.1 | 36.6 | 38.1 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 8.4 | 3.2 | 4.4 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 5.8 | 9.4 | 12.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Machine shops, MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | 73.5 | 66.2 | 70.4 |
--------------------------------------------------------------------------------
| Liabilities | 30.1 | 24.6 | 34.1 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 8.5 | 2.2 | 4.5 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 3.3 | 3.5 | 4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Döktas, MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | 218.5 | 213.2 | 204.1 |
--------------------------------------------------------------------------------
| Liabilities | 36.4 | 29.7 | 34.3 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 12.9 | 7.9 | 13.1 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 5.3 | 5.5 | 8.1 |
--------------------------------------------------------------------------------
Secondary reporting format
--------------------------------------------------------------------------------
| Nordic countries, MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | 186.9 | 206.6 | 183.5 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 11.4 | 4.8 | 7.3 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other European countries, MEUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Assets | 318.1 | 287.9 | 243.0 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 20.6 | 9.7 | 16.2 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
Changes in tangible assets and goodwill
--------------------------------------------------------------------------------
| MEUR | 1-9/2008 | 1-9/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
| Changes in tangible assets | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of | 568.1 | 545.1 | 545.1 |
| the period | | | |
--------------------------------------------------------------------------------
| Translation difference | -14.2 | 13.3 | 13.8 |
--------------------------------------------------------------------------------
| Additions | 30.8 | 11.0 | 27.3 |
--------------------------------------------------------------------------------
| Disposal of subsidiary | - | -15.3 | -14.9 |
--------------------------------------------------------------------------------
| Disposals | -1.3 | -0.8 | -3.1 |
--------------------------------------------------------------------------------
| Acquisition cost at the end of the | 583.4 | 553.4 | 568.1 |
| period | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the | -323.2 | -300.0 | -300.0 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation difference | 1.2 | 0.2 | -7.7 |
--------------------------------------------------------------------------------
| Accumulated depreciation on additions | - | -2.2 | -2.0 |
--------------------------------------------------------------------------------
| Accumulated depreciation on disposals | 7.5 | 0.4 | 2.1 |
--------------------------------------------------------------------------------
| Depreciation on disposal of subsidiary | - | 10.7 | 10.5 |
--------------------------------------------------------------------------------
| Depreciation during the period | -17.4 | -19.3 | -26.2 |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -331.8 | -310.2 | -323.2 |
| the period | | | |
--------------------------------------------------------------------------------
| Book value at the end of the period | 251.6 | 243.2 | 244.9 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Goodwill | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of | 43.7 | 33.2 | 33.2 |
| the period | | | |
--------------------------------------------------------------------------------
| Additions | 0.0 | 11.9 | 7.8 |
--------------------------------------------------------------------------------
| Disposals | -1.4 | - | - |
--------------------------------------------------------------------------------
| Translation difference | -1.9 | -1.4 | 2.7 |
--------------------------------------------------------------------------------
| Acquisition cost at the end of the | 40.5 | 43.7 | 43.7 |
| period | | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the | -2.3 | -2.3 | -2.3 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -2.3 | -2.3 | -2.3 |
| the period | | | |
--------------------------------------------------------------------------------
| Book value at the end of the period | 38.2 | 41.4 | 41.4 |
--------------------------------------------------------------------------------
Group development
Net sales by market area
--------------------------------------------------------------------------------
| MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Nordic countries | 183.5 | 138.6 | 157.7 |
--------------------------------------------------------------------------------
| Other European countries | 421.8 | 310.0 | 372.9 |
--------------------------------------------------------------------------------
| Other countries | 29.4 | 23.1 | 25.6 |
--------------------------------------------------------------------------------
| Total | 634.7 | 471.8 | 556.1 |
--------------------------------------------------------------------------------
Quarterly development by market area
--------------------------------------------------------------------------------
| MEUR | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
--------------------------------------------------------------------------------
| Nordic countries | 53.7 | 46.5 | 38.5 | 44.9 | 52.1 | 59.6 | 45.9 |
--------------------------------------------------------------------------------
| Other European | 106.7 | 106.6 | 96.7 | 111.8 | 125.2 | 133.0 | 114.7 |
| countries | | | | | | | |
--------------------------------------------------------------------------------
| Other countries | 7.4 | 7.7 | 8.0 | 6.3 | 7.7 | 8.4 | 9.5 |
--------------------------------------------------------------------------------
| Total | 167.9 | 160.7 | 143.2 | 162.9 | 185.0 | 201.0 | 170.1 |
--------------------------------------------------------------------------------
Group development
--------------------------------------------------------------------------------
| MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Net sales | 634.7 | 471.8 | 556.1 |
--------------------------------------------------------------------------------
| Operating profit | 42.7 | 38.2 | 53.5 |
--------------------------------------------------------------------------------
| Net financial items | -20.0 | -14.4 | -18.7 |
--------------------------------------------------------------------------------
| Profit/loss after financial | 22.7 | 23.8 | 34.9 |
| items | | | |
--------------------------------------------------------------------------------
Group development by business division
--------------------------------------------------------------------------------
| Net sales, MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Foundries | 241.7 | 177.5 | 230.3 |
--------------------------------------------------------------------------------
| Machine shops | 177.8 | 131.0 | 149.1 |
--------------------------------------------------------------------------------
| Turkey | 225.7 | 174.7 | 212.3 |
--------------------------------------------------------------------------------
| Other business | 145.5 | 106.5 | 107.3 |
--------------------------------------------------------------------------------
| Internal and one-time items | -156.0 | -117.8 | -142.8 |
--------------------------------------------------------------------------------
| Componenta total | 634.7 | 471.8 | 556.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Foundries | 16.7 | 12.1 | 23.6 |
--------------------------------------------------------------------------------
| Machine shops | 6.5 | 5.2 | 6.0 |
--------------------------------------------------------------------------------
| Turkey | 10.4 | 7.4 | 24.1 |
--------------------------------------------------------------------------------
| Other business | 1.6 | 1.8 | 1.7 |
--------------------------------------------------------------------------------
| Internal and one-time items | 7.5 | 11.7 | -1.9 |
--------------------------------------------------------------------------------
| Componenta total | 42.7 | 38.2 | 53.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | 12/2007 | 9/2007 | 9/2008 |
--------------------------------------------------------------------------------
| Foundries and Machine shops | 72.1 | 68.3 | 73.2 |
--------------------------------------------------------------------------------
| Turkey | 41.9 | 41.4 | 31.2 |
--------------------------------------------------------------------------------
| Other business | 15.0 | 15.3 | 18.7 |
--------------------------------------------------------------------------------
| Componenta total | 129.0 | 125.0 | 123.2 |
--------------------------------------------------------------------------------
Group development by quarter
--------------------------------------------------------------------------------
| MEUR | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 160.7 | 143.2 | 162.9 | 185.0 | 201.0 | 170.1 |
--------------------------------------------------------------------------------
| Operating profit | 26.3 | 9.5 | 2.4 | 4.5 | 23.1 | 23.2 | 7.2 |
--------------------------------------------------------------------------------
| Net financial | -4.5 | -4.4 | -5.5 | -5.6 | -8.2 | -4.5 | -5.9 |
| items | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | 21.8 | 5.1 | -3.1 | -1.1 | 14.9 | 18.7 | 1.3 |
| after financial | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division
--------------------------------------------------------------------------------
| Net sales, MEUR | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
--------------------------------------------------------------------------------
| Foundries | 63.1 | 62.0 | 52.4 | 64.2 | 73.1 | 86.1 | 71.1 |
--------------------------------------------------------------------------------
| Machine shops | 46.0 | 45.5 | 39.4 | 46.8 | 50.5 | 54.3 | 44.3 |
--------------------------------------------------------------------------------
| Turkey | 59.8 | 58.6 | 56.3 | 51.0 | 70.7 | 71.1 | 70.6 |
--------------------------------------------------------------------------------
| Other business | 39.9 | 35.2 | 31.4 | 39.1 | 40.3 | 38.7 | 28.3 |
--------------------------------------------------------------------------------
| Internal and | -40.9 | -40.5 | -36.4 | -38.2 | -49.6 | -49.1 | -44.2 |
| one-time items | | | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 167.9 | 160.7 | 143.2 | 162.9 | 185.0 | 201.0 | 170.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
| profit, MEUR | | | | | | | |
--------------------------------------------------------------------------------
| Foundries | 5.2 | 6.1 | 0.8 | 4.7 | 8.9 | 12.4 | 2.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.7 | 1.7 | 1.3 | 2.0 | 2.7 | 1.4 |
--------------------------------------------------------------------------------
| Turkey | 5.1 | 2.8 | -0.6 | 3.0 | 13.0 | 7.0 | 4.2 |
--------------------------------------------------------------------------------
| Other business | 1.2 | 0.0 | 0.5 | -0.1 | 0.8 | 1.2 | -0.4 |
--------------------------------------------------------------------------------
| Internal and | 13.0 | -1.2 | 0.0 | -4.3 | -1.6 | -0.1 | -0.2 |
| one-time items | | | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 26.3 | 9.5 | 2.4 | 4.5 | 23.1 | 23.2 | 7.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book at | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
| period end, MEUR | | | | | | | |
--------------------------------------------------------------------------------
| Foundries and | 56.2 | 58.1 | 68.3 | 72.1 | 73.4 | 74.0 | 73.2 |
| Machine shops | | | | | | | |
--------------------------------------------------------------------------------
| Turkey | 38.5 | 35.7 | 41.4 | 41.9 | 45.7 | 48.1 | 31.2 |
--------------------------------------------------------------------------------
| Other business | 9.9 | 13.1 | 15.3 | 15.0 | 15.5 | 16.0 | 18.7 |
--------------------------------------------------------------------------------
| Componenta total | 104.7 | 106.9 | 125.0 | 129.0 | 134.6 | 138.0 | 123.2 |
--------------------------------------------------------------------------------
Group development excluding one-time items
--------------------------------------------------------------------------------
| MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Net sales | 634.7 | 471.8 | 556.1 |
--------------------------------------------------------------------------------
| Operating profit | 34.9 | 26.2 | 53.9 |
--------------------------------------------------------------------------------
| Net financial items | -20.0 | -14.4 | -18.7 |
--------------------------------------------------------------------------------
| Profit/loss after financial | 14.9 | 11.8 | 35.3 |
| items | | | |
--------------------------------------------------------------------------------
Group development by business division excluding one-time items
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2007 | 1-9/2007 | 1-9/2008 |
--------------------------------------------------------------------------------
| Foundries | 16.7 | 12.0 | 23.6 |
--------------------------------------------------------------------------------
| Machine shops | 6.5 | 5.2 | 6.0 |
--------------------------------------------------------------------------------
| Turkey | 10.4 | 7.4 | 24.1 |
--------------------------------------------------------------------------------
| Other business | 1.6 | 1.8 | 1.7 |
--------------------------------------------------------------------------------
| Internal items | -0.3 | -0.2 | -1.5 |
--------------------------------------------------------------------------------
| Componenta total | 34.9 | 26.2 | 53.9 |
--------------------------------------------------------------------------------
Group development by quarter excluding one-time items
--------------------------------------------------------------------------------
| MEUR | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 160.7 | 143.2 | 162.9 | 185.0 | 201.0 | 170.1 |
--------------------------------------------------------------------------------
| Operating profit | 13.4 | 9.5 | 3.3 | 8.7 | 23.1 | 23.1 | 7.7 |
--------------------------------------------------------------------------------
| Net financial | -4.5 | -4.4 | -5.5 | -5.6 | -8.2 | -4.5 | -5.9 |
| items | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | 8.9 | 5.1 | -2.1 | 3.1 | 14.9 | 18.6 | 1.7 |
| after financial | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division excluding one-time items
--------------------------------------------------------------------------------
| Operating | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 |
| profit. MEUR | | | | | | | |
--------------------------------------------------------------------------------
| Foundries | 5.2 | 6.1 | 0.8 | 4.7 | 8.9 | 12.4 | 2.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.7 | 1.7 | 1.3 | 2.0 | 2.7 | 1.4 |
--------------------------------------------------------------------------------
| Turkey | 5.1 | 2.8 | -0.6 | 3.0 | 13.0 | 7.0 | 4.2 |
--------------------------------------------------------------------------------
| Other business | 1.2 | 0.0 | 0.5 | -0.1 | 0.8 | 1.2 | -0.4 |
--------------------------------------------------------------------------------
| Internal items | 0.1 | -1.2 | 0.9 | -0.1 | -1.6 | -0.2 | 0.3 |
--------------------------------------------------------------------------------
| Componenta total | 13.4 | 9.5 | 3.3 | 8.7 | 23.1 | 23.1 | 7.7 |
--------------------------------------------------------------------------------
Largest registered shareholders on 30 September 2008
--------------------------------------------------------------------------------
| Shareholder | | Shares | Share of |
| | | | total voting |
| | | | rights, % |
--------------------------------------------------------------------------------
| 1 Lehtonen Heikki | | 4,308,040 | 39.37 |
--------------------------------------------------------------------------------
| Cabana Trade S.A. | 3,801,988 | | |
--------------------------------------------------------------------------------
| Oy Högfors-Trading Ab | 506,052 | | |
--------------------------------------------------------------------------------
| 2 Etra-Invest Oy Ab | | 3,174,433 | 29.01 |
--------------------------------------------------------------------------------
| 3 Laakkonen Mikko | | 200,000 | 1.83 |
--------------------------------------------------------------------------------
| 4 Lehtonen Anna-Maria | | 178,823 | 1.63 |
--------------------------------------------------------------------------------
| 5 Inkinen Simo-Pekka | | 173,393 | 1.58 |
--------------------------------------------------------------------------------
| 6 Bergholm Heikki | | 165,000 | 1.51 |
--------------------------------------------------------------------------------
| 7 Mutual Fund Evli Wealth Manager | | 100,000 | 0.91 |
--------------------------------------------------------------------------------
| 8 FIM Fenno Fund | | 93,685 | 0.86 |
--------------------------------------------------------------------------------
| 9 Lehtonen Yrjö M. | | 85,040 | 0.78 |
--------------------------------------------------------------------------------
| 10 Seppo Saario Oy | | 71,085 | 0.65 |
--------------------------------------------------------------------------------
| Nominee-registered shares | | 421,145 | 3.85 |
--------------------------------------------------------------------------------
| Other shareholders | | 1,973,054 | 18.03 |
--------------------------------------------------------------------------------
| Total | | 10,943,698 | 100.00 |
--------------------------------------------------------------------------------
The members of the Board of Directors own 41.1% of the shares. All shares have
equal voting rights. If all the warrants were converted to shares, the holding
of shares by the members of the Board of Directors would decrease to 33.8%.
Helsinki, 14 October 2008
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen Mika Hassinen
President and CEO CFO
tel. +358 10 403 00 tel. +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and Sweden. The
net sales of Componenta were EUR 635 million in 2007. The Group employs about
5,100 people. Componenta's shares are quoted on the OMX Nordic Exchange in
Helsinki. Componenta specializes in supplying cast and machined components and
total solutions made of them to its global customers who are manufacturers of
vehicles, machines and equipment.
Componenta Corporation
Panuntie 4, FI-00610 Helsinki , Finland
Tel. +358 10 403 00
Fax +358 10 403 2721
www.componenta.com
