25.4.2014 1 COMPONENTA INTERIM REPORT 1.1. - 31.3.2014 Heikki - - PDF document

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25.4.2014 1 COMPONENTA INTERIM REPORT 1.1. - 31.3.2014 Heikki - - PDF document

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25.4.2014 1 COMPONENTA INTERIM REPORT 1.1. - 31.3.2014 Heikki Lehtonen President and CEO 2 2 Income Statement MEUR Q1 2014 Q1 2013 Change Order book +2% 91 89 Net sales +3% 132 128 EBITDA, excl. one-time items +48% 12.1 8.2

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COMPONENTA INTERIM REPORT 1.1. - 31.3.2014

Heikki Lehtonen President and CEO

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Income Statement

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MEUR Q1 2014 Q1 2013 Change Order book 91 89 +2% Net sales 132 128 +3% EBITDA, excl. one-time items 12.1 8.2 +48% Operating profit, excl. one-time items 7.4 3.8 +93% Net financial expenses

  • 7.5
  • 6.0

+25% Result after financial items, excl. one-time items

  • 0.1
  • 2.2
  • 96%

One-time items

  • 0.9
  • 0.5

+83% Taxes

  • 0.3

0.8 n/m Net profit

  • 1.3
  • 1.9
  • 30%

Earnings/share, excl. one-time item, EUR

  • 0.06
  • 0.09
  • 32%
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Quarterly development of order book (including orders for the next two months)

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20 40 60 80 100 120 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

4

+2%

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Quarterly development of net sales 2010 - Q1 2014

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Liikevaihto vuosineljänneksittäin, Me Rullaava liikevaihto 12 kk, Me 100 200 300 400 500 600 700 25 50 75 100 125 150 175 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Net sales rolling 12 months, MEUR Quarterly net sales, MEUR Net sales Net sales, rolling 12 months

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Analysis of changes in income statement excluding one-time items

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MEUR Q1 2014 Q1 2013 Change Net sales 131.9 127.7 +3% Value of production 135.9 130.4 +4% Materials

  • 55.0
  • 53.9

+2% Direct wages and external services

  • 28.5
  • 29.0
  • 2%

Other variable and fixed costs

  • 40.3
  • 39.3

+3% Total costs

  • 123.8
  • 122.2

+1% EBITDA 12.1 8.2 +48%

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Quarterly operating profit and result after financial items excluding one-time items

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2 4 6 8 10 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Operating profit excluding one-time items

  • 6
  • 4
  • 2

2 4 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Result after financial items excluding one-time items

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Key ratios

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MEUR 31.3.2014 31.3.2013 31.12.2013 Equity ratio, % 18.0 15.9 18.9 Return on equity, excluding one-time items, %

  • 2.9
  • 7.2
  • 12.8

Return on equity, %

  • 6.4
  • 9.7
  • 18.6

Return on investment, excluding one-time items, % 9.5 4.9 5.9 Return on investment, % 8.5 4.4 4.9 Net interest bearing debt, MEUR 223 248 230 Net gearing, % 267 330 270 Investments in production facilities, MEUR 4.0 3.4 18.9 Personnel at the end of period, including leased personnel 4,512 4,313 4,431

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Cash flow statement

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MEUR Q1 2014 Q1 2013 Cash flow from operations before change in net working capital, financing and taxes 11.2 6.8 Change in net working capital 5.0

  • 4.1

Cash flow from operations before financing and taxes 16.2 2.8 Cash flow from operations 9.7

  • 3.0

Cash flow from investments

  • 1.0
  • 3.8

Cash flow from financing activities

  • 5.6
  • 1.6

Change in liquid assets 3.0

  • 8.5
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Development of cash flow from operations

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  • 25
  • 20
  • 15
  • 10
  • 5

5 10 15 20 25 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

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Pig iron and steel scrap indexes

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Sources: Reuters Metal Bulletin, WV Stahl

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Development of exchange rates Turkish lira

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Daily QEURTRY=

01/04/2013 - 23/04/2014 (GMT) Line, QEURTRY=, Ask(Last) 23/04/2014, 2.9632 SMA, QEURTRY=, Ask(Last), 90 23/04/2014, 3.0031 Price TRY Auto 2.35 2.4 2.45

2.5

2.55 2.6 2.65 2.7 2.75 2.8 2.85 2.9 2.95

3

3.05 3.1 3.15 01 16 01 16 03 17 01 16 01 16 02 16 01 16 01 18 02 16 01 16 03 17 03 17 01 16

Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14

Source: Reuters

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EFFICIENCY IMPROVEMENT PROGRAM

25.4.2014

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Achieved run rate improvement of MEUR 29 in EBITDA in Q1 2014

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10 20 30 40 50 60

EBITDA 2012 Profit improvement in 2013 Currency gains Impact of revenue reduction

  • n EBITDA

EBITDA 2013 Impact of

  • ther

2013 measures

  • n EBITDA

Run rate EBITDA Dec 2013 Impact of Q1 2014 measures

  • n EBITDA

Run rate EBITDA Mar 2014 Closure of Pietarsaari foundry Run rate EBITDA June 2014E Profit improvement from 2013- 2015 program Run rate EBITDA Dec 2014E

Note! Year 2014 estimates do not include volume neither currency rate changes.

MEUR 26.1 14.8 1.9

  • 6.7

36.1 10.0 46.1 2.0 50.4 5.7 56.1 2.3 48.4

14

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INDICATORS OF ECONOMY

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Manufacturing Purchasing Manager Indices

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Source: Reuters

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IFO expectations

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Source: IFO

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CDS Index

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Source: Reuters

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DEVELOPMENT OF SALES AND ORDER BOOK

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Sales distribution Q1 2014

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20 40 60 80 100

Foundry division Machine Shop division Aluminium division Other Business

MEUR Sales by business segment *) Q1 2013 vs. Q1 2014 Q1 2013 Q1 2014

*) Figures excluding internal eliminations

Germany 21 % Sweden 19 % Turkey 12 % UK 9 % Finland 9 % Benelux 8 % France 6 % Italy 5 % Other Europe 4 % USA 4 % Other countries 2 %

Sales by market area Q1 2014

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Sales by customer industry Q1 2014

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31% (29%) 18% (20%) 20% (18%) 17% (19%) 14% (14%)

Heavy Trucks Construction and Mining Machine Building Agricultural Machinery Automotive

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Sales to Heavy Trucks industry Q1 2014 vs. Q1 2013

+10%

Development of sales and order book in Heavy Trucks industry

Order book Q1 2014 vs. Q1 2013

  • 1%

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Development of supply chain in Heavy Trucks industry compared to previous year

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Sources: Volvo website, ACEA

Componenta’s deliveries to heavy trucks industry in Q1/2014 vs. Q1/2013 Volvo Group’s deliveries to distributors in Europe Q1/2014 vs. Q1/2013 Registrations of new heavy trucks in Europe 1-2/2014 vs. 1-2/2013

+10% +9% +14%

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Registrations of new heavy trucks in Europe (EU27)

Source: ACEA

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Change +% Change -% 2010 2011 2012 2013 2014

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Sales to Construction and Mining industry Q1 2014 vs. Q1 2013

  • 5%

Development of sales and order book in Construction and Mining industry

Order book Q1 2014 vs. Q1 2013

+3%

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Sales to Machine Building industry Q1 2014 vs. Q1 2013

+12%

Development of sales and order book in Machine Building industry

Order book Q1 2014 vs. Q1 2013

+10%

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Sales to Agricultural Machinery industry Q1 2014 vs. Q1 2013

  • 2%

Development of sales and order book in Agricultural Machinery industry

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Order book Q1 2014 vs. Q1 2013

+1%

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Sales to Automotive industry Q1 2014 vs. Q1 2013

  • 3%

Development of sales and order book in Automotive industry

Order book Q1 2014 vs. Q1 2013

+2%

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Registrations of new passenger cars in Europe (EU27)

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Source: ACEA

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Change +% Change -% 2010 2011 2012 2013 2014

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DEVELOPMENT OF BUSINESS SEGMENTS

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Development of Foundry Division

  • Net sales of the Foundry division stayed

flat compared to the previous year.

  • Operating profit improved 55% from the

previous year due to more efficient production and gained cost savings.

  • 4%
  • 2%

0% 2% 4% 6%

  • 4
  • 2

2 4 6 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14

MEUR

Operating profit excluding one-time items

MEUR Q1 2014 Q1 2013 Change Order book

55.3 58.7

  • 6%

Net sales

84.6 85.0

  • 0%

Operating profit

4.0 2.6 +55%

Personnel avg.

2,843 2,822 +1% 20 40 60 80 100 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Net sales

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Development of Machine Shop Division

  • Net sales of the Machine Shop division

increased 10% from the previous year.

  • Operating profit improved by 0.8 MEUR

from the previous year due to higher volumes and gained cost savings.

MEUR Q1 2014 Q1 2013 Change Order book

23.2 20.4 +13%

Net sales

30.4 27.7 +10%

Operating profit

0.8 0.0 n/m

Personnel avg.

374 369 +1% 10 20 30 40 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Net sales

0% 1% 2% 3% 4% 0,5 1 1,5 2 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Operating profit excluding one-time items

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Development of Aluminium Division

  • Net sales of the Aluminium

division increased 6% from the previous year.

  • Operating profit improved 19%

from previous year due to higher volumes. 5 10 15 20 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Net sales

MEUR Q1 2014 Q1 2013 Change Order book

14.1 12.4 +14%

Net sales

18.1 17.1 +6%

Operating profit

2.3 2.0 +19%

Personnel avg.

819 678 +21% 0% 4% 8% 12% 16% 1 2 3 4 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR

Operating profit excluding one-time items

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PROSPECTS 2014

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At the end of first quarter the order book for Componenta’s Heavy Trucks customer industry was 1% lower than in the previous year. Demand for heavy trucks in Europe is expected to decrease in 2014. Componenta’s sales to heavy trucks customer segment is expected to stay similar to last year or to increase due to the growing market share.

Business environment 2014

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The order book for Componenta’s Construction and Mining customer industry was 3% higher at the end of first quarter than at the same time in the previous year. Demand is expected to remain at the same level as in the previous year. Customers reduced their stocks during 2012 and 2013 due to weaker prospects in particular for mining machinery industry. Demand prospects for Componenta are stable due to higher demand from end customers.

Componenta’s demand prospects stable Componenta’s demand prospects improving

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Business environment 2014

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Componenta’s demand prospects improving Componenta’s demand prospects stable Componenta’s demand prospects stable

The order book for Componenta’s Machine building customer segment was 10% higher at the end of first quarter than at the same time in the previous year. Componenta’s sales to machine building customer segment are expected to increase in 2014. The order book for Componenta’s Agricultural machinery customer sector was 1% higher at the end of first quarter than at the same time in the previous year. Demand for agricultural machinery is expected to remain stable in 2014. Componenta’s sales to agricultural machinery customer sector is expected to remain at the same level as in the previous year or to increase due to growing market share. The order book for Componenta’s Automotive customer sector was 2% higher at the end of first quarter than at the same time in the previous year. In 2014, the market is expected to improve from the previous year. Componenta’s sales are expected to stay similar to last year or to increase in 2014.

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Prospects for Componenta in 2014

  • The prospects for Componenta in 2014 are

based on general external economic indicators, delivery forecasts given by customers, and on Componenta’s order intake and order book.

  • Componenta’s order book was 4% higher level

than at year end 2013 and was EUR 91 (87) million.

  • In consequence of the structural efficiency

measures being carried out, the operating profit for the full year excluding one-time items is expected to improve from the previous year.

25.4.2014

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