COMPONENTA FINANCIAL STATEMENTS 1.1. - 31.12.2014 Heikki Lehtonen - - PowerPoint PPT Presentation
COMPONENTA FINANCIAL STATEMENTS 1.1. - 31.12.2014 Heikki Lehtonen President and CEO 2 2 Quarterly development of order book (including orders for the next two months) +2% 120 100 80 MEUR 60 40 20 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11
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Heikki Lehtonen President and CEO
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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 Q2/14 Q3/14 Q4/14 MEUR
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+2%
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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 Q2/14 Q3/14 Q4/14 Net sales rolling 12 months, MEUR Quarterly net sales, MEUR Net sales Net sales, rolling 12 months
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MEUR Q4 2014 Q4 2013 Change 2014 2013 Change Order book 89 87 +2% 89 87 +2% Net sales 120 124
495 511
EBITDA *) 5.4 8.0
35.8 32.5 +10% Operating profit *) 1.2 3.6
17.8 14.5 +22% Net financial expenses
+12% Result after financial items *)
+91%
One-time items and exchange rate differences of operative B/S items
+618%
0.3 n/m Taxes
+0.2
n/m Net profit
+73%
+84% Earnings/share, EUR
*) Excluding one-time items and exchange rate differences of operative balance sheet items.
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10 20 30 40 50 60
EBITDA FY/13 1) New Force cost savings Loss of margin due to lower volumes Quality problems in Orhangazi Turkey Weakened productivity
Other improvements EBITDA FY/14 1)
32.5 12.7
35.8 MEUR 1.6
1) Excluding one-time items and exchange rates differences of operative balance sheet items.
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2 4 6 8 10 12 EBITDA Q4/13 1) New Force cost savings Loss of margin due to lower volumes Quality problems in Orhangazi Turkey Weakened productivity
Higher costs due to strengthened Turkish lira Higher aluminium raw material prices EBITDA Q4/14 1)
8.0 3.0
5.4
MEUR
1) Excluding one-time items and exchange rates differences of operative balance sheet items.
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MEUR Q4 2014 Q4 2013 Change 2014 2013 Change Net sales 119.6 123.5
495.2 510.5
Value of production 118.9 118.8 +0% 506.2 512.2
Materials
+2%
Direct wages and external services
+4%
Other variable and fixed costs
+2%
+0% Total costs
+2%
EBITDA*) 5.4 8.0
35.8 32.5 +10%
*) Excluding one-time items and exchange rate differences of operative balance sheet items.
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2 4 6 8 10 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Operating profit*)
2 4 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Result after financial items*)
*) Excluding one-time items and exchange rate differences of operative balance sheet items. *) Excluding one-time items and exchange rate differences of operative balance sheet items.
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MEUR 31.12.2014 31.12.2013 Equity ratio, % 23.7 18.9 Return on equity, excluding one-time items, %
Return on equity, %
Return on investment, excluding one-time items, % 4.8 5.9 Return on investment, % 0.8 4.9 Net interest bearing debt, MEUR 216 230 Net gearing, % 194 270 Investments in production facilities, MEUR 22.6 18.9 Personnel at the end of period, including leased personnel 4,238 4,431
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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 Q2/14 Q3/14 Q4/14 MEUR
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MEUR 1-12/2014 1-12/2013 Cash flow from operations before change in net working capital, financing and taxes 24.2 28.6 Change in net working capital
2.6 Cash flow from operations before financing and taxes 7.5 31.2 Cash flow from operations
2.2 Cash flow from investments
Cash flow from financing activities 36.0 3.0 Change in liquid assets 2.0
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Sources: Reuters Metal Bulletin, WV Stahl
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Source: Reuters
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1) Excluding one-time items 2) Excluding one-time items and exchange rate differences of operative balance sheet items. 3) Proforma cost savings: Annual impact of implemented and/or decided cost savings and improvement actions. 4) Year 2015 and 2016 figures do not include any volume neither FX changes.
MEUR 10 20 30 40 50 60
FY/12 EBITDA 1) Margin impact of lost volumes Realized cost savings Cost inflation and FX diff. of B/S items FY/14 EBITDA 2) Proforma cost savings 3) FY/14 proforma EBITDA Cost savings New Force 3 FY/15 EBITDA 4) Cost savings New Force 3 FY/16 EBITDA 4)
26.1
27.6
35.8 7.5 43.3 7.0 53.3 46.3 3.0
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Source: Reuters
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Source: IFO
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Source: Reuters
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50 100 150 200 250 300 350
Foundry division Machine Shop division Aluminium division Other Business
MEUR Sales by business segment *) 2013 vs. 2014 2013 2014
*) Figures excluding internal eliminations
Germany 21% Sweden 18% Turkey 12% UK 9% Finland 8% Benelux 8% Italy 6% France 6% USA 5% Other Europe 4% Other countries 2%
Sales by market area 2014
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Heavy Trucks Construction and Mining Machine Building Agricultural Machinery Automotive
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Sales to Heavy Trucks industry 2014 vs. 2013
Order book Q4 2014 vs. Q4 2013
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Sources: Volvo website, ACEA
Componenta’s deliveries to heavy trucks industry in 2014 vs. 2013 Volvo Group’s deliveries to distributors in Europe 2014 vs. 2013 Registrations of new heavy trucks in Europe 2014 vs. 2013
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Source: ACEA
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Change +% Change -% 2010 2011 2012 2013 2014
10% 30% 50% 70% 90% 110% 130% 150% 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 55 000 JAN 09-10 FEB 09-10 MAR 09-10 APR 09-10 MAY 09-10 JUN 09-10 JUL 09-10 AUG 09-10 SEP 09-10 OCT 09-10 NOV 09-10 DEC 09-10 JAN 10-11 FEB 10-11 MAR 10-11 APR 10-11 MAY 10-11 JUN 10-11 JUL 10-11 AUG 10-11 SEP 10-11 OCT 10-11 NOV 10-11 DEC 10-11 JAN 11-12 FEB 11-12 MAR 11-12 APR 11-12 MAY 11-12 JUN 11-12 JUL-11-12 AUG 11-12 SEP 11-12 OCT 11-12 NOV 11-12 DEC 11-12 JAN 12-13 FEB 12-13 MAR 12-13 APR 12-13 MAY 12-13 JUN 12-13 JUL 12-13 AUG 12-13 SEP 12-13 OCT 12-13 NOV 12-13 DEC 12-13 JAN 13-14 FEB 13-14 MAR 13-14 APR 13-14 MAY 13-14 JUN 13-14 JUL 13-14 AUG 13-14 SEP 13-14 OCT 13-14 NOV 13-14 DEC 13-14
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Sales to Construction and Mining industry 2014 vs. 2013
Order book Q4 2014 vs. Q4 2013
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Source: Caterpillar
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Sales to Machine Building industry 2014 vs. 2013
Order book Q4 2014 vs. Q4 2013
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Sales to Agricultural Machinery industry 2014 vs. 2013
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Order book Q4 2014 vs. Q4 2013
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Source: CEMA
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Sales to Automotive industry 2014 vs. 2013
Order book Q4 2014 vs. Q4 2013
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Source: ACEA
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Change +% Change -% 2010 2011 2012 2013 2014
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35 *) Excluding one-time items and exchange rate differences of operative balance sheet items.
balance sheet items improved 165% even though the volumes declined 6%.
savings achieved in the efficiency improvement
problems in Orhangazi (-4 MEUR) and weakened productivity of Dutch operations (-3 MEUR).
0% 2% 4% 6%
2 4 6 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4714
MEUR
Operating profit*)
MEUR 2014 2013 Change Order book 49.2 51.2
Net sales 308 329
Operating profit*) 5.3 2.0 +165% Personnel avg. 2,751 2,875
20 40 60 80 100 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Net sales
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36 *) Excluding one-time items and exchange rates differences of operative balance sheet items.
balance sheet items improved 38% as a result of higher volumes and the cost savings achieved in the efficiency improvement program.
impacted by unsuccessful implementation of SAP in Främmestad and quality problems in Orhangazi.
MEUR 2014 2013 Change Order book 22.1 20.5 +8% Net sales 122 116 +5% Operating profit*) 3.8 2.7 +38% Personnel avg. 396 382 +4%
10 20 30 40 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Net sales
0% 1% 2% 3% 4% 5% 6% 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Operating profit*)
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37 *) Excluding one-time items and exchange rate differences of operative balance sheet items.
balance sheet items deteriorated 5% due to higher aluminium raw material prices which could not be passed through to customers in 2014.
through to product prices in the beginning of 2015.
5 10 15 20 25 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Net sales
MEUR 2014 2013 Change Order book 15.9 12.8 +24% Net sales 80 73 +9% Operating profit*) 8.2 8.6
Personnel avg. 830 744 +12%
0% 4% 8% 12% 16% 1 2 3 4 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 MEUR
Operating profit*)
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The order book for Heavy trucks customer sector was at the end of the year 12% higher than at the same time in the previous year. Demand in the heavy truck industry in Europe is expected to stay at the same level as in the previous year or to improve slightly in 2015. Componenta’s sales to heavy trucks industry customers are expected to increase more than the market due to growth in introduction of new products.
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The order book for Construction and mining customer sector was at the end of the year 19% lower than at the same time in the previous year. Demand in North America is expected to increase and in Europe to stabilize. Mining industry prospects are still weak due to low raw material prices. Cancellations of orders at the beginning of the previous year weaken the comparability of
demand is expected to be lower than in previous year. Componenta’s sales to the customers in the construction and mining sector are expected to stay at the same level as in the previous year or to improve slightly as a result of new products.
Componenta’s demand prospects weaker Componenta’s demand prospects improving
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Componenta’s demand prospects stable Componenta’s demand prospects weaker Componenta’s demand prospects improving
At the end of the review period, the order book for Machine building customer segment was
previous year. Componenta’s sales to the machine building industry are expected to rise during 2015. The order book for Agricultural machinery customer sector was at the end of the year 8% lower than at the same time in the previous year. Due to worldwide crop prospects and reciprocal economic sanctions by EU and Russia, the prices of the agricultural products in Europe have decreased clearly. Due to these reasons the demand is expected to decrease further in 2015. Componenta’s sales to manufacturers of agricultural machinery are expected to decline from previous year. The order book for Automotive customer sector was at the end of the year 26% higher than at the same time in the previous year. Demand in 2015 is estimated to improve from the previous year. Componenta’s sales to automotive industry are expected to increase from previous year.
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Componenta’s 2013 - 2016 strategic cornerstone actions are focusing on revenue growth and efficiency improvements and cost savings.
Proactive quality and service culture World-class product management 45 MEUR savings from New Force Improvement program 100 MEUR revenue growth program (2015 – 2016)
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based on general external economic indicators, delivery forecasts given by customers, and on Componenta’s order intake and order book.
was 2% higher than at the same time in previous year standing at EUR 89 (87) million.
2015 excluding one-time items and exchange rates differences of operative balance sheet items to improve from the previous year due to efficiency improvement program being carried
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