Exel Composites Plc’s Interim Report for January 1 – June 30, 2015

EXEL COMPOSITES PLC     INTERIM REPORT                 24.7.2015 at 10.00 a.m.         1 (13)

Exel Composites Plc’s Interim Report for January 1 – June 30, 2015

Q2 2015 in brief

  • Net sales were 21.4 MEUR (Q2/2014: 21.4 MEUR)
  • Operating profit decreased to 1.3 (3.1) MEUR, and was 6.3 (14.3) per cent of net sales. Operating profit before non-recurring items was 1.5 (3.1) MEUR or 7.2 (14.3) per cent of net sales
  • Net cash flow from operating activities was positive at +1.7 (+2.4) MEUR
  • Fully diluted earnings per share were 0.07 (0.19) EUR

 H1 2015 in brief

  • Net sales were 42.8 MEUR, up by 9.2 per cent on the previous year (H1/2014: 39.2 MEUR)
  • Operating profit decreased to 3.3 (4.9) MEUR, and was 7.8 (12.6) per cent of net sales. Operating profit before non-recurring items was 3.5 (4.9) MEUR or 8.3 (12.6) per cent of net sales
  • Net cash flow from operating activities was positive at +2.4 (+3.1) MEUR
  • Fully diluted earnings per share were 0.20 (0.28) EUR

Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company’s key market segments. However, uncertainties relating to general growth prospects in the economy continue. The Company implements its new strategy by reinforcing the organization, especially in sales resources, product development and operations development, and by increasing its capacity. These efforts are expected to reduce the 2015 operating profit margin compared to 2014, but will position the Company better for long-term profitable growth.

President and CEO Riku Kytömäki:
Exel Composites has recorded consistent sales and profit growth year-on-year during the last consecutive five quarters. In the second quarter of 2015 net sales were on the same level as in the corresponding period in 2014 at EUR 21.4 (21.4) million and at approximately on the same level as in the first quarter of 2015. However, net sales increased by 9.2 per cent in H1/2015, compared to the same period last year, fastest growing region being APAC with a 33.4 per cent increase.


Order intake in the second quarter of 2015 remained on the same level at EUR 21.4 (21.4) million as in the corresponding period in 2014. Our order backlog on 30 June 2015 was EUR 13.8 (14.1) million, on the same level as on 31 March 2015 (EUR 13.8 million).

Exel Composites’ operating profit decreased to EUR 1.3 (3.1) million in the second quarter of 2015. Profitability was impacted by higher operational costs mainly due to increased resources relating to the implementation of the long-term growth strategy. Profitability was also affected by lower than expected volumes resulting from delayed orders from some customers. Non-recurring items amounting to EUR 0.2 million related to M&A screening were recorded in the second quarter of 2015.

The Company’s outlook for the whole year remains unchanged. The implementation of the growth strategy including the reinforcement of the organization and increase in capacity continues according to plan. These actions have increased operating costs and are expected to reduce the 2015 operating profit margin compared to 2014, but will position the Company better for long-term profitable growth.


CONSOLIDATED KEY FIGURES, EUR million 

  1.4. –
30.6.
2015
1.4. –
30.6.
2014
Change, % 1.1. –
30.6.
2015
1.1.–30.6.
2014
Change % 1.1. –
31.12.
2014
 
                 
Net sales 21.4 21.4 -0.3 42.8 39.2 9.2 79.3  
Operating profit 1.3 3.1 -55.9 3.3 4.9 -32.4 8.9  
% of net sales 6.3 14.3   7.8 12.6   11.2  
Profit for the period  
0.8
 
2.2
 
-64.1
 
2.4
 
3.3
 
-29.5
 
5.7
 
Shareholders’ equity  
30.9
 
27.1
 
13.8
 
30.9
 
27.1
 
13.8
 
29.7
 
Net interest-bearing liabilities  
-0.7
 
1.6
 
147.7
 
-0.7
 
1.6
 
147.7
 
-2.6
 
Capital employed  
39.6
 
38.6
 
2.5
 
39.6
 
38.6
 
2.5
 
35.3
 
Return on equity, %  
10.5
 
34.6
   
15.6
 
26.8
   
21.7
 
Return on capital employed, %  
14.0
 
32.2
   
17.9
 
26.8
   
25.2
 
Equity ratio, % 55.3 50.0   55.3 50.0   56.9  
Net gearing, % -2.4 5.7   -2.4 5.7   -8.7  
                 
Earnings per share, EUR  
0.07
 
0.19
   
0.20
 
0.28
   
0.48
 
Earnings per share, diluted, EUR  
 
0.07
 
 
0.19
   
 
0.20
 
 
0.28
   
 
0.48
 
Equity per share, EUR  
2.59
 
2.28
   
2.59
 
2.28
   
2.50
 

  

Market environment
Market demand remained stable in the second quarter of 2015.

Market demand improved in the second half of 2014 especially in the telecommunication, transportation and building, construction and infrastructure industry markets, and no major change was seen in the first half of 2015.

Order intake and order backlog April – June 2015
Order intake in the second quarter of 2015 remained on the same level at EUR 21.4 (21.4) million as in the corresponding period in 2014. Our order backlog on 30 June 2015 was EUR 13.8 (14.1) million, on the same level as on 31 March 2015 (EUR 13.8 million).

Sales review April – June 2015
Group net sales in the second quarter of 2015 were on the same level as in the corresponding period in 2014 at EUR 21.4 (21.4) million. Compared to the first quarter of 2015 net sales decreased by EUR 0.1 million or 0.7 per cent from EUR 21.5 million.

Net sales increased in the largest region, Europe, by 0.6 per cent compared to the corresponding period in 2014. Net sales in the APAC region increased by 9.1 per cent. Net sales in the region Rest of the world decreased by 61.7 per cent compared to the corresponding period in 2014.

Net sales of Industrial applications decreased by 4.5 per cent to EUR 12.6 million from EUR 13.2 million in the corresponding period in 2014.

Net sales of Construction and Infrastructure applications were up by 6.8 per cent to EUR 4.7 (4.4) million compared to the corresponding period in 2014.

Net sales of Other applications increased by 7.9 per cent to EUR 4.1 (3.8) million compared to the corresponding period in 2014.

Order intake January – June 2015
Order intake increased by 2.4 per cent during the first six months of the year to EUR 44.2 (43.1) million compared to the corresponding period in 2014.

Sales review January – June 2015
Group net sales increased by 9.2 per cent from the corresponding period in 2014 from EUR 39.2 million to EUR 42.8 million.

Net sales increased in the largest region, Europe, by 7.7 per cent compared to the corresponding period in 2014. Net sales in the APAC region increased by 33.4 per cent. Net sales in the region Rest of the world decreased by 43.8 per cent compared to the corresponding period in 2014.

Net sales of Industrial applications increased by 14.7 per cent to EUR 26.4 million from EUR 23.0 million in the corresponding period in 2014.

Net sales of Construction and Infrastructure applications were up by 8.2 per cent to EUR 9.2 (8.5) million compared to the corresponding period in 2014.

Net sales of Other applications decreased by 6.5 per cent to EUR 7.2 (7.7) million compared to the corresponding period in 2014.

 

Net sales by Region

MEUR 1.4. –30.6.
2015
1.4. –30.6.
2014
Change, % 1.1. –30.6.
2015
1.1. –30.6.
2014
Change, % 1.1. –
31.12.
2014
               
Europe 17.3 17.2 0.6 34.8 32.3 7.7 64.6
APAC 3.6 3.3 9.1 7.1 5.3 33.4 11.8
Rest of world 0.4 0.9 -61.7 0.9 1.6 -43.8 2.9
Total 21.4 21.4 -0.3 42.8 39.2 9.2 79.3
               
                 

Net sales by Customer Industry

MEUR 1.4. –30.6.
2015
1.4. –30.6.
2014
Change, % 1.1. –30.6.
2015
1.1. –30.6.
2014
Change, % 1.1. –
31.12.
2014
               
Construction and infrastructure 4.7 4.4 6.8 9.2 8.5 8.2 17.4
Industrial applications 12.6 13.2 -4.5 26.4 23.0 14.7 47.5
Other applications 4.1 3.8 7.9 7.2 7.7 -6.5 14.3
Total 21.4 21.4 -0.3 42.8 39.2 9.2 79.3

Financial performance

April – June 2015

The Group’s operating profit decreased to EUR 1.3 (3.1) million in the second quarter of 2015 and was 6.3 (14.3) per cent of net sales. Profitability was impacted by higher operational costs due to increased resources relating to the implementation of the long-term growth strategy. Profitability was also affected by lower than expected volumes resulting from delayed orders from some customers. Non-recurring items amounting to EUR 0.2 million related to M&A screening were recorded in the second quarter of 2015. Operating profit before non-recurring items was EUR 1.5 (3.1) million or 7.2 (14.3) per cent of net sales. Comparing with 2014 it is worthwhile to note, that the second quarter operating profit in 2014 was strong, roughly 50 per cent higher than the next best quarter of the year.

January – June 2015
The Group’s operating profit in January – June 2015 decreased to EUR 3.3 (4.9) million and was 7.8 (12.6) per cent of net sales. Operating profit before non-recurring items was EUR 3.5 (4.9) million or 8.3 (12.6) per cent of net sales.

The profitability of the Australian unit has improved compared to the corresponding period last year, but is not yet at a satisfactory level. Corrective actions are ongoing. The focus is on generating more sales.

The Group’s net financial items during the period under review were EUR -0.1 (-0.3) million. The Group’s profit before taxes was EUR 3.2 (4.6) million and profit after taxes EUR 2.4 (3.3) million.

Financial position
Net cash flow from operating activities was positive at EUR +2.4 (+3.1) million. Cash flow before financing, but after capital expenditure, amounted to EUR 0.5 (1.9) million. The capital expenditure on fixed assets amounted to EUR 1.8 (1.2) million. Capital expenditure was financed with cash flow from business operations. At the end of the period under review, the Group’s liquid assets stood at EUR 9.4 (9.9) million. Total depreciation of non-current assets during the second quarter of 2015 amounted to EUR 0.7 (0.7) million.

The Group’s consolidated total assets at the end of the second quarter were EUR 56.1 (54.3) million. Interest-bearing liabilities amounted to EUR 8.7 (11.5) million. Net interest-bearing liabilities were EUR -0.7 (+1.6) million.

The dividend for 2014 resolved by the Annual General Meeting on 26 March 2015 totaling EUR 2.4 (0.0) million, or EUR 0.20 (0.00) per share, was paid on 8 April 2015.

Equity at the end of the second quarter was EUR 30.9 (27.1) million and equity ratio 55.3 (50.0) per cent. The net gearing ratio was -2.4 (5.7) per cent.

Fully diluted total earnings per share were EUR 0.20 (0.28). Return on capital employed was 17.9 (26.8) per cent. Return on equity was 15.6 (26.8) per cent.

Business development and strategy implementation
The factory expansion projects in China and Austria are proceeding according to plan. Furthermore, the Company has been screening potential acquisition targets.

Research and development
Research and development costs totaled EUR 0.9 (0.9) million, representing 2.2 (2.2) per cent of net sales. The main projects were connected with the development of new products and customer applications.

Shares and share performance
Exel Composites’ share is listed in the Small Cap segment of the NASDAQ OMX Helsinki Ltd. in the Industrials sector.

At the end of June 2015, Exel Composites’ share capital was EUR 2,141,431.74 and the number of shares was 11,896,843 each having the counter-book value of EUR 0.18. There were no changes in the share capital during the period under review. There is only one class of shares and all shares are freely assignable under Finnish law.

Exel Composites did not hold any of its own shares during the period under review.

During the period under review the highest share price quoted was EUR 9.85 (6.35) and the lowest EUR 7.55 (5.56). The share price closed at EUR 7.60 (6.35). The average share price during the period under review was EUR 9.05 (6.05).

A total of 1,975,570 (4,580,749) shares were traded during the period under review, which represents 16.6 (38.5) per cent of the average number of shares. On 30 June 2015, Exel Composites’ market capitalization was EUR 90.4 (75.5) million.

Shareholders and disclosures
Exel Composites had a total of 3,007 (2,676) shareholders on 30 June 2015. Information on Exel Composites’ shareholders is available on the Company website at www.exelcomposites.com.

Exel Composites received one flagging announcement during the review period.

On 20 May 2015 Exel Composites received a flagging announcement according to which the indirect holding of Evli Bank Plc had fallen under 5 per cent of the voting rights and share capital in Exel Composites Plc. Through share transactions concluded on 19 May 2015, the total holding of the investment funds owned by Evli Bank Plc and administered by Evli Fund Management Company Ltd amounted to 504,786 shares, representing 4.24 per cent of the shares and voting rights of the Company.

Management
Mr. Mikko Kettunen, 38, was appointed SVP, CFO and member of Exel Composites Plc's Group Management Team on 13 January 2015 and assumed his position on 7 April 2015. Mr. Kettunen succeeds Mr. Ilkka Silvanto, 63, who was appointed with the same date as SVP, Strategic Projects, effective as of 7 April 2015. Mr. Silvanto will continue reporting to CEO and being member of Group Management Team.

Significant related-party transactions
Exel Composites’ permanent public insiders include Exel Composites’ Board members, the President and CEO and the members of the Group Management Team. No significant related-party transactions were conducted by the Group or the permanent insiders during the period under review.

Organization and personnel
The number of employees on 30 June 2015 was 511 (433), of whom 225 (201) worked in Finland and 286 (232) in other countries. The average number of personnel in January – June 2015 was 500 (423).

Health, safety and environment
Special attention will be given to occupational health and safety also in 2015. Exel Composites’ units in Austria, Belgium and Finland were awarded OHSAS 18001 Safety Management System Standard accreditation in June 2015. The Group’s Chinese unit in Nanjing had earned OHSAS 18001 certification already in 2014. The Group is rolling out the certification over all sites with the aim of having all the units of the Group certified by 2017.

Major near-term risks and uncertainties
The Company has added resources to pursue the long-term growth strategy. As a result, the operating cost level has increased. The most significant near-term business risk relates to the possibility of sales growth not materializing according to forecast and the resulting negative impact to the profitability of the Company. In addition, the general economic development, government regulations and financial crisis in the Euro area remain risks for Exel Composites. The profitability of the Australian operations is not satisfying despite the implemented turnaround measures. Further corrective actions and restructuring costs can have an impact on the profitability.

Raw material prices, energy cost and other cost increases may continue to put pressure on profitability. The new European Community’s anti-dumping tariffs imposed on Chinese glass fiber may have a negative effect on the result in terms of increased raw material prices. Currency rate changes, price competition and alternative competing materials may also have a negative effect on the result. The availability and cost of financing may continue to have an effect on the demand and increase the risk of credit losses.

Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company’s key market segments. However, uncertainties relating to general growth prospects in the economy continue. The Company implements its new strategy by reinforcing the organization, especially in sales resources, product development and operations development, and by increasing its capacity. These efforts are expected to reduce the 2015 operating profit margin compared to 2014, but will position the Company better for long-term profitable growth.


Forward-looking statements
Certain statements in this report, which are not historical facts, including, without limitation, those regarding expectations for general economic development and market situation; regarding customer industry profitability and investment willingness; regarding Company growth, development and profitability; regarding cost savings; regarding fluctuations in exchange rates and interest levels; regarding the success of pending and future acquisitions and restructurings; and statements preceded by "believes," "expects," "anticipates," "foresees" or similar expressions are forward-looking statements.

These statements are based on current expectations and currently known facts. Therefore, they involve risks and uncertainties that may cause actual results to differ materially from results currently expected by the Company.

Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Exel Composites does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.


Vantaa, 24 July 2015

Board of Directors of Exel Composites Plc


For further information, please contact:
Mr. Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email
riku.kytomaki@exelcomposites.com  
Mr. Mikko Kettunen, CFO
tel. +358 50 3477 462, or email
mikko.kettunen@exelcomposites.com

Distribution
NASDAQ OMX Helsinki Ltd.
Main news media

www.exelcomposites.com

Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships.

The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.

Exel Composites Plc share is listed in NASDAQ OMX Helsinki Ltd.


Summary of Financial Statements and notes to the Financial Statements 1 January – 30 June 2015

Accounting principles:

This Interim Report has been prepared in accordance with IAS 34, Interim Financial Reporting. The same accounting policies have been followed as in the previous Financial Statements.

Preparation of financial statements in accordance with the IFRS standards requires Exel Composites’ management to make estimates and assumptions that have an effect on the amount of assets and liabilities on the balance sheet at the closing date as well as the amounts of income and expenses for the financial period. In addition, the management must exercise its judgement regarding the application of accounting policies. Since the estimates and assumptions are based on the views at the date of the Financial Statements, they include risks and uncertainties. The actual results may differ from the estimates and assumptions.

The amounts presented in the income statement and balance sheet are Group figures. The amounts presented in the release are rounded, so the sum of individual figures may differ from the sum reported.

The interim report is unaudited.


 

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR thousand 1.4. –
30.6.
2015
1.4. –
30.6.
2014
Change, % 1.1. –
30.6.
2015
1.1. –
30.6.
2014
Change, % 1.1.  – 31.12. 2014
               
Net sales 21,352 21,420 -0.3 42,847 39,232 9.2 79,253
               
Materials and services  
-7,778
 
-8,290
 
6.2
 
-15,549
 
-14,266
 
-9.0
 
-29,134
Employee benefit expenses  
 
-6,733
 
 
-5,635
 
 
-19.5
 
 
-13,183
 
 
-11,028
 
 
-19.5
 
 
-22,691
Depreciation and impairment  
-725
 
-654
 
-10.9
 
-1,435
 
-1,317
 
-9.0
 
-3,115
Other operating expenses  
-4,937
 
-3,949
 
-25.0
 
-9,493
 
-8,038
 
-18.1
 
-16,133
Other operating income  
169
 
161
 
5.0
 
152
 
361
 
-57.9
 
707
               
Operating profit 1,348 3,054 -55.9 3,340 4,943 -32.4 8,887
               
Net financial items  
-187
 
-118
 
-58.5
 
-115
 
-347
 
66.9
 
-430
               
Profit before tax 1,161 2,935 -60.4 3,224 4,596 -29.9 8,457
               
Income taxes -361 -706 48.9 -867 -1,251 30.7 -2,754
               
Profit/loss for the period  
800
 
2,229
 
-64.1
 
2,358
 
3,346
 
-29.5
 
5,702
               
               
Other comprehensive income:              
               
Other comprehensive income to be reclassified to profit or loss in subsequent periods:              
               
Exchange differences on translating foreign operations  
 
 
 
-211
 
 
 
 
528
 
 
 
 
 
-140.0
 
 
 
 
1,169
 
 
 
 
932
 
 
 
 
 
-25.4
 
 
 
 
1,370
Income tax relating to components of other comprehensive income  
 
 
 
 
0
 
 
 
 
 
0
 
 
 
 
 
 
 
 
 
 
 
0
 
 
 
 
 
0
   
 
 
 
 
0
               
Items that will not be classified to profit or loss              
               
Defined benefit plan actuarial gains (+/)/loss(-), net tax  
 
 
0
 
 
 
0
   
 
 
0
 
 
 
0
   
 
 
-90
Other comprehensive income, net of tax  
 
 
-211
 
 
 
528
 
 
 
-140.0
 
 
 
1,169
 
 
 
932
 
 
 
-25.4
 
 
 
1,280
               
Total comprehensive income  
 
589
 
 
2,757
 
 
-78.6
 
 
3,526
 
 
4,278
 
 
17.6
 
 
6,983
               
Profit/loss attributable to:              
Equity holders of the parent company  
 
800
 
 
2,229
 
 
-64.1
 
 
2,358
 
 
3,346
 
 
29.5
 
 
5,702
               
Comprehensive income              
attributable to:              
Equity holders of the parent company  
 
589
 
 
2,757
 
 
-78.6
 
 
3,526
 
 
4,278
 
 
17.6
 
 
6,983
               
Earnings per share, diluted and undiluted, EUR  
 
 
0.07
 
 
 
0.19
   
 
 
0.20
 
 
 
0.28
   
 
 
0.48

   

CONDENSED CONSOLIDATED BALANCE SHEET

EUR thousand 30.6.2015 30.6.2014 Change 31.12.2014
         
ASSETS        
Non-current assets        
Goodwill 9,817 9,823 -6 9,676
Other intangible assets 561 789 -228 686
Tangible assets 13,465 10,839 2,626 12,533
Deferred tax assets 283 725 -442 285
Other non-current assets 80 73 7 74
Non-current assets total 24,205 22,249 1,957 23,253
         
Current assets        
Inventories 10,232 9,286 946 10,034
Trade and other receivables 12,180 12,856 -676 10,906
Cash at bank and in hand 9,447 9,931 -484 8,218
Current assets total 31,858 32,073 -215 29,158
Total assets 56,063 54,322 1,741 52,411
         
EQUITY AND LIABILITIES        
Shareholders´ equity        
Share capital 2,141 2,141 0 2,141
Other reserves 79 72 7 79
Invested unrestricted equity fund 2,539 2,539 0 2,539
Translation differences 4,702 3,096 1,606 3,534
Retained earnings 19,047 15,924 3,123 15,724
Profit for the period 2,358 3,346 -988 5,702
         
Total equity attributable to equity holders of the parent company  
30,867
 
27,118
 
3,749
 
29,720
Total equity 30,867 27,118 3,749 29,720
         
Non-current liabilities        
Interest-bearing liabilities 4,127 1,046 3,081 4,623
Interest-free liabilities 480 439 41 454
Deferred tax liabilities 526 465 61 505
         
Current liabilities        
Interest-bearing liabilities 4,579 10,440 -5,861 1,000
Trade and other non-current liabilities  
15,485
 
14,814
 
671
 
16,110
         
Total liabilities 25,197 27,204 -2,007 22,692
         
Total equity and liabilities 56,063 54,322 1,741 52,411

 

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

EUR thousand Share
Capital
Other Reserves Invested Unrestricted  Equity Fund Translation Differences Retained Earnings Total
             
Balance at 1 January 2014  
2,141
 
72
 
2,539
 
2,164
 
15,924
 
22,841
             
Comprehensive result  
 
 
 
 
 
 
932
 
3,346
 
4,278
Other items         0 0
Dividend         0 0
             
 
Balance at 30 June 2014  
2,141
 
72
 
2,539
 
3,096
 
19,270
 
27,118
             
Balance at 1st January 2015  
2,141
 
79
 
2,539
 
3,534
 
21,426
 
29,720
             
Comprehensive result  
 
 
 
 
 
 
1,169
 
2,358
 
3,526
Other items         0 0
Dividend         -2,379 -2,379
             
Balance at 30 June 2015  
2,141
 
79
 
2,539
 
4,702
 
21,405
 
30,867

  


CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR thousand 1.1. –
30.6.
2015
1.1. –
30.6.
2014
Change 1.1. –
31.12.
2014
       
Cash Flow from Operating Activities      
Profit for the period 2,358 3,346 -988 5,702
Adjustments 3,000 3,277 -277 7,425
Change in working capital -1,827 -2,272 445 455
         
Cash Flow Generated by Operations 3,531 4,351 -820 13,582
Interest paid -40 -94 54 -167
Interest received 5 42 -37 56
Other financial items -90 -103 13 -328
Income taxes paid -1,047 -1,120 73 -2,464
         
Net Cash Flow from Operating Activities 2,359 3,076 -717 10,679
         
Cash Flow from Investing Activities      
         
Capital expenditure -1,840 -1,198 -642 -4,354
Proceeds from sale of fixed assets 0 0 0 0
         
Cash Flow from Investing Activities -1,840 -1,198 -642 -4,354
         
Cash Flow from Financing        
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 0 0 5,000
Instalments of long-term borrowings -500 -1,380 880 -2,840
Change in short-term loans 3,589 0 3,589 -9,700
Instalments of finance lease liabilities 0 -5 5 -5
Additional capital repayment 0 0 0 0
Dividends paid -2,379 0 -2,379 0
Net Cash Flow from Financing 710 -1,385 2,095 -7,545
         
Change in Liquid Funds 1,229 493 736 -1,220
         
Liquid funds in the beginning of period 8,218 9,438 -1,220 9,438
Change in liquid funds 1,229 493 736 -1,220
Liquid funds at the end of period 9,447 9,931 -484 8,218

 

QUARTERLY KEY FIGURES

EUR thousand II/
2015
I/
2015
IV/
2014
III/
2014
II/
2014
I/
2014
             
             
Net sales 21,352 21,495 21,071 18,950 21,420 17,811
Materials and services  
-7,778
 
-7,771
 
-7,992
 
-6,876
 
-8,290
 
-5,976
Employee benefit expenses  
 
-6,733
 
 
-6,450
 
 
-6,068
 
 
-5,595
 
 
-5,635
 
 
-5,393
Depreciation and impairment  
 
-725
 
 
-711
 
 
-631
 
 
-1,167
 
 
-654
 
 
-663
Operating expenses  
-4,937
 
-4,556
 
-4,473
 
-3,621
 
-3,949
 
-4,089
Other operating income  
 
169
 
 
-16
 
 
162
 
 
185
 
 
161
 
 
200
             
Operating profit  
1,348
 
1,991
 
2,069
 
1,875
 
3,054
 
1,890
             
Net financial items  
-187
 
72
 
-62
 
-22
 
-118
 
-229
             
Profit before taxes  
1,161
 
2,063
 
2,007
 
1,853
 
2,935
 
1,661
             
Income taxes -361 -506 -542 -962 -706 -545
             
Profit/loss for the period  
800
 
1,557
 
1,466
 
891
 
2,229
 
1,116
             
Earnings per share, EUR  
0.07
 
0.13
 
0.12
 
0.07
 
0.19
 
0.09
Earnings per share, EUR, diluted  
 
0.07
 
 
0.13
 
 
0.12
 
 
0.07
 
 
0.19
 
 
0.09
Average number of shares, undiluted,            
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of shares, diluted,            
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of personnel  
 
513
 
 
487
 
 
451
 
 
437
 
 
427
 
 
418

 

  
COMMITMENTS AND CONTINGENCIES

EUR thousand 30.6.2015 30.6.2014
     
On own behalf    
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
     
Lease liabilities    
     
  -  in next 12 months 948 744
  -  in next 1-5 years 1,138 1,197
     
Other commitments 6 6

 

DERIVATIVE FINANCIAL INSTRUMENTS

Nominal values
EUR thousand
30.6.2015 30.6.2014
     
Interest rate derivatives    
Interest rate swaps 2,700 0
Purchased interest rate options 0 0

 

CONSOLIDATED KEY FIGURES

EUR thousand 1.1. – 30.6.
2015
1.1. –
30.6.
2014
Change, % 1.1. –
31.12.
2014
         
Continuing operations        
Net sales 42,847 39,232 9.2 79,253
Operating profit 3,340 4,943 -32.4 8,887
% of net sales 7.8 12.6   11.2
Profit before tax 3.224 4,596 -29.9 8,457
% of net sales 7.5 11.7   10.7
Profit for the period 2,358 3,346 -29.5 5,702
% of net sales 5.5 8.5   7.2
         
Shareholders’ equity 30,867 27,118 13.8 29,720
Interest-bearing liabilities 8,705 11,486 -24.2 5,623
Cash and cash equivalents 9,447 9,931 -4.9 8,218
Net interest-bearing liabilities -741 1,555 147.7 -2,595
Capital employed 39,572 38,604 2.5 35,342
Return on equity, % 15.6 26.8   21.7
Return on capital employed, % 17.9 26.8   25.2
Equity ratio, % 55.3 50.0   56.9
Net gearing, % -2.4 5.7   -8.7
         
Capital expenditure 1,840 1,198 53.6 4,354
% of net sales 4.3 3.1   5.5
Research and development costs 941 858 9.7 1,837
% of net sales 2.2 2.2   2.3
         
Order intake 44,185 43,148 2.4 82,327
Order backlog
 
13,783 14,107 -2.3 12,833
Earnings per share, EUR 0.20 0.28 -28.6 0.48
Earnings per share, EUR, diluted 0.20 0.28 -28.6 0.48
Equity per share, EUR 2.59 2.28 13.6 2.50
         
Average number of shares        
 - cumulative 11,897 11,897 0.0 11,897
 - cumulative, diluted 11,897 11,897 0.0 11,897
         
Average number of employees 500 423 18.4 433

  

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