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 Operating profit, excl. one-time items +93% 7.4 3.8 Net financial expenses +25% -7.5 -6.0 Result after financial items, excl. one-time items -96% -0.1 -2.2 One-time items +83% -0.9 -0.5 Taxes n/m -0.3 0.8 Net profit -30% -1.3 -1.9 Earnings/share, excl. one-time item, EUR -32% -0.06 -0.09 25.4.2014 3 3
Quarterly development of order book (including orders for the next two months) 120 +2% 100 80 MEUR 60 40 20 0 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 25.4.2014 4 4
Liikevaihto vuosineljänneksittäin, Me Quarterly net sales, MEUR 5 5 100 125 150 175 25 50 75 0 Q1/10 Q2/10 Net sales, rolling 12 months Net sales Quarterly development of net sales Q3/10 Q4/10 Q1/11 Q2/11 2010 - Q1 2014 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 25.4.2014 0 100 200 300 400 500 600 700 Net sales rolling 12 months, MEUR Rullaava liikevaihto 12 kk, Me
Analysis of changes in income statement excluding one-time items 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% 25.4.2014 6 6
Quarterly operating profit and result after financial items excluding one-time items Result after financial items Operating profit excluding one-time items excluding one-time items 4 10 2 8 0 6 MEUR MEUR 4 -2 2 -4 0 -6 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 25.4.2014 7 7
Key ratios 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 25.4.2014 8 8
Cash flow statement MEUR Q1 2014 Q1 2013 Cash flow from operations before change in net working capital, financing and 11.2 6.8 taxes Change in net working capital 5.0 -4.1 Cash flow from operations before financing and taxes 2.8 16.2 Cash flow from operations -3.0 9.7 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 25.4.2014 9 9
25.4.2014 Q1/14 Q4/13 Q3/13 Q2/13 cash flow from operations Q1/13 Q4/12 Development of Q3/12 Q2/12 Q1/12 Q4/11 Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10 25 20 15 10 5 0 -5 -10 -15 -20 -25 MEUR 10 10
Pig iron and steel scrap indexes Sources: Reuters Metal Bulletin, WV Stahl 25.4.2014 11 11
Development of exchange rates Turkish lira Daily QEURTRY= 01/04/2013 - 23/04/2014 (GMT) Price Line, QEURTRY=, Ask(Last) TRY 23/04/2014, 2.9632 3.15 SMA, QEURTRY=, Ask(Last), 90 23/04/2014, 3.0031 3.1 3.05 3 2.95 2.9 2.85 2.8 2.75 2.7 2.65 2.6 2.55 2.5 2.45 2.4 2.35 Auto 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 25.4.2014 12 12
EFFICIENCY IMPROVEMENT PROGRAM 25.4.2014 13 13
Achieved run rate improvement of MEUR 29 in EBITDA in Q1 2014 MEUR 60 56.1 5.7 2.0 50.4 2.3 48.4 50 10.0 46.1 1.9 14.8 40 36.1 -6.7 30 26.1 20 10 0 EBITDA Profit Currency Impact of EBITDA Impact of Run rate Impact of Run rate Closure of Run rate Profit Run rate 2012 improvement gains revenue 2013 other EBITDA Q1 2014 EBITDA Pietarsaari EBITDA improvement EBITDA in 2013 reduction 2013 Dec 2013 measures Mar 2014 foundry June 2014E from 2013- Dec 2014E on EBITDA measures on EBITDA 2015 on EBITDA program Note! Year 2014 estimates do not include volume neither currency rate changes. 25.4.2014 14 14
INDICATORS OF ECONOMY 15 15
Manufacturing Purchasing Manager Indices Source: Reuters 25.4.2014 16 16
25.4.2014 IFO expectations Source: IFO 17 17
25.4.2014 CDS Index Source: Reuters 18 18
DEVELOPMENT OF SALES AND ORDER BOOK 19 19
Sales distribution Q1 2014 Sales by business segment *) Sales by market area Q1 2014 Q1 2013 vs. Q1 2014 MEUR 100 80 60 40 20 Germany 21 % Sweden 19 % 0 Turkey 12 % UK 9 % Foundry Machine Aluminium Other Finland 9 % Benelux 8 % division Shop division Business France 6 % Italy 5 % division Other Europe 4 % USA 4 % Other countries 2 % Q1 2013 Q1 2014 *) Figures excluding internal eliminations 25.4.2014 20 20
Sales by customer industry Q1 2014 Heavy Trucks Machine Construction Agricultural Automotive Building and Mining Machinery 31% (29%) 18% (20%) 20% (18%) 17% (19%) 14% (14%) 25.4.2014 21 21
Development of sales and order book in Heavy Trucks industry Order book Q1 2014 vs. Q1 2013 -1% Sales to Heavy Trucks industry Q1 2014 vs. Q1 2013 +10% 25.4.2014 22 22
Development of supply chain in Heavy Trucks industry compared to previous year Componenta’s Volvo Group’s Registrations of new deliveries to heavy deliveries to heavy trucks in trucks industry in distributors in Europe Europe Q1/2014 vs. Q1/2013 Q1/2014 vs. Q1/2013 1-2/2014 vs. 1-2/2013 +10% +14% +9% Sources: Volvo website, ACEA 25.4.2014 23 23
Registrations of new heavy trucks in Europe (EU27) Change +% 2010 2014 Change -% 2011 2012 2013 Source: ACEA 25.4.2014 24 24
Development of sales and order book in Construction and Mining industry Order book Q1 2014 vs. Q1 2013 +3% Sales to Construction and Mining industry Q1 2014 vs. Q1 2013 -5% 25.4.2014 25 25
Development of sales and order book in Machine Building industry Order book Q1 2014 vs. Q1 2013 +10% Sales to Machine Building industry Q1 2014 vs. Q1 2013 +12% 25.4.2014 26 26
Development of sales and order book in Agricultural Machinery industry Order book Q1 2014 vs. Q1 2013 +1% Sales to Agricultural Machinery industry Q1 2014 vs. Q1 2013 -2% 25.4.2014 27 27
Development of sales and order book in Automotive industry Order book Q1 2014 vs. Q1 2013 +2% Sales to Automotive industry Q1 2014 vs. Q1 2013 -3% 25.4.2014 28 28
Registrations of new passenger cars in Europe (EU27) Change +% 2011 2012 2014 2010 2013 Change -% Source: ACEA 25.4.2014 29 29
DEVELOPMENT OF BUSINESS SEGMENTS 30 30
Development of Foundry Division Operating profit Net sales 100 excluding one-time items 6 6% 80 4 4% MEUR 60 2 2% MEUR 40 0 0% 20 -2 -2% 0 -4 -4% Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR Q1 2014 Q1 2013 Change • Net sales of the Foundry division stayed flat compared to the previous year. 55.3 58.7 -6% Order book 84.6 85.0 -0% Net sales • Operating profit improved 55% from the previous year due to more efficient 4.0 2.6 +55% Operating profit production and gained cost savings. 2,843 2,822 +1% Personnel avg. 31 31 25.4.2014
Development of Machine Shop Division Operating profit Net sales excluding one-time items 40 2 4% 30 1,5 3% MEUR MEUR 20 1 2% 10 0,5 1% 0 0 0% Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR Q1 2014 Q1 2013 Change • Net sales of the Machine Shop division 23.2 20.4 +13% Order book increased 10% from the previous year. 30.4 27.7 +10% Net sales • Operating profit improved by 0.8 MEUR 0.8 0.0 n/m Operating profit from the previous year due to higher 374 369 +1% volumes and gained cost savings. Personnel avg. 32 32 25.4.2014
Development of Aluminium Division Net sales Operating profit excluding one-time items 20 4 16% 15 3 12% MEUR MEUR 10 2 8% 5 1 4% 0 0 0% Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 MEUR Q1 2014 Q1 2013 Change • Net sales of the Aluminium 14.1 12.4 +14% Order book division increased 6% from the previous year. 18.1 17.1 +6% Net sales 2.3 2.0 +19% • Operating profit improved 19% Operating profit from previous year due to higher 819 678 +21% Personnel avg. volumes. 25.4.2014 33 33
PROSPECTS 2014 34 34
Recommend
More recommend