Componenta Oyj · OMXHEX:CTH1V
Componenta Oyj — FY2011 Earnings Presentation
51 slides from Componenta Oyj's earnings presentation, Jan 24, 2012
Slide 1: Casting Future Solutions
Casting Future SOLUTIONS COMPONENTA
Slide 2: Financial statements 1 January - 31 December 2011
Componenta Corporation Financial statements 1 January - 31 December 2011 Heikki Lehtonen President and CEO 24 January 2012 © Componenta 2
Slide 3: Year 2011 briefly
Year 2011 briefly MEUR Q1-Q4/2011 Q1-Q4/2010 Change Order book 100 95 5% Net sales 576 452 28% Operating profit, excluding one-time items 29.8 13.6 119% Financial income and expenses -25.9 -23.5 10% Result after financial items, excluding one-time items 3.9 -9.9 n/m One-time items -7.4 -0.1 n/m Net
Slide 4: Componenta strengthens balance sheet
Componenta strengthens balance sheet Share issue and a hybrid bond, totalling EUR 20 million • Componenta’s Board of Directors has decided on measures to strengthen the Group’s balance sheet. In March 2012 Componenta will carry out the strengthening of equity by altogether EUR 20 million through an
Slide 5: Q4/2011 briefly
Q4/2011 briefly MEUR Q4 2011 Q4 2010 Change Net sales 141.7 130.7 8% Operating profit, excluding one-time items 6.8 5.9 15% Financial income and expenses -6.7 -5.9 13% Result after financial items, excluding one-time items 0.1 0.0 n/m One-time items -3.5 -0.1 n/m Net result -3.8 -0.5 n/m Earnings/sh
Slide 6: Quarterly net sales development 2004-2011
Quarterly net sales development 2004 - 2011 225 900 Net sales 200 800 Net sales 12 months rolling net sales 12 months rolling, MEUR 175 700 quarterly net sales, MEUR 150 600 125 500 100 400 75 300 50 200 25 100 0 0 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q
Slide 7: Key ratios
Key ratios 31.12.2011 31.12.2010 Equity ratio (preferred capital note in equity), % 17.5 26.4 Return on equity (excl. one-time items), % 5.1 -10.2 Return on equity, % -5.8 -10.3 Return on investment (excl. one-time items), % 10.2 5.0 Return on investment, % 7.8 5.0 Net interest bearing debt (preferr
Slide 8: Cash flow statement
Cash flow statement MEUR 2011 2010 Cash flow from operations before change in net working 42.2 31.3 capital, financing and taxes Change in net working capital -10.0 13.6 Cash flow from operations before financing and taxes 32.2 44.8 Net cash flow from operations 3.6 25.2 Net cash flow from investing
Slide 9: Development of net cash flow from operations
Development of net cash flow from operations 20 15 10 MEUR 5 0 -5 -10 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 24 January 2012 9
Slide 10: Recycled metal price development
Wvstahl Sorte 8/package recycled metal (EUR/ton) 460 WV Stahl Sorte 8 (eur/tn) 440 WV Stahl Sorte 8 Yearly average 429.30 420 400 380 367.70 360 347.90 343.53 340 188,00 320.20 320 3 16 . 9 1 312.70 300 310.20 eur / tn 279.20 280 285.23 253.30 267.50 260 233.40 248.80 240 2 17 . 7 9 214.10 238.90 22
Slide 11: Development of exchange rates: Turkish lira
Development of exchange rates Turkish lira Source: Reuters 24 January 2012 11
Slide 12: Development of exchange rates: Great Britain pound
Development of exchange rates Great Britain pound Source: Reuters 24 January 2012 12
Slide 13: Development of exchange rates: Swedish krona
Development of exchange rates Swedish krona Source: Reuters 24 January 2012 13
Slide 14: Quarterly development of order book
Quarterly development of order book (incl. orders for coming two months) +5% 120 100 80 MEUR 60 40 20 0 09 09 09 09 10 10 10 10 11 11 11 11 1/ 2/ 3/ 4/ 1/ 2/ 3/ 4/ 1/ 2/ 3/ 4/ Q Q Q Q Q Q Q Q Q Q Q Q 24 January 2012 14
Slide 15: Quarterly operating profit and result after financial items
Quarterly operating profit and result after financial items excl. one-time items Operating profit Result after financial items excluding one-time items excluding one-time items 15 15 10 10 10 5 MEUR MEUR 5 5 0 I II III IV 0 0 -5 I II III IV -5 -5 -10 2010 2011 2010 2011 2010% 2011% 24 January 2012 1
Slide 16: Equity ratio
Equity ratio, % 35 • Extremely sharp decline in the value of the Turkish lira against the euro weakened the Group’s shareholders’ 30 equity by EUR -22.9 million compared with the same period in the previous year. Cumulatively exchange 25 rate differences after the acquisition of the Turkish 20 subsi
Slide 17: Personnel by country
Personnel by country including leased personnel Finland Sweden 1,070 963 373 403 The Netherlands Turkey 691 757 2,280 2,542 31.12.2010 31.12.2011 24 January 2012 17
Slide 18: Distribution of sales
Distribution of sales Sales by market area 2011 Sales by operations 2011 Other countries 6 % Other Europe 2 % 300 Italy 5 % Sweden 19 % 250 France 6 % 200 MEUR 150 Benelux 8 % 100 50 Germany 18 % 0 Finland 10 % Turkey Finland Holland Sweden Other Business 2010 2011 UK 11 % Turkey 15 % Note: Excludin
Slide 19: Market indices chart
ÄÉäçï=RM=Z=Åçåíê~Åíáçå OMMSJMNJPN OMMSJMOJOU 24 January 2012 OMMSJMPJPN OMMSJMQJPM OMMSJMRJPN OMMSJMSJPM OMMSJMTJPN OMMSJMUJPN OMMSJMVJPM OMMSJNMJPN OMMSJNNJPM OMMSJNOJPN OMMTJMNJPN OMMTJMOJOU OMMTJMPJPN rp=fpj OMMTJMQJPM OMMTJMRJPN OMMTJMSJPM OMMTJMTJPN OMMTJMUJPN OMMTJMVJPM OMMTJNMJPN OMMTJNNJPM O
Slide 20: IFO expectations
IFO expectations 24 January 2012 20
Slide 21: Investor Confidence Index
Investor Confidence Index Source: SSaA 24 January 2012 21
Slide 22: CDS index
CDS index Source: Reuters 24 January 2012 22
Slide 23: Comparable sales to customer industries
Comparable sales to customer industries Heavy Construction Machine Automotive Agricultural Wind trucks and mining building machinery power 27% (26%) 25% (21%) 19% (20%) 16% (20%) 13% (11%) 1% (2%) Note: Other sales 0% (1%) 24 January 2012 23
Slide 24: Comparable sales to heavy trucks industry quarterly
Comparable sales to heavy trucks industry quarterly MEUR +4% 45 40 35 30 2010 25 2011 20 15 10 5 0 Q1 Q2 Q3 Q4 24 January 2012 24
Slide 25: Development of supply chain in heavy trucks industry
Development of supply chain in heavy trucks industry Componenta’s Volvo Group’s Registrations deliveries to deliveries to of new heavy heavy trucks distributors in trucks in industry Europe in Europe in in 2011 Jan - Nov Jan - Nov 2011 2011 +35% +50% +40% Sources: Volvo web pages, ACEA 24 January 20
Slide 26: Sales and order book in heavy trucks industry
Development of sales and order book in heavy trucks industry • The order book was 5% down from the previous year. Heavy Trucks Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Orderbook 24 January 2012 26
Slide 27: Registrations of new heavy trucks in Europe (EU27)
Registrations of new heavy trucks in Europe (EU27) PRIMMM TRB PMIMMM RRB ORIMMM PRB OMIMMM NRB NRIMMM JRB NMIMMM JORB RIMMM JQRB M JSRB g^k cb_ j^o ^mo j^v grk gri ^rd pbm l`q kls ab` g^k cb_ j^o ^mo j^v grk gri ^rd pbm l`q kls ab` g^k cb_ j^o ^mo j^v grk gri ^rd pbm l`q kls MUJ MUJ MUJ MUJ MUJ MUJ
Slide 28: Comparable sales to construction and mining industry quarterly
Comparable sales to construction and mining industry quarterly MEUR +36% 40 35 30 25 2010 2011 20 15 10 5 0 Q1 Q2 Q3 Q4 24 January 2012 28
Slide 29: Sales and order book in construction and mining industry
Development of sales and order book in construction and mining industry • The order book was 38% higher than in the previous year. Construction & Mining Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Order book 24 January 20
Slide 30: Comparable sales to machine building industry quarterly
Comparable sales to machine building industry quarterly MEUR 35 +11 % 30 25 2010 20 2011 15 10 5 0 Q1 Q2 Q3 Q4 24 January 2012 30
Slide 31: Sales and order book in machine building industry
Development of sales and order book in machine building industry • The order book was 9% down from the previous year. Machine Building Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Order book 24 January 2012 31
Slide 32: Comparable sales to automotive industry quarterly
Comparable sales to automotive industry quarterly MEUR -16% 30 25 20 2010 2011 15 10 5 0 Q1 Q2 Q3 Q4 24 January 2012 32
Slide 33: Registrations of new passenger cars in Europe (EU27)
Registrations of new passenger cars in Europe (EU27) NIUMMIMMM PMB NIRMMIMMM OMB NIOMMIMMM NMB VMMIMMM MB SMMIMMM JNMB PMMIMMM JOMB M JPMB g^k cb_ j^o^mo j^v grk gri ^rd pbm l`q kls ab` g^k cb_ j^o^mo j^vgrk gri ^rd pbm l`q kls ab` g^k cb_ j^o ^mo j^v grk gri ^rd pbm l`q klsab` MUJ MUJ MUJ MUJ MUJ M
Slide 34: Sales and order book in automotive industry
Development of sales and order book in automotive industry • The order book was 17% down from the previous year. Automotive Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Order book 24 January 2012 34
Slide 35: Comparable sales to agricultural machinery industry quarterly
Comparable sales to agricultural machinery industry quarterly MEUR +37% 20 15 2010 2011 10 5 0 Q1 Q2 Q3 Q4 24 January 2012 35
Slide 36: Sales and order book in agricultural machinery industry
Development of sales and order book in agricultural machinery industry • The order book was 47% higher than in the previous year. Agriculture Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Order book 24 January 2012 36
Slide 37: Comparable sales to wind power industry quarterly
Comparable sales to wind power industry quarterly MEUR 4 -59% 3 2010 2011 2 1 0 Q1 Q2 Q3 Q4 24 January 2012 37
Slide 38: Sales and order book in wind power industry
Development of sales and order book in wind power industry • The order book was 63% down from the previous year. Wind Power Orderbook, Net Sales 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Orderbook 24 January 2012 38
Slide 39: Analysis of changes in income statements excl. one-time items
Analysis of changes in income statements excl. one-time items Q1 - Q4/2011 vs. Q1 - Q4/2010 MEUR Q1/11 Q1/10 Diff % Q2/11 Q2/10 Diff % Q3/11 Q3/10 Diff % Q4/11 Q4/10 Diff % Net sales 144.1 91.2 58% 156.5 117.3 33% 134.1 112.3 19% 141.7 130.7 8% Value of 150.0 94.4 59% 159.1 119.0 34% 132.3 113.0 17%
Slide 40: Offers and new sales
Offers and new sales Monthly offers > 100,000 EUR • The offers submitted by the Group stayed almost at the same level as year before. • Componenta’s new sales developed well during 2011. 24 January 2012 40
Slide 41: Performance of Operations
Performance of Operations 24 January 2012 41
Slide 42: Performance of the Turkey operations
Performance of the Turkey operations Net sales Operating profit excluding one-time items UM NM NR U NO SM jbro S V B jbro OMNM Q S QM OMNN O P OM M M f ff fff fs M f ff fff fs OMNM OMNN OMNMB OMNNB MEUR Q4/ Q4/ Q1-Q4/ Q1-Q4/ • The operating profit for the review 2011 2010 Change 2011 2010 Change per
Slide 43: Performance of the Finland operations
Performance of the Finland operations Net sales Operating profit excluding one-time items PR NKR S PM N Q OR MKR O jbro M M jbro OM OMNM B NR JMKR f ff fff fs JO OMNN NM JN JQ JNKR JS R JO JU M f ff fff fs OMNM OMNN OMNMB OMNNB MEUR Q4/ Q4/ Q1-Q4/ Q1-Q4/ • Operating profit was weakened 2011 2010 Cha
Slide 44: Performance of the Holland operations
Performance of the Holland operations Net sales Operating profit excluding one-time items PR Q Q PM M M OR f ff fff fs jbro jbro OM OMNM JQ JQ B NR OMNN NM JU JU R JNO JNO M f ff fff fs OMNM OMNN OMNMB OMNNB MEUR Q4/ Q4/ Q1-Q4/ Q1-Q4/ • Operating result was weakened 2011 2010 Change 2011 2010 Change
Slide 45: Performance of the Sweden operations
Performance of the Sweden operations Net sales Operating profit excluding one-time items PR O NM PM N R OR jbro jbro OM OMNM M M B NR OMNN f ff fff fs NM JN JR R JO JNM M f ff fff fs OMNM OMNN OMNMB OMNNB MEUR Q4/ Q4/ Q1-Q4/ Q1-Q4/ • Operating profit improved from the 2011 2010 Change 2011 2010 Chan
Slide 46: Prospects 2012
Prospects 2012 24 January 2012 46
Slide 47: Market outlook in 2012
Market outlook in 2012 • Group’s demand outlook is satisfactory at the beginning of 2012. Demand prospects in the heavy trucks industry are uncertain Heavy Trucks Orderbook, Net Sales at the beginning of 2012. The order book was 5 % down on the previous year. 08 08 08 08 09 09 09 09 10 10 10 10 11 1
Slide 48: Market outlook in 2012 (cont'd)
Market outlook in 2012 (cont’d) Automotive Demand in the automotive industry is expected to Orderbook, Net Sales remain at the same level as in the previous year mainly due to the increase in market share. The order book at the beginning of 2012 was 17 % lower than at the corresponding time in the p
Slide 49: Componenta's prospects in 2012
Componenta’s prospects in 2012 • Componenta’s prospects for 2012 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 at the beginning of 2012 was 5% higher than in the previous year. • Ne
Slide 50: New organization as of 1 March 2012
New organization as of 1 March 2012 CORPORATE EXECUTIVE PRESIDENT AND CEO TEAM Heikki Lehtonen CFO HUMAN RESOURCES & INTERNAL FINANCE AND CONTROL, TREASURY, COMMUNICATIONS IT, INVESTOR RELATIONS Anu Mankki Mika Hassinen OPERATIONS DEVELOPMENT LEGAL & RISK MANAGEMENT Olli Karhunen Pauliina Rannikko S
Slide 51: 24 January 2012
24 January 2012 27.1.2012 51