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Componenta Corporation, Stock Exchange Release, on 7 November 2019 at 15.25

Componenta has restated its consolidated income statements for the year 2018 and six months period ended 30 June 2019 due to bankruptcy of Componenta Främmestad AB. Componenta's Sweden-based subsidiary Componenta Främmestad AB filed an application for bankruptcy with the local district court on 25 September 2019. Since the loss of control Componenta has classified and reports Componenta Främmestad AB as discontinued operations.

Componenta applies the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations in classifying, presenting and accounting for the loss of control due the bankruptcy of Componenta Främmestad AB. Componenta has classified and reports Componenta Främmestad AB as discontinued operations in the business review 1 January - 30 September 2019 as the loss of control took place 25 September 2019.

Result of discontinued operations is reported separately from continuing operations' income and expenses in the consolidated income statement, and prior periods have been adjusted accordingly. Intra-group income and expenses between continuing and discontinued operations are eliminated in full. Income and expenses related to discontinued operations are not considered to continue after the bankruptcy. The statement of financial position is not adjusted for prior periods.

The following tables show the unaudited adjusted consolidated income statements, main cash flows of discontinued operations as well as certain key ratios for all four quarters of 2018 separately and for full year 2018, as well as for the first and second quarter of 2019 and six months ended 30 June 2019.

Consolidated income statement

MEUR Jan 1-Jun Jan 1-Dec Jul 1-Dec Jan 1-Jun
30, 2019 31, 2018   31, 2018 30, 2018
Continued operations:
Net sales 22.3 39.3 18.0 21.3
Other operating income 0.1 1.9 0.7 1.0
Operating expenses -19.8 -38.0 -17.4 -20.4
EBITDA 2.6 3,2 1.3 1.9
% of net sales 11.6 % 5.9 % 7.2 % 8.9 %
Depreciations, -0.9 -2.2 -1.2 -1.0
amortisations and
write-downs
Operating result 1.7 1.0 0.0 0.9
% of net sales 7.6 % 0.2 % 0.3 % 4.3 %
Financial income and -0.0 -0.0 -0.0 -0.0
expenses
Result after financial 1.7 0.9 0.0 0.9
items
% of net sales 7.6 % 2.3 % 0.2 % 4.2 %
Income taxes 0.0 0.0 0.0 0.0
Net result of 1.7 0.9 0.0 0.9
continued operations

Discontinued
operations:
Net result of -1.0 0.1 -0.4 0.5
discontinued
operations
Net result 0.7 1.0 -0.4 1.4

Allocation of net
profit for the period
 
To equity holders of 0.7 1.0 -0.4 1.4
the parent
To non-controlling 0.0 0.0 0.0 0.0
interest
 Total 0.7 1.0 -0.4 1.4

Earnings per share
calculated on the
profit
attributable to equity
holders of the parent
 
- Basic earnings per 0.00 0.01 0.00 0.01
share, EUR  
- Basic earnings per 0.01 0.01 0.00 0.01
share, continued
   operations, EUR  
- Basic earnings per -0.01 -0.00 0.00 0.00
share, discontinued
operations, EUR
- Diluted earnings per 0.00 0.01 0.00 0.01
share, EUR

Consolidated statement of comprehensive income

MEUR Jan 1-Jun Jan 1-Dec Jul 1-Dec Jan 1-Jun
30, 2019 31, 2018   31, 2018 30, 2018
Net result 0.7 1.0 -0.4 1.4

Continued operations:
Other items  -  -  - - 
Total items that may be 0.0 0.0 0.0 0.0
reclassified to profit or loss
subsequently

Income tax on other comprehensive  -  -  - 0.0
income
Other comprehensive income of 0.0 0.0 0.0 0.0
continued operations, net of tax

Discontinued operations:
Translation differences   -0.1 -0.1 0.9 -1.0
Other items  -  -  - - 
Other comprehensive income of -0.1 -0.1 0.9 -1.0
discontinued operations, net of
tax

Total comprehensive income   0.6 0.9 0.5 0.5

Allocation of total comprehensive
income
To equity holders of the parent 0.6 0.9 0.5 0.5
To non-controlling interest  -  -  - 0.0
Total 0.6 0.9 0.5 0.5

Net sales by business area, continued operations

MEUR Jan 1-Jun 30, 2019 Jan 1-Jun 30, 2018 Jan 1-Dec 31, 2018  
Heavy trucks 1.8 1.1 2.1
Other 20.5 20.2 37.2
Total 22.3 21.3 39.3

Net sales by market area, continued operations

MEUR Jan 1-Jun 30, 2019 Jan 1-Jun 30, 2018 Jan 1-Dec 31, 2018  
Sweden 4.5 4.3 7.8
Finland 15.6 14.6 26.8
Benelux 0.1 0.0 0.1
countries
Germany 1.1 1.3 2.5
Other 1.0 1.1 2.0
European
countries
Other 0.1 0.0 0.0
countries
Continued 22.3 21.3 39.3
operations
total

Quarterly net sales development by market area, continued operations

MEUR Q2/2019 Q1/2019 Q4/2018 Q3/2018 Q2/2018 Q1/2018
Sweden 2.3 2.3 2.0 1.5 2.3 2.0
Finland 7.9 7.7 5.8 6.5 7.4 7.2
Benelux countries 0.0 0.0 0.0 0.0 0.0 0.0
Germany 0.6 0.4 0.7 0.6 0.8 0.5
Other European countries 0.4 0.5 0.5 0.5 0.5 0.6
Other countries 0.1 0.0 0.0 0.0 0.0 0.0
Continued operations total 11.3 11.0 8.9 9.1 11.0 10.3

Group continued
operations
development

MEUR Jan 1-Jun Jan 1-Jun 30, 2018 Jan 1-Dec 31, 2018  
30, 2019
Net sales 22.3 21.3 39.3
Operating result 1.7 0.9 1.0
Net financial items 0.0 0.0 0.0
Result after 1.7 0.9 0.9
financial items
Net result 1.7 0.9 0.9

Group continued operations development by quarter

MEUR Q2/2019 Q1/2019 Q4/2018 Q3/2018 Q2/2018 Q1/2018
Net sales 11.3 11.0 8.9 9.1 11.0 10.3
Operating 0.6 1.1 0.1 -0.1 0.5 0.4
result
Net financial 0.0 0.0 0.0 0.0 0.0 0.0
items
Result after 0.6 1.1 0.1 -0.1 0.5 0.4
financial
items

Order book at period end

MEUR Q2/2019 Q1/2019 Q4/2018 Q3/2018 Q2/2018 Q1/2018
Continued operations total 4.3 6.2 5.8 6.0 4.4 5.6

Discontinued operations

MEUR Jan 1 - Jan 1 - Jun 30, 2018 Jan 1 - Dec 31, 2019
Jun 30,
2019
Net sales 36.8 44.8 81.4
Expenses -37.8 -44.1 -81.1
Result after -1.0 0.7 0.7
financial items
Income taxes 0.0 -0.2 -0.2
Net result of -1.0 0.5 0.1
discontinued
operations

Cash flow of discontinued
operations

MEUR Jan 1-Jun Jan 1-Jun Jan 1-Dec 31, 2018  
30, 2019 30, 2018
Net cash flow from operating 1.3 2.4 2.2
activities
Net cash flow from investing -0.5 -0.3 -0.8
activities
Net cash flow from financing 0.0 -3.0 -2.7
activities
Change in liquid assets 0.8 -0.9 -1.3

Cash and cash equivalents at 1.1 2.4 2.4
the beginning of the period
Effects of exchange rate 0.0 0.0 0.0
changes on cash
Cash and cash equivalents at 1.9 1.5 1.1
the period end

Key financial ratios

Continued Jan 1-Jun Jan 1-Mar Jan 1-Dec Jan 1-Sep Jan 1-Jun
operations 30, 2019* 31, 2019* 31, 2018 30, 2018 30, 2018
Net sales, MEUR 22.3 11.0 39.3 30.4 21.3
EBITDA, MEUR 2.6 1.6 3.2 2.3 1.9
Operating result, 1.7 1.1 1.0 0.8 0.9
MEUR
Operating result, 7.6 10.3 2.4 2.8 4.3
%
Result after 1.7 1.1 0.9 0.8 0.9
financial items,
MEUR
Net result, MEUR 1.7 1.1 0.9 0.8 0.9
Basic earnings per 0.01 0.01 0.01 0.00 0.01
share, EUR
Cash flow from 6.0 2.8 1.3 1.4 1.3
operations, MEUR
Equity ratio , % 39.1 37.5 39.3 37.2 35.8
Invested capital 21.8 21.9 21.2 20.6 20.4
at period end,
MEUR
Return on 15.8 21.1 4.4 5.3 8.8
investment , %
Return on equity, 17.4 23.3 5.0 5.9 9.7
%
Net interest -8.3 -6.1 -3.4 -4.7 -3.9
-bearing debt,
MEUR
Net gearing, % -41.9 -30.9 -17.7 -24.6 -20.8
Order book, MEUR 4.3 6.2 5.8 6.0 4.4
Investments in non 0.5 0.2 n/a n/a n/a
-current assets
incl. lease
liabilities, MEUR
Investments in non 0.5 0.2 1.1 0.9 0.5
-current assets
excl. lease
liabilities, MEUR
Investments in non 2.2 1.7 2.8 3.0 2.6
-current assets
incl. lease
liabilities, % of
net
sales
Average number of 404 411 414 414 409
personnel during
the period
Average number of 455 453 473 481 478
personnel during
the period, incl.
leased personnel
Number of 388 410 412 428 417
personnel at
period end
Number of 423 458 439 485 491
personnel at
period end,
incl. leased
personnel
Share of export 30.1 30.2 31.8 30.7 31.4
and foreign
activities in net
sales, %
Contingent 3.4 3.4 3.8 3.8 3.8
liabilities, MEUR

Per Share Data Jan 1-Jun Jan 1-Mar Jan 1-Dec Jan 1-Sep Jan 1-Jun
30, 2019 31, 2019 31, 2018 30, 2018 30, 2018
           
Number of shares 177 269 177 269 177 269 177 269 176 137
at period end,
thousands
Basic earnings per 0.01 0.01 0.01 0.00 0.01
share, EUR
Diluted earnings 0.01 0.01 0.01 0.00 0.01
per share, EUR
Cash flow per 0.03 0.02 0.01 0.01 0.01
share, EUR

* As of 1 January 2019, the company adopted the new IFRS 16 "Leases" standard. As a result, in applying the new standard the lease agreements of the lessee are recognized on the balance sheet. Componenta has used the modified retrospective method so consequently the comparative financials have not been restated. The investments in 2019 include right of use assets recognized in the balance sheet and net debt and net gearing include lease liabilities recognized in the balance sheet.

Calculation of key financial figures

Key figure Määritelmä
Return on equity-% = Profit (Group) after financial items - Income taxes    
(ROE)                                     x 100
Shareholders' equity + non-controlling interest
(average of the accounting period)             
Invested capital = Shareholders' equity + interest bearing liabilities
(average of the accounting period) 
Return on = Profit after financial items + Interest and other
investment-% (ROI) financial expenses                    x 100 
Shareholders' equity + interest bearing liabilities
(average of the accounting period) 
Equity ratio, % = Shareholders' equity + non-controlling interest    x
100 
Balance sheet total - advances received 
Net interest = Interest bearing liabilities - cash and bank accounts 
-bearing debt
Net gearing, %  = Net interest bearing
liabilities                                 x 100
Shareholder's equity + non-controlling interest
Investments in non = Additions to non-current assets
-current assets
EBITDA = Operating profit + Depreciation, amortization and write
-downs +/- Share of the associated companies' result
Earnings per = Profit after financial items - income taxes +/- non
share, EUR (EPS) -controlling interest - deferred and paid interest on
hybrid loan
Average number of shares during the financial period
Earnings per share = As above, the number of shares has been increased with
with dilution, EUR the possible warrants outstanding. When calculating the
dilution effect of warrants, the number of shares has
been adjusted with the number of own shares which the
company could have acquired, if it would have used the
funds generated from the warrants to buy back of own
shares at market price (= average trading price). After
tax interest expense of the possible convertible loan
has been added to the profit of the period. Number of
shares that can be subscribed by the loan has been
added to the number of total shares.
Cash flow per = Net cash flow from operating activities
share, EUR (CEPS) Average number of shares during the financial period

COMPONENTA CORPORATION

Marko Penttinen
President and CEO

For further information, please contact:

Marko Penttinen, President and CEO, tel. +358 10 403 2200
Marko Karppinen, CFO, tel. +358 10 403 2101

Componenta is an international technology company. Componenta specialises in supplying cast and machined components for its global customers, who are manufacturers of vehicles, machines and equipment. The Company's share is listed on Nasdaq Helsinki.