extraordinary general meeting 10 december 2013 · 2020-06-22 · july –september 2013 in brief...
TRANSCRIPT
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Vesa Korpimies
President and CEO
Extraordinary General Meeting
10 December 2013
� Exel Composites financial results Q1-Q3 2013
� Exel Composites strategy
� Board proposal on additional capital repayment
Contents
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� Introduction of new CEO
January – September 2013 in briefWeak market situation continued in 1-9/2013
MEUR 1-9/2013 1-9/2012 Change
Net sales 51.5 57.4 -10.2%
Operating profit before non-
recurring items 3.7 5.0 -25.5%
Operating profit (%) 7.2 8.7
Operating profit after non-
recurring items 3.4 5.0 -33.0%
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recurring items 3.4 5.0 -33.0%
Operating profit (%) 6.5 8.7
Net operative cash flow +4.9 +3.8
EPS 0.19 0.29
July – September 2013 in briefSlight improvement was seen in July – September 2013
MEUR Q3 2013 Q3 2012 Change
Net sales 17.1 17.1 0.1%
Operating profit before non-
recurring items 1.5 1.4 +6.7%
Operating profit (%) 8.5 8.0
Operating profit after non-
recurring items 1.1 1.4 -20.6%
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recurring items 1.1 1.4 -20.6%
Operating profit (%) 6.3 8.0
Net operative cash flow +2.3 +0.3
EPS 0.05 0.07
� In January – September 2013 net
cash flow from operating activities
was positive at MEUR +4.9 (+3.8)
� In July – September 2013 net cash
flow from operating activities was
strongly positive at MEUR +2.3
(+0.3) due to good working capital
management 3
4
5
6
Ca
sh
flo
w (
ME
UR
)
Net cash flow from operating activities
In January – September 2013 net cash flow from operating activities was positive at MEUR +4.9 (+3.8)
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management
� Capital expenditure was MEUR 1.9
(2.1)
� On 30 September 2013, the
Group’s liquid assets stood at
MEUR 7.6 (7.5) 0
1
2
3
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
Ca
sh
flo
w (
ME
UR
)
48
57
105 104
87
7073
85
76
11,0 %
18,1 %18,1 %
14,9 %
12,3 %
16,2 %
19,0 %
14,6 %
11,4 %
12,9 %13,0 % 15 %
20 %
25 %
30 %
60
80
100
120
ma
rgin
(% o
f n
et
sa
les
)
sa
les
(ME
UR
)
Exel Composites has a history of profitable growth
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1114
20 2225
29
11,0 %
10,8 %
8,5 %
10,7 %
11,4 %
7,8 %
0 %
5 %
10 %
0
20
40
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
Op
era
tin
gp
rofi
t
Ne
t s
ale
s
Net sales Operating profit margin EBIT target 10% over a biz cycle
Exel Composites strategy targets profitable growth
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� Exel Composites is a customer-driven, leading provider of advanced composite solutions; being dynamic and innovative we reinforce your
business
� Exel Composites’ target is growth ahead of the market while maintaining good profitability
� We focus on OEM-customers in advanced and selected market segments
� Exel Composites has continued to invest in sales and technical sales
— Group Management Team was strengthened by appointment of Mr. Kari
Loukola, VP Sales
� Cost increases have been partly mitigated with price increases
� Savings actions via temporary lay-offs and permanent personnel
reductions in all units
Several actions have been taken to improve Exel Composites sales and profitability
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� Corrective actions have had a positive impact in the British business unit. Turnaround measures in Australia continue
� We have built a platform and harmonized practices (ERP, CRM,
ExelWay) to support future profitable growth
— As a result of the ExelWay-project, new and efficient business processes
and best practices are being implemented
— More efficient use of working capital
� Investment into new high specification laminate production line was
made
We have built a platform to support future profitable growth. ExelComposites is well-positioned when the market recovers
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made
— The investment enables us to extend our product range in high specification
laminates and grow in several market segments
— New generation laminates enable new possibilities for example in
applications in the building and construction industry such as reinforcing
structures for walls and floors
� Despite the challenging situation the composite market is estimated to
develop positively in the longer run
Exel Composites long term financial targets over a business cycle
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178%
59%
40 %
60 %
80 %
100 %
150 %
200 %
Eq
uit
yra
tio
geari
ng
Net gearing and equity ratio
Exel Composites’ financial position is strong
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-1.6%
25%
-20 %
0 %
20 %
-50 %
0 %
50 %
Q1/0
8
Q2/0
8
Q3/0
8
Q4/0
8
Q1/0
9
Q2/0
9
Q3/0
9
Q4/0
9
Q1/1
0
Q2/1
0
Q3/1
0
Q4/1
0
Q1/1
1
Q2/1
1
Q3/1
1
Q4/1
1
Q1/1
2
Q2/1
2
Q3/1
2
Q4/1
2
Q1/1
3
Q2/1
3
Q3/1
3
Eq
uit
y
Net
geari
ng
Net gearingEquity ratio
� The Board of Directors proposes to the Extraordinary General
Meeting an additional capital repayment of EUR 0.50 per share
� The additional capital repayment will be paid from the reserve for invested unrestricted equity
� The Board of Directors of the Company considers that it will not
propose any dividend distribution to the Annual General Meeting 2014
due to the additional capital repayment now proposed to the Extraordinary General Meeting
Board proposal on additional capital repayment
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Extraordinary General Meeting
© Transtech
Exel Composites’ financial base remains strong even after additional capital payment
Repayment impact of 0.50 EUR per
share (total MEUR 5.9 million)
Q3/2013 Q3/2013 after
repayment
Shareholders’ equity , MEUR 28.6 22.7
Equity ratio 58.9% 46.6%
Unrestricted equity fund, MEUR 8.5 2.5
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Interest-bearing loans, MEUR 7.2 13.1
Net gearing - 1.6% 24.2%
� M.Sc. in Electrical Engineering
� Head of ABB’s large AC Motor business worldwide since 2012
� Various international positions within ABB, namely
— President for ABB Electrical Machines Ltd in China
— Global Operations Manager for Business Unit Motors & Generators
— Global Product Group Manager for ABB Wind Power Generators
New president and CEO, Mr. Riku Kytömäki will assume his duties on 2 January 2014
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� Born in 1971
� Exel Composites website www.exelcomposites.com
� For further information contact
More information is available on Exel Composites website
Vesa Korpimies
President and CEO
+358 50 590 6754
Ilkka Silvanto
CFO
+358 50 598 9553
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