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Financial Statements 1 January - 31 December 2011

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Financial Statements 1 January - 31 December 2011 FINANCIAL STATEMENTS 1 January - 31 December 2011 Contents 2 Report by the Board of Directors 6 Consolidated income statement 7 Consolidated statement of financial position 8 Cash flow statement 8 Statement of changes in consolidated shareholders’ equity 9 Notes to the consolidated financial statements 30 Parent company income statement 30 Parent company balance sheet 31 Group development 34 Shareholders and shares 35 Per share data 36 Calculation of key financial ratios 37 The proposal of the Board of Directors for the distribution of profits 38 Auditor’s Report 39 Information for shareholders FINANCIAL STATEMENTS COMPONENTA ANNUAL REPORT 2011 2 REporT ON 2011 BY THE BOARD of DIRECTorS Financial targets for 2012 and 2013 India and China), and the increase in investments in the established The financial crisis that began in 2008 moved into a new phase after markets of Europe and America in 2011. many European countries ended up in a debt crisis. In consequence The rise in raw material prices caused by the growth in demand of the crisis, capital requirements for banks have been tightened, had a negative impact of altogether EUR 11 million on Componenta’s making it more difficult to obtain credit from banks. In the next few result in 2011. The prices of raw materials not covered by surcharge years the availability of financing from banks will be weak and its agreements rose sharply especially in the first three quarters of the price will be high. Because of this, at its meeting in January 2012 year. Componenta has reached agreement with all its customers on Componenta’s Board of Directors amended the company’s financial a new pricing mechanism under which the rise in costs mentioned goals. The company’s strategic target is to reduce the company’s above is compensated in the price of products as from the begin- level of debt and obtain a good credit rating during 2012 and 2013. ning of 2012. As part of this process, in spring 2012 Componenta is making a Overall the heavy truck market developed positively in 2011. share issue and issuing a hybrid bond. In addition, Componenta has New sales picked up well during the year and the close partnership started the process of selling off the unit in Manisa, Turkey, that in product development continued with heavy truck manufactur- produces aluminium wheels. The unit had net sales in 2011 of EUR 45 ers. Componenta’s delivery volumes to the heavy truck industry million, EBITDA was just under EUR 9 million, and it employs almost rose considerably from the previous year, although the production 400 people. Through these measures combined with the cash standstills implemented by customers at the end of the year had a flow from operations in 2012, the Group believes it can reduce the negative impact on final quarter sales. interest-bearing debt by about one third. Demand for components in the construction and mining indus- tries increased significantly in 2011. The need for components rose Events in 2011 - summary quickly in consequence of the recovery in the economy and high In January Componenta published its new long-term strategy for 2011 raw material prices resulting from the mining projects that have – 2015. The new strategy aims at growth together with customers. been launched. Growth was strong in all markets. Componenta expanded its Corporate Executive Team in January Demand for agricultural machinery continued to rise from the by appointing three new members: Olli Karhunen, SVP of Opera- previous year mainly thanks to the markets in Europe and North tions Finland, Patrick Steensels, SVP of Operations Holland, and America. Rising food prices were a particular factor in the growth in Michael Sjöberg, SVP of Operations Sweden. demand. Componenta began statutory personnel negotiations at the end The number of new passenger cars registered in Europe declined of January at the Pietarsaari machine shop with the goal of examin- 1.7% in 2011 from the previous year, in consequence of the decline in ing the options for developing operations in Pietarsaari. The nego- the economic situation in Europe. However, vehicle production vol- tiations were completed in March, and as the result Componenta umes picked up well, especially in Germany, as a result of the strong decided to terminate machining operations in Pietarsaari during growth in exports. Thanks to the excellent demand for aluminium 2011. Most of the machining work that had taken place in Pietarsaari wheels, Componenta’s deliveries to the automotive industry in- and many of the machine tools for this work were transferred dur- creased for the whole year compared to the previous year. ing 2011 to the Group’s unit in Främmestad in Sweden. Componenta The recession continued to affect the wind power industry in strengthened the cast components supply chain by concentrating 2011 and there were no signs of growth. Demand was affected by the its business operations in larger, more profitable units. difficulties in arranging financing for wind park projects. The bank- In March Componenta decided to apply for public listing of the ruptcy in summer 2011 of the biggest customer in the wind power loan units of the bond and the subordinated capital loan issued in sector, Moventas Oy, also had a negative impact on Componenta’s 2010. The Finnish Financial Supervisory Authority approved Com- deliveries. ponenta’s listing prospectus for the bond and subordinated capital Demand in the machine building industry remained steady as in loan in April and trading in the loan units began at the end of April. the previous year. Market demand varied considerably, however, In April Componenta was informed by the Commission that from one sector and market area to another. Growth as a whole was it had rendered a new decision on 20 April 2011, confirming that low in 2011. Componenta did not receive any state aid from the City of Karkkila in connection with a share purchase transaction between Compo- Order book nenta and the City of Karkkila in 2005. The order book in the beginning of January 2012 was similar to what Componenta began statutory personnel negotiations in October it was at the same time in the previous year, standing at EUR 99.5 at Componenta Finland Oy Nisamo concerning the possible closure (94.6) million. The order book comprises orders confirmed to cus- of the unit. In December Componenta sold the business operations tomers for the next two months. The order book does not involve and production machinery of the Nisamo machine shop. The sale any significant cancellation risk. also ended the personnel negotiations. The order book for operations in Turkey increased 8% from the previous year, standing at EUR 51.8 (47.8) million in the beginning of Developments in Componenta’s business environment January. The order book in Turkey was boosted by good develop- and markets in 2011 ments in construction and mining machinery and in the automotive During 2011 economic trends were mainly positive, which was also industry. reflected in the considerable increase in demand for cast compo- The order book for operations in Finland declined 12% from the nents. Although demand rose significantly from 2010, it still did previous year, standing at EUR 13.8 (15.7) million in the beginning not return to its level before the recession. Factors contributing of January. The main factors in the decline were the closure of the to the growth in demand were the encouraging developments in Pietarsaari machine shop and the sale of the operations of the developing markets, in particular the BRIC countries (Brazil, Russia, Nisamo machine shop. FINANCIAL STATEMENTS COMPONENTA ANNUAL REPORT 2011 3 The order book for operations in the Netherlands was 22% higher During the year new long-term bilateral loans totalling EUR than in the previous year, standing at EUR 20.1 (16.4) million in the 34.9 million were drawn to refinance short-term bank loans that beginning of January. Increased orders from manufacturers of con- matured during the period. Short-term interest-bearing liabilities struction, mining and agricultural machinery and from the heavy rose considerably in June because of a syndicated loan that matures truck and machine building industries contributed to the stronger in June 2012. The company is negotiating on a continuation of the order book in the Netherlands. current syndicated loan. A second option is for the company and The order book for operations in Sweden declined 10% from the its principal financing banks to agree on a new syndicated loan to previous year, standing at EUR 19.8 (22.0) million in the beginning replace the current one. The company’s principal financing banks of January. Decreased orders especially from the heavy truck and have taken the decision on credit facilities totalling some EUR 100 machine building industries weakened the order book in Sweden. million for 2012 and 2013. In accordance with a proposal by the Board Customers in the heavy truck industry imposed production stand- of Directors, the company will strengthen equity by altogether EUR stills before and after the year end in Sweden. 20 million through an increase in share capital and a hybrid bond. The company has also negotiated additional financing of EUR 50 Net sales million from other banks and, in addition, is negotiating with several The Group’s net sales in 2011 rose 28% from the previous year to EUR other financial institutions concerning financing totalling EUR 30 576.4 (451.6) million. The value of production in the year increased million in connection with the second option described above. The 27% to EUR 577.9 (454.7) million. The Group’s capacity utilization rate company’s financing needs will decrease if the planned sale of the during the financial year was 68% (57%).
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