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PKC GROUP'S FINANCIAL STATEMENT RELEASE 1 January - 31 December 2012
(OMX (English) Via Acquire Media NewsEdge)
PKC Group Plc FINANCIAL STATEMENT RELEASE 14 February 2013 8.15 a.m.
-- Net sales grew 68.7% on the previous year (1-12/2011), totalling EUR 928.2
million (EUR 550.2 million).
-- Operating profit before PPA depreciation and amortization and non-recurring
items was EUR 65.4 million (EUR 49.0 million). During the financial year
PPA depreciation and amortization totalled EUR 13.9 million (EUR 7.0
million).
-- Operating profit before non-recurring items was EUR 51.5 million (EUR 42.0
million) and 5.5% (7.6%) of net sales.
-- Operating profit was EUR 43.5 million (EUR 34.5 million) and 4.7% (6.3%) of
net sales.
-- Net profit for the financial year amounted to EUR 24.0 million (EUR 23.4
million).
-- Diluted earnings per share were EUR 1.12 (EUR 1.16).
-- Gross capital expenditure was EUR 16.0 million (EUR 101.5 million).
-- Net cash from operating activities was EUR 76.0 million (EUR 40.0 million).
-- Cash flow after investments was EUR 63.7 million (EUR 50.2 million
negative).
-- Gearing was 34.4% (72.6%).
-- Equity ratio was 33.9% (30.0%).
-- Net liabilities were EUR 56.6 million (EUR 110.7 million).
-- Dividend proposal is EUR 0.70 per share (EUR 0.60 per share).
KEY FIGURES 1-12/12 1-12/11
Net sales, EUR 1,000 928,178 550,208
Operating profit, EUR 1,000 43,451 34,505
% of net sales 4.7 6.3
Net profit for the report period, EUR 1,000 23,999 23,445
Earnings per share (EPS), EUR 1.12 1.16
ROI,% 16.7 18.9
Net liabilities, EUR 1,000 56,563 110,739
Gearing, % 34.4 72.6
Average number of personnel 20,590 10,793
MATTI HYYTIÄINEN, PRESIDENT AND CEO:
”PKC’s net sales grew 69% from previous year and operating profit before PPA
depreciation and amortization and non-recurring items grew 33%. Net sales
growth was substantially impacted by the acquisition of AEES-companies in the
last quarter of 2011. Full year cash flow after investments was very strong
being EUR 63.7 million. We were able to significantly reduce gearing, which as
a result of acquisitions had been higher than normally. Gearing at end of the
year went down to 34.4%.
I am particularly satisfied that during the financial year we were able to
conquer new customers and to increase sales to our current customers in new
market areas. PKC has unique competence in managing wiring systems product
variations. PKC’s market position is strong in all its key geographical
operational areas.
PKC’s Wiring Systems business segment performance improved positively and
operating profit excluding non-recurring items increased 26%. Operating profit
was burdened by significant losses in the Brazilian wiring systems operations.
The losses in Brazil were mainly due to low volumes in the Brazilian truck
market, general cost inflation and due to on-going reorganization of
manufacturing.
PKC’s Electronics business segment’s operating profit excluding non-recurring
items decreased by 24%. Actions to improve profitability are on-going. The
objective is a competitive cost structure in order to be able to serve our
global customers even better.
It is estimated, that the 2013 truck production volumes will increase in
Brazil, remain stable in North America and continue to decrease in Europe.
However, the transition to Euro 6 standard in Europe may speed up the sales of
Euro 5 significantly at the end of the year. The markets of Electronics segment
are estimated to remain stable. During the coming financial year PKC will focus
on few essential initiatives that are related to mapping out the growth
opportunities in the APAC region, further development of the competitiveness
and capabilities of the global manufacturing operations and improvement of cash
flow.”
OPERATING ENVIRONMENT
Wiring Systems Business
- Vehicles, Europe
The 2012 last quarter production of heavy duty trucks was 80,000 units, which
is 10% more than in the previous quarter. Compared to the same period in 2011
(96,000 units) the production declined by some 16%. The full year 2012
production was 310,000 units, which is close to 10% less than that of 2011
which was 345,000 units.
The 2012 last quarter production of medium duty trucks was over 18,000 units
which was 7% less than in the same period in 2011 (20,000 units), but about 4%
more than the production during the third quarter (17,000 units). Full year
production volume was approximately 75,000 units. Compared to 2011 total
production volume (82,000 units) there was about 8% decline.
- Vehicles, North America
NAFTA 2012 last quarter production of heavy duty trucks (class 8) was 58,000
units, down about 10% from the previous quarter’s 65,000 units. Compared to
year 2011 comparison period the production was down more than 20% from 75,000
units. Full year 2012 production volume of heavy duty trucks was approximately
280,000 units equaling a growth rate of more than 9% from 2011 total production
volume of 255,000 units.
Fourth quarter medium duty truck production of 44,000 units increased more than
4% from third quarter volume of 42,000 units. Compared to 2011 fourth quarter
there was an increase of more than 10%. Total production volume increased from
165,000 in 2011 to 185,000 units in 2012, equaling a growth rate of more than
10%.
Light vehicle production of 1,750,000 units in the fourth quarter remained at
the third quarter level equaling more than 4% growth over 2011 third quarter.
Full year production increased to 7,250,000 units from 6,500,000 units in 2011.
- Vehicles, Brazil
In Brazil, the last quarter heavy truck production was 26,000 units, which is
at the same level than the production of the third quarter, but about 30% less
than the production of the same period a year earlier (40,000). Full year 2012
production volume was 100,000 units, which is 30% less than in year 2011
(140,000 units).
The 2012 last quarter production of medium duty trucks was 10,000 units, which
is 6% more than the previous quarter (9,600 units). Compared to the same period
a year earlier (20,300 units) the production declined by some 50%. The full
year 2012 production was 35,000 units, which is close to 49% less than that of
2011 which was 68,000 units.
- Agricultural Equipment
Full year tractor sales in North America increased about 8% and in South
America about 4% compared to year 2011. As for Europe, the Middle East and Asia
sales development was negative, and the actual sales were down more than 2%
from the comparison year. Full year 2012 agricultural equipment unit volume
remained at the previous year’s level.
- Construction Equipment
Global demand for construction equipment was down about 6% from the previous
year’s demand. The North American market grew over 20%, Asian (excl China) over
10% and South American over 5%. The Chinese market was down about 30% and
European market about 3% from the previous year’s level.
Electronics business
The economic uncertainty in Europe and industrial investment cautiousness of
companies globally affected the demand for electronic appliances. Volumes of
renewable-energy and energy saving products including smart grid solutions on
the market continued to be good. The increased use of electronics in vehicles
has increased the demand of vehicle electronics accordingly.
NET SALES AND FINANCIAL PERFORMANCE
October-December 2012
Net sales in October-December amounted to EUR 214.0 million (EUR 242.0
million), down 11.6% on the same period a year earlier. During the report
period EUR 4.9 million (EUR 3.6 million) in non-recurring items were
recognised. Non-cash non-recurring items were EUR 1.1 million (EUR 0.0
million). Operating profit before non-recurring items, PPA depreciation and
amortization totalled EUR 12.1 million, accounting for 5.7% of net sales.
Consolidated operating profit totalled EUR 4.0 million (EUR 8.8 million),
accounting for 1.9% of net sales (3.6%). Operating profit continued to be
burdened by the losses of the Brazilian unit. In addition, customers’
additional production shut-downs and reduced daily production volumes had a
negative impact, especially at the end of the quarter. Depreciation amounted to
EUR 9.4 million (EUR 8.2 million), including EUR 1.1 million of non-recurring
items (EUR 0.0 million). Depreciation caused by acquisitions (PPA) amounted to
EUR 3.2 million. Financial items were EUR 3.3 million negative (EUR 1.1 million
negative). Financial items include foreign exchange differences totalling EUR
1.9 million negative. Profit before taxes was EUR 0.7 million (EUR 7.7
million). Income tax of the report period amounted to EUR 0.0 million. Net
profit for the report period totalled EUR 0.7 million (EUR 5.9 million).
Diluted earnings per share were EUR 0.03 (EUR 0.29).
Net sales generated by the Wiring Systems business in the report period
amounted to EUR 196.1 million (EUR 224.5 million), or 12.6% less than in the
comparison period. The segment’s share of the consolidated net sales was 91.7%
(92.8%). Net sales decreased due to customers’ additional production shut-downs
and reduced daily production volumes. During the report period EUR 3.5 million
(EUR 5.0 million) in non-recurring items were recognised. Non-cash non-
recurring items were EUR 1.1 million (EUR 0.0 million). Operating profit before
non-recurring items, PPA depreciation and amortization was EUR 12.0 million
(EUR 18.8 million), equivalent to 6.1% of the segment’s net sales (8.4%).
Operating profit was EUR 5.2 million (EUR 8.7 million), equivalent to 2.6% of
the segment’s net sales (3.9%). The comparable profitability was still weakened
due to the losses of the Brazilian unit resulting from low production volumes
and costs related to the reorganisation of manufacturing. In addition,
customers’ additional production shut-downs and reduced daily production
volumes had a negative impact, especially at the end of the quarter.
Net sales generated by the Electronics business increased by 2.0% to EUR 17.8
million (EUR 17.5 million). The segment’s share of the consolidated net sales
was 8.3% (7.2%). During the report period EUR 1.1 million (EUR 0.3 million) in
non-recurring items were recognised. Operating profit was EUR 0.2 million
negative (EUR 0.2 million negative), equivalent to -0.8% of the segment’s net
sales (-1.2%).
January-December 2012
Net sales in January-December amounted to EUR 928.2 million (EUR 550.2
million), up 68.7% on the previous financial year. During the financial year
EUR 8.0 million (EUR 7.5 million) in non-recurring items were recognised.
Non-cash non-recurring items were EUR 1.1 million (EUR 0.3 million negative).
Operating profit before non-recurring items, PPA depreciation and amortization
totalled EUR 65.4 million, accounting for 7.0% of net sales. Consolidated
operating profit totalled EUR 43.5 million (EUR 34.5 million), accounting for
4.7% of net sales (6.3%). Operating profit was burdened by the losses of the
Brazilian unit. Depreciation amounted to EUR 32.6 million (EUR 17.5 million),
including EUR 1.1 million of non-recurring items (EUR 0.0 million).
Depreciation caused by acquisitions (PPA) amounted to EUR 13.9 million.
Financial items were EUR 8.5 million negative (EUR 5.1 million negative).
Financial items include foreign exchange differences totalling EUR 2.6 million
negative. Profit before taxes was EUR 34.9 million (EUR 29.4 million). Income
tax of the financial year amounted to EUR 10.9 million accounting for 31.3% of
profit before taxes. Net profit for the report period totalled EUR 24.0 million
(EUR 23.4 million). Diluted earnings per share were EUR 1.12 (EUR 1.12).
Net sales generated by the Wiring Systems business in the financial year
amounted to EUR 858.8 million (EUR 477.2 million), or 79.8% more than in the
previous financial year. The segment’s share of the consolidated net sales was
92.5% (86.7%). Net sales increased along with the acquisition of AEES
companies, which took place in October, 2011. During the financial year EUR 6.4
million (EUR 7.0 million) in non-recurring items were recognised. Non-cash non-
recurring items were EUR 1.1 million (EUR 0.3 million negative). Operating
profit before non-recurring items, PPA depreciation and amortization was EUR
67.4 million (EUR 49.5 million), equivalent to 7.8% of the segment’s net sales
(10.4%). Operating profit was EUR 47.0 million (EUR 35.5 million), equivalent
to 5.5% of the segment’s net sales (7.4%). The comparable profitability
weakened due to the losses of the Brazilian unit resulting from low production
volumes and costs related to the reorganisation of manufacturing.
Net sales generated by the Electronics business decreased by 4.9% to EUR 69.4
million (EUR 73.0 million). The segment’s share of the consolidated net sales
was 7.5% (13.3%). During the financial year EUR 1.4 million (EUR 0.5 million)
in non-recurring items were recognised. Operating profit before non-recurring
items was EUR 2.1 million, equivalent to 3.1% of the segment’s net sales.
Operating profit was EUR 0.8 million (EUR 2.4 million), equivalent to 1.1% of
the segment’s net sales (3.2%). The decline of net sales and operating profit
is due to decreased demand of design and manufacturing services (ODM) of
production and service devices for telecommunication industry. Decrease in
demand was especially due to change of individual customer’s product strategy.
Electronics segment’s result was further burdened by costs related to
production transfers to more competitive production facilities.
FINANCIAL POSITION AND CASH FLOW
Consolidated total assets at 31 December 2012 amounted to EUR 485.1 million
(EUR 508.8 million). Interest-bearing liabilities totalled EUR 143.8 million at
the close of the financial year (EUR 163.0 million). The Group’s equity ratio
was 33.9% (30.0%). Net liabilities totalled EUR 56.6 million (EUR 110.7
million) and gearing was 34.4% (72.6%).
Inventories amounted to EUR 87.5 million (EUR 110.5 million). Current
receivables totalled EUR 105.9 million (EUR 124.6 million). Net cash from
operating activities was EUR 76.0 million (EUR 40.0 million) and cash flow
after investments during the financial year was EUR 63.7 million (EUR 50.2
million negative). The strong cash flow was due to improved EBITDA and net
working capital management. Cash and cash equivalents amounted to EUR 87.2
million (EUR 52.3 million).
CAPITAL EXPENDITURE
During the financial year, the Group’s gross capital expenditure totalled EUR
16.0 million (EUR 101.6 million), representing 1.7% of net sales (18.5%). The
capital expenditure consisted mainly of production machinery and equipment
during 2012.
RESEARCH & DEVELOPMENT
Research and development costs totalled EUR 8.0 million (EUR 6.9 million),
representing 0.9% (1.3%) of the consolidated net sales. At the end of the
financial year, 165 (143) people worked in product development, excluding
production development and process development personnel.
PERSONNEL
During the financial year, the Group had an average payroll of 20,590 employees
(10,793). At the end of the financial year, the Group’s personnel numbered
19,305 employees (21,528), of whom 18,962 (21,161) worked abroad and 343 (367)
in Finland. In addition the Group had at the end of the report period 454
temporary employees.
QUALITY AND THE ENVIRONMENT
All of the Group’s factories are certified in accordance with requirements of
the ISO/TS16949 quality standard for the automotive industry excluding factory
in Traverse City (USA), which is certified in accordance with requirements of
ISO9001 standard. In addition all of the Group’s factories, except factories in
Campo Alegre (Brazil) and Sao Bento do Sul (Brazil), are certified in
accordance with the ISO14001 environmental standard and all factories operate
in accordance with the ISO9001 quality standard. Production units in Curitiba
(Brazil), Itajuba (Brazil), Raahe (Finland) and Suzhou (China) have also
certification in accordance with the OHSAS18001 occupational health and safety
management system standard.
The certification in accordance with ISO14001 environmental standard in Campo
Alegre (Brazil) is planned to be completed during 2013. In Keila and Haapsalu
(Estonia) and in Acuna (Mexico) preparations to certify all Estonian and
Mexican operations according to OHSAS18001 occupational health and safety
management system standard have been started. The certification in accordance
with OHSAS18001 standard in Acuna (Mexico) and in Keila and Haapsalu (Estonia)
is planned to be completed during 2013.
MANAGEMENT
The Annual General Meeting held on 4 April 2012, re-elected Outi Lampela, Matti
Ruotsala and Jyrki Tähtinen as Board members and elected Andres Allikmäe,
Shemaya Levy, Robert Remenar and Harri Suutari as new Board members. In the
Board’s organisation meeting, Matti Ruotsala was elected as Chairman of the
Board with Harri Suutari as Vice-Chairman.
Outi Lampela was elected as the chairman of the Audit Committee and Andres
Allikmäe, Shemaya Levy and Jyrki Tähtinen as members. The Board decided to
expand the duties of the Nomination Committee and form it into Nomination and
Remuneration Committee. The Board elected Matti Ruotsala as chairman of the
Nomination and Remuneration Committee and Robert Remenar and Harri Suutari as
members.
Authorised public accounting firm KPMG Oy Ab, which has announced Virpi
Halonen, APA, to be the Auditor with principal responsibility, was selected as
auditor.
Matti Hyytiäinen has started as President & CEO as of 4 April 2012.
At the end of the financial year the Group’s Executive Board consisted of the
following persons Matti Hyytiäinen, Chairman (President & CEO), Jyrki Keronen
(Senior Vice President, Business Development), Pekka Korkala (President, Wiring
Systems, South America) Harri Ojala (President, Wiring Systems, Europe & APAC),
Sanna Raatikainen (General Counsel), Jarmo Rajala (President, Electronics),
Frank Sovis (President, Wiring Systems, North America) and Juha Torniainen
(CFO).
After the financial year PKC Group’s Executive Board has been changed as of 14
January 2013 as follows: Jani Kiljala (b. 1975), M.Sc. (Tech.), has been
appointed to the Executive Board as a new member as President, Wiring Systems,
Europe. The responsibilities of the current Executive Board member Jyrki
Keronen, Senior Vice President, Business Development have been amended to
include Wiring Systems business in APAC. Executive Board membership of Harri
Ojala has ended while he continued at the employ of PKC in strategic project
duties reporting directly to President & CEO Matti Hyytiäinen.
SHARE TURNOVER AND SHAREHOLDERS
PKC Group Plc’s share turnover on NASDAQ OMX Helsinki Ltd from 1 January to 31
December 2012 was 10,853,570 shares (11,803,605 shares), representing 51.0% of
the average number of shares (59.6%). Shares were traded to a total value of
EUR 160.1 million (EUR 158.1 million). The lowest share value during the
financial year was EUR 10.65 (EUR 8.60) and the highest EUR 18.30 (EUR 18.36).
The closing price on the last trading day of the financial year was EUR 15.49
(EUR 11.48) and the average price during the financial year was EUR 14.76 (EUR
13.44). The company’s market capitalisation at 31 December 2012 was EUR 333.4
million (EUR 228.5 million).
The shares held by Board members, their closely associated persons and
corporations in which they have a controlling interest accounted for 0.6%
(0.6%) of the total number of shares at the end of the financial year. PKC
Group Plc had a total of 8 853 shareholders (9,041) at the end of the financial
year. The shares held by foreigners and through nominee registrations at the
close of the financial year totalled 22.3% of the share capital (24.4%).
Flaggings 2012
-- The share of votes and share capital in PKC Group Plc held by funds
(OP-Focus Fund (Non-UCITS), OP-Delta Fund, OP-Finland Small Firm Fund and
OP-Equity Hedge Fund (Non-UCITS) managed by OP Fund Management Company Ltd
(0743962-2) exceeded the limit of 5% on 29 August 2012. Following the
transaction the funds managed by OP Fund Management Company Ltd owned
1,145,312 shares i.e. 5.33% of the shares and votes.
-- The share of votes and share capital in PKC Group Plc held by Project Del
Holdings, LLC (X00840083), an entity controlled by Platinum Equity
Advisors, LLC, has fallen below the limit of 5% on 12 December 2012.
SHARES AND SHARE CAPITAL
PKC Group Plc’s shares and share capital has changed during the financial year
as follows:
-- A total of 110 PKC Group Plc’s shares have been subscribed for with 2006B
options. The new shares and the corresponding increase in the share
capital, EUR 37.4, have been entered into the Trade Register on 12 January
2012. The new shares were traded on the main list of the NASDAQ OMX
Helsinki Ltd together with the old shares as of 13 January 2012. After the
increase the Company’s registered share capital was EUR 6,103,098.92,
divided into 21,155,966 shares.
-- A total of 201,439 PKC Group Plc’s shares have been subscribed for with
2006 options (101,040 with 2006B options and 100,399 with 2006C options).
The new shares and the corresponding increase in the share capital, EUR
68,489.26, have been entered into the Trade Register on 29 March 2012. The
new shares were traded on the main list of the NASDAQ OMX Helsinki Ltd
together with the old shares as of 30 March 2012. After the increase the
Company’s registered share capital was EUR 6,171,588.18, divided into
21,357,405 shares.
-- A total of 57,157 PKC Group Plc’s shares have been subscribed for with 2006
options (28,780 with 2006B options and 28,377 with 2006C options), and the
corresponding increase in the share capital is EUR 19,433.38. A total of
67,750 PKC Group Plc’s shares have been subscribed for with 2009A options.
New shares and increase in share capital corresponding to subscriptions
have been entered into the Trade Register on 10 May 2012. The new shares
were traded on the main list of the NASDAQ OMX Helsinki Ltd together with
the old shares as of 11 May 2012. After the increase the Company’s
registered share capital was EUR 6,191,021.56, divided into 21,482,312
shares.
-- A total of 130 PKC Group Plc’s shares have been subscribed for with 2006C
options, and the corresponding increase in the share capital is EUR 44.20 A
total of 36,000 PKC Group Plc’s shares have been subscribed for with 2009A
options. New shares and increase in share capital corresponding to
subscriptions have been entered into the Trade Register on 31 August 2012.
The new shares were traded on the main list of the NASDAQ OMX Helsinki Ltd
together with the old shares as of 3 September 2012. After the increase the
Company’s registered share capital was EUR 6,191,065.76, divided into
21,518,442 shares.
-- A total of 6,000 PKC Group Plc’s shares have been subscribed for with 2009A
options. New shares corresponding to subscriptions have been entered into
the Trade Register on 30 November 2012. The new shares were traded on the
main list of the NASDAQ OMX Helsinki Ltd together with the old shares as of
3 December 2012. After the increase the Company’s registered number of
shares totals 21,524,442 shares.
After the financial year a total of 31,705 PKC Group Plc’s shares have been
subscribed for with 2006C options, and the corresponding increase in the share
capital is EUR 10,779.70. A total of 17,950 PKC Group Plc’s shares have been
subscribed for with 2009A options. New shares and increase in share capital
corresponding to subscriptions have been entered into the Trade Register on 31
January 2013. The new shares were traded on the main list of the NASDAQ OMX
Helsinki Ltd together with the old shares as of 1 February 2013. After the
increase the Company’s registered share capital was EUR 6,201,845.46, divided
into 21,574,097 shares.
THE BOARD'S AUTHORISATIONS
The Board of Directors was granted authorisation by the Annual General Meeting
on 30 March 2011 to decide on share issue and granting of special rights
defined in Chapter 10, Section 1 of the Companies Act and all the terms and
conditions thereof. A maximum total of 6,000,000 shares may be issued or
subscribed for on the basis of authorisation. The authorisation includes the
right to decide on directed share issue. The authorisation is in force for five
years from the date of the General Meeting's decision. At Board of Directors'
discretion the authorisation may be used e.g. in financing possible corporate
acquisitions, inter-company co-operation or similar arrangement, or
strengthening company's financial or capital structure etc. PKC Group Plc’s
Board of Directors has, on the basis of the authorisation granted by the
shareholders’ meeting on 30 March 2011, resolved on a directed share issue
without payment of 1,250,000 new shares to company’s wholly owned subsidiary
PKC Group USA Inc for the payment of the purchase price for the shares in the
AEES-companies. After this share issue, a maximum total of 4,750,000 shares may
be issued or subscribed for on the basis of authorisation.
The Board of Directors does not possess a valid authorisation to acquire
company’s own shares, and the company does not have any own shares (treasury
shares) in its possession.
AMENDMENT OF ARTICLES OF ASSOCIATION
The Annual General Meeting resolved on 4 April 2012, in accordance with the
Board of Directors proposal, to amend the 1§ of the Articles of Association so
that PKC Group Plc shall be defined to be the company’s name in English and
that Helsinki be changed to be the company’s domicile; 9§ so that the
invitation to the General Meeting be published on the Company’s Internet pages
no more than three (3) months and no less than three (3) weeks prior to the
meeting; 10§ so that the meeting shall be held at Company's domicile.
STOCK OPTION SCHEMES
2006 options
The stock option scheme initiated in 2006, comprises a total of 697,500 options
divided into A, B and C warrants. At the close of financial year, the
outstanding options and options held by key personnel totals 80,480 2006C
warrants.
The share subscription price for the 2006 stock options is the volume-weighted
average price of the PKC Group Plc share on NASDAQ OMX Helsinki, with dividend
adjustments, as defined in the stock option terms (at present, EUR 8.94 for the
2006C warrants). Through the exercise of the 2006 stock options, the share
capital of PKC Group Plc may be increased by a maximum total of 697,500 new
shares and EUR 237,150. After the registration of subscription made on 31
January 2013, the Company’s share capital can increase by a maximum of 50,425
shares i.e. EUR 17,144.50 as a result of the exercise of the remaining
outstanding option rights. The share subscription period is for 2006C warrants
1 April 2011 – 30 April 2013. The 2006 stock options are subject to a share
ownership plan. Key personnel are obliged to subscribe for or purchase the
company’s shares with 20% of the gross income earned from stock options and to
own these shares for two years. The company’s President and CEO is obliged to
own these shares for the duration of his managerial contract.
The share subscription period for 2006A warrants has ended 30 April 2011.
During the share subscription period a total 200,300 shares were subscribed and
2,200 warrants remained unused. The share subscription period for 2006B
warrants has ended 30 April 2012 and no warrants remained unused.
2009 options
The Annual General Meeting held on 27 March 2009 decided to issue stock options
to key personnel in the company and its subsidiaries. The maximum total number
of stock options issued is 600,000 and they are divided into A, B and C
warrants. At the close of the financial year, the outstanding options and
options held by key personnel totals 85,250 2009A, 197,522 2009B and 190,000
2009C warrants, in addition to which 500 shares had been subscribed for with
2009A warrants but the share subscription hadn’t been approved at the close of
the financial year.
The subscription price for shares through the exercise of the 2009 stock
options is the volume-weighted average price of the PKC Group Plc share on
NASDAQ OMX Helsinki for April 2009, 2010 and 2011 + 20% with dividend
adjustments, (at present, EUR 2.30 for the 2009A warrants, EUR 12.11 for the
2009B warrants and EUR 17.98 for the 2009C warrants). The subscription price
for shares will be recorded in the invested non-restricted equity fund. The
stock options entitle their owners to subscribe for a maximum total of 600,000
new shares in the company or existing shares held by the company. After the
registration of subscription made on 31 January 2013, the Company’s share
capital can increase by a maximum of 472,300 shares as a result of the exercise
of the remaining outstanding option rights. The share subscription period for
2009A warrants is 1 April 2012 30 April 2014, for 2009B warrants 1 April 2013
30 April 2015 and for 2009C warrants 1 April 2014 30 April 2016. The 2009
stock options are subject to a share ownership plan. Key personnel are obliged
to subscribe for or purchase the company’s shares with 20% of the gross income
earned from stock options and to own these shares for two years. The company’s
President and CEO is obliged to own these shares for the duration of his
managerial contract.
2012 options
The Annual General Meeting held on 4 April 2012 decided to issue stock options
to key personnel in the company and its subsidiaries. The maximum total number
of stock options issued is 1,020,000. The stock options are marked with the
symbol 2012A(i) and 2012A(ii); 2012B(i) and 2012B(ii); as well as 2012C(i) and
2012C(ii). A total of 170,000 stock options are included in each stock option
class. At the close of the financial year, the outstanding options and options
held by key personnel totals 170,000 2012A(i) warrants, in addition to which
170,000 2012A(ii) warrants have been initially allocated to key personnel.
The subscription price for shares through the exercise of the 2012 stock
options is the volume-weighted average price of the PKC Group Plc share on
NASDAQ OMX Helsinki Ltd during first quarter in 2012, 2013 and 2014. The share
subscription price is EUR 15.31 with the 2012A options. The subscription price
for shares will be recorded in the invested non-restricted equity fund. The
stock options entitle their owners to subscribe for a maximum total of
1,020,000 new shares in the company or existing shares held by the company. The
share subscription period for stock options 2012A, will be 1 April 2015 30
April 2017, for stock options 2012B, 1 April 2016 30 April 2018, and for stock
options 2012C, 1 April 2017 30 April 2019. The share subscription period for
stock options 2012A(ii), 2012B(ii) and 2012C(ii) shall, however, not commence,
unless certain operational or financial targets of the Group established for
the exercise of stock options and determined by the Board of Directors have
been attained. The Board of Directors shall annually decide on targets
separately for each stock option class in connection with the distribution of
stock options. Those stock options, for which the targets determined by the
Board of Directors have not been attained, shall expire in the manner decided
by the Board of Directors. The 2012 stock options are subject to a share
ownership plan. Key personnel are obliged to subscribe for or purchase the
company’s shares with 20% of the gross income earned from stock options and to
own these shares for two years. The company’s President and CEO is obliged to
own these shares for the duration of his managerial contract.
CORPORATE RESPONSIBILITY
Corporate responsibility is a key element in PKC’s operations. PKC operates
with ethical business practice, takes responsibility for the operating
environment and strives to minimize any harm caused to the environment, and
respects and promotes human rights and fair workplace practices, equal
opportunities, and zero-tolerance policy on bribery and corruption. PKC Group’s
Board of Directors has ratified the Code of Conduct covering the whole group.
The Code of Conduct sets principles for ethical business practice and is based
on the highest ethical standards. Compliance with legislation, regulations and
international norms is a fundamental requirement, from which it is not possible
to deviate in any circumstances.
With regard to the labour union issue in Acuña, Mexico, the official election
regarding the labour union representation of the employees at PKC Group’s
facilities in Acuña, Mexico was arranged by the Mexican Federal Labour Board on
18 October 2012. According to the counting of the votes by the Labour Board,
the Confederation of Mexican Workers (CTM), the labour union with whom a
collective bargaining agreement had already been executed, won the election
with 52% of the votes cast. Voter turnout was 64%.
PKC’s Corporate Responsibility report for 2012 will be published on 13 March
2013.
SHORT-TERM RISKS AND UNCERTAINTIES
The public deficit and high indebtedness of many European countries and also
the United States has weakened economic growth, end-customer demand and
availability of financing for investment goods. This increases uncertainty in
the markets and might be reflected in longer than expected customer production
shut-downs and in reduced daily production volumes.
Weakening of the euro against the Polish zloty and the Russian rouble as well
as the weakening of the USD against the Mexican peso may increase PKC’s
processing costs. Strengthening of the euro against the Brazilian real may
increase PKC’s material costs.
A significant increase in copper price may weaken PKC Group’s profit in short
term. The customer prices are updated on average with 5 month delay on the
basis of copper price changes.
MARKET OUTLOOK
European heavy and medium truck production is estimated to decrease by 8%
compared to 2012. The general economic uncertainty is estimated to keep the
commercial vehicle demand in Europe at a lower level especially during the
first half of 2013. In the second half, the production volumes are estimated to
increase due to transition to Euro 6 emission standard.
North American heavy duty truck production is estimated to decrease by 5%,
medium duty truck production to increase 10% and light vehicle production to
remain at 2012 level. It is estimated that the production volumes of trucks
will increase gradually throughout the year.
Brazilian heavy duty truck production is estimated to increase by 14% and
medium duty truck production by 48% compared to 2012. The governmental
incentive program to support the purchase of new trucks is ongoing. The
continuation of the program is decided during year 2013. The continuation of
the program may have an impact on the production volumes.
PKC’s market outlook is further impacted by some light vehicle and component
programs that are near end-of-life-cycle and will be ramped-down in 2013.
Industrial investment cautiousness of companies globally is estimated to keep
the demand of industrial electronic appliances not more than on a current
level. Volumes of renewable-energy and energy saving products including smart
grid solutions are likely to remain good.
PKC GROUP’S OUTLOOK
PKC Group estimates its full year 2013 net sales to be lower than in 2012 and
estimates its comparable operating profit excluding non-recurring items to
reach 2012 level. In 2012 PKC’s net sales were EUR 928.2 million and comparable
operating profit excluding non-recurring items was EUR 51.5 million.
THE BOARD OF DIRECTORS’ PROPOSAL FOR THE DISPOSAL OF PROFITS
The parent company’s distributable funds are EUR 86.2 million, of which EUR
63.8 million is distributable as dividends, including the net profit for the
financial year EUR 42.0 million. The Board of Directors will propose to the
Annual General Meeting to be held on 4 April 2013 that a dividend of EUR 0.70
per share be paid for a total of EUR 15.1 million and that the remainder of the
distributable funds be transferred to shareholders’ equity. The number of
shares may change due to share subscriptions registered before the record date.
The record date for the dividend pay-out is 9 April 2013 and the payment date
is 16 April 2013. In the view of the Board of Directors, the proposed dividend
pay-out will not put the company’s liquidity at risk.
ANNUAL REPORT 2012 AND CORPORATE GOVERNANCE STATEMENT
PKC will publish its Annual Report for 2012, which contains the report by the
Board of Directors and financial statements, auditor’s report and a separate
corporate governance statement on 13 March 2013 on its website at
www.pkcgroup.com.
CAPITAL MARKETS DAY
PKC Group will organise a capital markets day on Wednesday, April 3, 2013 in
Helsinki.
ANNUAL GENERAL MEETING AND FINANCIAL REPORTS IN 2013
The Annual General Meeting of PKC Group Plc will be held on Wednesday 4 April
2013.
In 2013, the Interim Reports will be published as follows:
Interim Report 1-3/2013 Wednesday, May 8, 2013 at about 8.15 a.m.
Interim Report 1-6/2013 Thursday, August 8, 2013 at about 8.15 a.m.
Interim Report 1-9/2013 Thursday, October 31, 2013 at about 8.15 a.m.
The text section of this release focuses on the annual accounts. Comparisons
have been made to the figures of the corresponding period in 2011, unless
otherwise mentioned. The figures presented in the tables are independently
rounded figures.
TABLES
This financial statement release has been prepared in accordance with IAS 34
(Interim Financial Reporting) standard. The financial statement has been
prepared in accordance with the same principles as the annual financial
statements for 2011. The year 2012 IFRS standard changes have not had any
effect. The annual figures have been audited.
CONSOLIDATED STATEMENT OF COMPREHENSIVE 10-12/12 10-12/11 1-12/12 1-12/11
INCOME (EUR 1,000) 3 mon. 3 mon. 12 mon. 12 mon.
NET SALES 213,960 242,001 928,178 550,208
Other operating income 755 784 2,193 4,042
Increase (+) / decrease (-) in stocks of 2,661 -2,218 -839 -1,679
finished goods and work in progress
Production for own use 106 84 207 208
Materials and services 130,267 145,378 564,482 332,646
Employee benefit expenses 53,586 49,853 203,221 109,800
Depreciation, amortization and 9,393 8,215 32,584 17,531
impairment loss on goodwill
Other operating expenses 20,215 28,411 86,000 58,296
OPERATING PROFIT 4,020 8,794 43,451 34,505
Interest and financial expenses -1,523 -2,139 -6,213 -4,253
Interest and financial income 156 186 335 599
Foreign currency exchange differences, -1,955 892 -2,627 -1,437
net
PROFIT BEFORE TAXES 697 7,733 34,946 29,414
Income taxes 10 -1,871 -10,947 -5,969
PROFIT FOR THE REPORT PERIOD 707 5,862 23,999 23,445
Other comprehensive income:
Interest derivatives -416 -464 -970 -464
Foreign currency translation differences -2,080 5,308 -2,190 -1,112
- foreign operations
Tax effects relating to components of 238 0 238 0
other comprehensive income
Total comprehensive income for the -1,551 10,706 21,076 21,869
period
Attributable to equity holders of the
parent company:
Basic earnings per share (EPS), EUR 0.03 0.30 1.13 1.18
Diluted earnings per share (EPS), EUR 0.03 0.29 1.12 1.16
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR 1,000) 12/12 12/11
ASSETS
NON-CURRENT ASSETS
Goodwill 30,627 29,813
Other intangible assets 43,234 50,099
Property, plant and equipment 94,307 113,556
Deferred tax assets 11,272 7,697
Receivables 25,058 20,207
Total non-current assets 204,499 221,371
CURRENT ASSETS
Inventories 87,481 110,526
Receivables
Trade receivables 84,604 103,965
Other receivables 19,356 20,490
Current tax assets 1,897 165
Total receivables 105,857 124,621
Cash and cash equivalents 87,222 52,280
Total current assets 280,560 287,426
Total assets 485,059 508,798
EQUITY AND LIABILITIES
EQUITY
Share capital 6,191 6,103
Share premium account 10,606 8,259
Invested non-restricted equity fund 35,376 35,639
Translation difference 4,582 6,257
Fair value reserve -732 -464
Share-based payments 2,975 2,340
Retained earnings 81,533 70,902
Profit for the report period 23,999 23,445
Total equity 164,530 152,482
LIABILITIES
Non-current liabilities
Interest-bearing liabilities 74,595 146,789
Non-interest-bearing liabilities 27,196 24,321
Provisions 1,301 1,541
Deferred tax liabilities 27,617 32,957
Total non-current liabilities 130,709 205,608
Current liabilities
Interest-bearing liabilities 69,190 16,230
Trade payables 75,510 90,779
Other non-interest-bearing liabilities 45,025 43,176
Current tax liabilities 96 524
Total current liabilities 189,820 150,708
Total liabilities 320,529 356,316
TOTAL EQUITY AND LIABILITIES 485,059 508,798
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR 1,000) 1-12/12 12 1-12/11 12
mon. mon.
Cash flows from operating activities
Cash receipts from customers 949,400 564,533
Cash receipts from other operating income 3,246 5,357
Cash paid to suppliers and employees -851,334 -520,867
Cash flows from operations before financial income 101,311 49,022
and expenses and taxes
Interest paid and other financial expenses -5,635 -3,695
Translation difference 1,033 2,489
Interest received 335 1,995
Income taxes paid -21,057 -9,822
Net cash from operating activities (A) 75,988 39,990
Cash flows from investing activities
Acquisition of property, plant and equipment and -16,317 -11,845
intangible assets
Proceeds from sale of property, plant and equipment 3,490 1,393
and intangible assets
Acquisitions of subsidiary shares, net of cash 0 -79,565
acquired
Loans granted 0 -514
Proceeds from repayments of borrowings 514 16
Dividends received from investments 0 301
Net cash used in investment activities (B) -12,313 -90,213
Cash flows after investments 63,673 -50,223
Cash flows from financing activities
Drawing of long-term borrowings 0 153,703
Drawing of short-term borrowings 5,090 12,175
Share issue 2,687 4,000
Repayment of short-term/long-term borrowings -23,642 -93,596
Dividends paid -12,814 -10,890
Net cash used in financing activities (C) -28,678 65,391
Net increase (+) or decrease (-) in cash and 34,996 15,168
equivalents (A+B+C)
Cash and cash equivalents in the beginning of the 52,280 37,104
period
Effect of exchange rate fluctuations -54 8
Cash and cash equivalents in the end of the period 87,222 52,280
KEY FINANCIAL INDICATORS 1-12/12 12 1-12/11 12
mon. mon.
Net sales, EUR 1,000 928,178 550,208
Operating profit, EUR 1,000 43,451 34,505
% of net sales 4.7 6.3
Profit before taxes, EUR 1,000 34,946 29,414
% of net sales 3.8 5.3
Net profit for the period, EUR 1,000 23,999 23,445
% of net sales 2.6 4.3
Return on equity (ROE), % 15.1 17.0
Return on investments (ROI), % 16.7 18.9
Net liabilities, EUR 1,000 56,563 110,739
Gearing, % 34.4 72.6
Equity ratio, % 33.9 30.0
Current ratio 1.5 1.9
Gross capital expenditure, EUR 1,000 16,023 101,532
% of net sales 1.7 18.5
R&D expenditures, EUR 1,000 7,992 6,922
% of net sales 0.9 1.3
Personnel average 20,590 10,793
PER-SHARE KEY INDICATORS 1-12/12 12 1-12/11 12
mon. mon.
Earnings per share (EPS), EUR 1.13 1.18
Earnings per share (EPS),diluted, EUR 1.12 1.16
Equity per share, EUR 7.64 7.66
Share price at close of period, EUR 15.49 11.48
Dividend per share, EUR *) 0.70 0.60
Dividend per earnings, % *) 62.12 50.71
Effective dividend yield, % *) 4.01 4.42
Price/earnings ratio (P/E) 13.75 9.70
Lowest share price, EUR 10.65 8.60
Highest share price, EUR 18.30 18.36
Average share price, EUR 14.76 13.44
Turnover in shares, 1,000 shares 10,854 11,804
Turnover in shares per (share issue adjusted) 51.0 59.6
share capital, %
Average number of shares, 1,000 shares 21,296 19,816
Average number of shares, diluted, 1,000 shares 21,462 20,127
Shares at end of period, 1,000 shares 21,524 19,906
Unlisted shares at the end of period, 1,000 shares 0 1,250
Market capitalisation, EUR 1,000 333,414 228,519
1. SEGMENT INFORMATION
1.10.-31.12.2012 (EUR Wiring Electro Unallocated amounts and Group
1,000) Systems nics eliminations Total
Sales to external 196,140 17,820 0 213,960
customers
Sales to other segments 120 107 -228 0
Net sales 196,260 17,928 -228 213,960
Operating profit before 8,703 954 -768 8,888
non-recurring items
% of net sales 4.4 5.3 337.3 4.2
Other non-recurring 0 961 0 961
expenses
Advisor fees 0 66 0 66
Write-down of intangible 1,108 0 0 1,108
assets
Non-recurring employee 2,425 77 231 2,733
benefit expenses
Total non-recurring other 3,533 1,104 231 4,868
operating items
Operating profit 5,170 -150 -999 4,020
% of net sales 2.6 -0.8 1.9
Segment's assets 456,103 42,390 -24,706 473,787
Unallocated assets *) 0 0 11,272 11,272
Total assets 456,103 42,390 -13,434 485,059
*) Segment's assets do not include deferred taxes
1.10.-31.12.2011 (EUR Wiring Electro Unallocated amounts and Group
1,000) Systems nics eliminations Total
Sales to external 224,534 17,466 0 242,001
customers
Sales to other segments 203 30 -233 0
Net sales 224,737 17,497 -233 242,001
Operating profit before 13,707 102 -1,396 12,412
non-recurring items
% of net sales 6.1 0.6 5.1
Advisor fees 4,746 0 -1,656 3,090
Non-recurring employee 218 310 0 528
benefit expenses
Total non-recurring other 4,964 310 -1,656 3,618
operating items
Operating profit 8,743 -208 260 8,794
% of net sales 3.9 -1.2 3.6
Segment's assets 483,593 48,910 -31,402 501,101
Unallocated assets *) 0 0 7,697 7,697
Total assets 483,593 48,910 -23,706 508,798
*) Segment's assets do not include deferred taxes
1.1.-31.12.2012 (EUR Wiring Electro Unallocated amounts and Group
1,000) Systems nics eliminations Total
Sales to external 858,778 69,400 0 928,178
customers
Sales to other segments 516 203 -718 0
Net sales 859,294 69,602 -718 928,178
Operating profit before 53,496 2,137 -4,155 51,478
non-recurring items
% of net sales 6.2 3.1 5.5
Other non-recurring 0 961 0 961
expenses
Advisor fees 0 66 0 66
Write-down of intangible 1,108 0 0 1,108
assets
Non-recurring employee 5,329 331 231 5,892
benefit expenses
Total non-recurring other 6,438 1,359 231 8,027
operating items
Operating profit 47,058 778 -4,386 43,451
% of net sales 5.5 1.1 4.7
Segment's assets 456,103 42,390 -24,706 473,787
Unallocated assets *) 0 0 11,272 11,272
Total assets 456,103 42,390 -13,434 485,059
*) Segment's assets do not include deferred taxes
1.1.-31.12.2011 (EUR 1,000) Wiring Electro Unallocated amounts Group
Systems nics and eliminations Total
Sales to external customers 477,212 72,995 0 550,208
Sales to other segments 755 132 -887 0
Net sales 477,967 73,127 -887 550,208
Operating profit before 42,467 2,825 -3,326 41,967
non-recurring items
% of net sales 8.9 3.9 7.6
Donations to the 0 150 0 150
universities
Advisor fees 7,100 0 0 7,100
Cancellation of the -317 0 0 -317
write-down of inventories
Non-recurring employee 218 310 0 528
benefit expenses
Total non-recurring other 7,001 460 0 7,461
operating items
Operating profit 35,466 2,365 -3,326 34,505
% of net sales 7.4 3.2 6.3
Segment's assets 483,593 48,910 -31,402 501,101
Unallocated assets *) 0 0 7,697 7,697
Total assets 483,593 48,910 -23,706 508,798
*) Segment's assets do not include deferred taxes
NET SALES BY GEOGRAPHICAL 10-12/12 3 10-12/11 3 1-12/12 1-12/11 12
LOCATIONS (EUR 1,000) mon. mon. 12 mon. mon.
Finland 15,022 15,684 60,401 62,521
Other Europe 51,859 59,752 218,358 236,006
North America 122,194 138,107 551,957 157,458
South America 19,310 22,814 76,105 73,514
Other countries 5,574 5,645 21,356 20,708
Total 213,960 242,001 928,178 550,208
2. CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY (EUR MILLION)
A = Share Capital
B = Share premium account
C = Invested non-restricted equity
fund
D = Fair value reserve
E = Translation difference
F = Retained earnings
G = Equity attributable to
shareholders of the parent company
A B C D E F G
Equity at 1.1.2011 6.0 4.9 21.8 0.0 7.6 83.5 123.7
Dividends 0.0 0.0 0.0 0.0 0.0 -10.9 -10.9
Share-based payments 0.0 0.0 0.0 0.0 0.0 0.7 0.7
Subscription of shares 0.1 3.4 13.5 0.0 0.0 0.0 17.1
Comprehensive income for the period 0.0 0.0 0.3 -0.5 -1.4 23.4 21.9
Other changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity at 31.12.2011 6.1 8.3 35.6 -0.5 6.3 96.7 152.5
Equity at 1.1.2012 6.1 8.3 35.6 -0.5 6.3 96.7 152.5
Dividends 0.0 0.0 0.0 0.0 0.0 -12.8 -12.8
Share-based payments 0.0 0.0 0.0 0.0 0.0 0.6 0.6
Share issue, exercise of options 0.1 2.3 0.3 0.0 0.0 0.0 2.7
Comprehensive income for the period 0.0 0.0 -0.5 -0.3 -1.7 24.0 21.5
Other changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity 31.12.2012 6.2 10.6 35.4 -0.7 4.6 108.5 164.5
3. PROPERTY, PLANT AND EQUIPMENT 12/12 12/11
(EUR 1,000)
Acquisition cost 1.1. 145,626 74,917
+/- Translation difference 1.1. -5,652 0
+ Additions 14,413 11,854
+ Acquisitions 0 68,003
+/- Other changes -1,067 0
- Disposals -3,108 -10,167
Acquisition cost 31.12. 150,212 144,608
Accumulated depreciation 1.1. 32,414 40,099
+/- Translation difference 1.1. -276 0
- Accumulated depreciation on disposals and reclassifications -370 -17,444
+/- Other changes -356 0
+ Depreciation 23,266 9,511
+/- Exchange difference 1,227 -33
Depreciation 31.12. 55,905 32,135
Carrying amount 31.12. 94,307 112,473
4. OTHER INTANGIBLE ASSETS (EUR 1,000) 12/12 12/11
Acquisition cost 1.1. 105,391 40,102
+/- Translation difference 1.1. 795 0
+ Additions 2,141 929
+ Acquisitions 0 65,705
- Disposals -21 0
+/- Exchange difference 0 -1,345
Acquisition cost 31.12. 108,306 105,391
Accumulated depreciation 1.1. 25,478 15,270
+/- Translation difference 1.1. -359 0
- Accumulated depreciation on disposals and reclassifications -20 1,853
+ Depreciation 9,345 8,355
+/- Exchange difference
Depreciation 31.12. 34,444 25,478
Carrying amount 31.12. 73,862 79,914
5. CONTINGENT LIABILITIES AT END OF PERIOD (EUR 1,000) 12/12 12/11
Leasing liabilities 23,640 19,721
Liabilities for derivative instruments
Nominal values
Interest rate swaps 36,009 45,974
Currency derivatives
Forward contracts 5,121 5,944
Copper derivatives
Forward contracts 4,564 2,450
Total 45,694 54,367
Fair values
Interest rate swaps -980 -480
Currency derivatives
Forward contracts 12 -64
Copper derivatives
Forward contracts -66 188
Total -1,034 -356
Currency and copper derivatives are used only in hedging currency and copper
risks. PKC Group does not apply hedge accounting to currency and copper
derivative instruments in accordance with IAS 39. Fair values of currency and
copper derivatives are recognised through profit and loss. PKC Group applies
hedge accounting to interest rate swaps.
6. QUARTERLY KEY 7-9/11 10-12/11 1-3/12 4-6/12 7-9/12 10-12/12
INDICATORS, 3 mon. 3 mon. 3 mon. 3 mon. 3 mon. 3 mon.
CONSOLIDATED
Net sales, EUR 102.0 242.0 242.0 244.8 227.4 214.0
million
Operating profit, EUR 9.0 8.8 12.7 14.2 12.5 4.0
million
% of net sales 8.8 3.6 5.3 5.8 5.5 1.9
Profit before taxes, 4.6 7.7 10.5 14.0 9.8 0.7
EUR million
% of net sales 4.5 3.2 4.3 5.7 4.3 0.3
Equity ratio, % 36.1 30.0 30.9 31.2 32.5 33.9
Earnings per share 0.19 0.29 0.33 0.46 0.31 0.03
(EPS), diluted (EUR)
Equity per share, EUR 6.44 7.66 7.65 7.51 7.68 7.64
QUARTERLY KEY
INDICATORS, WIRING
SYSTEMS
Net sales, EUR 84.3 224.5 226.6 226.8 209.2 196.1
million
Operating profit, EUR 7.1 8.7 15.0 14.4 12.5 5.2
million
% of net sales 8.4 3.9 6.6 6.3 6.0 2.6
QUARTERLY KEY
INDICATORS,
ELECTRONICS
Net sales, EUR 17.7 17.5 15.3 18.0 18.3 17.8
million
Operating profit, EUR 1.7 -0.2 -1.0 0.7 1.3 -0.2
million
% of net sales 9.8 -1.2 -6.5 3.7 6.9 -0.8
CALCULATION OF INDICATORS
Return on equity (ROE), %
= 100 x Profit for the report period / Total equity (average)
Return on investments (ROI), %
= 100 x (Profit before taxes + financial expenses) / (Total equity +
interest-bearing liabilities (average))
Net liabilities
= Interest bearing liabilities – cash and cash equivalents
Gearing, %
= 100 x (Interest-bearing liabilities – cash and cash equivalents) / Total
equity
Equity ratio, %
= 100 x Total equity / (Total of the statement of financial position – advance
payments received)
Current ratio
= Total current assets / Total current liabilities
Earnings per share (EPS), EUR
= Profit for the report period attributable to equity holders of the parent
company / Average share issue-adjusted number of shares
Shareholders’ equity per share, EUR
= Equity attributable to equity holders of the parent company / Share
issue-adjusted number of shares at the date of the statement of financial
position
Market capitalisation
= Number of shares at the end of the report period x the last trading price of
the report period
EBITDA
= Operating profit + non-recurring items + depreciation, amortization and
impairments
All the future estimates and forecasts presented in this stock exchange release
are based on the best current knowledge of the company’s management and
information published by market research companies and customers. The estimates
and forecasts contain certain elements of risk and uncertainty which, if they
materialise, may lead to results that differ from present estimates. The main
factors of uncertainty are related, among other things, to the general economic
situation, the trend in the operating environment and the sector as well as the
success of the Group’s strategy.
PKC GROUP PLC
Board of Directors
Matti Hyytiäinen
President and CEO
For additional information, contact:
Matti Hyytiäinen, President & CEO, PKC Group Plc, +358 400 710 968
PRESS CONFERENCE
A press conference on the Financial Statement will be arranged for analysts and
investors today, 14 February 2013, at 10.00 a.m., at the address Event Arena
Bank, Unioninkatu 20, Helsinki.
DISTRIBUTION
NASDAQ OMX
Main media
www.pkcgroup.com
The PKC Group offers design and contract manufacturing services for wiring
systems and electronics. The Group has production facilities in Brazil, China,
Estonia, Finland, Germany, Ireland, Mexico, Poland, Russia, Ukraine and the
USA. The Group's net sales in 2012 totalled EUR 928.2 million. PKC Group Plc is
listed on NASDAQ OMX Helsinki Ltd.
Copyright © 2013 OMX AB (publ).
Copyright © 2013 OMX AB (publ)
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