Addition to Exel Composites’ stock exchange release published on 23 April 2018 at 16:25 EET concerning the acquisition of DSC
EXEL COMPOSITES PLC – – STOCK EXCHANGE RELEASE – 24 April 2018 at 09:45 EET
Referring to Exel Composites’ stock exchange release published on 23 April at 16:25 EET concerning the acquisition of Diversified Structural Composites, Inc. (“DSC”), Exel Composites publishes additional information about DSC’s prior profit development and financial position. The figures are based on financial statements for the fiscal years 2016 and 2017 that have been prepared in accordance to US GAAP accounting standards. The financial statements are not separately audited, however, they have been reviewed by the auditor as part of the group audit.
| INCOME STATEMENT | ||
| USD thousand | 1.4.2017-31.3.2018 | 1.4.2016-31.3.2017 |
| Revenue | 19,181 | 11,790 |
| Materials and services | -10,161 | -5,777 |
| Employee benefit expenses | -6,083 | -4,752 |
| Depreciations | -41 | -491 |
| Other operating expenses 1) | -3,549 | -4,899 |
| Other operating income | 18 | 0 |
| Operating profit | -635 | -4,129 |
| Net financial items 2) | -375 | -184 |
| Profit before tax | -1,011 | -4,313 |
| Income taxes | 0 | 0 |
| Profit/loss for the period | -1,011 | -4,313 |
1) Other operating expenses include in the fiscal year ending in March 2017 totally USD 2,001 thousand one-off type impairment losses.
2) Net financial items include interest expenses USD 375 thousand (USD 184 thousand in 2017) from parent company loans not to be transferred to Exel.
| BALANCE SHEET | ||
| USD thousand | 1.4.2017-31.3.2018 | 1.4.2016-31.3.2017 |
| ASSETS | ||
| Non-current assets | ||
| Tangible assets | 533 | 0 |
| Other non-current assets | 22 | 0 |
| Non-current assets total | 555 | 0 |
| Current assets |
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| Inventories | 3,685 | 1,859 |
| Trade and other receivables | 4,198 | 1,837 |
| Cash at bank and in hand | 15 | 0 |
| Total current assets | 7,898 | 3,696 |
| Total assets | 8,454 | 3,696 |
| EQUITY AND LIABILITIES |
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| Shareholders´ equity | ||
| Share capital | 0 | 0 |
| Invested unrestricted equity fund | 15,261 | 15,261 |
| Retained earnings | -24,479 | -20,166 |
| Profit for the period | -1,011 | -4,313 |
| Total equity | -10,228 | -9,217 |
| Non-current liabilities |
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| Interest-bearing liabilities | 0 | 0 |
| Interest-free liabilities | 0 | 0 |
| Total non-current liabilities | 0 | 0 |
| Current liabilities |
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| Interest-bearing liabilities | 0 | 0 |
| Trade and other non-current liabilities 1) | 18,682 | 12,914 |
| Total liabilities | 18,682 | 12,914 |
| Total equity and liabilities | 8,454 | 3,696 |
1) Other non-current liabilities include USD 14,113 thousand (USD 11,224 thousand in 2017) of liabilities (mainly loan payables to the current owner of Diversified Structural Composites), which are not to be transferred to Exel.
Vantaa, 24 April 2018
Exel Composites Plc