EXEL OYJ STOCK EXCHANGE RELEASE 3.5.2005 at 17.20 1 (4)
CORRECTION TO THE STOCK EXCHANGE RELEASE PUBLISHED TODAY AT 11 AM BY EXEL
Due to the fact that lines had moved in the stock exchange release published
earlier today we hereby publish the correctly aligned figures regarding
summarised consolidated income statement, balance sheet as well as funds
statement, key financial figures by quarter and Group key figures and ratios.
Mäntyharju, 3 May 2005
EXEL OYJ
Board of Directors
CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Summarised Q1/2005 Q1/2004 Change, % 2004
consolidated
income statement
EUR 1,000
Net sales 21,738 20,514 6.0 83,857
Other operating
income 50 21 140,1 111
Operating expenses -18,793 -17,895 5.0 -67,085
Depreciation and
impairment -791 -720 9.9 -3,181
Operating profit 2,204 1,920 14.8 13,702
Financial income
and expenses -58 -107 -45.7 -467
Profit before income
taxes 2,146 1,813 18.4 13,236
Income tax charge -602 -598 0.6 -4,110
Profit for the period1,544 1,215 27.2 9,126
Earnings per share,
EUR 0.28 0.23 21.9 1.69
Earnings per share,
EUR, diluted 0.27 0.22 22.9 1.59
Summarised 31.3. 31.3. Change, % 31.12.
Consolidated 2005 2004 2004
balance sheet
EUR 1,000
ASSETS
Non-current assets
Intangible assets 862 436 426 926
Goodwill 3,188 3,188 0 3,188
Tangible assets 13,534 14,225 -691 13,742
Deferred tax assets 734 242 492 310
Other non-current
assets 101 101 0 100
Current assets
Inventories 13,056 10,804 2,252 13,269
2 (4)
Trade receivables and
other receivables 13,002 13,536 -534 9,568
Cash in hand and
at bank 4,024 3,430 594 5,150
Total assets 48,501 45,962 2,539 46,253
EQUITY AND LIABILITIES
Equity
Share capital 1,965 1,884 81 1,932
Share issue 817
Premium fund 4,174 3,149 1,025 3,390
Retained earnings 14,555 12,428 2,127 5,427
Profit for the period1,544 1,215 329 9,126
Total equity 22,238 18,676 3,562 20,692
Non-current liabilities
Non-current interest-
bearing liabilities 7,888 10,739 -2,851 8,456
Deferred tax
liabilities 312 14 298 297
Current liabilities
Current interest-
bearing liabilities 5,880 4,926 954 4,141
Trade payables and
other non-interest-
bearing liabilities 12,183 11,607 576 12,666
Total liabilities 26,263 27,286 -1,023 25,560
Total eqity and
liabilities 48,501 45,962 2,539 46,253
Summarised Q1/2005 Q1/2004 Change 2004
consolidated funds
statement
EUR 1,000
Cash flow from
business operations
Profit for the
period 1,544 1,215 +329 9,126
Total adjustments 1,485 1,497 -12 7,623
Change in net working
capital -2,700 1,181 -3,881 1,657
Cash flow from
business operations 329 3,893 -3,564 18,406
Net financial
expenses -94 -75 -21 -359
Taxes paid -1,925 -834 -1,091 -2,136
Net cash flow from
business operations -1,690 2,984 -4,674 15,911
Investment cash flow
Acquisitions -7,181 +7,181 -7,181
Investments in tangible
and intangible assets518 -450 -68 -3,187
Capital gains on assets 44
3 (4)
Other cash flow from
investments
Net investment cash
flow -518 -7,631 +7,113 -10,324
Cash flow from financing
Rights issue 1,102
Change in long-term
loans and other liquid
assets 1,082 5,318 -4,236 2,700
Dividend paid -6,998
Net cash flow from
financing 1,082 5,318 -4,236 -3,196
Change in liquid
assets -1,126 671 -1,797 2,391
Liquid assets at
period-start 5,150 2,759 +2,391 2,759
Change in liquid
assets -1,126 671 -1,797 2,391
Liquid assets at
period-end 4,024 3,430 +594 5,150
Key financial figures by quarter
EUR 1,000 Q1/2005 Q4/2004 Q3/2004 Q2/2004 Q1/2004 2004
Net sales by segment
Industry 12,509 11,689 11,523 13,408 11,730 48,348
Sport 9,229 8,087 8,864 9,773 8,784 35,509
Total net sales 21,738 19,776 20,387 23,181 20,514 83,857
Operating profit by segment
Industry 1,819 2,327 2,041 2,512 965 7,845
Sport 386 987 1,263 2,653 955 5,858
Total operating
profit 2,204 3,314 3,304 5,165 1,920 13,702
Financial income
and expenses -58 -131 -138 -91 -107 -467
Profit before income
taxes 2,146 3,182 3,167 5,074 1,813 13,236
13,236
Income tax charge -602 -922 976 -1,613 598 4,110
Profit for the period 1,544 2,260 2,190 3,461 1,215
9,126
Earnings per share,
EUR 0.28 0.41 0.41 0.64 0.23 1.69
Earnings per share,
EUR, diluted 0.27 0.37 0.38 0.62 0.22 1.59
Average number of
shares, 1,000 5,615 5,499 5,384 5,383 5,383 5,413
Average number of
shares, 1,000 5,762 5,732 5,634 5,581 5,568 5,732
Average personnel 424 424 456 453 406 441
4 (4)
GROUP KEY FIGURES AND RATIOS
EUR 1,000 Q1/2005 Q1/2004 Change, % 2004
Net sales 21,738 20,514 +6.0 83,857
Operating profit 2,204 1,920 +14.8 13,702
% of net sales +10.1 +9.4 +8.4 16.3
Profit before income
taxes 2,146 1,813 +18.4 13,236
% of net sales 9.9 8.8 +11.7 15,8
Profit for the
period 1,544 1,215 +27.2 9,126
% of net sales 7.1 5.9 +19.9 10.9
Equity 22,238 18,676 +19.0 20,692
Interest-bearing
liabilities 13,768 15,666 -12.1 12,597
Liquid assets 4,024 3,430 +17.3 5,150
Net interest-bearing
liabilities 9,744 12,236 -20.4 7,447
Invested capital 36,006 34,342 +4.8 33,290
Return on equity, % 28.8 26.9 +7.1 47.8
Return on investment,
% 25.6 25.2 +0.4 45.2
Solvency ratio, % 46.0 40.8 +12.7 44.9
Net gearing, % 43.8 65.5 -33.1 36.0
Gross capital
expenditure 518 2,968 -82.5 5,803
% of net sales 2.4 14.5 -16.6 6.9
Research and
development costs 681 612 +11.3 1,956
% of net sales 3.1 3.0 +5.0 2.3
Earnings per share,
EUR 0.28 0.23 +21.9 1.69
Earnings per share,
EUR, diluted 0.27 0.22 +22.9 1.59
Equity per share,
EUR 3.96 3.47 +14.2 3.69
Outstanding shares,
Thousands
- undiluted, average 5,615 5,383 +4.3 5,413
- diluted, average 5,762 5,568 +3.5 5,732