Financial information
Order intake
Q1-Q3 2022
Revenue
Q1-Q3 2022
Adjusted operating profit
Q1-Q3 2022
Earnings per share
Q1-Q3 2022
Employees on average
Q1-Q2 2022
Guidance for full year 2022
Q1-Q3 Business Review, 3 November 2022 (unchanged)
Exel Composites expects that revenue in 2022 will be at last year’s level and adjusted operating profit will increase compared to 2021.
Key figures
| EUR thousand | Q1-Q3 2022 |
Q1-Q3 2021 |
2021 | 2020 | 2019 | 2018 | 2017 |
| Revenue | 106 004 | 97 872 | 134 365 | 108 595 | 103 784 | 96 608 | 86 255 |
| Operating profit | 4 717 | 3 095 | 3 744 | 9 417 | 5 087 | 2 217 | 6 081 |
| % of revenue | 4,4 | 3,2 | 2,8 | 8,7 | 4,9 | 2,3 | 7,1 |
| Adjusted operating profit 1) | 7 111 | 5 025 | 6 029 | 9 708 | 7 160 | 5 018 | 6 319 |
| % of revenue | 6,7 | 5,1 | 4,5 | 8,9 | 6,9 | 5,2 | 7,3 |
| Profit for the period | 5 971 | 1 238 | 1 656 | 5 368 | 2 397 | 386 | 4 212 |
| % of revenue | 5,6 | 1,3 | 1,2 | 4,9 | 2,3 | 19,1 | 208,8 |
| Profit for the period excluding non-controlling interest | 6 074 | 1 238 | 1 693 | 5 368 | 2 397 | 386 | 4 212 |
| % of revenue | 5,7 | 1,3 | 1,3 | 4,9 | 2,3 | 0,4 | 4,9 |
| Return on equity, % | 24,1 | 5,7 | 5,5 | 19,5 | 9,2 | 1,4 | 15,1 |
| Return on capital employed, % | 7,6 | 5,5 | 4,8 | 14,1 | 8,6 | 4,4 | 14,8 |
| Equity ratio, % | 31,0 | 27,4 | 26,8 | 30,2 | 30,9 | 34,7 | 44,8 |
| Net gearing, % | 107,7 | 144,1 | 119,9 | 107,9 | 114,9 | 96,3 | 30,3 |
| Net cash flow from operating activities 2) | 2 406 | 1 358 | 6 275 | 14 006 | 9 030 | 868 | 4 856 |
| Net cash flow from investing activities | -1 949 | -8 845 | -11 877 | -12 849 | -6 087 | -12 779 | -8 509 |
| Order intake | 99 090 | 110 065 | 140 557 | 115 373 | 110 693 | 100 757 | 86 531 |
| Order backlog 3) | 34 607 | 47 880 | 41 578 | 36 544 | 30 391 | 23 685 | 17 126 |
| Earnings per share, diluted and undiluted, EUR | 0,51 | 0,10 | 0,14 | 0,45 | 0,20 | 0,03 | 0,36 |
| Equity per share, EUR | 2,90 | 2,43 | 2,58 | 2,44 | 2,23 | 2,18 | 2,43 |
| Dividend/share, EUR 5) | 0,20 | 0,20 | 0,18 | 0,18 | 0,30 | ||
| Price/earnings (P/E) | 57,87 | 16,26 | 32,00 | 122,40 | 18,40 | ||
| Price/book value, (P/B) | 3,07 | 3,02 | 2,91 | 1,83 | 2,69 | ||
| Employees, average | 736 | 703 | 715 | 665 | 659 | 647 | 532 |
1) Excluding material items affecting comparability, such as restructuring costs, impairment losses and reversals, and costs related to planned or realized business acquisitions or disposals.
2) Exel Composites Plc has applied the IFRS16 -standard since 1.1.2019 according to the model where the comparative information of previous periods is not adjusted.
3) At the end of the reporting period.
4) A capital repayment of EUR 0.50 per share was paid to shareholders in December 2013. The AGM 2014 decided that no dividend will be paid for the financial year that closed on 31 December 2013.
5) Board proposal for the AGM.
Financial targets
| GROWTH | PROFITABILITY | CAPITAL EFFICIENCY | FINANCIAL POSITION |
| Revenue growth 2x market growth 1) | Adjusted operating profit margin >10% | Return on capital employed > 20% | Net gearing ≤ 80% |
1) The average annual growth rate estimated for
the global composites market is, according to
customer industry, region and source, between
2%-5% in volume in the coming years.
Financial targets are considered over a business cycle. Potential acquisitions may impact the long-term financial targets. According to the company’s dividend policy, Exel Composites’ ambition is to distribute a minimum of 40% of net income in dividends, when permitted by the financial structure and growth opportunities.
