Financial information
Order intake
Q1-Q3 2021
Revenue
Q1-Q3 2021
Adjusted operating profit
Q1-Q3 2021
Earnings per share
Q1-Q3 2021
Employees on average
Q1-Q3 2021
Guidance for full year 2021
Business Review Q1-Q3 2021, 4 November 2021
Exel Composites repeats its guidance and expects revenue in 2021 to increase significantly compared to 2020 and adjusted operating profit to decrease compared to 2020. Due to the poor performance in the business unit in the United States, Exel Composites now gives further detail on the guidance and expects revenue in 2021 to amount to EUR 125-135 million and adjusted operating profit to EUR 5.8-7.0 million.
Key figures
EUR thousand |
Q1-Q2 2021 |
Q1-Q2 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
| Revenue | 64,478 | 55,044 | 108,595 | 103,784 | 96,608 | 86,255 | 73,079 |
| Operating profit | 4,786 | 4,662 | 9,417 | 5,087 | 2,217 | 6,081 | 649 |
| % of revenue | 7.4 | 8.5 | 8.7 | 4.9 | 2.3 | 7.1 | 0.9 |
| Adjusted operating profit 1) | 4,917 | 4,955 | 9,708 | 7,160 | 5,018 | 6,319 | 2,621 |
| % of revenue | 7.6 | 9.0 | 8.9 | 6.9 | 5.2 | 7.3 | 3.6 |
| Profit for the period | 3,447 | 3,198 | 5,368 | 2,397 | 386 | 4,212 | 198 |
| % of revenue | 5.3 | 5.8 | 4.9 | 2.3 | 0.4 | 4.9 | 0.3 |
| Return on equity, % | 22.9 | 24.1 | 19.5 | 9.2 | 1.4 | 15.1 | 0.7 |
| Return on capital employed, % | 12.7 | 14.2 | 14.1 | 8.6 | 4.4 | 14.8 | 1.7 |
| Equity ratio, % | 29.9 | 28.3 | 30.2 | 30.9 | 34.7 | 44.8 | 51.3 |
| Net gearing, % | 127.6 | 110.0 | 107.9 | 114.9 | 96.3 | 30.3 | 12.2 |
| Net cash flow from operating activities 2) | 627 | 8,188 | 14,006 | 9,030 | 868 | 4,856 | 3,129 |
| Net cash flow from investing activities | -7,271 | -4,827 | -12,849 | -6,087 | -12,779 | -8,509 | -3,129 |
| Order intake | 85,514 | 57,428 | 115,373 | 110,693 | 100,757 | 86,531 | 74,778 |
| Order backlog 3) | 56,859 | 32,595 | 36,544 | 30,391 | 23,685 | 17,126 | 16,702 |
| Earnings per share, diluted and undiluted, EUR | 0.29 | 0.27 | 0.45 | 0.20 | 0.03 | 0.36 | 0.02 |
| Equity per share, EUR | 2.64 | 2.26 | 2.44 | 2.23 | 2.18 | 2.43 | 2.27 |
| Dividend/share, EUR | 0.20 | 0.18 | 0.18 | 0.30 | 0.10 | ||
| Price/earnings (P/E) | 16.26 | 32,00 | 122.40 | 18.40 | 301.35 | ||
| Price/book value, (P/B) | 3.02 | 2,91 | 1.83 | 2.69 | 2.21 | ||
| Employees, average | 695 | 662 | 665 | 659 | 647 | 532 | 479 |
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. For more information, please refer to the paragraph “Change in Exel Composites’ financial reporting terminology” of the Half-year Financial Report January – June 2016.
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 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.
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.
