Exel Composites January – June 2017 Business Review 20 July 2017 SIGNIFICANT INCREASE IN ORDER INTAKE, REVENUE AND OPERATING PROFIT
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Exel Composites
January – June 2017
Business Review
20 July 2017
SIGNIFICANT INCREASE IN ORDER INTAKE,
REVENUE AND OPERATING PROFIT
Exel Composites 2
• Business environment– Significant increase in revenue due to
increased mid-segment sales,
supported by general market
environment recovery
– Industrial Applications continued to
drive growth
– Geographically China and Europe
major contributors
• Operations– Lower cost base due to cost savings
measures from 2016
– Downsizing of Australian unit
progresses
– Integration of Nanjing Jianhui proceeds
according to plan
• Financial performance– Order intake, revenue and operating
profit continued to develop positively
H1 2017 in brief
Exel Composites 3
21.5 17.9 20.3
21.419.7
23.2
18.016.4
19.319.0
Q1-Q42015
Q1-Q42016
Q1-Q22017
Revenue, EUR million
2.0
0.1
1.7
1.5
1.2
1.7
0.5
0.6
0.7
0.7
Q1-Q42015
Q1-Q42016
Q1-Q22017
Adjusted operating profit, EUR million
22.8 18.0 22.5
21.420.2
23.4
18.718.2
20.518.3
Q1-Q42015
Q1-Q42016
Q1-Q22017
Order intake, EUR million
0.7
-0.9 -0.8
1.7
0.3 0.9
0.5
2.5
0.51.2
Q1-Q42015
Q1-Q42016
Q1-Q22017
Net cash flow, EUR million
H1 2017 highlights
Exel Composites 4
EUR thousand
1.1.-30.6.
2017
1.1.-30.6.
2016
Change,
%
1.1.-31.12.
2016
Order intake 45,839 38,263 19.8 74,778
Order backlog 1 19,436 15,799 23.0 16,702
Revenue 43,447 37,639 15.4 73,079
Operating profit 3,144 1,293 143.2 649
% of revenue 7.2 3.4 0.9
Adjusted operating profit 2 3,387 1,316 157.4 2,621
% of revenue 7.8 3.5 3.6
Profit for the period 2,166 880 146.2 198
Net cash flow from operating activities 81 -520 115.6 3,129
Return on capital employed, % 15.6 6.5 1.7
Net gearing, % 36.7 18.4 12.2
Earnings per share 0.18 0.07 0.02
Equity per share, EUR 2.30 2.35 -2.1 2.27
Employees on average 498 490 1.6 479
Key figures H1 2017
1 As per the last day of the period.2 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 published on
21 July 2016.
Exel Composites 5
EUR thousand
1.4.-30.6.
2017
1.4.-30.6.
2016
Change,
%
1.1.-31.12.
2016
Order intake 23,359 20,231 15.5 74,778
Order backlog 1 19,436 15,799 23.0 16,702
Revenue 23,150 19,720 17.4 73,079
Operating profit 1,488 1,147 29.8 649
% of revenue 6.4 5.8 0.9
Adjusted operating profit 2 1,722 1,167 47.6 2,621
% of revenue 7.4 5.9 3.6
Profit for the period 1,060 882 20.2 198
Net cash flow from operating activities 929 342 171.6 3,129
Return on capital employed, % 14.5 11.4 1.7
Net gearing, % 36.7 18.4 12.2
Earnings per share 0.09 0.07 0.02
Equity per share, EUR 2.30 2.35 -2.1 2.27
Employees on average 534 487 9.7 479
Key figures Q2 2017
1 As per the last day of the period.2 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 published on
21 July 2016.
Exel Composites 6
Significant increase in revenue
in Q2 2017
0
5
10
15
20
25
0
5
10
15
20
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013 2014 2015 2016 2017
Revenue, EUR million
Order backlog, EUR million, end of period
Exel Composites 7
Volume increase due to higher delivery
volumes of mid-segment products
1) Volume impact calculated as difference in kilograms of delivered products
times prior year average sales price/kg.
Exel Composites 8
Industrial Applications continued to
drive volume growth
Transportation Industry
Telecommuni-
cation
MachineIndustry
PaperIndustry
ElectricalIndustry
Cleaning & Maintenance
Sports & Leisure
Other Industries
Building,
Construction &
Infrastructure
EnergyIndustry
Construction &
InfrastructureOther
Applications
Industrial Applications
20.3 25.3
9.1
9.0 8.3
9.2
0
5
10
15
20
25
30
35
40
45
50
H1 2016 H1 2017
Revenue, EUR million
Other Applications
Construction & Infrastructure
Industrial Applications
Exel Composites 9
Asia and China major contributors
geographically
H1 2017, EUR million H1 2016, EUR million
30.3
32.1
Europe
5.6
9.1 APAC
1.7
2.3
Rest of the world
Exel Composites 10
Higher revenue and lower cost
base improved operating profit
0%
10%
20%
0
1
2
3
4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 2016 2017
Adjusted operating profit, EUR millionAdjusted operating profit margin, %Operating profit target, %
Exel Composites 11
0
20
40
60
0%
10%
20%
30%
2014 2015 2016 H1 2017
Capital employed, MEUR ROCE, %
ROCE improved to 15.6%
Exel Composites 12
Accelerate
growth in
China
Protect and grow
our stronghold
customersProviding competitive
edge and best
customer service
Create
true
global
footprint
New
composite
technologies
Penetrate
new
applications
We continue the implementation of our
strategy, focus on operational efficiency
and new customer acquisition
• Good growth in our focus
segments
• Integration of Nanjing
Jianhui strengthens our
position in China
• Momentum in new
customer acquisition
especially in the mid-
segment
• Continued focus on
operational efficiency and
tight cost control
Exel Composites 13
• Exel Composites reiterates its outlook for 2017 and estimates that revenue with comparable company structure (i.e. without the acquisition of Nanjing JianhuiComposite Material, JHFRP) will increase from previous year level and adjusted operating profit will be higher than previous year level. In 2016, Exel Composites’ revenue was EUR 73.1 million and adjusted operating profit was EUR 2.6 million.
Outlook for 2017
Exel Composites 14
Your IR contacts
Riku Kytömäki
President and CEO
+358 50 511 8288
Mikko Kettunen
CFO
+358 50 3477 462
Noora Koikkalainen
IR Manager
+358 50 562 6552
www.exelcomposites.com
Exel Composites
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