© dmitry naumov dreamstime.com Electronics Production | February 19, 2014
PKC: revenue falls in 2013
PKC's revenue was EUR 884.0 million and operating profit before non-recurring items EUR 40.9 million. The decrease in revenue was particularly affected by production volumes for heavy-duty trucks in North America.
Matti Hyytiäinen, President & CEO, comments: PKC's revenue was EUR 884.0 million and operating profit before non-recurring items EUR 40.9 million. The decrease in revenue was particularly affected by production volumes for heavy-duty trucks in North America falling short of the previous year's level and the unfavourable exchange rate between the euro and the US dollar. European truck production remained at the level of the previous year despite the market boost caused by transition to Euro 6 standard in the last quarter of the financial year. Brazilian production volumes increased in comparison with the previous year. The revenue recorded was also affected by some product programmes for light vehicles and components reaching the end of their life cycles during the financial year. Cash flow for the entire year was at a moderate level, EUR 24.9 million after investments. As a result of the positive cash flow and a directed share issue implemented during the financial year, the company is free of net debt, with gearing at 1.1% negative. PKC's market position remained strong in all geographical areas of operation throughout the financial year. PKC's Wiring Systems segment's operating profit before non-recurring items fell short of that of the previous year owing to lower volumes in North America and the losses recorded at the Brazilian unit. Moreover, as a result of uneven order flows, our production efficiency suffered. During the financial year, several new production programmes ramp-ups and transfers of production were also ongoing. PKC's Electronics segment's operating profit before non-recurring items improved significantly over the previous year as a result of the measures implemented during the financial year that streamlined the cost structure and of the growing share of ODM products in revenue. In 2014, truck production volumes are expected to fall in Europe and Brazil and to increase in North America. The market demand for Electronics segment's products is expected to remain at the present level. In many ways, 2013 was challenging, and I would like to express my thanks to all PKC's personnel for a job well done. During 2014, we are continuing with the implementation of the strategy programme published in spring 2013 and PKC is on track to achieving the set strategic targets. October - December 2013 Highlights
- Revenue decreased 0.9% on the comparison period (10-12/2012), totalling EUR 212.1 million (EUR 214.0 million).
- EBITDA before non-recurring items was EUR 13.9 million (EUR 17.2 million) and 6.6% (8.5%) of revenue.
- EBITA was EUR 9.8 million (EUR 12.1 million) and 4.6% (5.7%) of revenue. During the report period PPA depreciation and amortisation totalled EUR 3.2 million (EUR 3.2 million).
- Operating profit before non-recurring items was EUR 6.7 million (EUR 8.9 million) and 3.1% (4.2%) of revenue.
- Diluted earnings per share were EUR 0.08 (EUR 0.03).
- Cash flow after investments was EUR 18.5 million (EUR 11.6 million).
- Revenue decreased 4.8% on the comparison period (1-12/2012), totalling EUR 884.0 million (EUR 928.2 million).
- EBITDA before non-recurring items was EUR 70.3 million (EUR 83.0 million) and 8.0% (8.9%) of revenue.
- EBITA was EUR 52.5 million (EUR 65.4 million) and 5.9% (7.0%) of revenue. During the report period PPA depreciation and amortisation totalled EUR 11.6 million (EUR 13.9 million).
- Operating profit before non-recurring items was EUR 40.9 million (EUR 51.5 million) and 4.6% (5.5%) of revenue.
- Diluted earnings per share were EUR 0.62 (EUR 1.12).
- Cash flow after investments was EUR 24.9 million (EUR 63.7 million).
- Dividend proposal is EUR 0.70 per share (EUR 0.70 per share).
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