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04.08.2011

DGAP-News: PKC GROUP'S INTERIM REPORT 1-6/2011

PKC Group Oyj 04.08.2011 07:15 =-------------------------------------------------------------------------- PKC Group Oyj INTERIM REPORT 4 August 2011 8.15 a.m. PKC GROUP'S INTERIM REPORT 1-6/2011 -- Consolidated net sales grew 45.4% on the comparison period (1-6/2010), totalling EUR 206.2 million (EUR 141.8 million). -- Consolidated operating profit was EUR 16.7 million (EUR 10.4 million) i.e. 8.1% (7.3%) of net sales. Comparable operating profit without non-recurring items was EUR 18.9 million (EUR 11.0 million), 9.2% (7.8%) of net sales. -- Profit for the report period amounted to EUR 13.9 million (EUR 4.4 million). -- Diluted earnings per share were EUR 0.69 (EUR 0.25). -- Cash flows after investments were EUR 9.1 million negative (EUR 3.2 million negative). -- Gearing was 14.8% (42.1%). -- Equity ratio was 54.3% (47.7%) -- Net liabilities were EUR 18.7 million (EUR 37.1 million). -- PKC Group announced on 28 February 2011 that it had signed an agreement for the purchase of shares in the Segu companies. The requirements of closing have been fulfilled and the closing became effective on April 30, 2011. KEY FIGURES 1-6/11 1-6/10 1-12/10 Net sales, EUR 1,000 206,193 141,839 316,081 Operating profit, EUR 1,000 16,745 10,415 29,689 % of net sales 8.1 7.3 9.4 Profit for the report period, EUR 1,000 13,854 4,438 19,683 Earnings per share (EPS), EUR 0.69 0.25 1.09 ROI,% 27.7 23.8 25.8 Net liabilities, EUR 1,000 18,727 37,085 -2,068 Gearing, % 14.8 42.1 -1.7 Average number of personnel 6,513 4,568 5,039 HARRI SUUTARI, PRESIDENT AND CEO: 'The manufacture of commercial vehicles, tractors and industrial equipment continued to grow in our key market areas in Europe and Brazil. The production of recreation vehicles also continued to grow in Europe and North America. PKC's Wiring Harnesses business continued to grow, by about 15% over the previous quarter. Our customers' volume of orders received during the second quarter for trucks remained at the same level as deliveries. The profitability of the Wiring Harnesses business fell in comparison with the previous quarter as a result of an increase in material and manufacturing costs and a drop in some product sales prices. Production transfers to lower cost factories will be continued according to plan. Deliveries in the Electronics business remained at the level of the previous quarter. Deliveries from Electronics Manufacturing Services (EMS) continued to grow, but deliveries from Original Design Manufacturing (ODM) fell during the first half of the year. As a result of weakened profitability, special measures to improve profitability will be targeted at the Electronics business. In line with our strategy, our aim is not only organic growth but also through acquisitions.' OPERATING ENVIRONMENT Wiring Harness business European heavy-duty trucks' markets strengthened during the report period. During the first half of the year, the registrations of heavy-duty trucks increased in Europe (the EU countries, Switzerland and Norway) by 56% over the comparison period. All in all, about 120,000 heavy trucks were registered during the first half of the year. During the second quarter, a total of almost 62,000 new heavy-duty trucks were registered. During the second quarter, the number of vehicle orders received by our customers was at about the same level as the number of vehicles delivered to their customers. Deliveries for the full year are forecast to increase to 230,000 - 250,000 vehicles. In Brazil during the first half of the year, our key customers' heavy truck deliveries increased by 20% over the comparison period. The vehicle orders received by our customers were 16% less than volume of customer deliveries during the second quarter, which indicates a turn in growth. The changes in emissions regulations scheduled to enter into force at the end of this year are expected to increase production towards the end of the year. In 2010, about 110,000 heavy-duty trucks were registered in Brazil. The industry expects registrations over the full year to increase by about 10% over the previous year. Deliveries for heavy-duty trucks in North America increased during the first half of the year by approximately 45% compared to the comparison period totalling approximately 93,000 vehicles. Truck manufacturers combined orderbook was about 125,000 heavy duty trucks at the end of June. Deliveries for the full year are forecast to be 180,000-250,000 vehicles. PKC's delivery volumes for recreation vehicle wiring harnesses increased in the first half of the year in North America by 30% over the corresponding period the previous year. Sales of agricultural tractors in Europe increased during the first half of the year by 14% over the comparison period the previous year. Full year sales are forecast to grow by 15%. Sales of construction equipment increased during the first half of the year by 44% in Europe and by 28% in South America over the comparison period the previous year. Full year sales are forecast to grow by 15-25% in Europe and by 10-20% in South America. Production volumes of forestry equipment in Europe increased during the first half of the year by 40% over the comparison period the previous year. Although PKC Group does not have its own wiring harness production in Asia, growing export to Asia by our customers is supporting the growth of PKC's production volumes. Electronics business Demand for electronic subcontracting services remained at the level of the previous quarter in PKC's key markets. The availability of electronic components improved. Deliveries by PKC's Electronics business increased over the comparison period, but failed to reach the level of the previous quarter on account of the postponement of certain customer projects. NET SALES AND FINANCIAL PERFORMANCE April-June 2011 Consolidated net sales from April-June amounted to EUR 109.3 million (EUR 81.0 million), up 34.9% on the same period a year earlier. Consolidated operating profit totalled EUR 7.1 million (EUR 7.6 million), accounting for 6.5% of net sales (9.4%). During the report period were reported EUR 1.8 million in non-recurring items. During the comparison period no non-recurring items were reported. Depreciation amounted to EUR 3.2 million (EUR 2.7 million). Financial items were EUR 0.6 million (EUR 2.9 million negative). Financial items contain exchange rate profit totalling EUR 0.9 million net. Profit before taxes was EUR 7.7 million (EUR 4.7 million). Profit for the report period totalled EUR 6.3 million (EUR 4.2 million). Diluted earnings per share were EUR 0.31 (EUR 0.24). Net sales generated by the Wiring Harness business in the report period amounted to EUR 90.2 million (EUR 64.1 million), or 40.7% more than in the comparison period. The segment's share of the consolidated net sales was 82.5% (79.1%). Wiring Harness business generated an operating profit of EUR 9.6 million (EUR 7.0 million), equivalent to 10.6% of the segment's net sales (10.9%). During the report period were reported EUR 0.1 million in non-recurring items. During the comparison period no non-recurring items were reported. The improvement of operating profit is due to increased delivery volumes and efficient cost base. Net sales generated by the Electronics business increased by 13.0% to EUR 19.1 million (EUR 16.9 million). The segment's share of the consolidated net sales was 17.5% (20.9%). Electronics business generated an operating profit of EUR 0.4 million (EUR 1.1 million), equivalent to 2.1% of the segment's net sales (6.5%). During the report period were reported EUR 0.2 million in non-recurring expenses. During the comparison period no non-recurring items were recorded. The decline of operating profit is due to postponement of some customer projects and costs related to production transfers. January-June 2011 Consolidated net sales from January-June amounted to EUR 206.2 million (EUR 141.8 million), up 45.4% on the same period a year earlier. Consolidated operating profit totalled EUR 16.7 million (EUR 10.4 million), accounting for 8.1% of net sales (7.3%). During the report period were reported EUR 2.2 million (EUR 0.6 million) in non-recurring items. Depreciation amounted to EUR 6.1 million (EUR 5.5 million). Financial items were EUR 0.3 million (EUR 5.4 million negative). Financial items contain exchange rate profit totalling EUR 1.1 million net. Profit before taxes was EUR 17.1 million (EUR 5.0 million). Profit for the report period totalled EUR 13.9 million (EUR 4.4 million). Diluted earnings per share were EUR 0.69 (EUR 0.25). Net sales generated by the Wiring Harness business in the report period amounted to EUR 168.3 million (EUR 109.8 million), or 53.3% more than in the comparison period. The segment's share of the consolidated net sales was 81.6% (77.4%). Wiring Harness business generated an operating profit of EUR 19.7 million (EUR 9.0 million), equivalent to 11.7% of the segment's net sales (8.2%). During the report period were reported EUR 0.1 million (EUR 0.6 million) in non-recurring items. The improvement of operating profit is due to increased delivery volumes and efficient cost base. Net sales generated by the Electronics business increased by 18.2% to EUR 37.9 million (EUR 32.0 million). The segment's share of the consolidated net sales was 18.4% (22.6%). Electronics business generated an operating profit of EUR 0.8 million (EUR 2.4 million), equivalent to 2.2% of the segment's net sales

PKC Group Oyj 04.08.2011 07:15 =-------------------------------------------------------------------------- PKC Group Oyj INTERIM REPORT 4 August 2011 8.15 a.m. PKC GROUP'S INTERIM REPORT 1-6/2011 -- Consolidated net sales grew 45.4% on the comparison period (1-6/2010), totalling EUR 206.2 million (EUR 141.8 million). -- Consolidated operating profit was EUR 16.7 million (EUR 10.4 million) i.e. 8.1% (7.3%) of net sales. Comparable operating profit without non-recurring items was EUR 18.9 million (EUR 11.0 million), 9.2% (7.8%) of net sales. -- Profit for the report period amounted to EUR 13.9 million (EUR 4.4 million). -- Diluted earnings per share were EUR 0.69 (EUR 0.25). -- Cash flows after investments were EUR 9.1 million negative (EUR 3.2 million negative). -- Gearing was 14.8% (42.1%). -- Equity ratio was 54.3% (47.7%) -- Net liabilities were EUR 18.7 million (EUR 37.1 million). -- PKC Group announced on 28 February 2011 that it had signed an agreement for the purchase of shares in the Segu companies. The requirements of closing have been fulfilled and the closing became effective on April 30, 2011. KEY FIGURES 1-6/11 1-6/10 1-12/10 Net sales, EUR 1,000 206,193 141,839 316,081 Operating profit, EUR 1,000 16,745 10,415 29,689 % of net sales 8.1 7.3 9.4 Profit for the report period, EUR 1,000 13,854 4,438 19,683 Earnings per share (EPS), EUR 0.69 0.25 1.09 ROI,% 27.7 23.8 25.8 Net liabilities, EUR 1,000 18,727 37,085 -2,068 Gearing, % 14.8 42.1 -1.7 Average number of personnel 6,513 4,568 5,039 HARRI SUUTARI, PRESIDENT AND CEO: 'The manufacture of commercial vehicles, tractors and industrial equipment continued to grow in our key market areas in Europe and Brazil. The production of recreation vehicles also continued to grow in Europe and North America. PKC's Wiring Harnesses business continued to grow, by about 15% over the previous quarter. Our customers' volume of orders received during the second quarter for trucks remained at the same level as deliveries. The profitability of the Wiring Harnesses business fell in comparison with the previous quarter as a result of an increase in material and manufacturing costs and a drop in some product sales prices. Production transfers to lower cost factories will be continued according to plan. Deliveries in the Electronics business remained at the level of the previous quarter. Deliveries from Electronics Manufacturing Services (EMS) continued to grow, but deliveries from Original Design Manufacturing (ODM) fell during the first half of the year. As a result of weakened profitability, special measures to improve profitability will be targeted at the Electronics business. In line with our strategy, our aim is not only organic growth but also through acquisitions.' OPERATING ENVIRONMENT Wiring Harness business European heavy-duty trucks' markets strengthened during the report period. During the first half of the year, the registrations of heavy-duty trucks increased in Europe (the EU countries, Switzerland and Norway) by 56% over the comparison period. All in all, about 120,000 heavy trucks were registered during the first half of the year. During the second quarter, a total of almost 62,000 new heavy-duty trucks were registered. During the second quarter, the number of vehicle orders received by our customers was at about the same level as the number of vehicles delivered to their customers. Deliveries for the full year are forecast to increase to 230,000 - 250,000 vehicles. In Brazil during the first half of the year, our key customers' heavy truck deliveries increased by 20% over the comparison period. The vehicle orders received by our customers were 16% less than volume of customer deliveries during the second quarter, which indicates a turn in growth. The changes in emissions regulations scheduled to enter into force at the end of this year are expected to increase production towards the end of the year. In 2010, about 110,000 heavy-duty trucks were registered in Brazil. The industry expects registrations over the full year to increase by about 10% over the previous year. Deliveries for heavy-duty trucks in North America increased during the first half of the year by approximately 45% compared to the comparison period totalling approximately 93,000 vehicles. Truck manufacturers combined orderbook was about 125,000 heavy duty trucks at the end of June. Deliveries for the full year are forecast to be 180,000-250,000 vehicles. PKC's delivery volumes for recreation vehicle wiring harnesses increased in the first half of the year in North America by 30% over the corresponding period the previous year. Sales of agricultural tractors in Europe increased during the first half of the year by 14% over the comparison period the previous year. Full year sales are forecast to grow by 15%. Sales of construction equipment increased during the first half of the year by 44% in Europe and by 28% in South America over the comparison period the previous year. Full year sales are forecast to grow by 15-25% in Europe and by 10-20% in South America. Production volumes of forestry equipment in Europe increased during the first half of the year by 40% over the comparison period the previous year. Although PKC Group does not have its own wiring harness production in Asia, growing export to Asia by our customers is supporting the growth of PKC's production volumes. Electronics business Demand for electronic subcontracting services remained at the level of the previous quarter in PKC's key markets. The availability of electronic components improved. Deliveries by PKC's Electronics business increased over the comparison period, but failed to reach the level of the previous quarter on account of the postponement of certain customer projects. NET SALES AND FINANCIAL PERFORMANCE April-June 2011 Consolidated net sales from April-June amounted to EUR 109.3 million (EUR 81.0 million), up 34.9% on the same period a year earlier. Consolidated operating profit totalled EUR 7.1 million (EUR 7.6 million), accounting for 6.5% of net sales (9.4%). During the report period were reported EUR 1.8 million in non-recurring items. During the comparison period no non-recurring items were reported. Depreciation amounted to EUR 3.2 million (EUR 2.7 million). Financial items were EUR 0.6 million (EUR 2.9 million negative). Financial items contain exchange rate profit totalling EUR 0.9 million net. Profit before taxes was EUR 7.7 million (EUR 4.7 million). Profit for the report period totalled EUR 6.3 million (EUR 4.2 million). Diluted earnings per share were EUR 0.31 (EUR 0.24). Net sales generated by the Wiring Harness business in the report period amounted to EUR 90.2 million (EUR 64.1 million), or 40.7% more than in the comparison period. The segment's share of the consolidated net sales was 82.5% (79.1%). Wiring Harness business generated an operating profit of EUR 9.6 million (EUR 7.0 million), equivalent to 10.6% of the segment's net sales (10.9%). During the report period were reported EUR 0.1 million in non-recurring items. During the comparison period no non-recurring items were reported. The improvement of operating profit is due to increased delivery volumes and efficient cost base. Net sales generated by the Electronics business increased by 13.0% to EUR 19.1 million (EUR 16.9 million). The segment's share of the consolidated net sales was 17.5% (20.9%). Electronics business generated an operating profit of EUR 0.4 million (EUR 1.1 million), equivalent to 2.1% of the segment's net sales (6.5%). During the report period were reported EUR 0.2 million in non-recurring expenses. During the comparison period no non-recurring items were recorded. The decline of operating profit is due to postponement of some customer projects and costs related to production transfers. January-June 2011 Consolidated net sales from January-June amounted to EUR 206.2 million (EUR 141.8 million), up 45.4% on the same period a year earlier. Consolidated operating profit totalled EUR 16.7 million (EUR 10.4 million), accounting for 8.1% of net sales (7.3%). During the report period were reported EUR 2.2 million (EUR 0.6 million) in non-recurring items. Depreciation amounted to EUR 6.1 million (EUR 5.5 million). Financial items were EUR 0.3 million (EUR 5.4 million negative). Financial items contain exchange rate profit totalling EUR 1.1 million net. Profit before taxes was EUR 17.1 million (EUR 5.0 million). Profit for the report period totalled EUR 13.9 million (EUR 4.4 million). Diluted earnings per share were EUR 0.69 (EUR 0.25). Net sales generated by the Wiring Harness business in the report period amounted to EUR 168.3 million (EUR 109.8 million), or 53.3% more than in the comparison period. The segment's share of the consolidated net sales was 81.6% (77.4%). Wiring Harness business generated an operating profit of EUR 19.7 million (EUR 9.0 million), equivalent to 11.7% of the segment's net sales (8.2%). During the report period were reported EUR 0.1 million (EUR 0.6 million) in non-recurring items. The improvement of operating profit is due to increased delivery volumes and efficient cost base. Net sales generated by the Electronics business increased by 18.2% to EUR 37.9 million (EUR 32.0 million). The segment's share of the consolidated net sales was 18.4% (22.6%). Electronics business generated an operating profit of EUR 0.8 million (EUR 2.4 million), equivalent to 2.2% of the segment's net sales

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