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Exel’s Q2 was encouraging as EBIT recovered significantly after a challenging period of missing demand. We believe EBIT could climb towards EUR 8m in the next year or so.
Exel’s Q2 results landed clearly above our estimates as the EUR 26.6m revenue came in 8% higher than we estimated, which also led to the EUR 1.4m adjusted EBIT topping our EUR 0.3m estimate. Customer activity has clearly rebounded from its deepest slump, and the question now is how much further short-term recovery there might be as certain economic uncertainties continue.
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Exel Composites will publish its Business Review Q1-Q32024 on Thursday 31 October 2024 at approximately 9:00 EET. Investors, analysts and journalists are invited to participate in the financial results briefing at 12:30 EET on the same day. The briefing will be hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen.
The briefing will be organized online. To participate in the event, please register in advance by sending an email
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visitwww.exelcomposites.com.
The following persons have been appointed as members of Exel Composites' Shareholders' Nomination Board:
Markus Lindqvist, Aktia Mikro Markka
Matias Arola, Danske Invest Finnish Equity Fund
Jukka Vähäpesola, Elo Mutual Pension Insurance Company
Petteri Vaarnanen, Sp-Fund Management Company
and Jouni Heinonen, Chairman of the Board of Directors, Exel Composites Plc, as an expert member.
The Shareholders' Nomination Board consists of the representatives of the four largest shareholders and of the Chairman of the Board of Directors, acting as an expert member. Should a shareholder not wish to use its right to nominate, this right would be passed on to the next largest shareholder who otherwise would not be entitled to appoint a member. The largest shareholders entitled to appoint members to the Nomination Board were determined on the basis of the registered holdings in the company's shareholder register held by Euroclear Finland Oy on 30 September 2024. Shares that are included in a shareholder's holdings were calculated in accordance with Chapter 9, Sections 5 and 6 of the Finnish Securities Markets Act. Nominee-registered shares were taken into account in the determination of the largest shareholders.
According to the Charter of the Shareholders' Nomination Board, approved by the Annual General Meeting, the Nomination Board prepares the proposals concerning Board of Directors' members and their remuneration for the following Annual General Meeting. The Nomination Board gives its proposal to the Board of Directors of the company at the latest by 31 January 2025.
Information on Exel Composites' Nomination Board and its Charter are available on the company's website atwww.exelcomposites.com.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.
Exel Composites Plc
Exel Composites and its joint venture Kineco-Exel India (KECI) have won the bidding process in India for supplying pultruded carbon plank for wind turbine spar caps for Vestas Wind Systems A/S. The products will be manufactured with pultrusion in KECI's new factory in Goa, India, optimized for serving wind power industry customers in India and globally.
The parties have started the qualification process of the production facility according to Vestas' specifications, after which KECI will be a qualified supplier of carbon flats for Vestas globally. Deliveries are estimated to begin in the last quarter of 2025.
The agreement is an extension of an existing multi-year frame contract updated in 2023 and deepens the collaboration between the companies, which started over a decade ago. Headquartered in Aarhus, Denmark, Vestas is one of the largest and most prominent companies in the wind energy industry, designing, manufacturing, installing, and servicing wind energy projects worldwide.
Spar caps, which utilize carbon planks, are essential structural components within wind turbine blades, providing the strength, stiffness, and load-bearing capacity needed to withstand the dynamic forces encountered during operation. As wind turbines continue to increase in size, carbon fiber composites will play a crucial role in meeting the demanding mechanical requirements needed for these advancements.
"We are pleased to strengthen our partnership with our long-term customer Vestas and look forward to supporting them in their strategic initiatives in India and globally," says Kathy Wang, EVP Industrial Solutions at Exel Composites.
"It is a pleasure to work with the Exel team, we are looking forward to a fast development of the carbon plank business in India," says Steven Zhu, Blade Procurement, Vestas APAC, China.
Exel Composites and Kineco Exel India (KECI) offer wind turbine manufacturers a comprehensive range of glass fiber and carbon fiber composite components required for the manufacturing of modern on-shore and off-shore wind turbines. KECI was established in 2021 as a joint venture between Exel Composites and the Indian company Kineco Group.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
About Exel Composites
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.
About Kineco Group
Kineco Group, founded in 1994, is India's leading composites manufacturing company catering to highly demanding markets such as aerospace, mass transit and specialized industrial applications. Kineco Group has a strong legacy of innovation and employs over 750 people across its various manufacturing facilities in Goa India. More information is available at www.kinecogroup.com.
Exel Composites has completed the strategic review at its factory in Belgium initiated in January 2024. As a result, the company is entering into consultation with employee representatives regarding its intention to discontinue production at its Oudenaarde factory.
The consultation process concerns approximately 50 employees. The negotiations will be conducted and concluded in accordance with Belgian law, within the timeline necessary for due process.
"During this year, we have carefully evaluated the role and future options of the Oudenaarde plant. Unfortunately, we have come to the conclusion that launching the consultation process with the aim of closing the factory is necessary for addressing loss-making activities. We are committed to a considerate dialogue with the employee representatives on this transformation," says Paul Sohlberg, President and CEO of Exel Composites.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.
Exel Composites Plc
- Order intake increased by 4.0% to EUR 26.4 million (Q2 2023: 25.4)
- Revenue increased by 4.7% to EUR 26.6 million (25.4)
- Operating profit increased to EUR 1.2 million (-0.2) and operating profit margin to 4.4% (-1.0%)
- Adjusted operating profit increased to EUR 1.4 million (0.1) and adjusted operating profit margin to 5.2% (0.3%)
- Earnings per share was EUR 0.02 (-0.08)
- Gross proceeds of approximately EUR 21.8 million from the successful rights issue and a new financing agreement of EUR 52.4 million strengthen financial position
- Order intake increased by 6.4% to EUR 55.0 million (Q1-Q2 2023: 51.7)
- Revenue decreased by 7.8% to EUR 50.0 million (54.2)
- Operating profit increased to EUR 0.6 million (-0.5) and operating profit margin to 1.2% (-1.0%)
- Adjusted operating profit increased to EUR 0.8 million (0.1) and adjusted operating profit margin to 1.6% (0.1%)
- Earnings per share was EUR 0.01 (-0.25)
Guidance for the full year 2024 (unchanged)
Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023. (Guidance published on 16 February 2024.)
Paul Sohlberg, President and CEO:
In Q2 2024, we continued our track of improvements. This was the third consecutive upward quarter in revenue and the second in adjusted operating profit. We achieved revenue growth both from the comparison period last year and from the previous quarter. We made significant improvement in operating profit and turned our first half clearly positive.
I am very proud of the work we have done in the first half of 2024 to strengthen our capital structure and accelerate our transformative growth strategy launched in late 2023. A major highlight of the review period was the oversubscribed rights issue, which I consider a strong indication of support for our company and the direction we have chosen to take. In total, we received subscriptions for approximately 141 per cent of the offer shares, contributing gross proceeds of approximately
EUR 21.8 million.
Following the offering, Exel had 8,425 shareholders at the end of the reporting period, comprising both institutional investors (55%) and households (45%). We saw the vast majority of our prior shareholders stay as shareholders after the rights issue, being joined by many new owners as well. I would like to extend my warmest thanks to all shareholders who participated in our rights issue for their strong support and welcome you all on our transformative journey!
Our new financing agreement of EUR 52.4 million entered into force in June. With the financing agreement and the funds raised in the rights issue, we are now able to swiftly advance our strategic initiatives that we have communicated earlier. These include furthering the execution of the strategic factory network optimization plan and investments to support the company's growth, among others. The equipping of our manufacturing facility in Goa, optimized for serving wind power industry customers in India, is well underway and production is due to start during 2024. The strategic review of the Belgian factory is also progressing according to plan, and we are proceeding to the action phase.
Order intake increased, markets developed in line with our expectations
Similarly, it was pleasing to see that our efforts in the customer interface continued to pay off. Our order intake continued to increase, amounting to EUR 55.0 million for the first half. As a result, our order backlog at the end of June stood at EUR 34.5 million, which is 31% higher than the same period last year.
Markets developed in line with our expectations. We had estimated that the first half of this year would be busier than the previous six months, and in the reporting period, we saw increased customer activity in all our strategic industries, except for the construction market, where the situation is still challenging.
We signed several important new customer agreements in the first half, including a multi-year agreement with a major wind turbine manufacturer for the supply of carbon fiber planks for spar caps from our new Indian factory. In addition, we signed a multi-year agreement with Foton Bus and Coach company to deliver pultruded parts to electric buses, as well as a partnership agreement with Flying Whales airship company to design carbon fiber tubes to the airship's fuselage.
Looking forward we are working on significant new customer deals in line with our strategic focus areas and hope to announce them in due time. With that said, the macroeconomic sentiment remains indecisive and has even shown some signs of cooling off during the summer. Uncertainty about the global economic outlook and geopolitical situation continues. We expect customer activity to remain at the current level in the second half of 2024, and it will continue to require daily efforts from us to maintain good development.
Revenue increased, significant improvement in operating profit
The increase in order intake resulted in revenue growth in the second quarter. Revenue for the quarter grew by 4.7% from the comparison period coming in at EUR 26.6 million and was at EUR 50.0 million for the first half (H1 2023: 54.2).
Revenue in the second quarter grew in nearly all customer industries, mainly excluding the Energy sector, since we are still preparing to ramp up production of certain wind products in India.
The increased order intake and revenue, combined with actions to optimize capacity, cost control and operational measures, elevated our Q2 2024 adjusted operating profit margin to 5.2% (0.3%) and our adjusted operating profit to EUR 1.4 million (0.1).
The profitability improvement in Q2 2024 speaks well to the value generation potential Exel has as we increase the utilization rates of our manufacturing capacity. We are still far below the utilization rates and order intake levels we target. However, it is encouraging to see that we are on the right path. We expect profitability to further improve over time with higher utilization rates, which we aim to achieve by ramping up new customer products and further optimizing production. Both actions are, however, expected to require investment and to incur additional costs in the short term.
As a result of our good progress in the first half, we had a positive operative cash flow of EUR 2.6 million. In the first half of 2024, Group's financial position improved significantly with change in liquid funds being positive by EUR 21.3 million due to the successful rights issue.
Outlook for 2024 unchanged
We reiterate our guidance published in February 2024: Exel Composites expects revenue to increase and adjusted operating profit to increase significantly in 2024 compared to 2023.
New operating model in place
In early 2024, we introduced a new operating model based on two business units: Engineered Solutions Business Unit and Industrial Solutions Business Unit. The second quarter was the first full quarter with our new operating model being fully operational. We now report revenue for the two business units, in addition to Group revenue by customer industry.
Revenue in the Engineered Solutions Business Unit was
EUR 41.5 million in the first half of 2024. Markets picked up and the demand developed favourably in most of the customer industries. There was especially high demand in defense and various tube applications.
In the USA, the Engineered Solutions Business Unit secured several new customers, particularly in the building and infrastructure sector. Many orders received in the first half are now in production and expected to become revenue in the latter half of 2024.
Revenue in the Industrial Solutions was EUR 8.5 million in the first half. Demand was cautiously positive, and there were signs of markets picking up. However, some customers continued to postpone orders and consume material inventories. New customers secured in the first half are expected to positively impact volumes starting in late 2024.
If I may, I would like to invite you to have a look at the business reviews in this report to get more familiar with our new business units and their activities.
Consolidated key figures
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Revenue 26,589 25,399 4.7 49,954 54,202 -7.8 96,815
Operating profit 1,159 -249 564.9 604 -532 213.5 -4,863
% of revenue 4.4 -1.0 1.2 -1.0 -5.0
Adjusted 1,374 65 2,016.6 819 71 1,059.7 -2,446
operating profit
1)
% of revenue 5.2 0.3 1.6 0.1 -2.5
EBITDA 2,605 1,474 76.6 3,509 2,953 18.8 3,832
Adjusted EBITDA 2,819 1,788 57.7 3,724 3,556 4.7 4,059
1)
Profit before 836 -696 220.0 228 -2,172 110.5 -8,254
tax
Profit for the 573 -935 161.2 -26 -3,073 99.2 -9,309
period
Profit for the 669 -893 175.0 130 -2,983 104.4 -9,130
period excluding
non-controlling
interest
% of revenue 2.5 -3.5 0.3 -5.5 -9.4
Shareholders' 37,230 24,203 53.8 37,230 24,203 53.8 17,687
equity
Interest-bearing 49,129 50,036 -1.8 49,129 50,036 -1.8 43,790
liabilities
Cash and cash 32,431 18,986 70.8 32,431 18,986 70.8 10,952
equivalents
Net interest 16,699 31,050 -46.2 16,699 31,050 -46.2 32,838
-bearing
liabilities
Net debt to 3.9 3.1 24.8 3.9 3.1 24.8 8.1
adjusted EBITDA
2)
Capital employed 86,359 74,239 16.3 86,359 74,239 16.3 61,477
Return on 8.5 -14.3 159.3 -0.2 -22.5 99.2 -38.7
equity, %
Return on 6.4 -1.2 654.2 1.8 -1.3 242.1 -6.8
capital
employed, %
Equity ratio, % 32.4 23.5 38.2 32.4 23.5 38.2 20.9
Net gearing, % 44.9 128.3 -65.0 44.9 128.3 -65.0 185.7
Net cash flow 3,606 5,310 -32.1 994 2,520 -60.6 4,445
from operating
activities
Net cash flow -424 -1,118 -62.1 -856 -1,597 -46.4 -3,076
from investing
activities
Capital 375 1,314 -71.5 815 2,075 -60.7 3,523
expenditure
% of revenue 1.4 5.2 1.6 3.8 3.6
Research and 919 984 -6.6 1,996 1,932 3.3 3,711
development
costs
% of revenue 3.5 3.9 4.0 3.6 3.8
Order intake 26,404 25,393 4.0 55,018 51,725 6.4 98,142
Order backlog 34,487 26,366 30.8 34,487 26,366 30.8 29,765
Earnings per 0.02 -0.08 130.1 0.01 -0.25 102.5 -0.77
share, diluted
and
undiluted, EUR
Equity per 1.26 2.01 -37.61 1.79 2.01 -10.93 1.47
share, EUR
Average share 0.49 3.94 -87.6 0.70 4.44 -84.2 3.60
price, EUR
Average number 29,570 11,854 149.5 20,712 11,854 74.7 11,854
of shares,
diluted and
undiluted, 1,000
shares 3)
Employees, 622 673 -7.7 622 698 -10.9 667
average
Employees, end 621 646 -3.9 621 646 -3.9 623
of period
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) Last 12 months' adjusted EBITDA
3) As a result of Exel's rights issue completed in June 2024, the total number of shares in the company increased by 94,831,552 from 11,896,843 to 106,728,395.
Revenue by business unit
Q2 Q1-Q2
EUR thousand 2024 2024
Engineered Solutions BU 22,359 41,478
Industrial Solutions BU 4,228 8,474
Other 2 2
Total 26,589 49,954
Revenue by customer industry
Q2 Q2 Change Q1-Q2 Q1-Q2 Change Q1-Q4
EUR thousand 2024 2023 % 2024 2023 % 2023
Buildings and 5,530 5,031 9.9 10,456 10,651 -1.8 18,539
infrastructure
Industrial 4,173 3,402 22.7 7,625 8,837 -13.7 15,358
Energy 4,455 5,398 -17.5 9,881 11,791 -16.2 22,108
Transportation 4,969 4,005 24.1 9,014 8,384 7.5 16,268
Other 7,462 7,563 -1.3 12,978 14,539 -10.7 24,541
Total 26,589 25,399 4.7 49,954 54,202 -7.8 96,815
Vantaa, 15 August 2024
Exel Composites Plc
Board of Directors
Financial results briefing
Exel Composites will hold a financial results briefing regarding the Q1-Q2 2024 results today at 12:30 EEST. To participate in the online event, please register in advance by sending an email to
This release is a summary of Exel Composites' Half Year Financial Report January-June 2024. The complete report is attached to this release as a pdf file. It is also available at the company's website at exelcomposites.com.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 20 754 1335
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.
Exel Composites Plc
Exel Composites Plc has on 12 August 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of Danske Bank A/S has increased above 5% of the voting rights and share capital in Exel Composites Plc.
Through share transactions concluded on 9 August 2024, the holding of Danske Bank A/S amounts to 5,355,503 shares representing 5.02% of the shares and voting rights of Exel Composites Plc. The previous holding of Danske Bank A/S represented 4.59% of the shares and voting rights of Exel Composites Plc.
Exel Composites has a total of 106,728,395 shares. The company has only one class of shares, each share entitling to one vote.
Total position of Danske Bank A/S referred to in the notification:
+----------------+------+-----------+-----+----------------------+
| |% of |% of shares|Total|Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+-----+----------------------+
|Resulting |5.02% |0 |5.02%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+-----+----------------------+
|Position of |4.59% |0 |4.59%| |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+-----+----------------------+Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Shares and voting rights
+------------+-------------+-----------------+---------------------------+-----+
|Share |Number of |% of shares and voting rights |
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-----+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-----+
|FI0009007306| |5,355,503 | |5.02%|
+------------+-------------+-----------------+---------------------------+-----+
|Subtotal A |5,355,503 |5.02% |
+------------+-------------+-----------------+---------------------------+-----+Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:
+-------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-------+-----------+-----------------------------+-------------+
|Danske |5.02% |0 |5.02% |
|Invest | | | |
|Finland| | | |
+-------+-----------+-----------------------------+-------------+For further information, please contact:
Lilli Riikonen, Head of Investor Relations
investor@exelcomposites.com tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
Exel Composites will publish its Half Year Financial Report Q1-Q2 2024 on Thursday 15 August 2024 at approximately 9:00 EEST. Investors, analysts and journalists are invited to participate in the financial results briefing at 12:30 EEST on the same day. The briefing will be hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen.
The briefing will be organized online. To participate in the event, please register in advance by sending an email
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visitwww.exelcomposites.com.
Exel Composites Plc has on 15 July 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of funds managed by OP Fund Management Company Ltd has decreased below 5% of the voting rights and share capital in Exel Composites Plc.
Through share transactions concluded on 12 July 2024, the holding of funds managed by OP Fund Management Company Ltd amounts to 5,334,412 shares representing 4.998% of the shares and voting rights of Exel Composites Plc. The previous holding of OP Fund Management Company Ltd represented 5.40% of the shares and voting rights of Exel Composites Plc.
Exel Composites has a total of 106,728,395 shares. The company has only one class of shares, each share entitling to one vote.
Total position of funds managed by OP Fund Management Company Ltd referred to in the notification:
+----------------+------+-----------+------+----------------------+
| |% of |% of shares|Total |Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+------+----------------------+
|Resulting |4.998%| |4.998%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+------+----------------------+
|Position of |5.40% | |5.40% | |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+------+----------------------+Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Shares and voting rights
+------------+-------------+-----------------+---------------------------+-+
|Share |Number of |% of shares and voting rights|
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-+
|FI0009007306|5,334,412 | |4.998% | |
+------------+-------------+-----------------+---------------------------+-+
|Subtotal A |5,334,412 |4.998% |
+------------+-------------+-----------------+---------------------------+-+Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:
+-----------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-----------+-----------+-----------------------------+-------------+
|OP Fund |0.00% | |0.00% |
|Management | | | |
|Company Ltd| | | |
+-----------+-----------+-----------------------------+-------------+
|OP-Finland |4.998% | |4.998% |
|Small Firms| | | |
|Fund | | | |
+-----------+-----------+-----------------------------+-------------+For further information, please contact:
Lilli Riikonen, Head of Investor Relations
investor@exelcomposites.com tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
Exel Composites Plc's strategic development projects have progressed in the first half of 2024 according to the announced plan.
Rights issue and new financing agreement strengthen balance sheet
Exel Composites Plc's rights issue, successfully completed in June, strengthens the company's financial position and enables accelerating the company's growth and transformative strategy. In the clearly oversubscribed rights issue, with subscriptions received for approximately 141 per cent of the offer shares, the company received gross proceeds of approximately EUR 21.8 million.
- Equipping of the new production facility in India accelerated
- Strategic factory review in Belgium proceeds to the action phase
- Sale of the production facility in UK progressing
As part of optimising its factory network, Exel shut down the pultrusion production at its Runcorn factory in the United Kingdom in autumn 2023. The company has received a purchase offer for the factory property and preparations are underway to complete the transaction. The transaction is expected to be completed during the second half of 2024.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Mikko Rummukainen, CFO
tel. +358 20 754 1335
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visitwww.exelcomposites.com.
Exel Composites Plc has on 17 June 2024 received a notification pursuant to Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which the holding of funds managed byOP Fund Management Company Ltd has increased above 5% of the voting rights and share capital in Exel Composites Plc.
Through share transactions concluded on 17 June 2024, the holding of funds managed byOP Fund Management Company Ltd amounts to 5,765,946 shares representing 5.40% of the shares and voting rights of Exel Composites Plc. The previous holding of funds managed byOP Fund Management Company Ltd represented 4.23% of the shares and voting rights of Exel Composites Plc.
Exel Composites has a total of 106,728,395 shares. The company has only one class of shares, each share entitling to one vote.
Total position of funds managed byOP Fund Management Company Ltd referred to in the notification:
+----------------+------+-----------+-----+----------------------+
| |% of |% of shares|Total|Total number of shares|
| |shares|and voting |of |and voting rights of |
| |and |rights |both |issuer |
| |voting|through | | |
| |rights|financial | | |
| | |instruments| | |
+----------------+------+-----------+-----+----------------------+
|Resulting |5.40% | |5.40%|106,728,395 |
|situationafter | | | | |
|reaching | | | | |
|or exceeding the| | | | |
|flagging | | | | |
|threshold | | | | |
+----------------+------+-----------+-----+----------------------+
|Position of |4.23% | |4.23%| |
|previous | | | | |
|notification | | | | |
+----------------+------+-----------+-----+----------------------+Notified details of the resulting situation on the date on which the threshold was crossed or reached:
A: Shares and voting rights
+------------+-------------+-----------------+---------------------------+-+
|Share |Number of |% of shares and voting rights|
|class/type |shares and | |
|(ISIN) |voting rights | |
+------------+-------------+-----------------+---------------------------+-+
|Direct (FSMA|Indirect |Direct (FSMA 9:5)|Indirect (FSMA 9:6 and 9:7)|
|9:5) |(FSMA 9:6 and| | |
| |9:7) | | |
+------------+-------------+-----------------+---------------------------+-+
|FI0009007306|5,765,946 | |5.40% | |
+------------+-------------+-----------------+---------------------------+-+
|Subtotal A |5,765,946 |5.40% |
+------------+-------------+-----------------+---------------------------+-+Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:
+-----------+-----------+-----------------------------+-------------+
|Name |% of shares|% of shares and voting rights|Total of both|
| |and voting |through financial instruments| |
| |rights | | |
+-----------+-----------+-----------------------------+-------------+
|OP Fund |0.00% | |0.00% |
|Management | | | |
|Company Ltd| | | |
+-----------+-----------+-----------------------------+-------------+
|OP-Finland |5.40% | |5.40% |
|Small Firms| | | |
|Fund | | | |
+-----------+-----------+-----------------------------+-------------+For further information, please contact:
Lilli Riikonen, Head of Investor Relations
investor@exelcomposites.com tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
Exel Composites Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Mikko Rummukainen
Position: Chief Financial Officer
Issuer: Exel Composites Oyj
LEI: 743700205JAMGM80QD88
Notification type: INITIAL NOTIFICATION
Reference number: 66235/6/8
____________________________________________
Transaction date: 2024-06-13
Outside a trading venue
Instrument type: SHARE
ISIN: FI0009007306
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 19626 Unit price: 0.23 EUR
Aggregated transactions (1):
Volume: 19626 Volume weighted average price: 0.23 EUR
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
Exel Composites Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Kim Sjödahl
Position: Other senior manager
Issuer: Exel Composites Oyj
LEI: 743700205JAMGM80QD88
Notification type: INITIAL NOTIFICATION
Reference number: 66247/4/4
____________________________________________
Transaction date: 2024-06-13
Outside a trading venue
Instrument type: SHARE
ISIN: FI0009007306
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 20574 Unit price: 0.23 EUR
Aggregated transactions (1):
Volume: 20574 Volume weighted average price: 0.23 EUR
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
Exel Composites Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Juha Honkanen
Position: Other senior manager
Issuer: Exel Composites Oyj
LEI: 743700205JAMGM80QD88
Notification type: INITIAL NOTIFICATION
Reference number: 66246/4/4
____________________________________________
Transaction date: 2024-06-13
Outside a trading venue
Instrument type: SHARE
ISIN: FI0009007306
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 3627 Unit price: 0.23 EUR
Aggregated transactions (1):
Volume: 3627 Volume weighted average price: 0.23 EUR
For further information, please contact:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visitwww.exelcomposites.com.
Exel Composites Plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
As previously announced, Exel Composites Plc (the "Company") has completed its rights issue (the "Offering") where the Company offered for subscription, based on pre-emptive rights for existing shareholders, a maximum of 94,831,552 new shares in the Company (the "Offer Shares"). The Company announced the final results of the Offering on 13 June 2024.
A total of 94,831,552 Offer Shares subscribed for in the Offering have been registered with the Trade Register maintained by the Finnish Patent and Registration Office today on 14 June 2024. Following the registration of the Offer Shares, the total number of issued shares in the Company is 106,728,395, of which 42,899 shares are held by the Company.
The Offer Shares confer the same rights as the Company's other shares, after being delivered on the investor's book-entry account and recorded in the Company's shareholder register maintained by Euroclear Finland Oy, on or about 17 June 2024. Trading in the Offer Shares is expected to commence on the official list of Nasdaq Helsinki Ltd or about 17 June 2024.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Distribution:
Nasdaq Helsinki
Media
www.exelcomposites.com
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.
IMPORTANT NOTICE
This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.
The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
In any EEA Member State, other than Finland, and in the United Kingdom this release is only addressed to and is only directed at qualified investors in that Member State or in the United Kingdom within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), which forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.
This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.
This release does not constitute a prospectus as defined in the Prospectus Regulation and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.
Full terms, conditions and instructions for the Offering are included in the prospectus that has been prepared by the Company in connection with the Offering. The Finnish-language prospectus is available on the Company's website at https://investors-fi.exelcomposites.com/osakeanti.
An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.
No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the Offering, including the merits and risks involved.
The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.
This release includes "forward-looking statements." These statements may not be based on historical facts, but are statements about future expectations. When used in this release, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Company and the Offering identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward-looking statements. The Company or any of its affiliates, advisors or representatives or any other person undertakes no obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The final results of Exel Composites Plc's (the "Company") rights issue (the "Offering") show that a total of 133,499,474 offer shares (the "Offer Shares") were subscribed for in the Offering, corresponding to approximately 140.8 per cent of the 94,831,552 Offer Shares, and the Offering was thus clearlyoversubscribed. A total of 88,645,256 Offer Shares were subscribed for with subscription rights. The remaining 6,186,296 Offer Shares were allocated in accordance with the terms and conditions of the Offering in the secondary subscription to subscribers who subscribed for Offer Shares. The subscription price in the Offering was EUR 0.23 per Offer Share. The Company receives gross proceeds of approximately EUR 21.8 million from the Offering.
The Company's Board of Directors has today approved the subscriptions made in the Offering, and the allocation of the Offer Shares to be issued, in accordance with the terms and conditions of the Offering. As a result of the Offering, the total number of shares in the Company will increase by 94,831,552 from 11,896,843 to 106,728,395. The Offer Shares issued in the Offering amount to approximately 88.9 per cent of the outstanding shares in the Company following the Offering.
The Offer Shares will be registered with the Trade Register maintained by the Finnish Patent and Registration Office on or about 14 June 2024. The last day of trading in the interim shares on the official list of Nasdaq Helsinki Ltd ("Nasdaq Helsinki") will be on or about 14 June 2024. The interim shares will be combined with the existing shares of the Company on or about 14 June 2024. Trading in the Offer Shares is expected to commence on Nasdaq Helsinki on or about 17 June 2024. The Offer Shares confer the same rights as the Company's other shares, after being registered with the Trade Register and in the Company's shareholder register maintained by Euroclear Finland Ltd on or about 17 June 2024.
Danske Bank A/S, Finland Branch, and Nordea Bank Abp act as the joint global coordinators of the Offering (the "Joint Global Coordinators"), and Nordea Bank Abp acts also as the Issuer Agent. Borenius Attorneys Ltd acts as legal counsel to the Company, Roschier, Attorneys Ltd. as legal counsel to the Joint Global Coordinators and Hill & Knowlton Finland Oy as the communications advisor to the Company.
Additional Information:
Lilli Riikonen, Head of Investor Relations
tel. +358 50 351 1128
Mikko Rummukainen, CFO
tel. +358 20 754 1335
Distribution:
Nasdaq Helsinki
Media
www.exelcomposites.com
Exel Composites in brief
Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.
Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.
IMPORTANT NOTICE
This release is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States.
The distribution of this release may be restricted by law, and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
In any EEA Member State, other than Finland, and in the United Kingdom this release is only addressed to and is only directed at qualified investors in that Member State or in the United Kingdom within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), which forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.
This release is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this release or any of its contents.
This release does not constitute a prospectus as defined in the Prospectus Regulation and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.
Full terms, conditions and instructions for the Offering are included in the prospectus that has been prepared by the Company in connection with the Offering. The Finnish-language prospectus is available on the Company's website at https://investors-fi.exelcomposites.com/osakeanti.
An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.
No part of this release, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The information contained in this release has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company or any of its respective affiliates, advisors or representatives or any other person, shall have no liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this release or its contents or otherwise arising in connection with this release. Each person must rely on their own examination and analysis of the Company, its subsidiaries, its securities and the Offering, including the merits and risks involved.
The Joint Global Coordinators are acting exclusively for the Company and no one else in connection with the Offering. They will not regard any other person as their respective client in relation to the Offering. The Joint Global Coordinators will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering or any transaction or arrangement referred to herein.
This release includes "forward-looking statements." These statements may not be based on historical facts, but are statements about future expectations. When used in this release, the words "aims," "anticipates," "assumes," "believes," "could," "estimates," "expects," "intends," "may," "plans," "should," "will," "would" and similar expressions as they relate to the Company and the Offering identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. These forward-looking statements are based on present plans, estimates, projections and expectations and are not guarantees of future performance. They are based on certain expectations, which, even though they seem to be reasonable at present, may turn out to be incorrect. Such forward-looking statements are based on assumptions and are subject to various risks and uncertainties. Readers should not rely on these forward-looking statements. Numerous factors may cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied in the forward-looking statements. The Company or any of its affiliates, advisors or representatives or any other person undertakes no obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this release.
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Erikoissijoitusrahasto Aktia Mikro Markka | 31.07.2024 | 6.4% | 6.4% |
| OP-Finland Small Firms Fund | 31.07.2024 | 5% | 5% |
| Danske Invest Finnish Equity Fund | 31.07.2024 | 4.8% | 4.8% |
| Elo Mutual Pension Insurance Company | 31.07.2024 | 4.8% | 4.8% |
| Phoebus Fund | 31.07.2024 | 3.5% | 3.5% |
| Säästöpankki Pienyhtiöt | 31.07.2024 | 2.9% | 2.9% |
| Proprius partners micro finland (non-ucits) | 31.07.2024 | 2.8% | 2.8% |
| Veritas Pension Insurance Company Ltd. | 31.07.2024 | 1.8% | 1.8% |
| Nelimarkka Heikki Antero | 31.07.2024 | 1.8% | 1.8% |
| Suutarinen Timo | 31.07.2024 | 1.4% | 1.4% |
Equity Research Disclaimer
These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.
None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.
Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.
ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.
This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.
This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.
All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.
This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.
Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.
ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.
Company Facts
Guidance
Revenue is to increase and adjusted operating profit is to increase significantly in 2024 compared to 2023
Financial targets
For 2024-2027: annual revenue of over EUR 200m by the end of the period and an above 10% adjusted operating margin
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