finnische Aktie "ELCOTEQ"-unbekannt und unentdeckt !! - 500 Beiträge pro Seite

[cikei]

Hallo Community!

Ich möchte Euch heute eine Firma vorstellen, welche in Deutschland ziemlich unbekannt zu sein scheint. Die finnische Firma „ELCOTEQ“ (WKN: 910489) ist ein Elektronik-Komponenten-Hersteller (u.a. auch Handys), dessen Kunden u.a. Nokia und Eriksson sind. Die Marktkapitalisierung beläuft sich momentan auf ca. 400 Mio. EUR, bei einem Umsatz von ca. 700 Mio. EUR, welcher im letzten Jahr um 91% gesteigert werden konnte. Auf Grund dieser fundamentalen Zahlen ist es absolut deutlich, dass es sich hierbei um ein prinzipiell unterbewertetes und sehr günstiges Unternehmen handelt, welches auf dem europäischen Sektor eine führende Rolle in seinem Produktionsbereich eingenommen hat. Diverse Standorte (u.a. in Überlingen-Deutschland, Wroclaw-Polen, Beringen-Switzerland, Dongguan-China, St. Petersburg-Russland, und andere) unterstreichen die Flexibilität und enorm starke Basis des Unternehmens.

Weitere Daten könnt Ihr dem folgenden Text entnehmen, der zugegebenermaßen etwas extensiv ist, jedoch die hervorragende Position des Unternehmens ganz explizit unterstreicht. Die Aktien können in Deutschland an den Börsen in München und seit Neustem auch in Stuttgart geordert werden. Ich wünsche euch viel Spaß beim Durchlesen des Textes und hoffe auch ein gewisses Interesse an diesem fundamental starken Wert, welcher weiterhin hervorragende Chancen (natürlich auch Kurschancen) besitzt, geweckt zu haben.

Übrigens: Heute (22.03.00) war die jährliche Hauptversammlung, auf welcher die Bestätigung der positiven Zahlen (Umsatzverdopplung) erwartet wird. Öffentliche Bekanntgabe des Interimreports ist am 05.05.00

What is Elcoteq?

Elcoteq is a leading European provider of electronics manufacturing services. The company`s Corporate Office is located in Helsinki, the capital

of Finland and in Lohja in southern Finland. The Group`s electronics manufacturing capacity is based on the very latest component and mounting technologies. Manufacturing services are supported by technology, purchasing and logistics, procurement and aftermarketing services.
 Operations in 12 countries, on three continents
 Approximately 8,000 employees
 11 plants, total area 100,000 m2
 Net sales 1999 752,5 MEUR

ELCOTEQ’S NET SALES INCREASE OVER 90 %
Profits up slightly on previous year

* Globalization program completed
* Elcoteq strongly positioned in fastest growing segment of the EMS sector
* Net sales MEUR 752.5, up 91 % on the year before
* Operating profit MEUR 14.5, pretax profit MEUR 9.8, EPS EUR 0.21
* Net sales in 2000 will grow at least as fast as in 1999 and performance will improve significantly
* The company is preparing to increase its equity-based financing

Elcoteq’s network of EMS plants, which focus primarily on telecommunications electronics, now covers three continents: Asia, Europe and America. It is well able to meet customers’ requirements for global availability and wide scope of EMS services. Elcoteq’s 15 years of experience in electronics for wireless telecommunications lays a strong foundation for growth.

Elcoteq’s performance in 1999

Elcoteq’s net sales increased 91 % to MEUR 752.5, having been MEUR 394.6 in 1998. The company’s operating profit rose to MEUR 14.5 (10.4) and the profit before taxes and extraordinary items to MEUR 9.8 (9.0). Earnings per share were EUR 0.21 (0.32).

Fourth quarter net sales and operating profit record high

Elcoteq’s net sales in the final quarter of 1999 reached a record high of MEUR 277.3 (160.5). The operating profit rose 38 % on the same period in the previous year to MEUR 9.1 (6.6).

REPORT BY THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR JANUARY 1 – DECEMBER 31, 1999

Market conditions

Manufacturers of electronic end-products continued to outsource their production needs during 1999 and demand for electronics manufacturing services (EMS) showed further rapid growth. At the same time demand broadened to cover an ever wider scope of globally available services. End-product manufacturers are seeking to obtain production, engineering, material and logistics services in all their major market areas, i.e. Europe, America and Asia.

Market surveys indicate that demand for electronics manufacturing services will grow at an average rate of 20 % per year over the next few years. The fastest segment in this sector is believed to be outsourcing of companies who engineer and manufacture telecommunications products; hence EMS companies serving this group of customers will grow substantially faster than market growth on average. This is precisely the customer segment best served by Elcoteq’s expertise and production capacity.

Vigorous consolidation within the EMS sector was evident in 1999 through acquisitions and mergers. Companies also focused heavily on expanding their plant networks in different geographical regions.

Component delivery times remained unchanged from the fall of 1999 and the availability of certain components continued to create problems. The company does not expect this situation to improve significantly during 2000. Fluctuations in component availability could lead to an increase in inventories.

Net sales and performance

Consolidated net sales increased 91 % during the year to MEUR 752.5 (394.6),
80.3 % (64.7 %) of which came from invoicing outside Finland. As in previous years, the bulk of net sales accrued at the end of the year. A significant proportion of this growth was once again evident at the Tallinn and Lohja plants. Net sales was also boosted at the end of the year by the new capacity brought on line in China, Mexico and Hungary. The plants acquired from ABB Tansmit and Kone in 1998 were for the first time consolidated in the Group for the full financial year, which raised net sales of industrial electronics.

Elcoteq’s principal customers were companies belonging to the ABB, Ericsson, Kone, Nokia and Philips groups. Ericsson and Nokia companies contributed altogether
87 % (80 %) of Elcoteq’s consolidated net sales. Manufacture of mobile phones, their components and accessories accounted for 75 % (73 %) of net sales; other telecommunications products for 8 % (5 %) and industrial electronics for 8 % (11 %).

The Group’s operating profit rose 39 % on the previous year to MEUR 14.5 (10.4), and represented 1.9 % (2.6 %) of net sales. The company’s globalization program was concluded successfully during 1999. Its costs still depressed the 1999 result. The costs of the plant projects in Hungary, Mexico and China, as well as the other costs directly associated with the company’s globalization, exceeded MEUR 8 in 1999. Profits improved towards the end of the year and, taken as a whole, the plants reached profitability by the end of the year.

The Group had 6,147 employees at the end of the period and 3,874 at the start. The average number of employees in the Group rose 53 % during the year. Despite this increase, however, personnel expenses grew only 45 % to MEUR 52.0 (35.8) since the bulk of the increase took place in low-cost countries. Depreciation rose 86.9 % to MEUR 17.9 (9.6) mainly because of machinery and equipment purchases to raise capacity.

The Group’s profit before extraordinary items and taxes was MEUR 9.8 (9.0) and the pretax profit was MEUR 9.8 (8.7). Net financial expenses totaled MEUR 4.6 (1.4).

The Group posted a net profit after taxes and minority interest of MEUR 5.0 (7.1). Income taxes for the year amounted to MEUR 3.4 (1.5). The previous year’s income taxes were reduced by a tax rebate of roughly one million euros.

The balance sheet total increased 71.1 % to MEUR 438.1 (256.1). Capital expenditure raised fixed assets to MEUR 98.7 (72.4) at the year end. Inventories totaled MEUR 142.2 (66.6) and purchasing liabilities were MEUR 190.3 (65.3) at the close of the period. The value of component stocks was high at the year end as the company made provision for a rise in delivery volume at the start of 2000. Accounts receivable totaled MEUR 162.9 (96.1). The level of accounts receivable was high at the year end owing to high invoicing during the final quarter. Return on investment was 8.2 % (8.1 %) and return on shareholders’ equity was 5.4 % (6.6 %).

Capital expenditure

The Group’s capital expenditure totaled MEUR 50.2 (44.0). The company made new leasing contracts for MEUR 5.4 and purchased back expired leasing contracts for MEUR 0.1.

Investments totaling MEUR 24.0 were focused on raising the capacity and technological capabilities of the Lohja and Tallinn plants to match current demand. A further MEUR 26.2 was invested in machinery and equipment elsewhere under the globalization project.

Elcoteq’s globalization

During the year Elcoteq completed its program of globalization which was begun after its initial public offering in 1997. Elcoteq’s plant network now encompasses three continents: Asia, Europe and America. Its position in the EMS markets has strengthened since the technologies and systems of Elcoteq’s plants are specifically geared to the manufacture of telecommunications products. This structure matches the needs of customers for geographical availability and scope of service.

The plant built by the company in Pécs, Hungary, has manufactured automotive electronics for the central European market since it began operating. Production of industrial electronics started in May, and since August the plant has also provided aftermarket services to Philips Consumer Communications. The Pécs plant had 995 employees at the close of the period. During the second quarter of 2000 it will also begin manufacturing mobile phones, Ericsson being one of its customers.

The plant built by Elcoteq in Monterrey, Mexico, started operating in January with the manufacture of accessories and subassemblies for Nokia mobile phones. This plant now has several customer projects and in December 1999 Elcoteq’s Board of Directors decided to double the plant’s size to over 16,000 square meters during the first half of 2000. The Monterrey plant had 491 employees at the close of the period.

Take-over of the plant acquired from Nokia Mobile Phones in Dongguan, China, at the beginning of April proceeded smoothly and the plant had a positive impact on the year’s profits. The Dongguan plant began serving several customers during the period. The Customer Center in Hong Kong has been in operation since the beginning of January 1999. Elcoteq had altogether 625 employees at its Dongguan and Hong Kong units at the close of the year.

The plant in St. Petersburg, Russia, reached good levels of productivity and quality during 1999. The number of employees totaled 100 at the close of the period. The company is studying the feasibility of expanding activities in St. Petersburg.

Financing

The Group’s liquidity remained strong throughout the period. The solvency ratio was 31.7 % (51.0 %) at the end of the year. The decrease was principally caused by an increase in working capital resulting from growth in operating volume. Of this figure, 4.2 percentage points was attributable to the convertible capital notes, which are treated as shareholders’ equity. Of voluntary provisions and the accumulated depreciation difference, 29 % was recognized as the deferred tax liability and the remainder as shareholders’ equity.

In spring 1999 Elcoteq concluded an MEUR 55 revolving credit facility with a consortium of five banks. Elcoteq’s growth was largely financed using this facility and other credit limits at the company’s disposal.

The Group’s cash reserves on the balance sheet date were MEUR 20.5 (13.7), in addition to which the Company had unused credit limits totaling MEUR 114.6 (45.8). The company is preparing to increase its equity-based financing during the first half of 2000.

At the end of 1999 variable interest loans accounted for 62 % of all interest-bearing debt, i.e. MEUR 107.8, and 63 % if leasing contracts are included. The average interest payable on interest-bearing debt at the close of the year was 5.24 %. The above figures include the convertible capital notes of FIM 110 million at a fixed interest rate of 9.39 %.

The Group’s operations are international and therefore sensitive to exchange rate risks. The Group’s policy is to hedge its major open foreign exchange exposure. Its purchasing and sales positions are hedged using mainly forward foreign exchange and option contracts with a maturity of normally no more than four months. Loans raised in foreign currencies are generally hedged using swap contracts.

The year 2000

Elcoteq began preparations for the roll-over into the year 2000 at the beginning of 1998. This involved measures to ensure the uninterrupted operation of its information systems, production machinery and equipment, and the systems embedded in its business premises. The change of year created no problems in the company’s operations.

Monitoring since the start of 2000 has not revealed any disturbances to the functionality of the company’s systems.

Group structure

The Group’s parent company is Elcoteq Network Oyj (Elcoteq Network Corporation in English). During the period the company established Elcoteq Asia Ltd in Hong Kong, Dongguan Elcoteq Electronics Co. Ltd in Dongguan, China, and at the end of 1999 Elcoteq Elektronik GmbH in conjunction with its existing subsidiary Elcoteq Deutschland GmbH in Germany.

At the end of the year all the company’s subsidiaries were wholly owned by the parent company Elcoteq Network Corporation, directly or through its subsidiaries, except Dongguan Elcoteq Electronics Co. Ltd, in which its local partner has a minority holding of 30 %.

Board of Directors and President

The Annual General Meeting of Elcoteq Network Corporation was held in Helsinki on March 17, 1999. The meeting re-elected the following to the Board of Directors of the parent company: Mr Antti Piippo, Mr Heikki Horstia, Mr Henry Sjöman, Mr Juha Toivola and Mr Jorma Vanhanen. The Board elected Antti Piippo as chairman and Juha Toivola as deputy chairman. Antti Piippo, Heikki Horstia and Juha Toivola constitute the Board’s Review and Compensation Committee.

The company’s president for the whole year was Mr Tuomo Lähdesmäki MSc (Eng.), MBA.

Auditors

The company’s auditors are the firm of authorized public accountants KPMG Wideri Oy Ab under the supervision of principal auditor Mr Birger Haglund, Authorized Public Accountant.

Personnel

There were 3,874 employees at the start of the year and 6,147 at the year end. The Group had 4,733 (3,085) employees on average during the year.

Subsequent events

In December 1999 Elcoteq signed an agreement to acquire the operations of the German EMS company Stephan Elektronik. This company became part of Elcoteq on 1 January 2000 and included the plants in Überlingen, Germany, and Wroclaw, Poland, as well as a customer center in Beringen, Switzerland. The company continues to operate under the name Elcoteq Elektronik GmbH with some 500 employees. The net sales of the acquired operations totaled approximately MEUR 40 in 1999 and Elcoteq believes this figure will increase during 2000. The deal will have a neutral effect on Elcoteq’s performance during 2000 and positive thereafter. The acquisition strengthens Elcoteq’s position in Europe and especially in Germany, where the EMS market is in its infancy.

At the beginning of January 2000 Elcoteq acquired a 30,000 square meter display manufacturing plant in Pécs, Hungary, from Nokia Display Products. This deal will help Elcoteq to meet growing demand for electronics manufacturing services in central Europe. The company will continue to produce displays for the time being but The plant is being modified started to manufacture other electronics products. Roughly 1,400 Nokia Display Products employees transferred to Elcoteq as a result of the acquisition. This arrangement will have a positive impact on Elcoteq’s result in 2000.

Prospects for 2000

The EMS markets, and in particular outsourcing of electronics for wireless telecommunications, will continue to grow vigorously during 2000.

The company believes that its full-year net sales will continue to grow at least as fast as in 1999 and that its performance will improve significantly. The utilization rate of its acquired capacity will rise and the costs of the company’s completed globalization program will no longer affect the result in 2000.

Proposal of the Board of Directors

The Group’s distributable funds totaled FIM 110,408,643 (EUR 18,569,401) at the end of the year. The parent company’s profit for the year was FIM 26,892,184 (EUR 4,522,941) and retained earnings from previous financial periods amounted to FIM 88,437,062 (EUR 14,874,046).

The Board proposes to the Annual General Meeting that the parent company distributes a dividend to shareholders in line with its dividend policy, i.e. FIM 0.20 (EUR 0.034) per share (1998: FIM 0.20 (EUR 0.034)), and also an additional dividend of FIM 0.45 (EUR 0.076) per share in gratitude for the confidence of shareholders during the company’s globalization program, making a total dividend of FIM 15,155,075 (EUR 2,548,901). After this, the parent company’s distributable funds will total FIM 100,174,171 (EUR 16,848,086).

Helsinki, February 9, 2000

[miwa]

Hi cikei,
Ich bin auf diese Aktie im boerse-online Heft 12 ebenfalls aufmerksam geworden. Die interessanteste
Info auf eine Kapitalerhöhung im 2.Quartal 2000 hat sich heute wohl offiziell bestätigt - wenn ich den heutigen Geschäftsbericht von Elcoteq richtig verstanden habe.

Auf die Bestätigung der Aussage vom Elcoteq-Chef `das Outsourcing von Elektronikteilen für Mobilfunkgeräte wird im Jahr 2000 enorm ansteigen` warte ich seelenruhig ab.
Wenn diese Meldung von Nokia und Ericcson über den Ticker läuft, tja dann ... ;-)))))

Viele Grüsse
miwa

[Ikarus]

Hallo Miwa,
die Aussage läuft bereits über den Ticker von Nokia, jedenfalls indirekt. Im Jahresabschluss ist zu lesen, dass Elcoteq einen
chinesischen Handyzulieferer gekauft hat. Und wem gehört dieser? Natürlich Nokia! Somit entsteht eine gegenseitige Abhängigkeit.


Siehe www.elcoteq.com