Investors

Restructuring programmes

The implementation of restructuring programmes has proceeded as planned. Componenta Corporation’s and Componenta Castings Oy’s repayment programmes commenced in 2019 and will end in 2023.

As protection against the effects of the COVID-19 pandemic and to secure liquidity in circumstances where it was very difficult to predict future business, Componenta Castings Oy has signed a payment plan with significant creditors for postponing payments which were due on 3 May 2020 and 3 November 2020. These two payments will be paid to the creditors evenly in conjunction with remaining (six) instalments between 2021 and 2023. However, Componenta Castings Oy may pay the unpaid instalments earlier. Componenta Castings Oy will, nevertheless, pay the instalments defined in the repayment schedule to its parent company Componenta Corporation, so that Componenta Corporation can pay its restructuring debt instalments in accordance with the repayment schedule. Componenta Castings Oy’s agreement improves the net cash flow from financing activities by EUR 0.3 million during 2020.

In accordance with the restructuring programme, Componenta Corporation has paid EUR 0.3 million of external restructuring debt on 11 May 2020, and Componenta Castings Oy has paid EUR 0.3 million of external restructuring debt and EUR 0.4 million of internal restructuring debt on 4 May 2020. After these payments, the Group’s external restructuring debts are EUR 11.7 million (30.6.2019: EUR 15.2 million, including EUR 2.5 million of external restructuring debts of Componenta Främmestad AB).

Repayment schedule for external restructuring debts

MEUR
2020
2021
2022
2023
Total
Componenta Corporation
0.3
0.7
0.7
5.4
7.2
Componenta Castings Oy
0.3
1.1
1.0
2.0
4.4
Total0.6
1.81.8
7.4*
11.7

*) The larger final instalment in Componenta Corporation and Componenta Castings Oy’s repayment programme is due to the fact that income from the sale of properties not included in core business operations has been taken into account. This income will be used to pay debt at the end of the programme. The final instalment also includes an additional obligation of EUR 3.2 million arising from the expiry of a loan guarantee of EUR 80 million.

Repayment schedule for the intra-Group restructuring debts

MEUR
2020
2021
2022
2023
Total
Componenta Corporation
0.0
0.0
0.0
0.0
0.0
Componenta Castings Oy
0.4
0.7
0.7
1.5
3.3
Total0.40.70.7
1.5
3.3