Investors

Restructuring programmes

The implementation of restructuring programmes has proceeded as planned. Componenta Corporation 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 the predictability of business was extremely poor, Componenta Castings Oy signed a payment plan with its significant creditors for postponing payments that were due on 3 May 2020 and 3 November 2020 according to the repayment schedule. The payments were postponed so that they will be paid to the creditors evenly in conjunction with the remaining (six) instalments during 2021–2023.  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 paid EUR 0.3 million external restructuring debt on 11 May 2020. After these payments, the Group’s external restructuring debts were  EUR 11.7 million.

Repayment schedule for external restructuring debts on 30 September 2020

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
Total0.61.81.8
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.

After 30 September 2020, Componenta Corporation and Componenta Castings Oy have paid restructuring debts in November 2020. Furthermore, Componenta Corporation's EUR 0.3 million debt  to Componenta Främmestad AB's bankruptcy estate was set-off against the receivables on 16 November 2020, after which Componenta Corporation's external restructuring debt was EUR 6.6 million. The prospectus (in Finnish) published on 16 November 2020 includes the updated information on the repayment schedule for external restructuring debt. After these payments and the set-off, the external restructuring debt of the Group is EUR 10.7 million in total.

Repayment schedule for the intra-Group restructuring debts on 30 September 2020

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