NASDAQ OMX Copenhagen 27.05.2010
Nikolaj Plads 6
DK-1067 Copenhagen K
STOCK EXCHANGE ANNOUNCEMENT No. 21/10
The Board of Directors of Topsil Semiconductor Materials A/S has today
considered and adopted the interim report for the three months ended 31 March
2010. The highlights of the interim report, which is unaudited, are shown
below.
Interim report for the three months ended 31 March 2010
Summary
• Consolidated revenue increased by 4% from DKK 98.6 million in Q1 2009 to DKK
102.8 million in Q1 2010. This growth was the result of two opposing factors:
new long-term FZ customer contracts which offer customers more attractive
prices and terms of delivery in 2010 resulting in lower revenues from these
customers in Q1 while there was increasing revenue from the CZ activities.
• The favourable market trends characterising the principal markets of the
Topsil Group in 2009 have persisted in 2010. The full effect of new customer
agreements is expected to be seen during the year, and the order book is at the
expected level. As expected, the CZ market has recovered and is now on an
upward curve.
• EBITDA was DKK 20.2 million for Q1 2010 relative to DKK 27.8 million for the
same period of 2009. The decline was due to a lower earnings contribution from
the new FZ customer contracts. EBITDA was in line with expectations.
• The group reported a profit before tax of DKK 18.8 million and a profit after
tax of DKK 13.5 million for Q1 2010, compared with a profit before tax of DKK
22.3 million and a profit after tax of DKK 14.1 million for Q1 2009.
• The group generated a positive cash flow of DKK 30.7 million for the first
three months of 2010, mainly due to positive cash flows from operations and a
reduction of receivables.
• After the end of the period, Topsil has completed an offering of shares with
preemptive rights to existing shareholders. The issue was fully subscribed and
produced net proceeds of approximately DKK 87.0 million which, together with
the expected cash flows from operations, will be used to implement the resolved
growth strategy and expand production capacity.
Outlook
• The group maintains its expectations for FY 2010 of revenue in the range of
DKK 440-460 million and EBITDA in the range of DKK 100-110 million. As in 2009,
a larger proportion of group revenue and earnings is expected to be generated
in H2 2010.
Further information
Please direct any questions regarding this announcement to:
Jens Borelli-Kjær, Chairman, tel. +45 40 16 14 82
Keld Lindegaard Andersen, CEO, tel. +45 21 70 87 72
The full report is attached in PDF
