NASDAQ OMX Copenhagen 26 August 2010
Nikolaj Plads 6
DK-1067 Copenhagen K
STOCK EXCHANGE ANNOUNCEMENT No. 23/10
The Board of Directors of Topsil Semiconductor Materials A/S has today
considered and approved the interim report for Q2 2010. The highlights of the
interim report, which is unaudited, are:
Interim report - Q2 2010
Summary
• Consolidated revenue increased from DKK 92.9 million in Q2 2009 to DKK 113.1
million in Q2 2010, bringing accumulated consolidated revenue for H1 2010 to
DKK 215.8 million compared with DKK 191.5 million in the same period of 2009.
The increase in Q2 totals 21.7% (H1 12.7%) and was generated through increased
sales in both Float Zone (FZ) and Czochralski (CZ) products.
• EBITDA was DKK 23.4 million in Q2 2010 corresponding to an EBITDA margin of
20.7% compared with DKK 13.9 million and an EBITDA margin of 14.9% in Q2 2009.
Accumulated EBITDA for H1 2010 was DKK 43.5 million corresponding to an EBITDA
margin of 20.2% compared with DKK 41.7 million and 21.8% in H1 2009.
• Profit before tax amounted to DKK 26.8 million for H1 2010 compared with DKK
17.6 million for H1 last year.
• The favourable market trends in the demand for both FZ and CZ silicon
products continue and Topsil's backlog of orders continues to rise.
• The group completed a share issue in the second quarter of 2010 raising
proceeds of DKK 86.1 million. The proceeds will be used together with the
expected cash flows from operations to implement the adopted growth strategy,
including the construction of a new greenfield plant.
• In August 2010, the company entered into an agreement with a new bank, giving
Topsil access over the next three years to committed loan facilities with much
greater flexibility and better borrowing terms, supporting the completion of
the growth strategy.
• The group generated a cash flow from operating activities of DKK 37.7 million
for H1, primarily due to a positive trend in the operating profit for the
period.
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 greater proportion of revenue and earnings is expected to be generated in the
second half of 2010 with an overweight in the fourth quarter.
• Like last year, a few FZ customers have deferred their orders from the third
to the fourth quarter.
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 interim report 2010 is attached
