2007-08-07 07:15:00 CEST
2007-08-07 07:15:00 CEST
REGULATED INFORMATION
Salcomp Oyj - Quarterly report
STRONG GROWTH CONTINUED, PROFITABILITY SIGNIFICANTLY IMPROVED
Salcomp Plc Stock Exchange Release 7 August, 2007 at 8:15 Finnish time
Salcomp Plc Interim Report January 1 - June 30, 2007
STRONG GROWTH CONTINUED, PROFITABILITY SIGNIFICANTLY IMPROVED
April-June 2007:
-Net sales grew by 18% to EUR 69.5 million.
-The number of delivered chargers increased by 21% to 63.4 million.
-The market share in mobile phone chargers increased to approximately 24%.
-Operating profit grew to EUR 6.0 million.
-Earnings per share, excluding the calculative tax item, were EUR 0.13.
-The cash flow from business operations reached EUR 6.7 million.
-The outlook for the financial year remains unchanged: The 2007 net sales are
expected to grow somewhat faster than the average market growth of the mobile
phone charger market. It is estimated that both the operating profit and the
earnings per share will clearly increase from the previous year.
Markku Hangasjärvi, President and CEO:
“Our business continued to develop positively in the second quarter of 2007. Net
sales increased by 18% and the number of chargers sold by 21% compared with the
corresponding period last year. At the exchange rates of the previous year, the
increase in net sales would have been 27%. Profitability and cash flow also saw
favorable development thanks to growth in net sales, enhanced productivity, and
continued cost management.
According to market research companies' estimates, some 262 million mobile
phones were sold in the second quarter of 2007, representing a year-over-year
increase of approximately 14%. As a result of outperforming the market growth,
our market share in mobile phone chargers, around 24%, increased from both the
first quarter of 2007 and the second quarter of 2006.
Our charger production plant in Chennai, India, came on line as planned, and the
first customer deliveries were made in early June. The plant will increase and
balance our global production and give us a clear competitive edge in the
rapidly-expanding mobile phone charger markets of India and its neighboring
areas.
A Swedish family-owned investment company Nordstjernan became Salcomp's new
major shareholder this summer. We are pleased to have such a significant owner
that favors long-term ownership. We will continue with our growth strategy in
both mobile phone chargers and other new charger segments. The goal is to
achieve and maintain the position as a global market leader in mobile phone
chargers.
The mobile phone market is expected to grow by some 12% in 2007, which
translates to a sales volume of some 1.1 billion mobile phones and,
consequently, chargers. This means a demand of approximately 0.6 billion mobile
phone chargers during the second half of 2007. Market growth forms a good basis
from which to continue increasing our net sales and, therefore, a favorable
profitability development in 2007.”
Financial Development in April-June 2007
Salcomp's net sales increased by 18% in April-June to EUR 69.5 million (EUR 59.0
million in 4-6/2006). The increase resulted from the number of chargers sold
rising by 21% to 63.4 million (52.3 million). Salcomp's market share in mobile
phone chargers grew slightly from the second quarter of 2006 and was
approximately 24% (about 23%).
Operating profit increased to EUR 6.0 million (EUR 0.2 million). It was boosted
by a higher gross margin and lower fixed costs than those in the comparison
period. In 2006, the second-quarter operating profit was weighed down by the
faster-than-planned rollout of production lines to meet increased demand, by
material expenses that increased more than expected, and by the drawn-out
customs strike in Brazil.
The second-quarter result amounted to EUR 4.6 million (EUR -1.5 million) and
earnings per share, excluding the calculative tax item, were EUR 0.13 (EUR
-0.03). Basic earnings per share were EUR 0.12 (EUR -0.05).
Cash flow from operating activities was EUR 6.7 million (EUR 1.3 million) due to
positive profit development.
Financial Development in January-June 2007
Net sales increased by 17% in January-June to EUR 131.7 million (EUR 113.0
million in 1-6/2006). The number of chargers sold increased by 19% to 119.0
million (100.4 million). At the exchange rates of the previous year, the
increase in net sales would have been 25%.
The Group's operating profit in January-June totaled EUR 11.2 million (EUR 4.3
million). In addition to increased net sales, an increase in productivity and
continued cost management also contributed to improved profitability. The result
of the comparison period was negatively affected, among other things, by the
higher-than-expected material expenses.
The Group's net financial expenses were EUR 1.2 million (EUR 2.3 million).
Financial expenses for the period were reduced by the lesser amount of debt.
Financial income increased as a result of the exchange rate differences of
intra-group loans. Taxes for the period totaled EUR 1.9 million (EUR 1.6
million). They include a calculative item of EUR 1.5 million, resulting from the
parent company's tax-deductible goodwill amortization.
Salcomp's net result totaled EUR 8.0 million (EUR 0.5 million) Earnings per
share, excluding the calculative tax item, amounted to EUR 0.24 (EUR 0.05).
Basic earnings per share were EUR 0.21 (EUR 0.01).
R&D and Capital Expenditure
In January-June, the Group's R&D expenditure was EUR 2.3 million (EUR 2.8
million), or 1.8% of net sales (2.5%). R&D focused on developing new products
for key customers and on improving the cost structure of existing products.
Capital expenditure in January-June amounted to EUR 6.8 million (EUR 2.8
million). It mainly involved the construction of the plant in India, where
production started as planned in June. The first customer deliveries from the
plant in Chennai were made on June 4, 2007.
Financing
Cash flow from operating activities in January-June amounted to EUR 17.1 million
(EUR 6.1 million in the negative), favored by profit development and a decrease
in working capital. Factors contributing to the reduction in sales receivables
and, consequently, working capital, included a sales program for sales
receivables. The assets released from the program, EUR 10.9 million, were used
to repay interest-bearing loans.
The Group's equity ratio at the end of June was 35.1% (29.3%) and gearing was
60.1% (104.7%). Net interest-bearing debt totaled EUR 35.4 million (EUR 48.2
million) at the end of the period.
Personnel
The Group employed 7,697 (7,770) people at the end of June: some 6,200 in China,
1,200 in Brazil and 240 in India.
Heikki Turtiainen, CTO, retired as planned at the end of June, and his duties
were assumed by Juha Raussi, Vice President, R&D. Juha Samsten, Vice President,
Quality and Environment, passed away unexpectedly in July. His duties are
handled through deputy arrangements for the time being. The Group management
team consists of Markku Hangasjärvi (President and CEO), Päivi Luoti
(Communications), Osmo Oja (Operations), Antero Palo (Sales and Marketing), Juha
Raussi (R&D), Markku Saarikannas (Strategic Planning), and Antti Salminen
(Finance).
Shares and Shareholders
Salcomp's share price fluctuated between EUR 2.63 and EUR 4.89. The closing
price at the end of June was EUR 4.52. Share trading amounted to EUR 40.6
million and consisted of 11.5 million shares. According to the book-entry
system, Salcomp had 1,222 shareholders at the end of the period. Foreign
ownership at the end of June was 60.1%.
Based on the AGM's decision, Salcomp's Board of Directors decided in early May
to grant a total of 587,500 stock options 2007A to the Group's key employees.
On May 24, 2007, DWS Investment GmbH, a subsidiary of Deutsche Bank AG,
announced that its holding of Salcomp Plc's shares and voting rights had
decreased under 1/20 as a result of transactions carried out on May 22, 2007. At
the time of the announcement, DWS Investment GmbH held 1,755,000 shares,
corresponding to 4.5% of Salcomp's shares and voting rights.
EQT II B.V., acting on behalf of Swedish Non-Registered Partnership, and
Nordstjernan AB announced on June 25, 2007 that they had signed a sale and
purchase agreement under which EQT sold 11,653,581 Salcomp shares to
Nordstjernan AB. EQT's holding in Salcomp decreased from 52.3% to 22.4% and
Nordstjernan AB's holding rose to 29.9%. Under the agreement, Nordstjernan AB
has the option to acquire the remaining 8,728,550 shares held by EQT during the
period from August 9, 2007 to August 16, 2007. Should Nordstjernan choose not to
use this option, EQT has the option to sell the shares to Nordstjernan AB during
the period from August 17, 2007 to August 24, 2007.
Risks and Uncertainties in the Near Future
Salcomp's business involves uncertainty factors that may affect the company's
financial development in the near future. These include the general development
of the mobile phone markets, substantial changes in the purchase prices of
charger components, as well as significant changes in competition in the mobile
phone charger markets. Risks are managed to the extent that the company has
influence over them. Further details about risk management are available in the
Annual Report 2006.
Outlook for the Financial Year 2007
According to the estimates published by Salcomp's main customers and to the
various market research companies, the mobile phone market is expected to grow
during 2007 by approximately 12%, compared with 2006. Measured by the number of
units, this means approximately 1.1 billion mobile phones, and therefore
chargers, to be sold during the current year.
The estimated growth in the mobile phone charger market, and the increasingly
strong market position of Salcomp, form a good basis to achieve further
increases in net sales. In line with the previous outlook, the 2007 net sales
are expected to grow somewhat faster than the average growth of the mobile phone
charger market. In line with the previous outlook, it is estimated that both the
operating profit and the earnings per share will clearly increase from the
previous year.
Helsinki, August 7, 2007
Salcomp Plc
Board of Directors
Further information:
Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114
Antti Salminen, CFO, tel. +358 40 535 1216
An English-language briefing for analysts and media will be held on August 7,
2007 at 12:00 noon at the Scandic Simonkenttä hotel at Simonkatu 9, Helsinki.
Salcomp's January-September Interim Report will be published on November 6,
2007.
This Interim Report has been prepared in accordance with IAS34 Interim Financial
Reporting, following the accounting principles described in the Annual Report.
The report has not been audited.
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| CONSOLIDATED INCOME STATEMENT |
| (EUR 1 000) |
--------------------------------------------------------------------------------
| | 1-6/2007 | 1-6/2006 | Change % | 1-12/ |
| | | | | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 131 748 | 112 962 | 16.6% | 259 049 |
--------------------------------------------------------------------------------
| Cost of sales | -113 172 | -101 823 | 11.1% | -228 794 |
--------------------------------------------------------------------------------
| Gross margin | 18 576 | 11 139 | 66.8% | 30 255 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 294 | 235 | 25.1% | 363 |
--------------------------------------------------------------------------------
| Sales and marketing | -1 174 | -932 | 26.0% | -1 981 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Administrative | -4 175 | -3 313 | 26.0% | -7 503 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Research and | -2 343 | -2 817 | -16.8% | -5 421 |
| development | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other operating | -8 | -38 | -78.9% | -240 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Operating profit | 11 170 | 4 274 | 161.3% | 15 473 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 891 | 239 | 272.8% | 276 |
--------------------------------------------------------------------------------
| Financial expenses | -2 108 | -2 489 | -15.3% | -4 547 |
--------------------------------------------------------------------------------
| Profit before tax | 9 953 | 2 024 | 391.7% | 11 202 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -1 905 | -1 566 | 21.6% | -3 573 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 8 048 | 458 | 1 657.2% | 7 629 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per | 0.21 | 0.01 | 1 551.1% | 0.20 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.21 | | | |
| share, EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATE INCOME STATEMENT | | | |
| (EUR 1 000) | | | |
--------------------------------------------------------------------------------
| | 4-6/2007 | 4-6/2006 | Change % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 69 475 | 59 020 | 17.7% |
--------------------------------------------------------------------------------
| Cost of sales | -59 172 | -54 397 | 8.8% |
--------------------------------------------------------------------------------
| Gross margin | 10 303 | 4 623 | 122.9% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 55 | 27 | 103.7% |
--------------------------------------------------------------------------------
| Sales and marketing expenses | -630 | -447 | 40.9% |
--------------------------------------------------------------------------------
| Administrative expenses | -2 272 | -2 360 | -3.7% |
--------------------------------------------------------------------------------
| Research and development | -1 400 | -1 610 | -13.0% |
| expenses | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -8 | -13 | -38.5% |
--------------------------------------------------------------------------------
| Operating profit | 6 048 | 220 | 2649.1% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 640 | 7 | 9042.9% |
--------------------------------------------------------------------------------
| Financial expenses | -1 063 | -1 189 | -10.6% |
--------------------------------------------------------------------------------
| Profit before tax | 5 625 | -962 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -1 018 | -529 | 92.4% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 4 607 | -1 491 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | 0.12 | -0.05 | |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR | 0.12 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET |
| (EUR 1 000) |
--------------------------------------------------------------------------------
| | 30.6.2007 | 30.6.2006 | Change % | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 24 779 | 16 712 | 48.3% | 20 139 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Goodwill | 66 412 | 66 412 | 0.0% | 66 412 |
--------------------------------------------------------------------------------
| Other intangible assets | 372 | 112 | 232.1% | 229 |
--------------------------------------------------------------------------------
| Deferred tax assets | 3 013 | 3 362 | -10.4% | 3 023 |
--------------------------------------------------------------------------------
| | 94 576 | 86 598 | 9.2% | 89 803 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 22 443 | 24 222 | -7.3% | 21 918 |
--------------------------------------------------------------------------------
| Trade and other | 44 069 | 40 958 | 7.6% | 54 923 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 7 215 | 5 410 | 33.4% | 7 845 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| | 73 727 | 70 590 | 4.4% | 84 686 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 168 303 | 157 188 | 7.1% | 174 489 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | | | |
--------------------------------------------------------------------------------
| Share capital | 9 833 | 9 833 | 0.0% | 9 833 |
--------------------------------------------------------------------------------
| Share issue | 0 | 0 | | 0 |
--------------------------------------------------------------------------------
| Premium fund | 22 035 | 22 035 | 0.0% | 22 035 |
--------------------------------------------------------------------------------
| Retained earnings | 26 973 | 14 131 | 90.9% | 21 113 |
--------------------------------------------------------------------------------
| | 58 841 | 45 999 | 27.9% | 52 981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 10 387 | 7 448 | 39.5% | 8 915 |
--------------------------------------------------------------------------------
| Interest-bearing | 33 173 | 43 742 | -24.2% | 43 797 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 40 | 40 | 0.0% | 40 |
--------------------------------------------------------------------------------
| | 43 600 | 51 230 | -14.9% | 52 752 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 56 457 | 50 113 | 12.7% | 60 351 |
--------------------------------------------------------------------------------
| Interest-bearing current | 9 405 | 9 846 | -4.5% | 8 405 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | 65 862 | 59 959 | 9.8% | 68 756 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and | 168 303 | 157 188 | 7.1% | 174 489 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| (EUR 1 000) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to equity holders of the parent |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share | Share | Premium | Trans- | Re- | Total |
| | capi- | issue | fund | lation| tained | equity |
| | tal | | | differ- | ear- | |
| | | | | rences | nings | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at | 8 285 | 105 | 5 934 | 618 | 13 258 | 28 200 |
| January 1, | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| | Translatio | 0 | 0 | 0 | -203 | 0 | -203 |
| | n | | | | | | |
| | difference | | | | | | |
| | s | | | | | | |
--------------------------------------------------------------------------------
| | Profit for | 0 | 0 | 0 | 0 | 458 | 458 |
| | the period | | | | | | |
--------------------------------------------------------------------------------
| | Total | 0 | 0 | 0 | -203 | 458 | 255 |
| | recognized | | | | | | |
| | income and | | | | | | |
| | expense | | | | | | |
| | for the | | | | | | |
| | period | | | | | | |
--------------------------------------------------------------------------------
| | Share | 1 548 | -105 | 16 101 | 0 | 0 | 17 544 |
| | issue | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 22 035 | 415 | 13 716 | 45 999 |
| June 30, 2006 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 22 035 | 226 | 20 887 | 52 981 |
| January 1, | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
| | Translatio | 0 | 0 | 0 | 108 | 0 | 108 |
| | n | | | | | | |
| | difference | | | | | | |
| | s | | | | | | |
--------------------------------------------------------------------------------
| | Profit for | 0 | 0 | 0 | 0 | 8 048 | 8 048 |
| | the period | | | | | | |
--------------------------------------------------------------------------------
| | Total | 0 | 0 | 0 | 108 | 8 048 | 8 156 |
| | recognized | | | | | | |
| | income and | | | | | | |
| | expense | | | | | | |
| | for the | | | | | | |
| | period | | | | | | |
--------------------------------------------------------------------------------
| | Option | 0 | 0 | 0 | 0 | 43 | 43 |
| | cost | | | | | | |
--------------------------------------------------------------------------------
| | Dividends | 0 | 0 | 0 | 0 | -2 339 | -2 339 |
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 22 035 | 334 | 26 639 | 58 841 |
| June 30, 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | | | |
| (EUR 1 000) | | | |
--------------------------------------------------------------------------------
| | 1-6/ | 1-6/ | 1-12/ |
| | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before change in working | 13 613 | 6 806 | 20 618 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in working capital | 5 445 | -8 937 | -10 765 |
--------------------------------------------------------------------------------
| Financial items and taxes | -1 948 | -3 922 | -6 000 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 17 110 | -6 053 | 3 853 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchases | -6 145 | -4 187 | -8 893 |
--------------------------------------------------------------------------------
| Sales | 2 | 45 | 319 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -6 143 | -4 142 | -8 574 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before financing | 10 967 | -10 195 | -4 721 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Withdrawal of borrowings | 5 000 | 65 000 | 68 993 |
--------------------------------------------------------------------------------
| Repayment of borrowings | -14 861 | -72 027 | -77 615 |
--------------------------------------------------------------------------------
| Dividends | -2 339 | 0 | 0 |
--------------------------------------------------------------------------------
| Paid share issue | 0 | 16 962 | 16 962 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -12 200 | 9 935 | 8 340 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -1 233 | -260 | 3 619 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7 845 | 5 726 | 5 726 |
| at the beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation correction to | 603 | -56 | -1 500 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7 215 | 5 410 | 7 845 |
| at the end of the period | | | |
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| KEY FIGURES | | | | |
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| | 1-6/ | 1-6/ | Change | 1-12/ |
| | 2007 | 2006 | % | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sold chargers, Mpcs | 119.0 | 100.4 | 18.5% | 230.5 |
--------------------------------------------------------------------------------
| Average sales price, | 1.11 | 1.12 | -1.1% | 1.12 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, MEUR | 131.7 | 113.0 | 16.6% | 259.0 |
--------------------------------------------------------------------------------
| EBITDA, MEUR | 13.6 | 7.0 | 93.8% | 20.7 |
--------------------------------------------------------------------------------
| EBITDA%, % | 10.3% | 6.2% | 66.1% | 8.0% |
--------------------------------------------------------------------------------
| Operating profit, | 11.2 | 4.3 | 161.3% | 15.5 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Operating profit | 8.5% | 3.8% | | 6.0% |
| percentage, % | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earning per | 0.21 | 0.01 | 2000.0% | 0.20 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.21 | | | 0.28 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Earnings per share | 0.24 | 0.05 | 380.0% | |
| excluding | | | | |
| calculative tax | | | | |
| item, EUR | | | | |
--------------------------------------------------------------------------------
| Equity per share, | 1.51 | 1.26 | 19.8% | 1.36 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % | 28.8% | 2.5% | 1052.0% | 18.8% |
--------------------------------------------------------------------------------
| Return on capital | 23.4% | 9.6% | 143.8% | 16.2% |
| employed, % | | | | |
--------------------------------------------------------------------------------
| Return on net | 62.0% | 32.7% | 89.6% | 54.1% |
| assets, % | | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 35.1% | 29.3% | 19.8% | 30.5% |
--------------------------------------------------------------------------------
| Gearing, % | 60.1% | 104.7% | -42.6% | 83.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure, | 6.8 | 2.8 | 142.9% | 9.4 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Capital expenditure, | 5.1% | 2.4% | 112.5% | 3.6% |
| % of net sales | | | | |
--------------------------------------------------------------------------------
| Personnel on average | 7 638 | 7 260 | 5.2% | 7 567 |
--------------------------------------------------------------------------------
| Personnel at end of | 7 697 | 7 770 | -0.9% | 7 910 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares on | 38 975 190 | 36 621 599 | | 37 808 067 |
| average | | | | |
--------------------------------------------------------------------------------
| Number of shares at | 38 975 190 | 38 975 190 | | 38 975 190 |
| the end of period | | | | |
--------------------------------------------------------------------------------
| Diluted number of | 38 988 207 | | | |
| shares on average | | | | |
--------------------------------------------------------------------------------
| Highest share price, | 4.89 | 3.69 | | 3.69 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Lowest share price, | 2.63 | 2.76 | | 2.13 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Average share price, | 3.50 | 3.18 | | 2.88 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Traded shares, Mpcs | 11.5 | 23.2 | | 29.2 |
--------------------------------------------------------------------------------
| Traded shares, MEUR | 40.6 | 74.4 | | 88.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
| (EUR 1 000) | | | | |
--------------------------------------------------------------------------------
| | 1-6/ | 1-6/ | Change | 1-12/ |
| | 2007 | 2006 | % | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debt | | | | |
--------------------------------------------------------------------------------
| | Company and real | 170 000 | 170 000 | 0.0% | 170 000 |
| | estate mortgages | | | | |
--------------------------------------------------------------------------------
| | Others | 364 | 364 | 0.0% | 254 |
--------------------------------------------------------------------------------
| Leasing and rental | 2 295 | 7 700 | -70.2% | 5 291 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | 172 659 | 178 064 | -3.0% | 175 545 |
--------------------------------------------------------------------------------
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| QUARTERLY INFORMATION |
--------------------------------------------------------------------------------
| | 4-6/ | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 7/06- |
| | 07 | 07 | 06 | 06 | 06 | 6/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sold | 63 363 | 55 632 | 69 587 | 60 464 | 52 255 | 249 046 |
| chargers, | | | | | | |
| kpcs | | | | | | |
--------------------------------------------------------------------------------
| Net sales, | 69 475 | 62 273 | 78 642 | 67 445 | 59 020 | 277 835 |
| kEUR | | | | | | |
--------------------------------------------------------------------------------
| Operating | 6 048 | 5 122 | 6 694 | 4 405 | 220 | 22 369 |
| profit, | | | | | | |
| kEUR | | | | | | |
--------------------------------------------------------------------------------
| Operating | 8.7% | 8.2% | 8.5% | 6.7% | 0.4% | 8.1% |
| profit | | | | | | |
| percentage, | | | | | | |
| % | | | | | | |
--------------------------------------------------------------------------------
| Average | 1.10 | 1.12 | 1.13 | 1.12 | 1.13 | 1.12 |
| sales | | | | | | |
| price, EUR | | | | | | |
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OPTION RIGHTS
During the financial year the General Meeting of Shareholders established an
option program with totally 2,047,500 option rights that entitles to subscribe
of the same amount of new shares of the company. The option program is divided
to symbols 2007A, 2007B and 2007C. The Board of Directors granted at the
beginning of May 587,500 options to the Group key personnel. The share based
incentives are conditional. The vesting conditions are based on that the total
shareholder return is at least 8 % per annum. Options are lost when a person is
leaving the company before the settlement period begins. The Board of Directors
can decide in these cases that the stock option owner is entitled to keep the
options or a part of them. The fair value has been determined by using the
Cox-Ross-Rubinstein binomial model.
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| Symbol | 2007A | 2007B | 2007C |
--------------------------------------------------------------------------------
| Number of | 657 500 | 682 500 | 707 500 |
| options | | | |
--------------------------------------------------------------------------------
| Vesting | 1.4.2007-31.3.2010 | 1.4.2008-31.3.2011 | 1.4.2009-31.3.2012 |
| period | | | |
--------------------------------------------------------------------------------
| Options | 0 | 0 | 0 |
| granted | | | |
| before the | | | |
| current | | | |
| financial | | | |
| year | | | |
--------------------------------------------------------------------------------
| Options | 587 500 | 0 | 0 |
| granted | | | |
| during the | | | |
| current | | | |
| financial | | | |
| year | | | |
--------------------------------------------------------------------------------
| Settlement | 1 | 1 | 1 |
| (shares / | | | |
| option) | | | |
--------------------------------------------------------------------------------
| Settlement | 1.4.2010-31.3.2012 | 1.4.2011-31.3.2013 | 1.4.2012-31.3.2014 |
| period | | | |
--------------------------------------------------------------------------------
| Grant date | 02.05.07 | | |
--------------------------------------------------------------------------------
| Exercise | 3.03 | | |
| price | | | |
--------------------------------------------------------------------------------
| Share price | 3.51 | | |
| at grant date | | | |
--------------------------------------------------------------------------------
| The fair | 1.43 | | |
| value of | | | |
| option at | | | |
| grant date | | | |
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CALCULATION OF FINANCIAL RATIOS
Average personnel: Average of the amount of personnel at end of each month
Return on equity (%) = Profit for the period x 100 : Equity on average
Return on capital employed (%) = (Profit before taxes + interest charges and
other financial costs) x 100 : (Balance sheet total less interest-free debt (on
average))
Return on net assets (%) = Operating profit x 100 : (Fixed assets less goodwill
and deferred tax assets + inventory + short-term receivables less short-term
interest-free debt on average)
Equity ratio (%) = Equity x 100 : Balance sheet total less received advance
payments
Gearing (%) = (Interest-bearing debt less cash and cash equivalents) x 100 :
Equity
Earnings per share = Profit of the period attributable to the equity holders of
the parent : Weighted average number of shares outstanding during the period
Equity per share = Equity : number of shares outstanding
Earnings per share, diluted = Profit for the period : Weighted average number of
shares outstanding during the period, adjusted for the share issue
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