2009-11-05 07:15:00 CET
2009-11-05 07:15:01 CET
REGULATED INFORMATION
Salcomp Oyj - Interim report (Q1 and Q3)
NET SALES IN THE THIRD QUARTER CONTINUED SEQUENTIAL GROWTH, BUT STILL REMAINED BELOW LAST YEAR'S LEVEL
Salcomp Plc Interim Report 5 November 2009 at 8:15 Finnish time Salcomp Plc Interim Report 1 January - 30 September 2009 NET SALES IN THE THIRD QUARTER CONTINUED SEQUENTIAL GROWTH, BUT STILL REMAINED BELOW LAST YEAR'S LEVEL July - September 2009: -Net sales decreased by 9% to EUR 68.1 million (EUR 74.8 million in July-September 2008), but increased by 11% compared with the second quarter of 2009 (EUR 61.1 million in April-June 2009). -Number of chargers delivered decreased by 8% to 68.0 million pieces (73.6 million pieces). -Market share in mobile phone chargers was some 23% (23%). -Operating profit improved by 82% to EUR 4.4 million (EUR 2.4 million). -Operating profit, excluding the exchange rate gains/losses, was EUR 4.4 million (EUR 5.2 million). -Earnings per share, excluding the deferred tax, improved to EUR 0.08 (EUR 0.02). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 4.6 million positive (EUR 2.3 million positive). January - September 2009: -Net sales decreased by 17% to EUR 176.8 million (EUR 213.7 million in January-September 2008). -Number of chargers delivered decreased by 17% to 173.5 million pieces (208.6 million pieces). -Operating profit weakened by 31% to EUR 7.2 million (EUR 10.4 million). -Operating profit, excluding the exchange rate losses, was EUR 7.2 million (EUR 14.5 million). -Earnings per share, excluding the deferred tax, were EUR 0.13 (EUR 0.13). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 1.9 million negative (EUR 13.0 million positive). -Cash and cash equivalents at the end of September were EUR 21.5 million (EUR 9.6 million). Outlook for 2009 unchanged: -Salcomp's net sales in 2009 are expected to decrease compared with the 2008 level. Due to the lower net sales, the operating profit will be below the 2008 level but will remain positive. Markku Hangasjärvi, President and CEO: “The mobile phone market picked up already during the second quarter of the year compared with the first quarter this year. The same development continued during the third quarter of the year. The favorable market development could also be seen in our net sales and the number of chargers delivered; both grew compared with the previous quarter of this year. However, the net sales and number of chargers delivered remained at a somewhat lower level compared with the third quarter last year. The third quarter operating profit and the profit for the period improved compared with the second quarter of the year due to bigger sales volumes, among other things. In addition, we have been able to increase our productivity and reduce the fixed costs. We have also managed to clearly decrease exchange rates gains/losses through various actions. According to estimates published by market research companies and mobile phone manufacturers, some 288 million mobile phones were sold during the third quarter of the year, which is some 7% less than in the previous year but some 5% more than in the second quarter of the year. Salcomp's reported market share in the mobile phone chargers, some 23%, improved slightly compared with the second quarter of the year. Our strategic target is to achieve growth from mobile phone charger sales, as well as seek growth by broadening our operations in other selected power adapters and chargers. In order to enhance this target, we have opened offices in Taiwan and Japan. Several interesting mobile phone manufacturers, as well as other information technology and electronics industry companies, are operating in both of these countries. Through setting up the new local offices we aim to create good contacts and provide better service to companies having operations in Taiwan and Japan.” Financial development in July - September 2009 Salcomp's net sales decreased by 9% in July-September to EUR 68.1 million (EUR 74.8 million in July-September 2008). The decrease resulted from the number of chargers delivered declining by 8% to 68.0 million (73.6 million) pieces. The market share in mobile phone chargers was approximately 23% (approximately 23%). The operating profit improved by 82 % to EUR 4.4 million (EUR 2.4 million). The operating margin was 6.4% (3.2%). Excluding the exchange rate losses of EUR 2.8 million in July-September 2008, the operating profit decreased by 15 % due to lower sales volumes and lower material margin. Increased productivity and successful cutting of fixed costs contributed in maintaining a decent profitability level. The Group's net finance expenses were EUR 1.0 million (EUR 1.3 million). The finance expenses for the third quarter include EUR 0.3 million losses (EUR 0.5 million losses) due to the unrealized exchange rate differences in intra-group loans. Taxes for the third quarter totaled EUR 1.2 million (EUR 1.1 million). They include a deferred tax of EUR 0.7 million (EUR 0.7 million) resulting from the parent company's tax-deductible goodwill amortization. The profit for the period amounted to EUR 2.3 million (EUR 0.0 million). Earnings per share were EUR 0.06 (EUR 0.00) and earnings per share, excluding the deferred tax, EUR 0.08 (EUR 0.02). Diluted earnings per share were EUR 0.06 (EUR 0.00). Cash flow from operating activities during the July-September period amounted to EUR 4.6 million positive (EUR 0.5 million negative). The cash flow from operating activities, excluding the change in selling of receivables, was EUR 4.6 million positive (EUR 2.3 million positive). Financial development in January - September 2009 The net sales decreased by 17% in January-September to EUR 176.8 million (EUR 213.7 million in January-September 2008). The number of chargers delivered declined as well by 17% to 173.5 million (208.6 million) pieces. The operating profit was EUR 7.2 million (EUR 10.4 million) in January-September. The operating margin in January-September was 4.1% (4.9%). The profitability was mainly burdened by the decrease in the number of chargers delivered, whereas operating profit in January-September 2008 was decreased by some EUR 4.1 million in exchange rate losses. The Group's net finance expenses were EUR 0.9 million (EUR 4.0 million). The finance expenses for the period include EUR 0.7 million profit (EUR 1.7 million losses) due to the unrealized exchange rate differences in intra-group loans. Renewing the Group's financial package in June involved a one-off cost of approximately EUR 0.3 million. Taxes for the period totaled EUR 3.4 million (EUR 3.6 million). They include a deferred tax of EUR 2.2 million (EUR 2.2 million) resulting from the parent company's tax-deductible goodwill amortization. The profit for the period amounted to EUR 2.9 million (EUR 2.9 million). Earnings per share were EUR 0.07 (EUR 0.07) and earnings per share, excluding the deferred tax, EUR 0.13 (EUR 0.13). Diluted earnings per share were EUR 0.07 (EUR 0.07). R&D and capital expenditure The Group's R&D expenditure was EUR 4.0 million (EUR 4.2 million) in January-September, or 2.2% (2.0%) of net sales. R&D focused on developing new products for current and new customers, and constant improvement in the cost structure of existing products. The capital expenditure in January-September amounted to EUR 0.7 million (EUR 3.8 million). The capital expenditure mainly involved maintaining the production capacity. Financing Cash flow from operating activities during the January-September period was EUR 3.0 million negative (EUR 4.9 million positive). The cash flow from operating activities, excluding the change in selling of receivables, was EUR 1.9 million negative (EUR 13.0 million positive). At the end of September, the cash and cash equivalents were EUR 21.5 million (EUR 9.6 million). The Group's equity ratio at the end of September was 40.5% (35.1%), and gearing was 8.9% (40.5%). Net interest-bearing debt totaled EUR 6.2 million (EUR 27.1 million) at the end of the period. In order to improve the Group liquidity, Salcomp renewed its financing in June. The new financing consists of a EUR 20 million bank loan and a new EUR 7 million capital loan. The capital loan, in accordance with chapter 12 of the Finnish Companies Act, was granted by Nordstjernan AB, the majority shareholder of Salcomp. Personnel The Group employed 7 757 (10,355) people at the end of September: 4,312 in China, 1,707 in Brazil, 1,687 in India and 51 people in Finland and other countries. During October, Salcomp opened offices in Taiwan and Japan. The Taiwan office is located in Taipei and initially employs some 10 persons. The Taipei office is responsible for sales to customers located in Taiwan, as well as technical support and customer service. The Japan office, located in Tokyo, takes care of sales and customer service in Japan and consists of one person at the initial stage. Shares and shareholders Salcomp's share price fluctuated between EUR 1.15 and EUR 1.94 during January-September. The closing price at the end of September was EUR 1.59. Share trading amounted to EUR 1.3 million and 0.8 million shares. According to the book-entry system, Salcomp had 1,148 shareholders at the end of the period. Foreign ownership at the end of September was 77.0% and the market value EUR 62.0 million. In August, Salcomp's Board of Directors decided to grant a total of 637,500 stock options 2007C to the Group's key employees. 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 and in the competition in the mobile phone charger markets, as well as the standardization of mobile phone chargers, including USB-chargers. Due to the standardization, it is possible that in the future, part of mobile phone kits will not include a separate mobile phone charger. Furthermore, consolidation of the customer base and deterioration in the financial position of a major customer may have a negative effect on Salcomp's sales and profitability. Major changes in exchange rates can be considered as one of the other uncertainty factors in the short term, especially the exchange rate of the US dollar in relation to the euro and to currencies in those countries in which Salcomp has production. In addition, the impact of the weakening global economy on the mobile phone market and on the stability of the financial market, as well as accessibility of financing, have an influence on Salcomp's business. Risks are managed to the extent that the company has influence over them. Further details on risks and risk management are available in the Annual Report 2008. Outlook for 2009 According to the estimates published by Salcomp's key customers and by the various market research companies, the mobile phone market is expected to decrease by approximately 7% during 2009, compared with 2008. Measured by the number of units, this would mean some 1.1 billion mobile phones and therefore, mobile phone chargers, to be sold in 2009. Salcomp's outlook for 2009 remains unchanged. Salcomp's net sales in 2009 are expected to decrease compared with the 2008 level. Due to the lower net sales, the operating profit will be below the 2008 level but will remain positive. Helsinki, 5 November 2009 Salcomp Plc Board of Directors Further information: Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114 Jari Saarinen, CFO, tel. +358 40 5004 206 An English telephone conference for analysts and media will be held on 5 November 2009 at 11:00 Finnish time. For registration and further information concerning the attendance of the telephone conference, contact Eevaleena Kiviaho by email eevaleena.kiviaho@salcomp.com. The Interim Report slide show presentation will be available at Salcomp's web page, www.salcomp.com, after the disclosure of the stock exchange release. Salcomp's Financial Statements Release for 2009 will be published on Thursday, 11 February 2010. -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE INCOME | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 176 756 | 213 702 | -17.3% | 283 250 | -------------------------------------------------------------------------------- | Cost of sales | -157 645 | -190 798 | -17.4% | -253 832 | -------------------------------------------------------------------------------- | Gross margin | 19 111 | 22 904 | -16.6% | 29 418 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other operating income | 22 | 215 | -89.8% | 220 | -------------------------------------------------------------------------------- | Sales and marketing | -1 515 | -1 786 | -15.2% | -2 455 || expenses | | | | | -------------------------------------------------------------------------------- | Administrative expenses | -6 360 | -6 742 | -5.7% | -9 314 | -------------------------------------------------------------------------------- | Research and development | -3 965 | -4 225 | -6.2% | -5 754 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -109 | 0 | | -23 | -------------------------------------------------------------------------------- | Operating profit | 7 184 | 10 366 | -30.7% | 12 092 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finance income | 707 | 390 | 81.3% | 441 | -------------------------------------------------------------------------------- | Finance expenses | -1 601 | -4 345 | -63.2% | -6 962 | -------------------------------------------------------------------------------- | Profit before tax | 6 290 | 6 411 | -1.9% | 5 571 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -3 391 | -3 557 | -4.7% | -4 497 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 2 899 | 2 854 | 1.6% | 1 074 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | | | | | | income for the period | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 2 293 | 1 122 | 104.4% | -565 | | translating foreign | | | | | | operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | 2 293 | 1 122 | 104.4% | -565 | | income for the period, | | | | | | net of tax | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 5 192 | 3 976 | 30.6% | 509 | | INCOME FOR THE PERIOD | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per | 0.07 | 0.07 | 0.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.07 | 0.07 | 0.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE | | | | | INCOME | | | | | (EUR 1 000) | | | | -------------------------------------------------------------------------------- | | 7-9/ | 7-9/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 68 078 | 74 755 | -8.9% | -------------------------------------------------------------------------------- | Cost of sales | -59 776 | -67 977 | -12.1% | -------------------------------------------------------------------------------- | Gross margin | 8 302 | 6 778 | 22.5% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other operating income | 11 | 2 | 450.0% | -------------------------------------------------------------------------------- | Sales and marketing | -551 | -606 | -9.1% | | expenses | | | | -------------------------------------------------------------------------------- | Administrative expenses | -2 141 | -2 264 | -5.4% | -------------------------------------------------------------------------------- | Research and development | -1 236 | -1 497 | -17.4% | | expenses | | | | -------------------------------------------------------------------------------- | Other operating expenses | 0 | 0 | | -------------------------------------------------------------------------------- | Operating profit | 4 385 | 2 413 | 81.7% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finance income | -309 | 37 | -935.1% | -------------------------------------------------------------------------------- | Finance expenses | -652 | -1 360 | -52.1% | -------------------------------------------------------------------------------- | Profit before tax | 3 424 | 1 090 | 214.1% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -1 173 | -1 081 | 8.5% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit for the period | 2 251 | 9 | 24 911.1% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | | | | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 117 | 576 | -79.7% | | translating foreign operations | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | 117 | 576 | -79.7% | | the period, net of tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR | 2 368 | 585 | 304.8% | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.06 | 0.00 | | -------------------------------------------------------------------------------- | Diluted earnings per share, | 0.06 | 0.00 | | | EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 30.9.2009 | 30.9.2008 | Change % | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 19 550 | 23 195 | -15.7% | 22 559 | | equipment | | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | 66 412 | -------------------------------------------------------------------------------- | Other intangible | 378 | 554 | -31.7% | 397 | | assets | | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 3 057 | 3 122 | -2.1% | 3 057 | -------------------------------------------------------------------------------- | | 89 397 | 93 283 | -4.2% | 92 425 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 18 955 | 33 467 | -43.4% | 29 531 | -------------------------------------------------------------------------------- | Trade and other | 41 373 | 54 997 | -24.8% | 30 637 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash and cash | 21 539 | 9 634 | 123.6% | 26 590 | | equivalents | | | | | -------------------------------------------------------------------------------- | | 81 867 | 98 098 | -16.5% | 86 758 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total assets | 171 264 | 191 381 | -10.5% | 179 183 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Equity and liabilities | | | | | -------------------------------------------------------------------------------- | Share capital | 9 833 | 9 833 | 0.0% | 9 833 | -------------------------------------------------------------------------------- | Invested unrestricted | 22 035 | 22 035 | 0.0% | 22 035 | | equity | | | | | -------------------------------------------------------------------------------- | Retained earnings | 37 527 | 35 233 | 6.5% | 31 911 | -------------------------------------------------------------------------------- | | 69 395 | 67 101 | 3.4% | 63 779 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax | 17 049 | 14 537 | 17.3% | 14 861 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital loan | 10 000 | 0 | | 3 000 | -------------------------------------------------------------------------------- | Interest-bearing | 14 467 | 21 383 | -32.3% | 15 329 | | liabilities* | | | | | -------------------------------------------------------------------------------- | | 41 516 | 35 920 | 15.6% | 33 190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 57 120 | 72 937 | -21.7% | 70 309 | | payables | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 3 233 | 15 423 | -79.0% | 11 905 | | current liabilities | | | | | -------------------------------------------------------------------------------- | | 60 353 | 88 360 | -31.7% | 82 214 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total equity and | 171 264 | 191 381 | -10.5% | 179 183 | | liabilities | | | | | -------------------------------------------------------------------------------- *includes EUR 8 million of revolving credit -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | (EUR 1 000) | -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Invested | Translati | Retained | Total | | | | capital | unrestrict | on | earnings | equity | | | | | ed equity | differenc | | | | | | | | es | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 Jan | 9 833 | 22 035 | -219 | 36 992 | 68 641 | | 2008 | | | | | | -------------------------------------------------------------------------------- | | Total | | | 1 122 | 2 854 | 3 976 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | | | | 330 | 330 | | | costs | | | | | | -------------------------------------------------------------------------------- | | Dividends | | | | -5 846 | -5 846 | -------------------------------------------------------------------------------- | Equity at | 9 833 | 22 035 | 903 | 34 330 | 67 101 | | 30 | | | | | | | Sept 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 Jan | 9 833 | 22 035 | -784 | 32 695 | 63 779 | | 2009 | | | | | | -------------------------------------------------------------------------------- | | Total | | | 2 337 | 2 899 | 5 236 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | | | | 380 | 380 | | | costs | | | | | | -------------------------------------------------------------------------------- | Equity at | 9 833 | 22 035 | 1 553 | 35 974 | 69 395 | | 30 | | | | | | | Sept 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOWS | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 11 227 | 14 409 | -22.1% | 17 664 | | working capital | | | | | -------------------------------------------------------------------------------- | Change in working capital | -12 374 | -7 501 | 65.0% | 16 785 | -------------------------------------------------------------------------------- | Financial items and taxes | -1 900 | -2 051 | -7.4% | -3 028 | -------------------------------------------------------------------------------- | Net cash flow from | -3 047 | 4 857 | -162.7% | 31 421 | | operating activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Purchases | -671 | -2 846 | -76.4% | -5 311 | -------------------------------------------------------------------------------- | Sales | 19 | 121 | -84.3% | 98 | -------------------------------------------------------------------------------- | Cash flows from investing | -652 | -2 725 | -76.1% | -5 213 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash flow before financing | -3 699 | 2 132 | -273.5% | 26 208 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Withdrawal of borrowings | 27 000 | 4 768 | 466.3% | 3 000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -29 425 | -6 036 | 387.5% | -10 964 | -------------------------------------------------------------------------------- | Dividends | 0 | -5 846 | -100.0% | -5 846 | -------------------------------------------------------------------------------- | Net cash flow from | -2 425 | -7 114 | -65.9% | -13 810 | | financing activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Change in cash and cash | -6 124 | -4 982 | 22.9% | 12 398 | | equivalents | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26 590 | 14 611 | 82.0% | 14 611 | | at the beginning of the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Translation difference | 1 073 | 5 | 21360.0% | -419 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 21 539 | 9 634 | 123.6% | 26 590 | | at the end of the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 173.5 | 208.6 | -16.9% | 271.2 | -------------------------------------------------------------------------------- | Average sales price, | 1.02 | 1.02 | -0.5% | 1.04 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 176.8 | 213.7 | -17.3% | 283.3 | -------------------------------------------------------------------------------- | EBITDA, MEUR | 10.9 | 14.2 | -23.5% | 17.3 | -------------------------------------------------------------------------------- | EBITDA%, % | 6.2% | 6.7% | | 6.1% | -------------------------------------------------------------------------------- | Operating profit, | 7.2 | 10.4 | -30.5% | 12.1 | | MEUR | | | | | -------------------------------------------------------------------------------- | Operating margin, % | 4.1% | 4.9% | | 4.3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | 0.07 | 0.07 | 0.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.07 | 0.07 | 0.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | 0.13 | 0.13 | 0.0% | 0.10 | | excluding deferred | | | | | | tax, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, | 1.78 | 1.72 | 3.5% | 1.64 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | 5.8% | 5.6% | | 1.6% | -------------------------------------------------------------------------------- | Return on capital | 11.0% | 13.6% | | 12.1% | | employed, % | | | | | -------------------------------------------------------------------------------- | Return on net | 53.3% | 37.5% | | 51.1% | | assets, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 40.5% | 35.1% | | 35.6% | -------------------------------------------------------------------------------- | Gearing, % | 8.9% | 40.5% | | 5.7% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, | 0.7 | 3.8 | -81.6% | 5.3 | | MEUR | | | | | -------------------------------------------------------------------------------- | Capital expenditure, | 0.4% | 1.8% | | 1.9% | | % of net sales | | | | | -------------------------------------------------------------------------------- | Personnel on average | 7 036 | 10 159 | -30.7% | 9 872 | -------------------------------------------------------------------------------- | Personnel at the end | 7 757 | 10 355 | -25.1% | 7 025 | | of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares on | 38 975 190 | 38 975 190 | | 38 975 190 | | average | | | | | -------------------------------------------------------------------------------- | Number of shares at | 38 975 190 | 38 975 190 | | 38 975 190 | | the end of period | | | | | -------------------------------------------------------------------------------- | Diluted number of | 37 985 895 | 39 076 016 | | 38 995 089 | | shares on average | | | | | -------------------------------------------------------------------------------- | Highest share price, | 1.94 | 4.17 | | 4.17 | | EUR | | | | | -------------------------------------------------------------------------------- | Lowest share price, | 1.15 | 2.32 | | 1.45 | | EUR | | | | | -------------------------------------------------------------------------------- | Average share price, | 1.53 | 3.52 | | 3.33 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 0.8 | 10.1 | | 12.2 | -------------------------------------------------------------------------------- | Traded shares, MEUR | 1.3 | 36.2 | | 40.1 | -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT This Interim Report has been prepared in accordance with the international financial accounting standard IAS 34 Interim Reports. The same accounting principles are applied in this Interim Report as in the Financial Statements. Salcomp has, as of 1 January 2009, applied the revised IAS 1 Presentation of Financial Statements standard, as well as the new IFRS 8 Operating Segments standard. Other amended standards or interpretations have not affected this Interim Report. Adoption of IFRS 8 has no impact on the number of reported segments, but only on the notes presented in the Financial Statements. Salcomp has one business segment, chargers. Internal management reporting complies with the IFRS reporting and due to this, separate adjustments are not presented. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 30.9.2009 | 30.9.2008 | Change % | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own dept | | | | | -------------------------------------------------------------------------------- | | Company and real | 82 000 | 170 000 | -51.8% | 170 000 | | | estate mortgages | | | | | -------------------------------------------------------------------------------- | | Others | 5 | 5 | 0.0% | 5 | -------------------------------------------------------------------------------- | Leasing and rental | 7 698 | 10 215 | -24.6% | 10 044 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 89 703 | 180 220 | -50.2% | 180 049 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 7-9/09 | 4-6/09 | 1-3/09 | 10-12/08 | 7-9/08 | 10/08-9/ | | | | | | | | 09 | -------------------------------------------------------------------------------- | Sold | 68 040 | 58 662 | 46 753 | 62 532 | 73 584 | 235 987 | | chargers, | | | | | | | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 68 078 | 61 145 | 47 533 | 69 548 | 74 755 | 246 304 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 4 385 | 3 780 | -981 | 1 726 | 2 413 | 8 910 | | profit, kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 6.4% | 6.1% | -2.1% | 2.5% | 3.2% | 3.6% | | margin, % | | | | | | | -------------------------------------------------------------------------------- | Average sales | 1.00 | 1.04 | 1.02 | 1.11 | 1.02 | 1.04 | | price, EUR | | | | | | | -------------------------------------------------------------------------------- OPTION RIGHTS During the financial year 2007, the General Meeting of Shareholders established an option program with a total of 2,047,500 option rights that entitle to subscribe the same amount of new shares of the company. The option program is divided to symbols 2007A, 2007B and 2007C. The Board of Directors has, during the financial year, granted option rights to Group key personnel totaling 637,500 pieces. 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 using the Cox-Ross-Rubinstein binomial model. -------------------------------------------------------------------------------- | Program | 2007A | 2007B | 2007C | | symbol | | | | -------------------------------------------------------------------------------- | Number of | 657 500 | 682 500 | 707 500 | | options | | | | -------------------------------------------------------------------------------- | Vesting | 1.4.2007- | 1.4.2008- | 1.4.2009- | | period | 31.3.2010 | 31.3.2011 | 31.3.2012 | -------------------------------------------------------------------------------- | Options | 590 000 | 642 500 | 0 | | granted | | | | | before the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Options | 0 | 0 | 637 500 | | granted | | | | | during the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Options | -70 000 | -75 000 | 0 | | forfeited | | | | | during the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Settlement | 1 | 1 | 1 | | (shares / | | | | | option) | | | | -------------------------------------------------------------------------------- | Settlement | 1.4.2010- | 1.4.2011- | 1.4.2012- | | period | 31.3.2012 | 31.3.2013 | 31.3.2014 | -------------------------------------------------------------------------------- | Grant date | 02.05.07 | 07.05.08 | 10.08.09 | -------------------------------------------------------------------------------- | Exercise | 2.88 | 3.40 | 1.47 | | price | | | | -------------------------------------------------------------------------------- | Share price | 3.51 | 3.79 | 1.51 | | at grant date | | | | -------------------------------------------------------------------------------- | The fair | 1.44 | 1.44 | 0.61 | | value of | | | | | option at | | | | | grant date | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY INFORMATION | | (EUR 1 000) | -------------------------------------------------------------------------------- | Related party | 30.9.2009 | 30.9.2008 | Change % | 31.12.2008 | | transactions with | | | | | | Nordstjernan AB | | | | | -------------------------------------------------------------------------------- | Capital loan | 10 000 | 0 | | 3 000 | -------------------------------------------------------------------------------- | Sales of receivables | 0 | 0 | | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital loan terms are represented in the stock exchange release on 17 June | | 2009 concerning the renewal of the financing arrangement. | -------------------------------------------------------------------------------- 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 tax + interest charges and other finance expenses) 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 for the period : Weighted average number of shares outstanding during the period Equity per share = Equity : number of shares outstanding at the end of period Earnings per share, diluted = Profit for the period : Weighted average number of shares outstanding during the period, adjusted for the share issue *nominator has been adjusted to correspond to the same period as denominator
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