2008-10-31 07:15:00 CET
2008-10-31 07:15:00 CET
REGULATED INFORMATION
Salcomp Oyj - Interim report (Q1 and Q3)
NET SALES CONTINUED TO GROW - RESULT WEAKENED, HEAVILY IMPACTED BY EXCHANGE RATE LOSSES
Salcomp Plc Interim Report 31 October 2008 at 8:15 Finnish time Salcomp Plc Interim Report 1 January - 30 September 2008 NET SALES CONTINUED TO GROW - RESULT WEAKENED, HEAVILY IMPACTED BY EXCHANGE RATE LOSSES July - September 2008: -Net sales grew by 6% to EUR 74.8 million. -Number of chargers delivered increased by 19% to 73.6 million pieces. -Market share in mobile phone chargers was some 23%. -Operating profit weakened by 62% to EUR 2.4 million. -Exchange rate differences lowered the operating profit with EUR 2.8 million. -Earnings per share, excluding the deferred tax, decreased by 85% to EUR 0.02. -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 0.9 million negative. January - September 2008: -Net sales grew by 6% to EUR 213.7 million. -Number of chargers delivered grew by 15% to 208.6 million pieces. -Operating profit weakened by 41% to EUR 10.4 million. -Exchange rate differences lowered the operating profit with EUR 4.1 million. -Earnings per share, excluding the deferred tax, decreased by 65% to EUR 0.13. -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 8.5 million positive. Outlook for the rest of the year: -Net sales in 2008 are expected to grow compared with 2007, but the operating profit in value is expected to be below the 2007 level. Markku Hangasjärvi, President and CEO: “The number of chargers we delivered grew by 19% in the third quarter of the year compared with the corresponding period last year. Our net sales grew by some 6%. The net sales grew slower than the number of chargers delivered, mainly due to the decline in sales prices. The decline in sales prices was influenced by changes in the product mix and tightening competition on the mobile phone charger market. The operating profit more than halved during the third quarter compared with the same period last year. The weakening in the operating profit was mainly due to significant exchange rate losses. Especially the Indian rupee and the Brazilian real weakened considerably during the third quarter. In addition, the operating profit was burdened by lower gross margin due to lower sales prices. In order to strengthen our competitiveness we are continuing the already started actions to lower our fixed costs, as well as improve our product cost structure and enhance our productivity. According to market research institutes, some 310 million mobile phones were sold during the third quarter of the year, up 11% compared with the corresponding quarter last year. Salcomp's market share in the mobile phone chargers, some 23%, was up by one percentage unit compared with the corresponding quarter last year. According to estimates published by some of our key customers and various market research companies, the mobile phone market is estimated to grow in volume by some 10% in 2008. However, the global financial crisis creates uncertainty regarding the development of the mobile phone market in 2009.” Financial Development in July - September 2008 Salcomp's net sales increased by 6% in July-September to EUR 74.8 million (EUR 70.5 million in 7-9/2007). The increase resulted from the number of chargers delivered rising by 19% to 73.6 million (61.8 million) pieces. The market share in mobile phone chargers was approximately 23% (approximately 22%). Operating profit decreased by 62% to EUR 2.4 million (EUR 6.3 million). Profitability was weakened by realized and unrealized exchange rate losses of EUR 2.8 million. The exchange rate losses were related to sharp changes between the EUR, USD and currencies in the countries where Salcomp has production. Especially the Indian rupee and the Brazilian real weakened considerably during the third quarter. The exchange differences were mainly due to intragroup receivables and payables. In addition, the operating profit was burdened by lower gross margin compared with the comparison period, mainly due to the decline in sales prices. The sales prices were lowered due to changes in the product mix, as well as tightening competition in the mobile phone charger market. The Group's net financial expenses were EUR 1.3 million (EUR 0.9 million). The financial expenses for the third quarter include EUR 0.5 million (EUR 0.1 million loss) of losses due to the unrealized exchange rate differences in intragroup loans. Taxes for the period totaled EUR 1.1 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 third-quarter net result amounted to EUR 0.0 million (EUR 4.3 million). Earnings per share were EUR 0.00 (EUR 0.11) and earnings per share, excluding the deferred tax, EUR 0.02 (EUR 0.13). Basic earnings per share were EUR 0.00 (EUR 0.11). Cash flow from operating activities was EUR 3.7 million negative (EUR 1.5 million positive) due to an increase in working capital. Cash flow from operating activities, excluding the change in selling of receivables, was EUR 0.9 million negative (EUR 7.9 million positive). Financial Development in January - September 2008 Net sales increased by 6% in January-September to EUR 213.7 million (EUR 202.2 million in 1-9/2007). The number of chargers delivered increased by 15% to 208.6 million (180.8 million) pieces. The Group's operating profit in January-September weakened by 41% to EUR 10.4 million (EUR 17.5 million). Profitability was weakened by realized and unrealized exchange rate losses of some EUR 4.1 million. In addition, the operating profit was burdened by a decline in sales prices, as well as material costs which decreased slower than targeted, especially in the second quarter. Furthermore, the operating profit was weakened by higher fixed costs related to the capacity increase at the India plant during the first half of the year. The Group's net financial expenses were EUR 4.0 million (EUR 2.1 million). The financial expenses for the period include EUR 1.7 million (EUR 0.8 million profit) of losses due to the unrealized exchange rate differences in intragroup loans. Taxes for the period totaled EUR 3.6 million (EUR 3.0 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. Salcomp's net result in January-September totaled EUR 2.9 million (EUR 12.4 million). Earnings per share were EUR 0.07 (EUR 0.32) and earnings per share, excluding the deferred tax, amounted to EUR 0.13 (EUR 0.37). Basic earnings per share were EUR 0.07 (EUR 0.32). Cash flow from operating activities in January-September amounted to EUR 0.8 million positive (EUR 18.6 million positive). The cash flow from operating activities, excluding the change in selling of receivables, was EUR 8.5 million positive (EUR 14.1 million positive). The Group's equity ratio at the end of June was 35.1% (34.6%) and gearing was 40.5% (61.8%). Net interest-bearing debt totaled EUR 27.1 million (EUR 38.8 million) at the end of the period. R&D and Capital Expenditure In January-September, the Group's R&D expenditure was EUR 4.2 million (EUR 3.6 million), or 1.9% (1.8%) 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. Salcomp's extended Product Creation Centre at the Shenzhen plant in China was inaugurated in August. All Salcomp's R&D and sourcing functions in China have been centralized in the same building, and the personnel can utilize state-of-the-art premises and the new EMC measurement chamber which enables product testing completely in-house and, therefore, reduces product design cycle time. Capital expenditure in January-September amounted to EUR 3.8 million (EUR 9.1 million). The capital expenditure mainly involved boosting the production capacity. Personnel The Group employed 10,355 (9,241) people at the end of September: some 6,700 in China, 1,700 in Brazil and 1,900 in India. Hannu Hyrsylä, Vice President, Global Sourcing, was appointed as a member of the Global Management Team as of 12 August 2008. Other members of the Global Management Team are: Markku Hangasjärvi, President and CEO, Osmo Oja, Vice President, Global Operations, Niilo Oksa, Vice President, Human Resources, Antero Palo, Vice President, Sales and Marketing, Juha Raussi, Vice President, Research and Development and Markku Saarikannas, Vice President, Strategic Planning. Antti Salminen, CFO, has accepted a position with another employer and will resign from Salcomp on 12 November 2008. Jari Saarinen has been appointed as the new CFO and a member of the Global Management Team as of 25 January 2009. Markku Saarikannas, VP, Strategic Planning, will act as the CFO from 13 November 2008 until 24 January 2009. Pekka Kyyriäinen has been appointed Vice President, Global Operations, and a member of the Global Management Team at Salcomp as of 1 January 2009. Osmo Oja who is the present VP, Global Operations, will be in charge of the development projects in Salcomp's global operations until autumn 2009 when he will retire. In addition to the responsibilities of VP, Global Operations, Pekka Kyyriäinen will continue as General Manager at Salcomp China and his place of business is Shenzhen. Salcomp's codetermination negotiations, which began in August, were concluded on 30 September 2008. The negotiations concerned all activities in Finland, and the target was to investigate the possibility to transfer some functions from Finland to China and centralize the Finnish activities to Salo, Finland. As a result of the negotiations, a total of 18 employments will be terminated. The Finnish activities will be centralized to Salo and the office in Kemijärvi will be closed by the end of April 2009. Shares and shareholders Salcomp's share price fluctuated between EUR 2.32 and EUR 4.17 in January-September. The closing price at the end of September was EUR 2.47. Share trading amounted to EUR 36.2 million and 10.1 million shares. According to the book-entry system, Salcomp had 1,071 shareholders at the end of the period. Foreign ownership at the end of September was 75.4% and the market value EUR 96.3 million. 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 the competition in the mobile phone charger markets, and the standardization of mobile phone chargers, including USB-type chargers. Furthermore, consolidation of the customer base and deterioration in the financial position of a major customer or supplier may have a negative effect on Salcomp's sales and profitability. Major changes in exchange rates can be considered a substantial uncertainty factor 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. 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 2007. Outlook for rest of the year According to the estimates published by some of Salcomp's key customers and by various market research companies, the mobile phone market is expected to grow in volume by approximately 10% during 2008, compared with 2007. Net sales in 2008 are expected to grow compared with 2007, but the operating profit in value is expected to be below the 2007 level. Helsinki, 31 October 2008 Salcomp Plc Board of Directors Further information: Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114 (available on 31 October 2008 as of 1 p.m. Finnish time) Antti Salminen, CFO, tel. +358 40 535 1216 A Finnish telephone conference for analysts and media will be held on 31 October 2008 at 1:30 p.m. Finnish time, tel. +358 206 99101, meeting code 620370#. The Interim Report slide show presentation will be available at Salcomp's web page www.salcomp.com after the disclosure. This interim report has been prepared in accordance with the IFRS and IAS34, following the principles for recognition and measurement set out in IAS34, as well as the accounting principles described in the Annual Report. The report has not been audited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 213 702 | 202 226 | 5.7% | 286 231 | -------------------------------------------------------------------------------- | Cost of sales | -190 798 | -173 270 | 10.1% | -244 785 | -------------------------------------------------------------------------------- | Gross margin | 22 904 | 28 956 | -20.9% | 41 446 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other operating income | 215 | 396 | -45.7% | 482 | -------------------------------------------------------------------------------- | Sales and marketing | -1 786 | -1 816 | -1.7% | -2 471 | | expenses | | | | | -------------------------------------------------------------------------------- | Administrative | -6 742 | -6 480 | 4.0% | -8 701 | | expenses | | | | | -------------------------------------------------------------------------------- | Research and | -4 225 | -3 575 | 18.2% | -4 845 | | development | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating | 0 | -11 | -100.0% | -117 | | expenses | | | | | -------------------------------------------------------------------------------- | Operating profit | 10 366 | 17 470 | -40.7% | 25 794 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Financial income | 390 | 958 | -59.3% | 958 | -------------------------------------------------------------------------------- | Financial expenses | -4 345 | -3 070 | 41.5% | -4 203 | -------------------------------------------------------------------------------- | Profit before tax | 6 411 | 15 358 | -58.3% | 22 549 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax expense | -3 557 | -2 980 | 19.4% | -4 281 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 2 854 | 12 378 | -76.9% | 18 268 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per | 0.07 | 0.32 | -78.1% | 0,47 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.07 | 0.32 | -78.1% | 0,47 | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | (EUR 1 000) | | | | -------------------------------------------------------------------------------- | | 7-9/ | 7-9/ | Change | | | 2008 | 2007 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 74 755 | 70 478 | 6.1% | -------------------------------------------------------------------------------- | Cost of sales | -67 977 | -60 098 | 13.1% | -------------------------------------------------------------------------------- | Gross margin | 6 778 | 10 380 | -34.7% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other operating income | 2 | 102 | -98.0% | -------------------------------------------------------------------------------- | Sales and marketing expenses | -606 | -642 | -5.6% | -------------------------------------------------------------------------------- | Administrative expenses | -2 264 | -2 305 | -1.8% | -------------------------------------------------------------------------------- | Research and development | -1 497 | -1 232 | 21.5% | | expenses | | | | -------------------------------------------------------------------------------- | Other operating expenses | 0 | -3 | -100.0% | -------------------------------------------------------------------------------- | Operating profit | 2 413 | 6 300 | -61.7% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income | 37 | 67 | -44.8% | -------------------------------------------------------------------------------- | Financial expenses | -1 360 | -962 | 41.4% | -------------------------------------------------------------------------------- | Profit before tax | 1 090 | 5 405 | -79.8% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expense | -1 081 | -1 075 | 0.6% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit for the period | 9 | 4 330 | -99.8% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.00 | 0.11 | -100.0% | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | 0.00 | 0.11 | -100.0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 30.9.2008 | 30.9.2007 | Change % | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 23 195 | 25 320 | -8.4% | 24 808 | | equipment | | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | 66 412 | -------------------------------------------------------------------------------- | Other intangible assets | 554 | 495 | 11.8% | 481 | -------------------------------------------------------------------------------- | Deferred tax assets | 3 122 | 3 147 | -0.8% | 3 184 | -------------------------------------------------------------------------------- | | 93 283 | 95 375 | -2.2% | 94 885 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 33 467 | 30 411 | 10.0% | 24 114 | -------------------------------------------------------------------------------- | Trade and other | 54 997 | 49 819 | 10.4% | 48 475 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash and cash | 9 634 | 6 213 | 55.1% | 14 611 | | equivalents | | | | | -------------------------------------------------------------------------------- | | 98 098 | 86 443 | 13.5% | 87 200 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 191 381 | 181 818 | 5.3% | 182 085 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 35 233 | 30 889 | 14.1% | 36 773 | -------------------------------------------------------------------------------- | | 67 101 | 62 757 | 6.9% | 68 641 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 14 537 | 11 157 | 30.3% | 12 075 | -------------------------------------------------------------------------------- | Interest-bearing | 21 383 | 33 173 | -35.5% | 28 542 | | liabilities | | | | | -------------------------------------------------------------------------------- | Provisions | 0 | 40 | -100.0% | 40 | -------------------------------------------------------------------------------- | | 35 920 | 44 370 | -19.0% | 40 657 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 72 937 | 62 894 | 16.0% | 63 382 | -------------------------------------------------------------------------------- | Interest-bearing current | 15 423 | 11 797 | 30.7% | 9 405 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 88 360 | 74 691 | 18.3% | 72 787 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 191 381 | 181 818 | 5.3% | 182 085 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | (EUR 1 000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Premium | Invested | Trans-la | Retained | Total | | | capita | fund | unrest-r | tion | earnings | equity | | | l | | icted | diffe-re | | | | | | | equity | nces | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 9 833 | 22 035 | 0 | 226 | 20 887 | 52 981 | | January 1, | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- | | Translati | 0 | 0 | 0 | -376 | 0 | -376 | | | on | | | | | | | | | differenc | | | | | | | | | es | | | | | | | -------------------------------------------------------------------------------- | | Profit | 0 | 0 | 0 | 0 | 12 378 | 12 378 | | | for | | | | | | | | | the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 0 | -376 | 12 378 | 12 002 | | | recognize | | | | | | | | | d income | | | | | | | | | and | | | | | | | | | expense | | | | | | | | | for the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Option | 0 | 0 | 0 | 0 | 113 | 113 | | | costs | | | | | | | -------------------------------------------------------------------------------- | | Dividends | 0 | 0 | 0 | 0 | -2 339 | -2 339 | -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | -150 | 31 039 | 62 757 | | Sept 30, 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | -219 | 36 992 | 68 641 | | January 1, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- | | Translati | 0 | 0 | 0 | 1 122 | 0 | 1 122 | | | on | | | | | | | | | differenc | | | | | | | | | es | | | | | | | -------------------------------------------------------------------------------- | | Profit | 0 | 0 | 0 | 0 | 2 854 | 2 854 | | | for | | | | | | | | | the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 0 | 0 | 0 | 0 | | | recognize | | | | | | | | | d income | | | | | | | | | and | | | | | | | | | expense | | | | | | | | | for the | | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | | Option | 0 | 0 | 0 | 0 | 330 | 330 | | | costs | | | | | | | -------------------------------------------------------------------------------- | | Dividends | 0 | 0 | 0 | 0 | -5 846 | -5 846 | -------------------------------------------------------------------------------- | Equity at | 9 833 | 0 | 22 035 | 903 | 34 330 | 67 101 | | Sept 30, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 14 409 | 21 126 | -31.8% | 30 690 | | working capital | | | | | -------------------------------------------------------------------------------- | Change in working capital | -11 608 | 220 | -5376.4% | 9 625 | -------------------------------------------------------------------------------- | Financial items and taxes | -2 051 | -2 750 | -25.4% | -3 723 | -------------------------------------------------------------------------------- | Net cash flow from operating | 750 | 18 596 | -96.0% | 36 592 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Purchases | -2 846 | -8 782 | -67.6% | -11 053 | -------------------------------------------------------------------------------- | Sales | 121 | 70 | 72.9% | 86 | -------------------------------------------------------------------------------- | Cash flows from investing | -2 725 | -8 712 | -68.7% | -10 967 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash flow before financing | -1 975 | 9 884 | -120.0% | 25 625 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Withdrawal of borrowings | 4 768 | 7 392 | -35.5% | 5 000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -6 036 | -14 861 | -59.4% | -19 611 | -------------------------------------------------------------------------------- | Dividends | -5 846 | -2 339 | 149.9% | -2 339 | -------------------------------------------------------------------------------- | Net cash flow from financing | -7 114 | -9 808 | -27.5% | -16 950 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Change in cash and cash | -4 977 | 76 | -6648.7% | 6 766 | | equivalents | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 14 611 | 7 845 | 86.2% | 7 845 | | at the beginning of the period | | | | | -------------------------------------------------------------------------------- | Translation correction to | 4 112 | -1 708 | -340.7% | -1 909 | | cash and cash equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 9 634 | 6 213 | 55.1% | 14 611 | | at the end of the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | -------------------------------------------------------------------------------- | | 1-9/ | 1-9/ | Change | 1-12/ | | | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 208.6 | 180.8 | 15.4% | 262.4 | -------------------------------------------------------------------------------- | Average sales price, | 1.02 | 1.12 | -8.4% | 1.09 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 213.7 | 202.2 | 5.7% | 286.2 | -------------------------------------------------------------------------------- | EBITDA, MEUR | 14.2 | 21.1 | -32.4% | 30.6 | -------------------------------------------------------------------------------- | EBITDA%, % | 6.7% | 10.4% | | 10.7% | -------------------------------------------------------------------------------- | Operating profit, | 10.4 | 17.5 | -40.7% | 25.8 | | MEUR | | | | | -------------------------------------------------------------------------------- | Operating profit | 4.9% | 8.6% | | 9.0% | | percentage, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | 0.07 | 0.32 | -78.1% | 0.47 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.07 | 0.32 | -78.1% | 0.47 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | 0.13 | 0.37 | -64.9% | 0.54 | | excluding deferred | | | | | | tax, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, | 1.72 | 1.61 | 6.8% | 1.76 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | 5.6% | 28.5% | | 30.0% | -------------------------------------------------------------------------------- | Return on capital | 13.6% | 23.1% | | 25.3% | | employed, % | | | | | -------------------------------------------------------------------------------- | Return on net | 37.5% | 58.2% | | 72.3% | | assets, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 35.1% | 34.6% | | 37.7% | -------------------------------------------------------------------------------- | Gearing, % | 40.5% | 61.8% | | 34.0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, | 3.8 | 9.1 | -58.2% | 11.3 | | MEUR | | | | | -------------------------------------------------------------------------------- | Capital expenditure, | 1.8% | 4.5% | | 3.9% | | % of net sales | | | | | -------------------------------------------------------------------------------- | Personnel on average | 10 159 | 7 958 | 27.7% | 8 622 | -------------------------------------------------------------------------------- | Personnel at end of | 10 355 | 9 241 | 12.1% | 9 722 | | 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 | 39 076 016 | 39 036 340 | | 39 075 819 | | shares on average | | | | | -------------------------------------------------------------------------------- | Highest share price, | 4.17 | 4.89 | | 5.03 | | EUR | | | | | -------------------------------------------------------------------------------- | Lowest share price, | 2.32 | 2.63 | | 2.63 | | EUR | | | | | -------------------------------------------------------------------------------- | Average share price, | 3.52 | 3.72 | | 3.76 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 10.1 | 15.1 | | 19.0 | -------------------------------------------------------------------------------- | Traded shares, MEUR | 36.2 | 56.0 | | 72.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | | | (EUR 1 000) | | | | | -------------------------------------------------------------------------------- | | 30.9.2008 | 30.9.2007 | Change % | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own debt | | | | | -------------------------------------------------------------------------------- | | Amount of own | 36 806 | 44 970 | -18.2% | 37 947 | | | dept | | | | | -------------------------------------------------------------------------------- | | Company and | 170 000 | 170 000 | 0.0% | 170 000 | | | real estate | | | | | | | mortgages | | | | | -------------------------------------------------------------------------------- | | Others | 5 | 364 | -98.6% | 209 | -------------------------------------------------------------------------------- | Leasing and rental | 10 215 | 8 350 | 22.3% | 8 311 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 180 220 | 178 714 | 0.8% | 178 520 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- | | 7-9/08 | 4-6/08 | 1-3/ | 10-12/ | 7-9/ | 10/07-9/ | | | | | 08 | 07 | 07 | 08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold | 73 584 | 71 598 | 63 451 | 81 534 | 61 827 | 290 167 | | chargers, | | | | | | | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 74 755 | 72 113 | 66 834 | 84 005 | 70 478 | 297 707 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 2 413 | 3 168 | 4 785 | 8 324 | 6 300 | 18 690 | | profit, | | | | | | | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 3.2% | 4.4% | 7.2% | 9.9% | 8.9% | 6.3% | | profit | | | | | | | | percentage, | | | | | | | | % | | | | | | | -------------------------------------------------------------------------------- | Average | 1.02 | 1.01 | 1.05 | 1.03 | 1.14 | 1.03 | | sales | | | | | | | | price, EUR | | | | | | | -------------------------------------------------------------------------------- OPTION RIGHTS During the financial year 2007 the General Meeting of Shareholders established an option program with totally 2,047,500 option rights that entitles 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 (2007B) to the Group key personnel totaling 657,500 pcs. The share based incentives are conditional. The vesting conditions (relating to symbols 2007A and 2007B) 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. -------------------------------------------------------------------------------- | Program symbol | 2007A | 2007B | 2007C | -------------------------------------------------------------------------------- | Number of | 657 500 | 682 500 | 707 500 | | options | | | | -------------------------------------------------------------------------------- | Vesting period | 1.4.2007- | 1.4.2008- | 1.4.2009- | | | 31.3.2010 | 31.3.2011 | 31.3.2012 | -------------------------------------------------------------------------------- | Options granted | 610 000 | 0 | 0 | | before the | | | | | current | | | | | financial year | | | | -------------------------------------------------------------------------------- | Options granted | 0 | 657 500 | 0 | | during the | | | | | current | | | | | financial year | | | | -------------------------------------------------------------------------------- | Options | -5 000 | 0 | 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 | | -------------------------------------------------------------------------------- | Exercise price | 2.88 | 3.40 | | -------------------------------------------------------------------------------- | Share price at | 3.51 | 3.79 | | | grant date | | | | -------------------------------------------------------------------------------- | The fair value | 1.44 | 1.44 | | | of option at | | | | | grant date | | | | -------------------------------------------------------------------------------- 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 financial 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 of 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
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