2009-05-08 07:15:00 CEST
2009-05-08 07:15:09 CEST
REGULATED INFORMATION
Salcomp Oyj - Interim report (Q1 and Q3)
NET SALES DECLINED SIGNIFICANTLY, RESULT IN THE RED
Salcomp Plc Interim Report 8 May 2009 at 08:15 Finnish time Salcomp Plc Interim Report 1 January-31 March 2009 NET SALES DECLINED SIGNIFICANTLY, RESULT IN THE RED January-March 2009: -Net sales decreased by 29% to EUR 47.5 million (EUR 66.8 million in January-March 2008). -Number of chargers delivered decreased by 26% to 46.7 million pieces (63.5 million pieces). -Market share in mobile phone chargers was some 18% (21%). -Operating result weakened to EUR -1.0 million (EUR 4.8 million). -Exchange rate losses lowered the operating result by some EUR 1.0 million (EUR 0.3 million). -Earnings per share, excluding the deferred tax, decreased to EUR -0.03 (EUR 0.06). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 11.6 million negative (EUR 3.8 million positive). Outlook for 2009 unchanged: -Salcomp's net sales in 2009 are expected to decrease compared with the 2008 level. Due to the current uncertain market conditions, no guidance for the 2009 profitability is given. Markku Hangasjärvi, President and CEO: ”During the first months of the year, Salcomp has been influenced by the effects of the global financial crisis on the mobile phone market and, therefore, on the mobile phone charger sales. Due to the economic recession, the mobile phone charger market clearly decreased. Simultaneously, competition in the declining market further tightened, and this has caused pressure to lower the prices of mobile phone components, also charger prices, among other things. The exceptionally weak market development affected also the number of chargers delivered by Salcomp and, therefore, our net sales. Both weakened significantly during the first quarter of the year compared with the corresponding period last year. Decline in sales prices, smaller sales volumes and losses due to the exchange rate changes also weakened the operating result which resulted in the red for the first time since 2003. Salcomp's reported market share in mobile phone chargers was approximately 18%, compared to 21% in the corresponding period in 2008. A substantial part of the decrease in our reported market share comes from the effects caused by destocking by both mobile phone manufacturers and distributors. The market share is calculated based on the number of mobile phones sold to end users which, according to the estimates made by market research institutes, was some 255 million in the first quarter of the year. However, due to destocking, the actual number of chargers delivered to mobile phone manufactures was lower than the number of mobile phones sold to end users during the first quarter of 2009. In order to strengthen our competitiveness, we have already adjusted our production at the end of 2008 and continued it at the beginning of 2009 by lay-offs and lowering wages on a temporary basis, as well as reducing personnel through dismissals, among other things. According to estimates published by Salcomp's key customers and various market research companies, the mobile phone market is estimated to decrease by some 10% in 2009 compared with the 2008 level. Measured by the number of units, this would mean fewer than 1.1 billion mobile phones, and therefore, mobile phone chargers, to be sold in 2009. Simultaneously, this would mean that delivery volumes would pick up during the second part of the year compared with the first part of the year. We believe that through tight cost control and by focusing on the biggest and most significant mobile phone manufacturers we will cope in the challenging market situation, even though we estimate that our full-year net sales in 2009 will decrease compared with the 2008 level.” Financial Development in January-March 2009 Salcomp's net sales decreased by 29% in January-March to EUR 47.5 million (EUR 66.8 million in January-March 2008). The decrease resulted mainly from the number of chargers delivered declining by 26% to 46.7 million (63.5 million) pieces. The market share in mobile phone chargers weakened to approximately 18% (approximately 21%). The operating result decreased to EUR -1.0 million (EUR 4.8 million). The operating result was weakened by realized and unrealized exchange rate losses of EUR 1.0 million, a decrease in sales volumes and in average sales prices. The exchange rate differences were mainly due to intragroup receivables and payables. The exchange rate losses were related to changes between the EUR, USD and currencies in the countries where Salcomp has production. Especially, the Indian rupee weakened during the first quarter of the year against the USD. In the first quarter of the year, the operating result percentage was -2.1% (7.2%). The Group's net financial expenses were EUR 0.0 million (EUR 2.3 million). The decrease in net financial expenses was mainly due to the profit of EUR 0.3 million (loss of EUR 1.3 million) resulting from the unrealized exchange rate differences in intragroup loans, as well as due to the decline in interest expenses resulting from the drop in general interest rate level and the decrease in loan capital. Taxes for the period totaled EUR 1.0 million (EUR 0.9 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 result for the period amounted to EUR -2.0 million (EUR 1.6 million). Earnings per share were EUR -0.05 (EUR 0.04) and earnings per share, excluding the deferred tax, EUR -0.03 (EUR 0.06). Diluted earnings per share were EUR -0.05 (EUR 0.04). R&D and Capital Expenditure The Group's R&D expenditure was EUR 1.3 million (EUR 1.2 million) in January-March, or 2.7% (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. Thanks to proactive R&D, Salcomp is well positioned for the initiative made by the mobile phone manufacturers and operators at the beginning of the year, targeted to develop a universal standard for mobile phone chargers and cables based on USB charger technology. According to the initiative, USB chargers and charger cables agreeing with the new standard are to be gradually implemented as of 2012. In addition to establishing a common charger standard, another goal is to enhance energy-efficiency through lower stand-by energy consumption. Salcomp designs and manufactures several products based on USB standards and these include Salcomp's own USB chargers based on the Cosmo platform, as well as customer-specific USB chargers. Salcomp is also going to launch USB chargers based on a new Stratos charger platform in 2009. The competitive edge of these chargers is very small size, among other things. According to Salcomp's estimate, progress in the USB charger standardization process will provide Salcomp with possibilities for alternative distribution channels in the future. The capital expenditure in January-March amounted to EUR 0.2 million (EUR 1.4 million). The capital expenditure mainly involved maintaining the production capacity. Financing Cash flow from operating activities during the January-March period amounted to EUR 9.7 million negative (EUR 2.5 million negative). The cash flow from operating activities, excluding the change in selling of receivables, was EUR 11.6 million negative (EUR 3.8 million positive). In order to support the working capital development during the first quarter of the year, Salcomp sold some of its trade receivables to Nordstjernan AB, the majority shareholder of Salcomp. The value of the receivables reduced from the Salcomp balance sheet was EUR 2.7 million. The terms of the sale of receivables correspond with the terms of the sale of receivables carried out with an external financial institute. The Group's equity ratio at the end of March was 37.4% (39.3%) and gearing was 19.0% (39.0%). Net interest-bearing debt totaled EUR 12.1 million (EUR 27.2 million) at the end of the period. Decisions of the Annual General Meeting Salcomp Plc's Annual General Meeting was held on 15 April 2009 in Helsinki. The AGM approved the 2008 financial statements and discharged the CEO and Members of the Board from liability. In accordance with the Board's proposal, the AGM decided that no dividend for 2008 will be paid. The AGM decided that the number of the members of the Board of Directors remains at five. The AGM re-elected as members of the Board of Directors, until the conclusion of the 2010 Annual General Meeting, Mats Heiman as Chairman, Kari Vuorialho as Vice Chairman and Andreas Tallberg as member. Carl Engström and Jukka Rinnevaara were elected as new members. The AGM decided to leave the remuneration for the Board of Directors unchanged: 40,000 euros will be paid for the Chairman, 32,000 euros for the Vice Chairman and 25,000 euros for the members. KPMG Oy Ab, Authorized Public Accounting Firm, continues as the Company auditor and Pauli Salminen, APA, as the responsible auditor. In accordance with the Board's proposal, the AGM authorized the Board of Directors to decide on issuance of no more than 8.0 million new shares and the conveyance of no more than 3.8 million of the Company's own shares held by the Company, as well as to decide on the repurchase of the Company's own shares up to 3.8 million shares. Personnel The Group employed 7,017 (10,440) people at the end of March: 4,572 in China, 1,046 in Brazil, 1,337 in India and 62 people in Finland and other countries. The decrease in the number of personnel was due to adjusting Salcomp's operations to meet the weaker demand for the mobile phone chargers at the end of 2008 and at the beginning of 2009. Operations have been adjusted and rationalized at all Salcomp's production plants and in the headquarters in Finland. Shares and Shareholders Salcomp's share price fluctuated between EUR 1.15 and EUR 1.90 during January-March. The closing price at the end of March was EUR 1.16. Share trading amounted to EUR 0.3 million and 0.2 million shares. According to the book-entry system, Salcomp had 1,106 shareholders at the end of March. Foreign ownership at the end of March was 77.1% and the market value EUR 45.2 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 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 substantial 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 10% during 2009, compared with 2008. Measured by the number of units, this would mean fewer than 1.1 billion mobile phones, and therefore, mobile phone chargers, to be sold in 2009. According to the estimates, the decrease in the sales volumes of the mobile phones chargers will be stronger in the first half of the year than in the second half of the year. Salcomp's net sales in 2009 are expected to decrease compared with the 2008 level. Due to the current uncertain market conditions, no guidance for the 2009 profitability is given. Helsinki, 8 May 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 A Finnish telephone conference for analysts and media will be held on 8 May 2009 at 11:00 a.m. Finnish time, tel. +358 206 99121, meeting code 464327#. 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. -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE INCOME | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 47 533 | 66 834 | -28.9% | 283 250 | -------------------------------------------------------------------------------- | Cost of sales | -44 659 | -58 201 | -23.3% | -253 832 | -------------------------------------------------------------------------------- | Gross margin | 2 874 | 8 633 | -66.7% | 29 418 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other operating income | 3 | 88 | -96.6% | 220 | -------------------------------------------------------------------------------- | Sales and marketing | -488 | -578 | -15.6% | -2 455 | | expenses | | | | | -------------------------------------------------------------------------------- | Administrative expenses | -2 113 | -2 122 | -0.4% | -9 314 | -------------------------------------------------------------------------------- | Research and development | -1 257 | -1 236 | 1.7% | -5 754 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating expenses | 0 | 0 | | -23 | -------------------------------------------------------------------------------- | Operating result | -981 | 4 785 | -120.5% | 12 092 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finance income | 335 | 199 | 68.3% | 441 | -------------------------------------------------------------------------------- | Finance expenses | -338 | -2 458 | -86.2% | -6 962 | -------------------------------------------------------------------------------- | Result before tax | -984 | 2 526 | -139.0% | 5 571 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -1 000 | -935 | 7.0% | -4 497 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Result for the period | -1 984 | 1 591 | -224.7% | 1 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | income for the period | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 1 657 | -680 | -343.7% | -565 | | translating foreign | | | | | | operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | 1 657 | -680 | -343.7% | -565 | | income for the period, | | | | | | net of tax | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | -327 | 911 | -135.9% | 509 | | INCOME FOR THE PERIOD | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per | -0.05 | 0.04 | -224.7% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | -0.05 | 0.04 | -224.7% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | Change % | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 22 175 | 23 491 | -5.6% | 22 559 | | equipment | | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | 66 412 | -------------------------------------------------------------------------------- | Other intangible | 408 | 536 | -23.9% | 397 | | assets | | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 3 043 | 3 183 | -4.4% | 3 057 | -------------------------------------------------------------------------------- | | 92 038 | 93 622 | -1.7% | 92 425 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 26 977 | 28 194 | -4.3% | 29 531 | -------------------------------------------------------------------------------- | Trade and other | 32 770 | 44 946 | -27.1% | 30 637 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash and cash | 18 123 | 10 579 | 71.3% | 26 590 | | equivalents | | | | | -------------------------------------------------------------------------------- | | 77 870 | 83 719 | -7.0% | 86 758 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total assets | 169 908 | 177 341 | -4.2% | 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 | 31 726 | 37 755 | -16.0% | 31 911 | -------------------------------------------------------------------------------- | | 63 594 | 69 623 | -8.7% | 63 779 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax | 15 565 | 12 762 | 22.0% | 14 861 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital loan | 3 000 | 0 | | 3 000 | -------------------------------------------------------------------------------- | Interest-bearing | 15 329 | 28 344 | -45.9% | 15 329 | | liabilities | | | | | -------------------------------------------------------------------------------- | Provisions | 0 | 40 | -100.0% | 0 | -------------------------------------------------------------------------------- | | 33 894 | 41 146 | -17.6% | 33 190 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 60 515 | 57 167 | 5.9% | 70 309 | | payables | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 11 905 | 9 405 | 26.6% | 11 905 | | current liabilities | | | | | -------------------------------------------------------------------------------- | | 72 420 | 66 572 | 8.8% | 82 214 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total equity and | 169 908 | 177 341 | -4.2% | 179 183 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | -680 | 1 591 | 911 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | | | | 71 | 71 | | | costs | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 9 833 | 22 035 | -899 | 38 654 | 69 623 | | March 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 Jan | 9 833 | 22 035 | -784 | 32 695 | 63 779 | | 2009 | | | | | | -------------------------------------------------------------------------------- | | Total | | | 1 657 | -1 984 | -327 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | | | | 142 | 142 | | | costs | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 9 833 | 22 035 | 873 | 30 853 | 63 594 | | March 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOWS | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 452 | 6 099 | -92.6% | 17 664 | | working capital | | | | | -------------------------------------------------------------------------------- | Change in working capital | -9 427 | -7 952 | 18.5% | 16 785 | -------------------------------------------------------------------------------- | Financial items and taxes | -761 | -636 | 19.7% | -3 028 | -------------------------------------------------------------------------------- | Net cash flow from | -9 736 | -2 489 | 291.2% | 31 421 | | operating activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Purchases | -193 | -833 | -76.8% | -5 311 | -------------------------------------------------------------------------------- | Sales | 0 | 44 | -100.0% | 98 | -------------------------------------------------------------------------------- | Cash flows from investing | -193 | -789 | -75.5% | -5 213 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash flow before financing | -9 929 | -3 278 | 202.9% | 26 208 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Withdrawal of borrowings | 0 | 0 | | 3 000 | -------------------------------------------------------------------------------- | Repayment of borrowings | 0 | -198 | -100.0% | -10 964 | -------------------------------------------------------------------------------- | Dividends | 0 | 0 | | -5 846 | -------------------------------------------------------------------------------- | Net cash flow from | 0 | -198 | -100.0% | -13 810 | | financing activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Change in cash and cash | -9 929 | -3 476 | 185.6% | 12 398 | | equivalents | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26 590 | 14 611 | 82.0% | 14 611 | | at the beginning of the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Translation difference | 1 462 | -556 | -362.9% | -419 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18 123 | 10 579 | 71.3% | 26 590 | | at the end of the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 46.7 | 63.5 | -26.4% | 271.2 | -------------------------------------------------------------------------------- | Average sales price, | 1.02 | 1.05 | -2.9% | 1.04 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 47.5 | 66.8 | -28.9% | 283.3 | -------------------------------------------------------------------------------- | EBITDA, MEUR | 0.3 | 6.1 | -95.1% | 17.3 | -------------------------------------------------------------------------------- | EBITDA%, % | 0.6% | 9.1% | | 6.1% | -------------------------------------------------------------------------------- | Operating result, | -1.0 | 4.8 | -120.8% | 12.1 | | MEUR | | | | | -------------------------------------------------------------------------------- | Operating result | -2.1% | 7.2% | | 4.3% | | percentage, % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | -0.05 | 0.04 | -225.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | -0.05 | 0.04 | -225.0% | 0.03 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0.03 | 0.06 | -150.0% | 0.10 | | excluding deferred | | | | | | tax, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, | 1.63 | 1.79 | -8.9% | 1.64 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | -12.5% | 9.2% | | 1.6% | -------------------------------------------------------------------------------- | Return on capital | -2.8% | 18.6% | | 12.1% | | employed, % | | | | | -------------------------------------------------------------------------------- | Return on net | -22.7% | 51.4% | | 51.1% | | assets, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 37.4% | 39.3% | | 35.6% | -------------------------------------------------------------------------------- | Gearing, % | 19.0% | 39.0% | | 5.7% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, | 0.2 | 1.4 | -86.2% | 5.3 | | MEUR | | | | | -------------------------------------------------------------------------------- | Capital expenditure, | 0.4% | 2.1% | | 1.9% | | % of net sales | | | | | -------------------------------------------------------------------------------- | Personnel on average | 6 833 | 9 989 | -31.6% | 9 872 | -------------------------------------------------------------------------------- | Personnel at the end | 7 017 | 10 440 | -32.8% | 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 | 37 719 971 | 39 076 016 | | 38 995 089 | | shares on average | | | | | -------------------------------------------------------------------------------- | Highest share price, | 1.9 | 4.17 | | 4.17 | | EUR | | | | | -------------------------------------------------------------------------------- | Lowest share price, | 1.15 | 3.15 | | 1.45 | | EUR | | | | | -------------------------------------------------------------------------------- | Average share price, | 1.53 | 3.63 | | 3.33 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 0.2 | 6.1 | | 12.2 | -------------------------------------------------------------------------------- | Traded shares, MEUR | 0.3 | 22.1 | | 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. -------------------------------------------------------------------------------- | LIABILITIES | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | Change % | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own dept | | | | | -------------------------------------------------------------------------------- | | Company and real | 170 000 | 170 000 | 0.0% | 170 000 | | | estate mortgages | | | | | -------------------------------------------------------------------------------- | | Others | 5 | 195 | -97.4% | 5 | -------------------------------------------------------------------------------- | Leasing and rental | 9 630 | 9 636 | -0.1% | 10 044 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 179 635 | 179 831 | -0.1% | 180 049 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- | | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ | 4/08-3/0 | | | 09 | 08 | 08 | 08 | 08 | 9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, | 46 753 | 62 532 | 73 584 | 71 598 | 63 451 | 254 467 | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 47 533 | 69 548 | 74 755 | 72 113 | 66 834 | 263 949 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | -981 | 1 726 | 2 413 | 3 168 | 4 785 | 6 326 | | result, kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | -2.1% | 2.5% | 3.2% | 4.4% | 7.2% | 2.4% | | result | | | | | | | | percentage, % | | | | | | | -------------------------------------------------------------------------------- | Average sales | 1.02 | 1.11 | 1.02 | 1.01 | 1.05 | 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 not granted option rights to Group key personnel during the financial year. The share based incentives are conditional. The vesting conditions are based on that the total shareholder return is at least 8 % per annum (relating to symbols 2007A and 2007B). 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 | | granted | | | | | during the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Options | -40 000 | -35 000 | 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 | | -------------------------------------------------------------------------------- | Exercise | 2.88 | 3.40 | | | price | | | | -------------------------------------------------------------------------------- | Share price | 3.51 | 3.79 | | | at grant date | | | | -------------------------------------------------------------------------------- | The fair | 1.44 | 1.44 | | | value of | | | | | option at | | | | | grant date | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY INFORMATION | | (EUR 1 000) | -------------------------------------------------------------------------------- | Related party | 1-3/2009 | 1-3/2008 | Change % | 31.12.2008 | | transactions with | | | | | | Nordstjernan AB | | | | | -------------------------------------------------------------------------------- | Capital loan | 3 000 | 0 | 0 | 3 000 | -------------------------------------------------------------------------------- | Sales of receivables | 2 685 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital loan terms are represented in the Annual Report 2008. | -------------------------------------------------------------------------------- CALCULATION OF FINANCIAL RATIOS Average personnel: Average of the amount of personnel at end of each month Return on equity (%) = Result for the period x 100 : Equity on average Return on capital employed (%) = (Result before tax + interest charges and other financial expenses) x 100 : (Balance sheet total less interest-free debt (on average)) Return on net assets (%) = Operating result 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 = Result 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 = Result for the period : Weighted average number of shares outstanding during the period, adjusted for the share issue
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