2010-02-11 07:32:00 CET
2010-02-11 07:32:06 CET
REGLAMENTUOJAMA INFORMACIJA
Salcomp Oyj - Financial Statement Release
NET SALES AND OPERATING PROFIT FOR THE FINANCIAL YEAR WEAKENED - MARKET SHARE IN MOBILE PHONE CHARGERS DECLINED BY ONE PERCENTAGE UNIT
Salcomp Plc Financial Statements Release 11 February 2010 at 08:15 Finnish time Salcomp Plc Financial Statements Release 2009 NET SALES AND OPERATING PROFIT FOR THE FINANCIAL YEAR WEAKENED - MARKET SHARE IN MOBILE PHONE CHARGERS DECLINED BY ONE PERCENTAGE UNIT October - December 2009: -Net sales decreased by 10% to EUR 62.7 million (EUR 69.5 million in October-December 2008). -Number of chargers delivered increased by 12% to 69.8 million pieces (62.5 million pieces). -Market share in mobile phone chargers was some 21% (20%). -Operating profit improved by 76% to EUR 3.0 million (EUR 1.7 million). -Operating profit, excluding the exchange rate gains/losses, was EUR 2.8 million (EUR 3.0 million). -Earnings per share, excluding the deferred tax, improved to EUR 0.07 (EUR -0.03). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 6.1 million positive (EUR 26.2 million positive). January - December 2009: -Net sales decreased by 16% to EUR 239.5 million (EUR 283.3 million in 2008). -Number of chargers delivered decreased by 10% to 243.3 million pieces (271.2 million pieces). -Market share in mobile phone chargers was some 21% (22%). -Operating profit weakened by 16% to EUR 10.2 million (EUR 12.1 million). -Operating profit, excluding the exchange rate gains/losses, was EUR 10.0 million (EUR 17.5 million). -Earnings per share, excluding the deferred tax, doubled to EUR 0.20 (EUR 0.10). -Group's net interest-bearing debt was EUR 0.2 million (EUR 3.6 million). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 4.2 million positive (EUR 39.2 million positive). -Cash and cash equivalents at the end of the period were EUR 18.9 million (EUR 26.6 million). Outlook for 2010: -Both Salcomp's net sales and operating profit in 2010 are expected to improve compared with the 2009 level. Markku Hangasjärvi, President and CEO: ”The global financial crisis had a significant influence on the mobile phone sales in the beginning of 2009. The mobile phone market decreased by some 12% in the first half of the year. However, in the second half, the mobile phone market was flat compared with the 2008 level. The total decline in the mobile phone market was some 6% in 2009. The number of chargers sold by Salcomp decreased by some 10% during 2009, and our market share in mobile phone chargers declined by one percentage unit to some 21%. Charger demand picked up in the second half of 2009, and the number of chargers sold exceeded the number sold in the second half of 2008. Due to the drop in average sales prices, our net sales decreased by some 16% in 2009. I am satisfied that we could quickly react to the change in the market situation and maintain our profitability at a satisfactory level, excluding the first quarter of the year. Measures in order to adjust operations to the weaker demand, tight cost control and actions to minimize the impacts of the changes in exchange rates succeeded, and the positive influence could be seen in our figures. In 2010, the mobile phone market is estimated to grow compared with the 2009 level. Measured by the number of units, this would mean approximately 1.2 billion mobile phones and, therefore, mobile phone chargers to be sold in 2010. Our strategic target is to further broaden the customer base in the mobile phone segment and also achieve add-on growth from other selected medium power range charger groups. In 2009, we introduced new Stratos and Nova product platforms and opened offices in Taiwan, Japan and the USA. Strengthening the geographical presence and new platforms are a good start for broadening the product portfolio and customer base.” Financial development in October - December 2009 In the last quarter of the year, Salcomp's net sales decreased by 10% to EUR 62.7 million (EUR 69.5 million in October-December 2008). Instead, the number of chargers delivered increased by 12% to 69.8 million (62.5 million) pieces. According to estimates of market research companies and Salcomp, some 329 million mobile phones were sold during the last quarter of the year, which is, according to Salcomp's estimate, some 8% more than during the last quarter of 2008. Salcomp's market share in mobile phone chargers was approximately 21% (approximately 20%). Salcomp's operating profit improved by 76 % to EUR 3.0 million (EUR 1.7 million). Operating profit was improved by realized and unrealized exchange rate gains of EUR 0.2 million and a decrease in fixed costs, whereas lower average sales prices weakened the operating profit. The operating profit in the comparison period in October-December 2008 was decreased by a sharp decline in sales volumes, realized and unrealized exchange rate losses of EUR 1.3 million, as well as some EUR 0.8 million costs related to the production adjustment measures. The operating margin in October-December 2009 was 4.8% (2.5%). The Group's net finance expenses were EUR 0.2 million (EUR 2.6 million). The finance expenses for the last quarter of the year include EUR 0.3 million of gains (EUR 1.4 million of losses) due to the exchange rate differences in intragroup loans. Taxes for the quarter totaled EUR 0.5 million (EUR 0.9 million). They include a deferred tax of EUR 0.3 million (EUR 0.8 million) resulting from the parent company's tax-deductible goodwill amortization. The goodwill was fully amortized in October 2009. The profit for the period during the last quarter amounted to EUR 2.4 million (EUR -1.8 million). Earnings per share were EUR 0.06 (EUR -0.05) and earnings per share, excluding the deferred tax, EUR 0.07 (EUR -0.03). Diluted earnings per share were EUR 0.07 (EUR -0.05). Cash flow from operating activities amounted to EUR 6.2 million positive (EUR 26.4 million positive). Cash flow from operating activities decreased compared with the previous financial year mainly due to the change in working capital. The cash flow from operating activities, excluding the change in selling of receivables, was EUR 6.1 million positive (EUR 26.2 million positive). FINANCIAL YEAR 2009 Business environment The mobile phone market continuously grew from 2001 until the second half of 2008, when the global financial crisis started to impact on the consumer demand, and therefore also on the mobile phone sales. The same development continued during 2009. According to the estimates of market research companies and Salcomp, the mobile phone market decreased by some 6% in 2009, meaning that some 1.14 billion mobile phones, and therefore, mobile phone chargers, were sold. The mobile phone market decreased in the first half of the year, whereas in the second half of the year a picking up in the demand could already be seen. The market share of Salcomp's main customers, the top-5 mobile phone manufacturers, was relatively flat compared to 2008, at slightly below 80%. The standardization of charger technologies, a topical issue for several years already, proceeded during 2009 as several related organizations and associations announced their commitment to the universal, USB technology-based charger standard. The universal charger standard is estimated to have only minor impacts on the development of the mobile phone charger market in the short run. The universal charger standard will have the initial impact probably on the high-end and replacement phones, as it is possible that the charger will be left out from these phone kits earlier than from the kits of low-end and first-time-purchased phones. On the other hand, the sales of the accessory chargers are estimated to grow. Net sales In 2009, the Group's net sales decreased by 16% and were EUR 239.5 million (EUR 283.3 million in 2008). The number of chargers delivered decreased by 10% to 243.3 million (271.2 million) pieces. The market share in mobile phone chargers was some 21% (some 22%) in 2009. Result The Group's operating profit weakened by 16% to EUR 10.2 million (EUR 12.1 million). The operating profit was weakened due to the decline in sales volumes and changes in product mix consisting of lower margin products, especially during the first half of the year, as well as the drop in average sales prices. Salcomp succeeded to maintain the profitability at a satisfactory level due to increase in productivity and cut in fixed costs. Operating profit in the comparison year 2008 was weakened by the production adjustment measures, especially at the end of the year, as well as significant realized and unrealized exchange rate losses of some EUR 5.4 million mainly during the second half of the year. The operating margin in 2009 was 4.3% (4.3%). The Group's net finance expenses were EUR 1.1 million (EUR 6.5 million). The finance expenses for the period include EUR 1.0 million of gains (EUR 3.3 million of losses) due to the exchange rate differences in intragroup loans. Taxes for the period totaled EUR 3.9 million (EUR 4.5 million). They include a deferred tax of EUR 2.5 million (EUR 3.0 million) resulting from the parent company's tax-deductible goodwill amortization. The goodwill was fully amortized in October 2009. Salcomp's profit for the period in 2009 totaled EUR 5.3 million (EUR 1.1 million). Earnings per share were EUR 0.13 (EUR 0.03) and earnings per share, excluding the deferred tax, amounted to EUR 0.20 (EUR 0.10). Diluted earnings per share were EUR 0.14 (EUR 0.03). R&D The Group's R&D expenditure was EUR 5.3 million (EUR 5.8 million) during the financial year, or 2.2% (2.0%) of net sales. At the end of the year, 160 people (155 people) worked in R&D. R&D focused on developing new products for current and new customers, and constant improvement in the cost structure of existing products. In addition, R&D focused on developing Salcomp's own product platforms, and Salcomp introduced three new platforms during 2009. In the Multiplug charger platform the country models are replaced by interchangeable mains plugs. The mains plug can be easily changed without tools, and this enables the use of the same charger in different countries. Chargers produced according to the Stratos platform are very small USB chargers, and they are suitable for charging mobile phones, Bluetooth headsets and media players. The charger has no fixed charging cable, but the cable can be delivered or bought separately. The Nova platform, introduced during the summer, broadens Salcomp's product range to products which require more powerful power adapters, such as data communications and point-of-sales devices, as well as netbooks. Capital expenditure Capital expenditure during the financial year amounted to EUR 1.6 million (EUR 5.3 million). The capital expenditure mainly involved maintaining the production capacity. Financing Cash flow from operating activities during the financial year amounted to EUR 3.2 million positive (EUR 31.4 million positive). Cash flow from operating activities decreased compared with the previous financial year mainly due to the change in working capital. The cash flow from operating activities, excluding the change in selling of receivables, was EUR 4.2 million positive (EUR 39.2 million positive). Cash and cash equivalents at the end of the year were EUR 18.9 million (EUR 26.6 million). The Group's equity ratio at the end of the year was 44.9% (35.6%) and gearing was 0.3% (5.7%). Net interest-bearing debt totaled EUR 0.2 million (EUR 3.6 million) at the end of the year. 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 corresponded with the terms of the sale of receivables carried out with an external financial institute. 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 loan of EUR 20 million, agreed with the Nordea Bank, can be further syndicated and consists of a EUR 10 million term loan and a EUR 10 million revolving credit facility. The loan period is 3 years. The facilities contain market customary covenants and undertakings. The capital loan of EUR 7 million is a capital loan in accordance with chapter 12 of the Finnish Companies Act and is granted by Nordstjernan AB, the majority shareholder of Salcomp. The loan carries a cumulative annual interest of 12 per cent, and it will be repaid together with accrued interest, at the latest, on 31 December 2012, subject to legal limitations pertaining to capital loans. In addition, terms of the capital loan granted by Nordstjernan at the end of 2008 were changed to correspond with the terms of the new capital loan. The capital loans include normal terms related to the financing. The matters pertaining to the capital loans were prepared by the members of the Board of Directors who are independent of the significant shareholders. Environment and quality The management of Salcomp's environmental and quality issues is based on the Group's environmental and quality policies, development programs and guidelines, as well as its risk management strategy. The focus in the management of environmental and quality issues is to minimize and prevent the effects on the environment and people. The total amount of harmful chemicals used in production is small, and no harmful emissions are caused by the processes. The Group's production plants are ISO 14001 and ISO 9001 certified. In addition, Salcomp has the environmental permits required for its operations. In addition to Salcomp's own quality and environmental control, customers and authorities regularly conduct quality and environmental audits, and the results of the audits are used for constant development of the processes. In 2009, Salcomp concentrated on improving the energy-efficiency and lowering the stand-by power of chargers. In addition, attention was focused on decreasing electricity consumption and carbon dioxide emissions of the production plants. Salcomp's chargers have the right to use the international Energy Star energy-efficiency labeling, and Salcomp is also committed to the European CoC Energy Efficiency Standard. The calculation principles of the green house gas emissions are determined according to the Green House Gas Protocol. Personnel and management The number of Group personnel at the end of the year totaled 7,900 (7,025): 4,361 were employed in China, 1,312 in Brazil, 2,177 in India, 50 in Finland and other countries. During 2009, operations were adjusted and rationalized at the headquarters in Finland, as well as in all Salcomp's production plants by reducing working shifts, temporary salary cuts, lay-offs and by decreasing personnel through dismissals. Salcomp's President and CEO during the financial year was Markku Hangasjärvi. Other Managements Team members were Hannu Hyrsylä (Sourcing), Pekka Kyyriäinen (Operations, since 1 January 2009), Niilo Oksa (Human Resources), Antero Palo (Sales & Marketing), Juha Raussi (R&D) and Jari Saarinen (CFO, since 25 January 2009). Markku Saarikannas, Vice President, Strategic Planning, resigned from Salcomp in 2009. In 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, manages sales and customer service in Japan and consists of one person at the initial stage. In December, Salcomp opened a sales office in the USA. Shares and shareholders Salcomp's registered share capital amounts to EUR 9,832,735.12, divided into 38,975,190 fully paid shares. The company has one series of shares, and all the shares entitle the shareholder to equal rights in the company. Salcomp's share price fluctuated between EUR 1.15 and EUR 1.99 during the financial period. The average share price during the year was EUR 1.60, and the closing price at the end of the year was EUR 1.95. Share trading amounted to EUR 3.1 million and 1.9 million shares. According to the book-entry system, Salcomp had 1,104 shareholders at the end of the year. Foreign ownership at the end of the year was 78.6% and the market value EUR 76.0 million. Based on the decision of the AGM 2007, Salcomp's Board of Directors decided in August to grant stock options 2007C to the Group's key employees. A total of 637,500 option rights 2007C were distributed to 53 of Salcomp's key employees. At the end of 2009, Salcomp's key personnel held a total of 497,500 option rights 2007A, 545,000 option rights 2007B and 627,500 option rights 2007C. The rest of the stock options, 160,000 option rights 2007A, 137,500 option rights 2007B, and 80,000 option rights 2007C were granted to Salcomp Manufacturing Oy. 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, and elected Carl Engström and Jukka Rinnevaara as new members. The AGM decided to leave the remuneration for the Board of Directors unchanged: EUR 40,000 for the Chairman, EUR 32,000 for the Vice Chairman and EUR 25,000 for the members. KPMG Oy Ab, Authorized Public Accounting Firm, continues as the Company auditor and Pauli Salminen, APA, as the responsible auditor. The AGM authorized the Board of Directors to decide on issuance of no more than 11.8 million shares, of which 3.8 million shares can be own shares held by the Company. Furthermore, the AGM decided to authorize the Board of Directors to repurchase no more than 3.8 million of the Company's own shares using the funds in the Company's invested unrestricted equity. The authorizations are valid until the next Annual General Meeting; however, no longer than until 30 June 2010. The authorizations have not been used. 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-type 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 short-term uncertainty factors, 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. Events after the reporting period There are no events after the reporting date which would have an influence on the Financial Statements. The Board's proposal for profit distribution The Board of Directors has adopted dividend principles whereby the Board intends to annually propose to the General Meeting of Shareholders that no more than one-third of the Group's average long-term result be distributed as dividends, provided that the growth requirements stated in the company strategy are not jeopardized. The amount of future dividend, if any, will be subject to the company's future result, its financial position, cash flow, working capital needs, capital expenditure, terms and conditions of financial agreements and covenants among other factors. The Board will propose to the Annual General Meeting of Shareholders that no dividend for 2009 will be distributed. Repayment of capital to shareholders The Board of Directors will propose to the Annual General Meeting of Shareholders that repayment of capital of a total of EUR 2,728,263.3 and EUR 0.07 per share will be distributed to the shareholders from the Company's invested unrestricted equity. The repayment of capital decided by the Annual General Meeting will be distributed to those shareholders that on the record date, 29 March 2010, are registered in the shareholders' register held by Euroclear Finland Ltd. Outlook for 2010 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 during 2010, compared with 2009. Measured by the number of units, this would mean approximately 1.2 billion mobile phones and, therefore, mobile phone chargers, to be sold in 2010. Both Salcomp's net sales and operating profit in 2010 are expected to improve compared with the 2009 level. Helsinki 11 February 2010 Board of Directors Further information: Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114 Jari Saarinen, CFO, tel. +358 40 500 4206 The briefing for analysts and media will be held on 11 February 2010 at 11:00 Finnish time at Sokos Hotel Vaakuna, Asema-aukio 2, Helsinki. Salcomp's Annual Report 2009 will be published in March during week 10 and the Interim Report for January-March on 18 May 2010. Salcomp Plc's Consolidated Financial Statements Release has been prepared in accordance with the international financial accounting standard IAS 34, Interim Reports. The year-level information in this Financial Statements Release is based on the audited Financial Statements. -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-12/ | 1-12/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 239 455 | 283 250 | -15.5% | -------------------------------------------------------------------------------- | Cost of sales | -213 167 | -253 832 | -16.0% | -------------------------------------------------------------------------------- | Gross margin | 26 288 | 29 418 | -10.6% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other operating income | 90 | 220 | -59.1% | -------------------------------------------------------------------------------- | Sales and marketing | -2 063 | -2 455 | -16.0% | | expenses | | | | -------------------------------------------------------------------------------- | Administrative expenses | -8 685 | -9 314 | -6.8% | -------------------------------------------------------------------------------- | Research and development | -5 283 | -5 754 | -8.2% | | expenses | | | | -------------------------------------------------------------------------------- | Other operating expenses | -131 | -23 | 469.6% | -------------------------------------------------------------------------------- | Operating profit | 10 216 | 12 092 | -15.5% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finance income | 1 228 | 441 | 178.5% | -------------------------------------------------------------------------------- | Finance expenses | -2 325 | -6 962 | -66.6% | -------------------------------------------------------------------------------- | Profit before tax | 9 119 | 5 571 | 63.7% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -3 861 | -4 497 | -14.1% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit for the period | 5 258 | 1 074 | 389.6% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | | for the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Currency translation | 3 069 | -565 | - | | differences for foreign | | | | | operations | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | 3 069 | -565 | - | | income for the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | 8 327 | 509 | 1 536.0% | | FOR THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.13 | 0.03 | 349.7% | -------------------------------------------------------------------------------- | Diluted earnings per share, | 0.14 | 0.03 | 366.7% | | EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 10-12/ | 10-12/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 62 699 | 69 548 | -9.8% | -------------------------------------------------------------------------------- | Cost of sales | -55 522 | -63 034 | -11.9% | -------------------------------------------------------------------------------- | Gross margin | 7 177 | 6 514 | 10.2% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other operating income | 68 | 5 | 1 260.0% | -------------------------------------------------------------------------------- | Sales and marketing | -548 | -669 | -18.1% | | expenses | | | | -------------------------------------------------------------------------------- | Administrative expenses | -2 325 | -2 572 | -9.6% | -------------------------------------------------------------------------------- | Research and development | -1 318 | -1 529 | -13.8% | | expenses | | | | -------------------------------------------------------------------------------- | Other operating expenses | -22 | -23 | -4.3% | -------------------------------------------------------------------------------- | Operating profit | 3 032 | 1 726 | 75.7% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Finance income | 521 | 51 | 921.6% | -------------------------------------------------------------------------------- | Finance expenses | -724 | -2 617 | -72.3% | -------------------------------------------------------------------------------- | Profit before tax | 2 829 | -840 | - | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -470 | -940 | -50.0% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit for the period | 2 359 | -1 780 | - | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | | | | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Currency translation | 732 | -1 687 | - | | differences for foreign | | | | | operations | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total other comprehensive | 732 | -1 687 | - | | income for the period, net of | | | | | tax | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR | 3 091 | -3 467 | - | | THE PERIOD | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 0.06 | -0.05 | - | -------------------------------------------------------------------------------- | Diluted earnings per share, EUR | 0.07 | -0.05 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL POSITION | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.12.2009 | 31.12.2008 | Change % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and | 19 886 | 22 559 | -11.8% | | equipment | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | -------------------------------------------------------------------------------- | Other intangible assets | 405 | 397 | 2.0% | -------------------------------------------------------------------------------- | Deferred tax assets | 3 180 | 3 057 | 4.0% | -------------------------------------------------------------------------------- | | 89 883 | 92 425 | -2.8% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 20 329 | 29 531 | -31.2% | -------------------------------------------------------------------------------- | Trade and other receivables | 32 623 | 30 637 | 6.5% | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18 872 | 26 590 | -29.0% | -------------------------------------------------------------------------------- | | 71 824 | 86 758 | -17.2% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total assets | 161 707 | 179 183 | -9.8% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | -------------------------------------------------------------------------------- | Share capital | 9 833 | 9 833 | 0.0% | -------------------------------------------------------------------------------- | Invested unrestricted equity | 22 035 | 22 035 | 0.0% | -------------------------------------------------------------------------------- | Retained earnings | 40 741 | 31 911 | 27.7% | -------------------------------------------------------------------------------- | | 72 609 | 63 779 | 13.8% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 17 313 | 14 861 | 16.5% | -------------------------------------------------------------------------------- | Capital loan | 10 000 | 3 000 | 233.3% | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 5 882* | 15 329 | -61.6% | -------------------------------------------------------------------------------- | | 33 195 | 33 190 | 0.0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 52 671 | 70 309 | -25.1% | -------------------------------------------------------------------------------- | Interest-bearing current | 3 232 | 11 905 | -72.9% | | liabilities | | | | -------------------------------------------------------------------------------- | | 55 903 | 82 214 | -32.0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 161 707 | 179 183 | -9.8% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *includes EUR 1 million of revolving credit | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | | (EUR 1 000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Invested | Transla | Retained | Total | | | | capital | unrestrict | tion | earnings | equity | | | | | ed equity | differe | | | | | | | | nces | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity on 1 Jan 2008 | 9 833 | 22 035 | -219 | 36 992 | 68 641 | -------------------------------------------------------------------------------- | | Total | 0 | 0 | -565 | 1 073 | 508 | | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option costs | 0 | 0 | 0 | 476 | 476 | -------------------------------------------------------------------------------- | | Dividends | 0 | 0 | 0 | -5 846 | -5 846 | -------------------------------------------------------------------------------- | Equity on 31 Dec | 9 833 | 22 035 | -784 | 32 695 | 63 779 | | 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity on 1 Jan 2009 | 9 833 | 22 035 | -784 | 32 695 | 63 779 | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 3 069 | 5 258 | 8 327 | | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option costs | 0 | 0 | 0 | 503 | 503 | -------------------------------------------------------------------------------- | Equity on 31 Dec | 9 833 | 22 035 | 2 285 | 38 456 | 72 609 | | 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | | | | | FLOWS | | | | | (EUR 1 000) | | | | -------------------------------------------------------------------------------- | | 1-12/ | 1-12/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 15 535 | 17 664 | -12.1% | | working capital | | | | -------------------------------------------------------------------------------- | Change in working capital | -10 521 | 16 785 | - | -------------------------------------------------------------------------------- | Financial items and taxes | -1 852 | -3 028 | -38.8% | -------------------------------------------------------------------------------- | Net cash flow from operating | 3 162 | 31 421 | -89.9% | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Purchases | -1 592 | -5 311 | -70.0% | -------------------------------------------------------------------------------- | Sales | 64 | 98 | -34.7% | -------------------------------------------------------------------------------- | Cash flow from investing | -1 528 | -5 213 | -70.7% | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash flow before financing | 1 634 | 26 208 | -93.8% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Withdrawal of borrowings | 27 000 | 3 000 | 800.0% | -------------------------------------------------------------------------------- | Repayment of borrowings | -38 092 | -10 964 | 247.4% | -------------------------------------------------------------------------------- | Dividends | 0 | -5 846 | -100.0% | -------------------------------------------------------------------------------- | Net cash flow from financing | -11 092 | -13 810 | -19.7% | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and cash | -9 458 | 12 398 | - | | equivalents | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26 590 | 14 611 | 82.0% | | at the beginning of the period | | | | -------------------------------------------------------------------------------- | Translation difference | 1 740 | -419 | - | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18 872 | 26 590 | -29.0% | | at the end of the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | -------------------------------------------------------------------------------- | | 1-12/ | 1-12/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 243.3 | 271.2 | -10.3% | -------------------------------------------------------------------------------- | Average sales price, EUR | 0.98 | 1.04 | -5.8% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 239.5 | 283.3 | -15.5% | -------------------------------------------------------------------------------- | EBITDA, MEUR | 15.1 | 17.3 | -12.8% | -------------------------------------------------------------------------------- | EBITDA%, % | 6.3% | 6.1% | | -------------------------------------------------------------------------------- | Operating profit, MEUR | 10.2 | 12.1 | -15.5% | -------------------------------------------------------------------------------- | Operating margin, % | 4.3% | 4.3% | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per share, | 0.13 | 0.03 | 371.8% | | EUR | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.14 | 0.03 | 366.7% | | share, EUR | | | | -------------------------------------------------------------------------------- | Earnings per share | 0.2 | 0.1 | 100.0% | | excluding deferred tax, | | | | | EUR | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 1.86 | 1.64 | 13.4% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | 7.7% | 1.6% | | -------------------------------------------------------------------------------- | Return on capital | 12.3% | 12.1% | | | employed, % | | | | -------------------------------------------------------------------------------- | Return on net assets, % | 61.2% | 51.1% | | -------------------------------------------------------------------------------- | Equity ratio, % | 44.9% | 35.6% | | -------------------------------------------------------------------------------- | Gearing, % | 0.3% | 5.7% | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, MEUR | 1.6 | 5.3 | -70.0% | -------------------------------------------------------------------------------- | Capital expenditure, % of | 0.7% | 1.9% | | | net sales | | | | -------------------------------------------------------------------------------- | Personnel on average | 7 312 | 9 872 | -25.9% | -------------------------------------------------------------------------------- | Personnel at the end of | 7 900 | 7 025 | 12.5% | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares on | 38 975 190 | 38 975 190 | | | average | | | | -------------------------------------------------------------------------------- | Number of shares at the | 38 975 190 | 38 975 190 | | | end of period | | | | -------------------------------------------------------------------------------- | Diluted number of shares | 38 187 925 | 38 995 089 | | | on average | | | | -------------------------------------------------------------------------------- | Highest share price, EUR | 1.99 | 4.17 | | -------------------------------------------------------------------------------- | Lowest share price, EUR | 1.15 | 1.45 | | -------------------------------------------------------------------------------- | Average share price, EUR | 1.60 | 3.33 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 1.9 | 12.2 | | -------------------------------------------------------------------------------- | Traded shares, MEUR | 3.1 | 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. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | | (EUR 1 000) | | | | -------------------------------------------------------------------------------- | | 1-12/ | 1-12/ | Change | | | 2009 | 2008 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own dept | | | | -------------------------------------------------------------------------------- | | Company collateral | 82 000 | 170 000 | -51.8% | -------------------------------------------------------------------------------- | | Others | 5 | 5 | 0.0% | -------------------------------------------------------------------------------- | Leasing and rental liabilities | 7 359 | 10 044 | -26.7% | -------------------------------------------------------------------------------- | | 89 364 | 180 049 | -50.4% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 10-12/0 | 7-9/09 | 4-6/09 | 1-3/09 | 10-12/08 | 7-9/08 | | | 9 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold | 69 817 | 68 040 | 58 662 | 46 753 | 62 532 | 73 584 | | chargers, | | | | | | | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 62 699 | 68 078 | 61 145 | 47 533 | 69 548 | 74 755 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 3 032 | 4 385 | 3 780 | -981 | 1 726 | 2 413 | | profit, kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 4.8% | 6.4% | 6.1% | -2.1% | 2.5% | 3.2% | | margin, % | | | | | | | -------------------------------------------------------------------------------- | Average sales | 0.90 | 1.00 | 1.04 | 1.02 | 1.11 | 1.02 | | 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 | 1.4.2007-31.3.2010 | 1.4.2008-31.3.2011 | 1.4.2009-31.3.2012 | | period | | | | -------------------------------------------------------------------------------- | Options | 590 000 | 642 500 | 0 | | granted | | | | | before the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Options | | | 637 500 | | granted | | | | | during the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Options | -92 500 | -97 500 | -10 000 | | forfeited | | | | | during the | | | | | current | | | | | financial | | | | | year | | | | -------------------------------------------------------------------------------- | Settlement | 1 | 1 | 1 | | (shares / | | | | | option) | | | | -------------------------------------------------------------------------------- | Settlement | 1.4.2010-31.3.2012 | 1.4.2011-31.3.2013 | 1.4.2012-31.3.2014 | | period | | | | -------------------------------------------------------------------------------- | Grant date | 02.05.07 | 07.05.08 | 11.08.09 | -------------------------------------------------------------------------------- | 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 transactions | 31.12.2009 | 31.12.2008 | | with Nordstjernan AB | | | -------------------------------------------------------------------------------- | Capital loan | 10 000 | 3 000 | -------------------------------------------------------------------------------- | Unpaid interest on capital | 787 | 3 | | loan | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 : (Total liabilities 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 : Total liabilities 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
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