2011-08-17 07:15:00 CEST
2011-08-17 07:15:06 CEST
REGULATED INFORMATION
Salcomp Oyj - Interim report (Q1 and Q3)
Salcomp Plc Interim Report 1 January - 30 June 2011: NET SALES DECREASED, OPERATING PROFIT BACK IN BLACK IN THE SECOND QUARTER
Salo, Finland, 2011-08-17 07:15 CEST (GLOBE NEWSWIRE) -- Salcomp Plc Interim
Report 17 August 2011 at 8:15 a.m. Finnish time
April-June 2011:
-Net sales decreased by 7% to EUR 67.4 million (EUR 72.2 million in April-June
2010).
-Number of chargers delivered decreased by 12% to 60.4 million chargers (68.6
million chargers).
-Market share in mobile phone chargers decreased to some 16% (20%).
-Operating profit weakened by 90% to EUR 0.2 million (EUR 2.3 million).
-Operating profit includes a cost of EUR 0.1 million related to the termination
of long-term incentive schemes, due to the ongoing redemption and delisting
process.
-Operating profit, excluding the exchange rate gains/losses, was EUR 0.1
million (EUR 1.8 million).
-Earnings per share weakened to EUR -0.02 (EUR 0.04).
-Cash flow from operating activities was EUR 2.2 million negative (EUR 4.7
million positive).
-The holding of Salcomp's biggest shareholder, Nordstjernan AB, in Salcomp
exceeded 90% in March, and Nordstjernan continued with the procedure in order
to redeem the rest of the shares and delist the company shares.
January-June 2011:
-Net sales grew by 6% to EUR 139.3 million (EUR 131.8 million in January-June
2010).
-Number of chargers delivered decreased by 3% to 131.2 million chargers (134.5
million chargers).
-Operating profit weakened to EUR -1.2 million (EUR 3.8 million).
-Operating profit includes a cost of EUR 0.6 million related to the termination
of long-term incentive schemes, due to the ongoing redemption and delisting
process.
-Operating profit, excluding the exchange rate gains/losses, was EUR -1.0
million (EUR 2.8 million).
-Earnings per share weakened to EUR -0.07 (EUR 0.08).
-Cash flow from operating activities was EUR 3.6 million negative (EUR 6.5
million positive).
-Group's net interest-bearing debt at the end of June was EUR 8.4 million (EUR
-1.5 million).
-Cash and cash equivalents at the end of June were EUR 11.2 million (EUR 17.8
million).
Outlook for 2011 unchanged:
-Salcomp's net sales in 2011 are expected to be EUR 280-320 million.
-The operating margin in 2011 is expected to be 2-4% of the net sales.
-Due to the strategy revision of a major customer, Salcomp's outlook for 2011
continues to be more uncertain than usual.
Markku Hangasjärvi, President and CEO:
”Due to the competitive changes in the smart phone and mobile phone market and
the strengthened position of low-end phone manufacturers, especially from
China, Salcomp's number of chargers delivered during the second quarter of the
year decreased compared with the previous quarter. This also decreased our net
sales in April-June, although higher average sales prices of chargers mitigated
the drop.
Despite the decrease in the net sales, our operating profit got back in the
black in the second quarter after the negative first quarter. The operating
profit was improved by lower material prices compared with the first quarter,
as well as a product mix consisting of more expensive products and rise in
sales prices.
Our goal is to continue improving the profitability during the second half of
2011. Due to this, we have enhanced our actions in order to broaden our
customer and product portfolio, decrease material costs, improve productivity
and reduce fixed costs.”
Financial development in April-June 2011
In April-June, Salcomp's net sales decreased by 7% to EUR 67.4 million (EUR
72.2 million in April-June 2010) due to the decrease in the number of chargers
delivered by 12% to 60.4 million (68.6 million) chargers. The number of
chargers delivered was decreased by the competitive changes in the smart phone
and mobile phone market and the strengthened position of low-end phone
manufacturers, especially from China. The impact of a smaller number of sold
chargers was mitigated by a rise in average sales prices of chargers, which was
mainly due to a product mix consisting of more expensive products, especially
smart phone chargers.
According to estimates made by market research companies and the biggest mobile
phone manufacturers, some 376 million mobile phones were sold during the second
quarter of the year, up by some 11% compared with the April-June period in
2010. In the second quarter of the year, Salcomp's market share in mobile phonechargers was some 16% compared to some 20% in April-June in 2010. When
determining the market volume, the so-called grey market phones, i.e. mobile
phones produced without a license, are also included. Salcomp does not deliver
chargers to the grey market phones. The decrease in Salcomp's market share was
mainly due to changes in the market shares between mobile phone manufacturers.
Salcomp's operating profit weakened by 90% to EUR 0.2 million (EUR 2.3
million). This was, on top of a drop in the number of chargers delivered, due
to a rise in material and component prices and labor costs, among others,
compared with the corresponding period last year. In addition, operating profit
was decreased by a cost of EUR 0.1 million related to the termination of
long-term incentive schemes, due to the ongoing redemption and delisting
process. Operating profit was improved by realized and unrealized exchange rate
gains of EUR 0.1 million (EUR 0.6 million of gains). The operating margin in
the second quarter of the year was 0.3% (3.2%).
The profit for the period amounted to EUR -0.7 million (EUR 1.5 million).
Earnings per share were EUR -0.02 (EUR 0.04), and diluted earnings per share
were EUR -0.02 (EUR 0.04).
Cash flow from operating activities in April-June amounted to EUR 2.2 million
negative (EUR 4.7 million positive). The cash flow from operating activities
decreased mainly due to an increase in net working capital.
Financial development in January-June 2011
The net sales grew by 6% in January-June to EUR 139.3 million (EUR 131.8
million in January-June 2010). The number of chargers delivered decreased by 3%
to 131.2 million (134.5 million) chargers.
The operating profit weakened to EUR -1.2 million (EUR 3.8 million) in
January-June. This was due to an increase in material and component prices and
higher labor costs, compared with the corresponding period last year. In
addition, accelerated efforts in broadening the product range and customer base
increased fixed costs. Operating profit was weakened by a cost of EUR 0.6
million related to the termination of long-term incentive schemes, due to the
ongoing redemption and delisting process. Operating profit was also burdened by
realized and unrealized exchange rate losses of EUR 0.3 million (EUR 1.0
million of gains). The operating margin was -0.9% (2.9%) in the first half of
the year.
Taxes for the period totaled EUR 0.8 million (EUR 0.5 million). The amount of
the Group's deferred tax has not increased during the period.
The profit for the period was EUR -2.5 million (EUR 3.2 million). Earnings per
share were EUR -0.07 (EUR 0.08) and diluted earnings per share EUR -0.07 (EUR
0.08).
R&D and capital expenditure
The Group's R&D expenditure was EUR 3.4 million (EUR 3.3 million) in
January-June, or 2.4% (2.5%) 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.
Capital expenditure in January-June amounted to EUR 3.0 million (EUR 4.0
million). The capital expenditure mainly involved maintaining the production
capacity, changes in production lines required by high-end smart phone charger
manufacturing and increasing vertical integration by adding capacity in
transformer and cable assembly.
Financing
Cash flow from operating activities in January-June was EUR 3.6 million
negative (EUR 6.5 million positive), mainly due to an increase in net working
capital. Cash and cash equivalents at the end of June were EUR 11.2 million
(EUR 17.8 million).
The Group's equity ratio at the end of June was 43.1% (42.2%), and gearing was
10.8 % (-2.0%). Net interest-bearing debt totaled EUR 8.4 million (EUR -1.5
million) at the end of the period.
Personnel
The number of Group personnel at the end of June totaled 9,047 (9,830): 3,974
were employed in China, 2,119 in Brazil, 2,881 in India, and 73 in Finland and
other countries.
Changes in ownership
Salcomp's biggest shareholder, Nordstjernan AB, informed on 9 March 2011 that
it has acquired an additional 4,982,473 shares in Salcomp Plc. After the
transaction, Nordstjernan's total holding in Salcomp amounted to 35,147,189
shares, corresponding to 90.1 per cent of all the shares and votes excluding
the 337,000 shares that are in the possession of Salcomp.
After the title to the acquired shares had passed, Nordstjernan informed that
it intends to use the right and obligation to redeem the minority shareholders'
shares as stipulated in Chapter 18, Paragraph 1, of the Companies Act.
Nordstjernan will further apply for a delisting of the company from the NASDAQ
OMX Helsinki exchange in due course.
In accordance with Chapter 2, Section 9 of the Securities Markets Act, Salcomp
received a flagging notification from Sampo plc regarding the changes in the
holdings in Salcomp on 9 March 2011. The portion held by Mandatum Life
Insurance Company Limited, belonging to Sampo Group, of the share capital and
votes in Salcomp Plc decreased to below 5% as a result of the sale of shares on
8 March 2011. After the transaction, Mandatum Life Insurance Company does not
hold any Salcomp shares.
On 5 April 2011, Nordstjernan informed that the Redemption Committee of the
Central Chamber of Commerce has, on the basis of Nordstjernan's application,
requested the District Court of Varsinais-Suomi to appoint a trustee for the
arbitral proceedings to supervise the interests of the minority shareholders of
Salcomp during the redemption proceedings. The District Court of
Varsinais-Suomi appointed, on 31 March 2011, attorney-at-law Kim Kyntölä as the
trustee.
The Redemption Committee of the Central Chamber of Commerce appointed on the
basis of Nordstjernan's application, a three-member arbitral tribunal in the
arbitration proceedings regarding the redemption of shares in Salcomp. LL.Lic
Antero Molander has been appointed chairman of the arbitral tribunal, and
Professor Raimo Immonen and President Ingvar Krook have been appointed members
of the arbitral tribunal. The arbitral tribunal shall decide upon e.g. the
price of and the redemption right to the shares in Salcomp not owned by
Nordstjernan.
On 28 June 2011, Nordstjernan filed its statement of claim with the arbitral
tribunal. The redemption price claimed by Nordstjernan is EUR 2.00 per share,
which by Nordstjernan is the fair price of the share in accordance with the
Finnish Companies Act.
On 5 July 2011, the arbitral tribunal gave the trustee and the minority
shareholders the opportunity to submit a reply to Nordstjernan's statement of
claim at the latest on 31 August 2011. The arbitral tribunal's letter of 5 July
2011 and Nordstjernan's statement of claim has been mailed to the minority
shareholders.
Shares and shareholders
Salcomp's registered share capital amounts to EUR 9,832,735.12, divided into
39,023,840 fully paid outstanding shares and 337,000 shares in the possession
of the company. The shares in the possession of the company were acquired
through share issues carried out in 2010 related to the share-based incentive
programs. 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 1.83 and EUR 2.15 in January-June.
The average share price during the period was EUR 1.97, and the closing price
at the end of June was EUR 2.00. Share trading amounted to EUR 13.8 million and
6.9 million shares. According to the book-entry system, Salcomp had 676
shareholders at the end of the period. Foreign ownership at the end of June was
94.8%, and the market value for outstanding shares was EUR 78.0 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 and
availability of materials and charger components, significant changes in labor
costs, especially in China, as well as changes in the competition in the mobile
phone charger markets. Furthermore, changes in the market shares of customers
and deterioration in the financial position of major customers may have a
negative effect on Salcomp's business.
Major changes in exchange rates can be considered 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 global economy on the stability of
the financial market, as well as accessibility of financing, has an influence
on Salcomp's business.
In the medium term, Salcomp's business may be affected by standardization
projects concerning mobile phone chargers in the different market areas. Due to
standardization, it is possible that, in the future, in some market areas, some
mobile phone kits will not include a separate mobile phone charger.
Risks are managed to the extent that the company has influence over them.
Further details on risks and risk management are available on the company web
site.
Events after the reporting period
There are no events after the reporting date which would have a significant
influence on the figures presented in the Interim Report.
Outlook for 2011
According to the estimates published by some of Salcomp's key customers and by
various market research companies, the mobile phone market, also including the
so-called grey market phones, is expected to grow, measured by the number of
units, by some 9% during 2011, compared with 2010. This would mean
approximately 1.6 billion mobile phones and, therefore, mobile phone chargers,
to be sold in 2011. The volume growth in chargers used in other consumer
electronic applications is also estimated to continue in 2011.
Salcomp's net sales in 2011 are expected to be EUR 280-320 million. The
operating margin in 2011 is expected to be 2-4% of the net sales. Due to the
strategy revision of a major customer, Salcomp's outlook for 2011 continues to
be more uncertain than usual.
Helsinki 17 August 2011
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
Salcomp Plc's Interim Report has been prepared in accordance with the
international financial accounting standard IAS 34, Interim Reports. This
Interim Report is unaudited.
CONDENSED FINANCIAL STATEMENTS AND NOTES
STATEMENT OF COMPREHENSIVE INCOME
(EUR 1 000)
1-6/2011 1-6/2010 Change 1-12/201
% 0
Net sales 139 348 131 805 5.7% 299 008
Cost of sales -130 776 -118 722 10.2% -270 524
Gross margin 8 572 13 083 -34.5% 28 484
Other operating income 14 100 -86.0% 110
Sales and marketing -1 508 -1 461 3.2% -3 047
expenses
Administrative expenses -4 943 -4 593 7.6% -8 875
Research and development -3 377 -3 315 1.9% -6 884
expenses
Other operating expenses -3 -7 -57.1% -76
Operating result -1 245 3 807 - 9 712
Finance income 76 749 -89.9% 971
Finance expenses -606 -929 -34.8% -1 660
Result before tax -1 775 3 627 - 9 023
Income tax expenses -772 -468 65.0% -1 057
Result for the period -2 547 3 159 - 7 966
Other comprehensive income for the period
Exchange differences on translating -393 3 482 - 2 449
foreign operations
Other comprehensive income for the -393 3 482 - 2 449
period, net of tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -2 940 6 641 - 10 415
Basic earnings per share, EUR -0.07 0.08 - 0.20
Diluted earnings per share, EUR -0.07 0.08 - 0.20
STATEMENT OF COMPREHENSIVE INCOME
(EUR 1 000)
4-6/2011 4-6/2010 Change %
Net sales 67 411 72 170 -6.6%
Cost of sales -62 319 -64 962 -4.1%
Gross margin 5 092 7 208 -29.4%
Other operating income 11 100 -89.0%
Sales and marketing -803 -872 -7.9%
expenses
Administrative expenses -2 265 -2 301 -1.6%
Research and development -1 800 -1 803 -0.2%
expenses
Other operating expenses 0 -5 -
Operating profit 235 2 327 -89.9%
Finance income 63 87 -27.6%
Finance expenses -320 -484 -33.9%
Profit before tax -22 1 930 -
Income tax expenses -632 -402 57.2%
Profit for the period -654 1 528 -
Other comprehensive income for the period
Exchange differences on translating foreign 12 2 418 -99.5%
operations
Other comprehensive income for the period, net of 12 2 418 -99.5%
tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -642 3 946 -
Basic earnings per share, EUR -0.02 0.04 -
Diluted earnings per share, EUR -0.02 0.04 -
STATEMENT OF FINANCIAL POSITION
(EUR 1 000)
30.6.2011 30.6.2010 Change % 31.12.2010
Non-current assets
Property, plant and equipment 23 899 24 446 -2.2% 25 281
Goodwill 66 412 66 412 0.0% 66 412
Other intangible assets 904 635 42.4% 830
Deferred tax assets 4 054 3 257 24.5% 4 023
95 269 94 750 0.5% 96 546
Current assets
Inventories 31 841 26 550 19.9% 37 246
Trade and other receivables 43 092 43 357 -0.6% 46 233
Cash and cash equivalents 11 208 17 815 -37.1% 18 553
86 141 87 722 -1.8% 102 032
Total assets 181 410 182 472 -0.6% 198 578
Equity and liabilities
Share capital 9 833 9 833 0.0% 9 833
Invested unrestricted equity 5 820 19 401 -70.0% 5 820
Retained earnings 62 583 47 603 31.5% 64 881 78 236 76 837 1.8% 80 534
Non-current liabilities
Deferred tax liabilities 17 300 17 303 0.0% 17 317
Interest-bearing liabilities 17 197 13 853 24.1% 11 187
34 497 31 156 10.7% 28 504
Current liabilities
Trade and other payables 66 252 72 054 -8.1% 81 321
Interest-bearing current liabilities 2 425 2 425 0.0% 8 219
68 677 74 479 -7.8% 89 540
Total equity and liabilities 181 410 182 472 -0.6% 198 578
STATEMENT OF CHANGES IN EQUITY
(EUR 1 000)
Attributable to equity holders of the parent
Share Invested Translation Retained Total
capital unrestricted differences earnings equity
equity
Equity on 1 Jan 2010 9 833 22 035 2 285 38 456 72 609
Total comprehensive 0 0 3 482 3 159 6 641
income for the
period
Share issue 0 96 0 0 96
Repayment of 0 -2 730 0 0 -2 730
capital*
Incentive plans 0 0 0 221 221
Equity on 30 June 2010 9 833 19 401 5 767 41 836 76 837
Equity on 1 Jan 2011 9 833 5 820 4 734 60 147 80 534
Total comprehensive 0 0 -393 -2 547 -2 940
income for the
period
Incentive plans** 0 0 0 642 642
Equity on 30 June 2011 9 833 5 820 4 341 58 242 78 236
*AGM decision on 24 March, repayment of capital done on 7 April
**Delisting cost effect included
STATEMENT OF CASH FLOWS
(EUR 1 000)
1-6/2011 1-6/2010 Change % 1-12/2010
Cash flow before change in working 2 109 6 496 -67.5% 15 113
capital
Change in working capital -4 513 1 980 - -2 878
Financial items and taxes -1 215 -1 929 -37.0% -2 562
Net cash flow from operating activities -3 619 6 547 - 9 673
Purchases -3 048 -3 968 -23.2% -8 950
Sales 0 81 - 19
Cash flows from investing activities -3 048 -3 887 -21.6% -8 931
Cash flow before financing -6 667 2 660 - 742
Withdrawal of borrowings 4 000 16 466 -75.7% 20 794
Repayment of borrowings -3 834 -19 333 -80.2% -20 583
Share issue 0 96 - 96
Dividends* 0 -2 730 - -2 730
Net cash flow from financing activities 166 -5 501 - -2 423
Change in cash and cash equivalents -6 501 -2 841 128.8% -1 681
Cash and cash equivalents 18 553 18 872 -1.7% 18 872
at the beginning of the period
Translation difference -844 1 784 - 1 362
Cash and cash equivalents 11 208 17 815 -37.1% 18 553
at the end of the period
*repayment of capital
KEY FIGURES
1-6/2011 1-6/2010 Change 1-12/2010
%
Sold chargers, Mpcs 131.2 134.5 -2.5% 296.6
Average sales price, EUR 1.06 0.98 8.4% 1.01
Net sales, MEUR 139.3 131.8 5.7% 299.0
EBITDA, MEUR 1.5 6.4 -76.6% 15.0
EBITDA%, % 1.1% 4.9% 5.0%
Operating result, MEUR -1.2 3.8 - 9.7
Operating margin, % -0.9% 2.9% 3.2%
Basic earnings per share, EUR -0.07 0.08 - 0.20
Diluted earnings per share, EUR -0.07 0.08 - 0.20
Earnings per share excluding -0.07 0.08 - 0.20
deferred tax, EUR
Equity per share, EUR 2.00 1.97 1.5% 2.06
Return on equity, % 2.8% 10.4% 10.4%
Return on capital employed, % 5.0% 13.2% 11.1%
Return on net assets, % 15.1% 51.6% 39.8%
Equity ratio, % 43.1% 42.2% 40.6%
Gearing, % 10.8% -2.0% 1.1%
Capital expenditure, MEUR 3.0 4.0 -23.2% 9.0
Capital expenditure, % of net sales 2.2% 3.0% 3.0%
Personnel on average 9 081 8 841 2.7% 9 825
Personnel at the end of period 9 047 9 830 -8.0% 10 350
Average number of shares outstanding 39 023 840 38 977 082 39 000 461
Number of shares outstanding at the 39 023 840 39 023 840 39 023 840
end of period
Diluted number of shares outstanding 39 024 845 38 806 885 39 001 219
on average
Highest share price, EUR 2.15 2.19 2.19
Lowest share price, EUR 1.83 1.85 1.73
Average share price, EUR 1.97 2.00 1.99
Traded shares, Mpcs 6.9 1.4 2.1
Traded shares, MEUR 13.8 2.9 4.2
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.
Compared with the Financial Statements, amended standards or interpretations
have not affected this Interim Report. 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)
30.6.2011 30.6.2010 Change % 31.12.2010
For own dept
Company and real estate 82 000 82 000 0.0% 82 000
mortgages
Others 5 872 5 117 340.0% 5 872
Leasing and rental liabilities 5 402 7 130 -24.2% 5 382
93 274 89 135 4.6% 93 254
QUARTERLY INFORMATION
4-6/11 1-3/11 10-12/10 7-9/10 4-6/10 7/10-6/11
Sold chargers, 60 416 70 771 81 933 80 098 68 586 293 218
kpcs
Net sales, kEUR 67 411 71 937 80 733 86 470 72 170 306 551
Operating result, kEUR 235 -1 480 2 540 3 365 2 327 4 660
Operating margin, % 0.3% -2.1% 3.1% 3.9% 3.2% 1.5%
Average sales price, EUR 1.12 1.02 0.99 1.08 1.05 1.05
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. 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 symbol 2007A 2007B 2007C Total
options
Number of options 657 500 682 500 707 500 2 047 500
Vesting period 1.4.2007 1.4.2008 1.4.2009
- - -
31.3.201 31.3.201 31.3.201
0 1 2
Options granted before the current 465 000 507 500 627 500 1 600 000
financial year
Options granted during the current 0 0 0 0
financial year
Options forfeited during the current 0 0 0 0
financial year
Settlement (shares / option) 1 1 1
Settlement period 1.4.2010 1.4.2011 1.4.2012
- - -
31.3.201 31.3.201 31.3.201
2 3 4
Grant date 02.05.07 07.05.08 11.08.09
Exercise price 2.81 3.33 1.40
Share price at grant date 3.51 3.79 1.51
The fair value of option at grant 1.44 1.44 0.61
date
SHARE BASED INCENTIVE PROGRAM
Salcomp Plc has two share-based incentive programs for the Group key personnel.
The programs are a Matching Share Program targeted at the members of the
Extended Global Management Team, as well as a Performance Share Program
targeted at 53 key employees including also the members of the Extended Global
Management Team. Both Programs include one earning period, from calendar year
2010 to 2012. The potential rewards from both the Matching and Performance
Share programs will be paid partly in Company shares and partly in cash during
2013. The cash payment is intended to cover the personal taxes and tax-related
costs arising from the reward. No reward will be paid to a key person, if his
or her employment or service in a Group Company ends before the reward payment.
The rewards to be paid on the basis of the earning period will correspond to
the value of maximum 532,000 Salcomp Plc shares. Global Management Team can
earn a total of 281,000 pcs of Salcomp Plc shares during the total earning
period. Releases relating to the new incentive program have been issued in May
19 and June 21, 2010. Cost effect of delisting, started during spring 2011 due
to the changes in ownership, is presented in statement of changes in equity.
RELATED PARTY INFORMATION
(EUR 1 000)
Related party transactions with 30.6.2011 30.6.2010 Change 31.12.2010
Nordstjernan AB %
Capital loans 0 0 - 0
Interest payable of capital loans 0 0 - 0
Sales of receivables 0 0 - 0
Interest expense of the period 0 553 -100.0% 553
Salcomp has renewed the financing arrangements in May 2010. In this connection,
the capital loans have been repaid to Nordstjernan AB. Release on the issue has
been published in May 25, 2010.
OWN SHARES
30.6.2011 30.6.2010
Parent company own shares (pcs) 337 000 337 000
CALCULATION OF FINANCIAL RATIOS
Average personnel: Average number 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 : (Total liabilities 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 : Total liabilities 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
Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114
Jari Saarinen, CFO, tel. +358 40 5004 206
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