2007-11-06 07:15:00 CET
2007-11-06 07:15:00 CET
REGULATED INFORMATION
Salcomp Oyj - Quarterly report
PROFITABILITY IMPROVED CLEARLY
Salcomp Plc Stock Exchange Release 6 November, 2007 at 08:15 Finnish time
Salcomp Plc Interim Report January 1-September 30, 2007
PROFITABILITY IMPROVED CLEARLY
July-September 2007:
-Net sales grew by 4% to EUR 70.5 million.
-The number of delivered chargers increased by 2% to 61.8 million.
-The market share in mobile phone chargers was approximately 22%.
-Operating profit grew by 40% to EUR 6.3 million.
-Earnings per share, excluding the calculative tax item, were EUR 0.13.
-The cash flow from operating activities was EUR 1.5 million.
-The outlook for the financial year remains unchanged: the 2007 net sales are
expected to grow somewhat faster than the average market growth in the mobile
phone charger market in value. It is estimated that both the operating profit
and the earnings per share will clearly increase on the previous year.
Markku Hangasjärvi, President and CEO:
“Our business has continued to develop positively in the third quarter of 2007,
even though the net sales growth of 4% was relatively moderate compared with the
corresponding period last year. At the exchange rates of the previous year, the
increase in net sales would have been 13%.
However, profitability saw more favorable development and the operating profit
grew by 40%. Profitability was especially improved by a higher gross margin and
cost management. Earnings per share, excluding the calculative tax item,
improved to EUR 0.13.
According to market research companies' and Salcomp's estimates, some 280
million mobile phones were sold in the third quarter of 2007, representing a
year-over-year increase of approximately 13%. Salcomp's market share declined
slightly to some 22%. The decline is mainly due to changed logistics
arrangements related to the ramp-up of the plant in India.
Our charger production plant in Chennai, India, was officially inaugurated in
September. Our target is to raise the capacity of the Indian plant to some 50
million chargers during this year. Together with the Chinese and Brazilian
plants, Salcomp's total capacity will grow to over 330 million chargers by the
end of this year. In October, the number of chargers made by Salcomp over its
history of charger manufacture exceeded one billion.
The mobile phone market is expected to grow by some 13% in 2007, which
translates into a sales volume of some 1.1 billion mobile phones, and,
therefore, chargers. Market growth forms a good basis for favorable development
in our business during the rest of the year.
The Swedish family-owned investment company Nordstjernan acquired the rest of
the shares from EQT and raised its holding in Salcomp to 52.3%. After the
mandatory public offer that ended in October, Nordstjernan's holding increased
to 54.5%. We are happy to have a new significant shareholder who favors
long-term holding. With the new owner we have even better possibilities to
continue the implementation of Salcomp's growth strategy in mobile phone
chargers, as well as in other new charger segments.”
Financial Development in July-September 2007
Salcomp's net sales increased by 4% in July-September 2007 to EUR 70.5 million
(EUR 67.4 million in 7-9/2006). The increase resulted from the number of
chargers sold rising by 2% to 61.8 million (60.5 million). Salcomp's market
share in mobile phone chargers declined slightly compared with the third quarter
of 2006 and was approximately 22%.
Operating profit increased to EUR 6.3 million (EUR 4.5 million) boosted by a
higher gross margin than in the comparison period due to different product mix,
as well as strict cost management. The operating profit percentage was 8.9%
(6.7%).
The third-quarter result amounted to EUR 4.3 million (EUR 2.5 million) and
earnings per share, excluding the calculative tax item resulting from the parent
company's tax-deductible goodwill amortization, were EUR 0.13 (EUR 0.09). Basic
earnings per share were EUR 0.11 (EUR 0.09).
Cash flow from operating activities was EUR 1.5 million positive (EUR 2.1
million positive) mainly due to the favorable profit development. The cash flow
was negatively affected by the EUR 6.4 million reduction in sold receivables
during the third quarter. Without the decline in sold receivables the cash flow
would have been EUR 7.9 million.
Financial Development in January-September 2007
Net sales increased by 12% in January-September 2007 to EUR 202.2 million (EUR
180.4 million in 1-9/2006). At the exchange rates of the previous year, the
increase in net sales would have been 21%. The number of chargers sold increased
by 12% to 180.8 million (160.9 million).
The Group's operating profit in January-September totaled EUR 17.5 million (EUR
8.8 million). In addition to the increase in net sales, a higher gross margin
and continued cost management contributed to improved profitability. The
operating profit percentage was 8.6% (4.9%).
The Group's net financial expenses were EUR 2.1 million (EUR 3.2 million).
Financial expenses for the period were reduced by the lesser amount of net debt,
EUR -8.9 million. Financial income increased as a result of the exchange rate
differences of intra-group loans. Taxes for the period totaled EUR 3.0 million
(EUR 2.6 million) and include a calculative item of EUR 2.2 million resulting
from the parent company's tax-deductible goodwill amortization. The calculative
item does not affect the Group's cash flow.
Salcomp's net result totaled EUR 12.4 million (EUR 3.0 million). Earnings per
share, excluding the calculative tax item, amounted to EUR 0.37 (EUR 0.14).
Basic earnings per share were EUR 0.32 (EUR 0.08).
R&D and Capital Expenditure
In January-September 2007 the Group's R&D expenditure was EUR 3.6 million (EUR
4.1 million), or 1.8% of net sales (2.3%). R&D focused on developing new
products for present or new customers and on constantly improving the cost
structure of existing products.
Capital expenditure in January-September amounted to EUR 9.1 million (EUR 4.6
million). This mainly involved the finalization of the Indian plant as well as
the capacity increase in the plants in India, China and Brazil. The first
customer deliveries from the plant in Chennai were made in June and the plant
was officially inaugurated in September.
Financing
Cash flow from operating activities in January-September amounted to EUR 18.6
million positive (EUR 4.0 million in the negative), mainly due to the favorable
profit development. The amount of receivables sold due to the sales program for
sales receivables decreased during the third quarter and totaled EUR 4.5 million
at the end of September.
The Group's equity ratio at the end of September was 34.6% (28.7%) and gearing
was 61.8% (98.3%). Net interest-bearing debt totaled EUR 38.8 million (EUR 47.7
million) at the end of the period.
Decisions of the Extraordinary General Meeting
The Extraordinary General Meeting of Salcomp Plc on 4 September 2007 re-elected
Kari Vuorialho, Andreas Tallberg and Jorma Terentjeff as members of the Board of
Directors and elected Mats Heiman and Peter Hofvenstam as new members of the
Board of Directors.
At its organizing meeting following the EGM, the Salcomp Board of Directors
elected Mats Heiman as Chairman of the Board and Kari Vuorialho as Vice
Chairman.
A total of 15 shareholders were present at the EGM, either in person or
represented by proxy, representing 15,979,402 shares, or 41.0 per cent of the
total number of the company's shares.
Personnel
The Group employed 9,241 (7,630) people at the end of September: 6,931 in China,
1,330 in Brazil and 914 in India.
Mr Niilo Oksa was appointed Vice President and Member of the Management Team at
Salcomp as of 19 October 2007.
Shares and Shareholders
Salcomp's share price fluctuated between EUR 2.63 and EUR 4.89. The closing
price at the end of September was EUR 4.13. Share trading amounted to EUR 56.0
million and consisted of 15.0 million shares. According to the book-entry
system, Salcomp had 1,150 shareholders at the end of the period. Market value
was EUR 161 million and foreign ownership 59.4% at the end of September.
EQT II B.V., acting on behalf of Swedish Non-Registered Partnership, and
Nordstjernan AB announced on 25 June 2007 that they had signed a sale and
purchase agreement under which EQT sold 11,653,581 Salcomp shares to
Nordstjernan AB. In addition, Nordstjernan AB had the option to acquire the
remaining shares held by EQT and Nordstjernan used the option on 16 August 2007.
After the relevant authority approvals had been received, the acquisition was
completed on 12 September 2007. After this Nordstjernan owned 20,382,131 Salcomp
shares which corresponded to 52.3% of the share capital and votes. EQT's holding
decreased to zero.
According to the Securities Market Act, Nordstjernan was obliged to make a
mandatory bid for all outstanding shares and securities entitling to the shares
in Salcomp at the highest price for which Nordstjernan had acquired shares in
Salcomp during the previous six months, i.e. EUR 4.01 per share and EUR 0.98 per
option right. The offer period of the tender offer commenced on 14 September
2007 and expired on 5 October 2007. Seventy shareholders holding 850,622 shares
in Salcomp and representing 2.2% of the shares and votes tendered their shares
in Nordstjernan's public tender offer. Nordstjernan's holding rose to 21,232,753
shares and 54.5% of the outstanding shares.
The authorization given by the Annual General Meeting to the Board of Directors
to decide on an increase in share capital by a new issue has not been used. The
decision made by the Annual General Meeting to transfer the total amount of the
share premium account into the Company's invested free equity fund in accordance
with the Chapter 14 of the Companies Act was completed in August 2007.
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 significant changes in competition in the mobile phone
charger markets. Risks are managed to the extent that the company has influence
over them. Further details about risk management are available in the Annual
Report 2006.
Outlook for the Financial Year 2007
According to the estimates published by Salcomp's main customers and to the
various market research companies, the mobile phone market during 2007 is
expected to grow by approximately 13% compared with 2006. Measured by the number
of units, this means approximately 1.1 billion mobile phones, and, therefore,
chargers, to be sold during the current year.
The growth in the mobile phone charger market forms a good basis for favorable
development in Salcomp's business during the rest of the year. In line with the
previous outlook, the 2007 net sales are expected to grow somewhat faster than
the average growth of the mobile phone charger market in value. In line with the
previous outlook, it is estimated that both the operating profit and the
earnings per share will clearly increase from the previous year.
Helsinki, 6 November 2007
Salcomp Plc
Board of Directors
Further information:
Markku Hangasjärvi, President and CEO, tel. +358 40 7310 114
Antti Salminen, CFO, tel. +358 40 535 1216
A briefing for analysts and media will be held on 6 November 2007 at 12:00 noon
at the Hotel Vaakuna, Kaivokatu 3, Helsinki.
Salcomp's Financial Statements Release for 2007 will be published on 7 February
2008.
This Interim Report has been prepared in accordance with IAS34 Interim Financial
Reporting, following the accounting principles described in the Annual Report.
The report has not been audited.
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT |
| (EUR 1 000) |
--------------------------------------------------------------------------------
| | 1-9/ | 1-9/ | Change % | 1-12/ |
| | 2007 | 2006 | | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 202 226 | 180 407 | 12.1% | 259 049 |
--------------------------------------------------------------------------------
| Cost of sales | -173 270 | -161 196 | 7.5% | -228 794 |
--------------------------------------------------------------------------------
| Gross margin | 28 956 | 19 211 | 50.7% | 30 255 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 396 | 279 | 41.9% | 363 |
--------------------------------------------------------------------------------
| Sales and marketing | -1 816 | -1 410 | 28.8% | -1 981 |
| Expenses | | | | |
--------------------------------------------------------------------------------
| Administrative | -6 480 | -5 110 | 26.8% | -7 503 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Research and | -3 575 | -4 136 | -13.6% | -5 421 |
| development | | | | |
| Expenses | | | | |
--------------------------------------------------------------------------------
| Other operating | -11 | -55 | -80.0% | -240 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Operating profit | 17 470 | 8 779 | 99.0% | 15 473 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 958 | 244 | 292.6% | 276 |
--------------------------------------------------------------------------------
| Financial expenses | -3 070 | -3 432 | -10.5% | -4 547 |
--------------------------------------------------------------------------------
| Profit before tax | 15 358 | 5 591 | 174.7% | 11 202 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -2 980 | -2 607 | 14.3% | -3 573 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 12 378 | 2 984 | 314.8% | 7 629 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per | 0.32 | 0.08 | 289.8% | 0.20 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.32 | | | |
| share, EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT | | | |
| (EUR 1 000) | | | |
--------------------------------------------------------------------------------
| | 7-9/2007 | 7-9/2006 | Change % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 70 478 | 67 445 | 4.5% |
--------------------------------------------------------------------------------
| Cost of sales | -60 098 | -59 373 | 1.2% |
--------------------------------------------------------------------------------
| Gross margin | 10 380 | 8 072 | 28.6% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 102 | 44 | 131.8% |
--------------------------------------------------------------------------------
| Sales and marketing expenses | -642 | -478 | 34.3% |
--------------------------------------------------------------------------------
| Administrative expenses | -2 305 | -1 797 | 28.3% |
--------------------------------------------------------------------------------
| Research and development | -1 232 | -1 319 | -6.6% |
| expenses | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -3 | -17 | -82.4% |
--------------------------------------------------------------------------------
| Operating profit | 6 300 | 4 505 | 39.8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 67 | 5 | 1 240.0% |
--------------------------------------------------------------------------------
| Financial expenses | -962 | -943 | 2.0% |
--------------------------------------------------------------------------------
| Profit before tax | 5 405 | 3 567 | 51.5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -1 075 | -1 041 | 3.3% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 4 330 | 2 526 | 71.4% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | 0.11 | 0.07 | 64.6% |
--------------------------------------------------------------------------------
| Diluted earnings per share, EUR | 0.11 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET |
| (EUR 1 000) |
--------------------------------------------------------------------------------
| | 30.9.2007 | 30.9.2006 | Change % | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 25 320 | 16 845 | 50.3% | 20 139 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Goodwill | 66 412 | 66 412 | 0.0% | 66 412 |
--------------------------------------------------------------------------------
| Other intangible assets | 495 | 266 | 86.2% | 229 |
--------------------------------------------------------------------------------
| Deferred tax assets | 3 147 | 3 078 | 2.2% | 3 023 |
--------------------------------------------------------------------------------
| | 95 375 | 86 601 | 10.1% | 89 803 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 30 411 | 26 953 | 12.8% | 21 918 |
--------------------------------------------------------------------------------
| Trade and other | 49 819 | 50 891 | -2.1% | 54 923 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 6 213 | 5 352 | 16.1% | 7 845 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| | 86 443 | 83 196 | 3.9% | 84 686 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 181 818 | 169 797 | 7.1% | 174 489 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | | | |
--------------------------------------------------------------------------------
| Share capital | 9 833 | 9 833 | 0.0% | 9 833 |
--------------------------------------------------------------------------------
| Premium fund | 0 | 22 035 | -100.0% | 22 035 |
--------------------------------------------------------------------------------
| Invested unrestricted | 22 035 | 0 | | 0 |
| equity | | | | |
--------------------------------------------------------------------------------
| Retained earnings | 30 889 | 16 655 | 85.5% | 21 113 |
--------------------------------------------------------------------------------
| | 62 757 | 48 523 | 29.3% | 52 981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 11 157 | 8 197 | 36.1% | 8 915 |
--------------------------------------------------------------------------------
| Interest-bearing | 33 173 | 43 647 | -24.0% | 43 797 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Provisions | 40 | 40 | 0.0% | 40 |
--------------------------------------------------------------------------------
| | 44 370 | 51 884 | -14.5% | 52 752 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 62 894 | 59 981 | 4.9% | 60 351 |
--------------------------------------------------------------------------------
| Interest-bearing current | 11 797 | 9 409 | 25.4% | 8 405 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | 74 691 | 69 390 | 7.6% | 68 756 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and | 181 818 | 169 797 | 7.1% | 174 489 |
| liabilities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| (EUR 1 000) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to equity holders of the parent |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | Share | Share | Premium | Invest | Trans- | Re-tai | Total |
| | | capit | issue | fund | -ed | lation | ned | equity |
| | | al | | | unres- | diffe- | ear-ni | |
| | | | | | tricte | rences | ngs | |
| | | | | | d | | | |
| | | | | | equity | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at | 8 285 | 105 | 5 934 | | 618 | 13 258 | 28 200 |
| January 1, | | | | | | | |
| 2006 | | | | | | | |
--------------------------------------------------------------------------------
| | Translat | 0 | 0 | 0 | | -204 | 0 | -204 |
| | ion | | | | | | | |
| | differen | | | | | | | |
| | ces | | | | | | | |
--------------------------------------------------------------------------------
| | Profit | 0 | 0 | 0 | | 0 | 2 983 | 2 983 |
| | for | | | | | | | |
| | the | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
| | Total | 0 | 0 | 0 | | -204 | 2 983 | 2 779 |
| | recogniz | | | | | | | |
| | ed | | | | | | | |
| | income | | | | | | | |
| | and | | | | | | | |
| | expense | | | | | | | |
| | for the | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
| | Share | 1 548 | -105 | 16 101 | | 0 | 0 | 17 544 |
| | issue | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 22 035 | | 414 | 16 241 | 48 523 |
| September 30, | | | | | | | |
| 2006 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 22 035 | | 226 | 20 887 | 52 981 |
| January 1, | | | | | | | |
| 2007 | | | | | | | |
--------------------------------------------------------------------------------
| | Translat | 0 | 0 | 0 | | -376 | 0 | -376 |
| | ion | | | | | | | |
| | differen | | | | | | | |
| | ces | | | | | | | |
--------------------------------------------------------------------------------
| | Profit | 0 | 0 | 0 | | 0 | 12 378 | 12 378 |
| | for | | | | | | | |
| | the | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
| | Total | 0 | 0 | 0 | | -376 | 12 378 | 12 002 |
| | recogniz | | | | | | | |
| | ed | | | | | | | |
| | income | | | | | | | |
| | and | | | | | | | |
| | expense | | | | | | | |
| | for the | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
| | Option | 0 | 0 | 0 | | 0 | 113 | 113 |
| | cost | | | | | | | |
--------------------------------------------------------------------------------
| | Transfer | | | -22 035 | 22 035 | | | 0 |
| | from | | | | | | | |
| | premium | | | | | | | |
| | fund to | | | | | | | |
| | invested | | | | | | | |
| | unrest-r | | | | | | | |
| | icted | | | | | | | |
| | equity | | | | | | | |
--------------------------------------------------------------------------------
| | Dividend | 0 | 0 | 0 | 0 | 0 | -2 339 | - 2 |
| | s | | | | | | | 339 |
--------------------------------------------------------------------------------
| Equity at | 9 833 | 0 | 0 | 22 035 | -150 | 31 039 | 62 757 |
| September 30, | | | | | | | |
| 2007 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | | | |
| (EUR 1 000) | | | |
--------------------------------------------------------------------------------
| | 1-9/ | 1-9/ | 1-12/ |
| | 2007 | 2006 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before change in working | 21 126 | 12 610 | 20 618 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in working capital | 220 | -11 901 | -10 765 |
--------------------------------------------------------------------------------
| Financial items and taxes | -2 750 | -4 704 | -6 000 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 18 596 | -3 995 | 3 853 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchases | -8 782 | -5 751 | -8 893 |
--------------------------------------------------------------------------------
| Sales | 70 | 45 | 319 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -8 712 | -5 706 | -8 574 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow before financing | 9 884 | -9 701 | -4 721 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Withdrawal of borrowings | 7 392 | 70 000 | 68 993 |
--------------------------------------------------------------------------------
| Repayment of borrowings | -14 861 | -77 559 | -77 615 |
--------------------------------------------------------------------------------
| Dividends | -2 339 | 0 | 0 |
--------------------------------------------------------------------------------
| Paid share issue | 0 | 16 962 | 16 962 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -9 808 | 9 403 | 8 340 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 76 | -298 | 3 619 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7 845 | 5 726 | 5 726 |
| at the beginning of the period | | | |
--------------------------------------------------------------------------------
| Translation correction to | -1 708 | -76 | -1 500 |
| cash and cash equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 6 213 | 5 352 | 7 845 |
| at the end of the period | | | |
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| KEY FIGURES | | | | |
--------------------------------------------------------------------------------
| | 1-9/ | 1-9/ | Change | 1-12/ |
| | 2007 | 2006 | % | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sold chargers, Mpcs | 180.8 | 160.9 | 12.4% | 230.5 |
--------------------------------------------------------------------------------
| Average sales price, | 1.12 | 1.12 | -0.1% | 1.12 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, MEUR | 202.2 | 180.4 | 12.1% | 259.0 |
--------------------------------------------------------------------------------
| EBITDA, MEUR | 21.1 | 12.8 | 64.6% | 20.7 |
--------------------------------------------------------------------------------
| EBITDA%, % | 10.4% | 7.1% | 46.9% | 8.0% |
--------------------------------------------------------------------------------
| Operating profit, | 17.5 | 8.8 | 98.5% | 15.5 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Operating profit | 8.6% | 4.9% | 77.1% | 6.0% |
| percentage, % | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic earning per | 0.32 | 0.08 | 300.0% | 0.20 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0.32 | | | 0.28 |
| share, EUR | | | | |
--------------------------------------------------------------------------------
| Earnings per share | 0.37 | 0.14 | 164.3% | |
| excluding | | | | |
| calculative tax | | | | |
| item, EUR | | | | |
--------------------------------------------------------------------------------
| Equity per share, | 1.61 | 1.30 | 23.8% | 1.36 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % | 28.5% | 10.4% | 174.0% | 18.8% |
--------------------------------------------------------------------------------
| Return on capital | 23.1% | 12.6% | 83.3% | 16.2% |
| employed, % | | | | |
--------------------------------------------------------------------------------
| Return on net | 58.2% | 42.3% | 37.6% | 54.1% |
| assets, % | | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 34.6% | 28.7% | 20.6% | 30.5% |
--------------------------------------------------------------------------------
| Gearing, % | 61.8% | 98.3% | -37.1% | 83.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure, | 9.1 | 4.6 | 97.8% | 9.4 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Capital expenditure, | 4.5% | 2.5% | 80.0% | 3.6% |
| % of net sales | | | | |
--------------------------------------------------------------------------------
| Personnel on average | 7 958 | 7 392 | 7.7% | 7 567 |
--------------------------------------------------------------------------------
| Personnel at end of | 9 241 | 7 630 | 21.1% | 7 910 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of shares on | 38 975 190 | 37 414 750 | | 37 808 067 |
| average | | | | |
--------------------------------------------------------------------------------
| Number of shares at | 38 975 190 | 38 975 190 | | 38 975 190 |
| the end of period | | | | |
--------------------------------------------------------------------------------
| Diluted number of | 39 036 340 | | | |
| shares on average | | | | |
--------------------------------------------------------------------------------
| Highest share price, | 4.89 | 3.69 | | 3.69 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Lowest share price, | 2.63 | 2.13 | | 2.13 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Average share price, | 3.72 | 2.97 | | 2.88 |
| EUR | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Traded shares, Mpcs | 15.1 | 26.5 | | 29.2 |
--------------------------------------------------------------------------------
| Traded shares, MEUR | 56.0 | 81.9 | | 88.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
| (EUR 1 000) | | | | |
--------------------------------------------------------------------------------
| | 1-9/ | 1-9/ | Change | 1-12/ |
| | 2007 | 2006 | % | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own debt | | | | |
--------------------------------------------------------------------------------
| | Company and real | 170 000 | 170 000 | 0.0% | 170 000 |
| | estate mortgages | | | | |
--------------------------------------------------------------------------------
| | Others | 364 | 364 | 0.0% | 254 |
--------------------------------------------------------------------------------
| Leasing and rental | 8 350 | 7 052 | 18.4% | 5 291 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | 178 714 | 177 416 | 0.7% | 175 545 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY INFORMATION |
--------------------------------------------------------------------------------
| | 7-9/ | 4-6/ | 1-3/ | 10-12/ | 7-9/ | 10/06- |
| | 07 | 07 | 07 | 06 | 06 | 9/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sold | 61 827 | 63 363 | 55 632 | 69 587 | 60 464 | 250 409 |
| chargers, | | | | | | |
| kpcs | | | | | | |
--------------------------------------------------------------------------------
| Net sales, | 70 478 | 69 475 | 62 273 | 78 642 | 67 445 | 280 868 |
| kEUR | | | | | | |
--------------------------------------------------------------------------------
| Operating | 6 300 | 6 048 | 5 122 | 6 694 | 4 405 | 24 164 |
| profit, | | | | | | |
| kEUR | | | | | | |
--------------------------------------------------------------------------------
| Operating | 8.9% | 8.7% | 8.2% | 8.5% | 6.7% | 8.6% |
| profit | | | | | | |
| percentage, | | | | | | |
| % | | | | | | |
--------------------------------------------------------------------------------
| Average | 1.14 | 1.10 | 1.12 | 1.13 | 1.12 | 1.12 |
| sales | | | | | | |
| price, EUR | | | | | | |
--------------------------------------------------------------------------------
OPTION RIGHTS
During the financial year the General Meeting of Shareholders established an
option program with totally 2,047,500 option rights that entitles to subscribe
of the same amount of new shares of the company. The option program is divided
to symbols 2007A, 2007B and 2007C. The Board of Directors granted at the
beginning of May 587,500 options to the Group key personnel. 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 by using the
Cox-Ross-Rubinstein binomial model.
--------------------------------------------------------------------------------
| Symbol | 2007A | 2007B | 2007C |
--------------------------------------------------------------------------------
| 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 | 0 | 0 | 0 |
| granted | | | |
| before the | | | |
| current | | | |
| financial | | | |
| year | | | |
--------------------------------------------------------------------------------
| Options | 587 500 | 0 | 0 |
| granted | | | |
| during the | | | |
| current | | | |
| financial | | | |
| year | | | |
--------------------------------------------------------------------------------
| Options | -7 500 | 0 | 0 |
| 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 | | |
--------------------------------------------------------------------------------
| Exercise | 3.03 | | |
| price | | | |
--------------------------------------------------------------------------------
| Share price | 3.51 | | |
| at grant date | | | |
--------------------------------------------------------------------------------
| The fair | 1.43 | | |
| value of | | | |
| option at | | | |
| grant date | | | |
--------------------------------------------------------------------------------
CALCULATION OF FINANCIAL RATIOS
Average personnel: Average of the amount of personnel at end of each month
Return on equity (%) = Profit for the period x 100 : Equity on average
Return on capital employed (%) = (Profit before taxes + interest charges and
other financial costs) x 100 : (Balance sheet total less interest-free debt (on
average))
Return on net assets (%) = Operating profit x 100 : (Fixed assets less goodwill
and deferred tax assets + inventory + short-term receivables less short-term
interest-free debt on average)
Equity ratio (%) = Equity x 100 : Balance sheet total less received advance
payments
Gearing (%) = (Interest-bearing debt less cash and cash equivalents) x 100 :
Equity
Earnings per share = Profit of the period attributable to the equity holders of
the parent : Weighted average number of shares outstanding during the period
Equity per share = Equity : number of shares outstanding
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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