2010-05-18 07:15:00 CEST
2010-05-18 07:15:01 CEST
REGLERAD INFORMATION
Salcomp Oyj - Interim report (Q1 and Q3)
NET SALES INCREASED - OPERATING PROFIT BACK IN THE BLACK
Salcomp Plc Interim Report 18 May 2010 at 08:15 Finnish time Salcomp Plc Interim Report 1 January - 31 March 2010 NET SALES INCREASED - OPERATING PROFIT BACK IN THE BLACK January-March 2010: -Net sales grew by 26% to EUR 59.6 million (EUR 47.5 million in January-March 2009). -Number of chargers delivered increased by 41% to 65.9 million pieces (46.7 million pieces). -Market share in mobile phone chargers was some 23% (some 18%). -Operating profit improved to EUR 1.5 million (EUR -1.0 million). -Operating profit, excluding the exchange rate gains/losses, was EUR 1.1 million (EUR 0.0 million). -Earnings per share improved to EUR 0.04 (EUR-0.05). -Cash flow from operating activities, excluding the change in selling of receivables, was EUR 1.2 million positive (EUR 11.6 million negative). -Group's net interest-bearing debt was EUR -1.3 million (EUR 12.1 million). -Cash and cash equivalents at the end of the period were EUR 19.4 million (EUR 18.1 million). Outlook for 2010 unchanged: -Both Salcomp's net sales and operating profit in 2010 are expected to improve compared with the 2009 level. Markku Hangasjärvi, President and CEO: ”According to our estimates, the number of mobile phones and mobile phone chargers sold globally during the first quarter of the year grew by some 11% compared with the first quarter in 2009 when the mobile phone sales were exceptionally weak due to the global financial crisis. Market growth and Salcomp's stronger market share increased the number of chargers delivered by us, as well as our net sales, compared with the first quarter of 2009, even though both figures were below the last quarter 2009 level. The operating profit was back in the black, but remained clearly below the last quarter 2009 level, mainly due to the lower sales and higher fixed costs. The mobile phone market is estimated to continue to grow globally during the rest of the year 2010. Measured by the number of units, this would mean approximately 1.2 billion mobile phones and, therefore, mobile phone chargers to be sold. The market growth will lay a solid foundation for further broadening Salcomp's customer base in the mobile phone segment and enables us to seek add-on growth from other selected medium power range charger groups.” Financial development in January-March 2010 In the first quarter of the year, Salcomp's net sales increased by 26% to EUR 59.6 million (EUR 47.5 million in January-March 2009) due to the increase in the number of chargers delivered by 41% to 65.9 million (46.7 million) pieces. According to estimates of market research companies and Salcomp, some 283 million mobile phones with registered trademarks were sold during the first quarter of the year. Salcomp's market share in mobile phone chargers was approximately 23% (approximately 18%). Salcomp's operating profit improved to EUR 1.5 million (EUR -1.0 million). Operating profit was improved by an increase in the sales volumes, as well as realized and unrealized exchange rate gains of EUR 0.4 million, whereas higher fixed costs weakened the operating profit. The operating profit in the comparison period in January-March 2009 was burdened by a sharp decline in sales volumes, as well as realized and unrealized exchange rate losses of EUR 1.0 million. The operating margin in January-March 2010 was 2.5% (-2.1%). The Group's net finance expenses were EUR 0.2 million positive (EUR 0.0 million). The finance expenses for the first quarter of the year include EUR 0.7 million of gains (EUR 0.3 million of gains) due to the exchange rate differences in intragroup loans. Taxes for the quarter totaled EUR 0.1 million (EUR 1.0 million). Taxes in the comparison period include a deferred tax of EUR 0.7 million, resulting from the parent company's tax-deductible goodwill amortization. The goodwill was fully amortized in October 2009. The profit for the period in January-March amounted to EUR 1.6 million (EUR -2.0 million). Earnings per share were EUR 0.04 (EUR -0.05), and diluted earnings per share were EUR 0.04 (EUR -0.05). R&D and capital expenditure The Group's R&D expenditure was EUR 1.5 million (EUR 1.3 million) in January-March, or 2.5% (2.7%) of net sales. At the end of March, 170 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. Capital expenditure during the reporting period amounted to EUR 0.9 million (EUR 0.2 million). The capital expenditure involved maintaining the production capacity, as well as increasing the capacity, especially in the medium power range chargers. Financing Cash flow from operating activities in January-March amounted to EUR 1.8 million positive (EUR 9.7 million negative). In addition to the improved profitability, cash flow from operating activities increased compared with the comparison period mainly due to the decline in working capital. The cash flow from operating activities, excluding the change in selling of receivables, was EUR 1.2 million positive (EUR 11.6 million negative). Cash and cash equivalents at the end of the period were EUR 19.4 million (EUR 18.1 million). The Group's equity ratio at the end of the period was 43.1% (37.4%) and gearing was -1.8% (19.0%). Net interest-bearing debt totaled EUR -1.3 million (EUR 12.1 million) at the end of March. Decisions at the Annual General Meeting Salcomp Plc's Annual General Meeting was held on 24 March 2010 in Helsinki. The AGM approved the 2009 financial statements and discharged the members of the Board and the President and CEO from liability for the financial year. In accordance with the Board's proposal, the AGM decided that repayment of capital of a total of EUR 2,728,263.30 (being EUR 0.07 per share) will be distributed to the shareholders from the Company's invested unrestricted equity. The repayment of capital was paid on 7 April 2010. In accordance with the Board's proposal, the AGM decided that no dividend for 2009 will be paid. The AGM decided that the number of the members of the Board of Directors remains at five. The AGM re-elected Mats Heiman, Kari Vuorialho, Carl Engström and Jukka Rinnevaara as members of the Board of Directors and elected Petri Kähkönen as a new Board member until the conclusion of the 2011 Annual General Meeting. The AGM appointed Mats Heiman as the Chairman and Kari Vuorialho as Vice Chairman. The AGM decided to leave the remuneration for the Board of Directors unchanged: the remuneration for a full term will be EUR 40,000 for the Chairman, EUR 32,000 for the Vice Chairman and EUR 25,000 for the members. At its organizing meeting following the AGM, Salcomp's Board of Directors concluded due to the Company's size and composition of the Board of Directors, that it is not necessary to establish any separate Board committees. The Board of Directors further stated that all Board members are independent of the Company, and Petri Kähkönen, Jukka Rinnevaara and Kari Vuorialho are also independent of the Company's significant shareholders. KPMG Oy Ab, Authorized Public Accounting Firm, continues as the Company auditor and Pauli Salminen, APA, as the responsible auditor. In accordance with the Board's proposal, the AGM decided to amend the method and minimum period for publishing the convening notice to the AGM in the Article 8 of the Company's Articles of Association, due to the amendment to the Finnish Companies Act. The AGM authorized the Board of Directors to decide on issuance of no more than 11.8 million new shares or 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. Personnel and management The number of Group personnel at the end of March totaled 9,295 (7,017): 5,760 were employed in China, 1,222 in Brazil, 2,256 in India, and 57 in Finland and other countries. The number of personnel increased mainly due to the increase in production volumes. 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 1.90 and EUR 2.19 in January-March. The average share price during the period was EUR 2.00, and the closing price at the end of March was EUR 1.96. Share trading amounted to EUR 1.3 million and 0.6 million shares. According to the book-entry system, Salcomp had 1,142 shareholders at the end of the period. Foreign ownership at the end of March was 78.6% and the market value EUR 76.4 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 and changes in the competition in the mobile phone charger markets. Furthermore, consolidation of the customer base and deterioration in the financial position of a major customer may have a negative effect on Salcomp's business. 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 global economy on the stability of the financial market, as well as accessibility of financing, has an influence on Salcomp's business. In medium term, Salcomp's business may be affected by standardization projects concerning mobile phone chargers in the different market areas. Due to the standardization, it is possible that in the future in some market areas, part of 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 in the Annual Report 2009. 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 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. This lays a solid base for increasing the number of chargers delivered by Salcomp, as well as the net sales, in 2010. On the other hand, prices of materials and components used in chargers are expected to rise somewhat in 2010, creating challenges in improving the operating profit. However, Salcomp's outlook for 2010 remains unchanged. Both Salcomp's net sales and operating profit in 2010 are expected to improve compared with the 2009 level. Helsinki 18 May 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 teleconference for analysts and media will be held on 18 May 2010 at 14:00 Finnish time. For registration and further information concerning the attendance of the teleconference, contact Eevaleena Kiviaho by email eevaleena.kiviaho@salcomp.com. The Interim Report slide show presentation is available at Salcomp's web page, www.salcomp.com. Salcomp's Interim Report for January-June will be published on 12 August 2010. -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE INCOME | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 59 635 | 47 533 | 25.5% | 239 455 | -------------------------------------------------------------------------------- | Cost of sales | -53 760 | -44 659 | 20.4% | -213 167 | -------------------------------------------------------------------------------- | Gross margin | 5 875 | 2 874 | 104.4% | 26 288 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other operating income | 0 | 3 | -100.0% | 90 | -------------------------------------------------------------------------------- | Sales and marketing | -589 | -488 | 20.7% | -2 063 | | expenses | | | | | -------------------------------------------------------------------------------- | Administrative expenses | -2 292 | -2 113 | 8.5% | -8 685 | -------------------------------------------------------------------------------- | Research and development | -1 512 | -1 257 | 20.3% | -5 283 | | expenses | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -2 | 0 | | -131 | -------------------------------------------------------------------------------- | Operating result | 1 480 | -981 | - | 10 216 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Finance income | 662 | 335 | 97.6% | 1 228 | -------------------------------------------------------------------------------- | Finance expenses | -445 | -338 | 31.7% | -2 325 | -------------------------------------------------------------------------------- | Result before tax | 1 697 | -984 | - | 9 119 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Income tax expenses | -66 | -1 000 | -93.4% | -3 861 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Result for the period | 1 631 | -1 984 | - | 5 258 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | | | | | | income for the period | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 1 064 | 1 657 | -35.8% | 3 069 | | translating foreign | | | | | | operations | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Other comprehensive | 1 064 | 1 657 | -35.8% | 3 069 | | income for the period, | | | | | | net of tax | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | 2 695 | -327 | - | 8 327 | | INCOME FOR THE PERIOD | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Basic earnings per | 0.04 | -0.05 | - | 0.13 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.04 | -0.05 | - | 0.14 | | share, EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.3.2010 | 31.3.2009 | Change % | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Property, plant and | 20 883 | 22 175 | -5.8% | 19 886 | | equipment | | | | | -------------------------------------------------------------------------------- | Goodwill | 66 412 | 66 412 | 0.0% | 66 412 | -------------------------------------------------------------------------------- | Other intangible | 521 | 408 | 27.7% | 405 | | assets | | | | | -------------------------------------------------------------------------------- | Deferred tax assets | 3 240 | 3 043 | 6.5% | 3 180 | -------------------------------------------------------------------------------- | | 91 056 | 92 038 | -1.1% | 89 883 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 22 072 | 26 977 | -18.2% | 20 329 | -------------------------------------------------------------------------------- | Trade and other | 36 289 | 32 770 | 10.7% | 32 623 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash and cash | 19 411 | 18 123 | 7.1% | 18 872 | | equivalents | | | | | -------------------------------------------------------------------------------- | | 77 772 | 77 870 | -0.1% | 71 824 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 168 828 | 169 908 | -0.6% | 161 707 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | | -------------------------------------------------------------------------------- | Share capital | 9 833 | 9 833 | 0.0% | 9 833 | -------------------------------------------------------------------------------- | Invested unrestricted | 19 305 | 22 035 | -12.4% | 22 035 | | equity | | | | | -------------------------------------------------------------------------------- | Retained earnings | 43 516 | 31 726 | 37.2% | 40 741 | -------------------------------------------------------------------------------- | | 72 654 | 63 594 | 14.2% | 72 609 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax | 17 288 | 15 565 | 11.1% | 17 313 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital loans | 10 000 | 3 000 | 233.3% | 10 000 | -------------------------------------------------------------------------------- | Interest-bearing | 4 881 | 15 329 | -68.2% | 5 882 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 32 169 | 33 894 | -5.1% | 33 195 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 60 773 | 60 515 | 0.4% | 52 671 | | payables | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 3 232 | 11 905 | -72.9% | 3 232 | | current liabilities | | | | | -------------------------------------------------------------------------------- | | 64 005 | 72 420 | -11.6% | 55 903 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total equity and | 168 828 | 169 908 | -0.6% | 161 707 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | (EUR 1 000) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to equity holders of the parent | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Invested | Translati | Retained | Total | | | | capital | unrestrict | on | earnings | equity | | | | | ed equity | differenc | | | | | | | | es | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 Jan | 9 833 | 22 035 | -784 | 32 695 | 63 779 | | 2009 | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 1 657 | -1 984 | -327 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | 0 | 0 | 0 | 142 | 142 | | | costs | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 9 833 | 22 035 | 873 | 30 853 | 63 594 | | March 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity at 1 Jan | 9 833 | 22 035 | 2 285 | 38 456 | 72 609 | | 2010 | | | | | | -------------------------------------------------------------------------------- | | Total | 0 | 0 | 1 064 | 1 631 | 2 695 | | | comprehensi | | | | | | | | ve income | | | | | | | | for the | | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | | Option | 0 | 0 | 0 | 80 | 80 | | | costs | | | | | | -------------------------------------------------------------------------------- | | Repayment | 0 | -2 730 | 0 | 0 | -2 730 | | | of capital* | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 9 833 | 19 305 | 3 349 | 40 167 | 72 654 | | March 2010 | | | | | | -------------------------------------------------------------------------------- *Decision by the AGM on 24 March and payment on 7 April -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOWS | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow before change in | 2 781 | 452 | 515.3% | 15 535 | | working capital | | | | | -------------------------------------------------------------------------------- | Change in working capital | -758 | -9 427 | -92.0% | -10 521 | -------------------------------------------------------------------------------- | Financial items and taxes | -216 | -761 | -71.6% | -1 852 | -------------------------------------------------------------------------------- | Net cash flow from | 1 807 | -9 736 | - | 3 162 | | operating activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Purchases | -863 | -193 | 347.2% | -1 592 | -------------------------------------------------------------------------------- | Sales | 0 | 0 | | 64 | -------------------------------------------------------------------------------- | Cash flows from investing | -863 | -193 | 347.2% | -1 528 | | activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Cash flow before financing | 944 | -9 929 | - | 1 634 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Withdrawal of borrowings | 0 | 0 | | 27 000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -1000 | 0 | | -38 092 | -------------------------------------------------------------------------------- | Net cash flow from | -1000 | 0 | | -11 092 | | financing activities | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Change in cash and cash | -56 | -9 929 | -99.4% | -9 458 | | equivalents | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents | 18 872 | 26 590 | -29.0% | 26 590 | | at the beginning of the | | | | | | period | | | | | -------------------------------------------------------------------------------- | Translation difference | 595 | 1 462 | -362.9% | 1 740 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 19 411 | 18 123 | 7.1% | 18 872 | | at the end of the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | -------------------------------------------------------------------------------- | | 1-3/ | 1-3/ | Change | 1-12/ | | | 2010 | 2009 | % | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, Mpcs | 65.9 | 46.7 | 41.2% | 243.3 | -------------------------------------------------------------------------------- | Average sales price, | 0.90 | 1.02 | -11.8% | 0.98 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 59.6 | 47.5 | 25.5% | 239.5 | -------------------------------------------------------------------------------- | EBITDA, MEUR | 2.7 | 0.3 | 800.0% | 15.1 | -------------------------------------------------------------------------------- | EBITDA%, % | 4.5% | 0.6% | | 6.3% | -------------------------------------------------------------------------------- | Operating result, | 1.5 | -1.0 | - | 10.2 | | MEUR | | | | | -------------------------------------------------------------------------------- | Operating margin, % | 2.5% | -2.1% | | 4.3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic earnings per | 0.04 | -0.05 | - | 0.13 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Diluted earnings per | 0.04 | -0.05 | - | 0.14 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | 0.04 | -0.03 | - | 0.20 | | excluding deferred | | | | | | tax, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, | 1.86 | 1.63 | 14.1% | 1.86 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | 12.2% | -3.9% | | 7.7% | -------------------------------------------------------------------------------- | Return on capital | 14.9% | 7.3% | | 12.3% | | employed, % | | | | | -------------------------------------------------------------------------------- | Return on net | 59.8% | 36.5% | | 61.2% | | assets, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 43.1% | 37.4% | | 44.9% | -------------------------------------------------------------------------------- | Gearing, % | -1.8% | 19.0% | | 0.3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure, | 0.9 | 0.2 | 347.2% | 1.6 | | MEUR | | | | | -------------------------------------------------------------------------------- | Capital expenditure, | 1.4% | 0.4% | | 0.7% | | % of net sales | | | | | -------------------------------------------------------------------------------- | Personnel on average | 8 060 | 6 833 | 18.0% | 7 312 | -------------------------------------------------------------------------------- | Personnel at the end | 9 295 | 7 017 | 32.5% | 7 900 | | of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares on | 38 975 190 | 38 975 190 | | 38 975 190 | | average | | | | | -------------------------------------------------------------------------------- | Number of shares at | 38 975 190 | 38 975 190 | | 38 975 190 | | the end of period | | | | | -------------------------------------------------------------------------------- | Diluted number of | 38 137 654 | 37 719 971 | | 38 187 925 | | shares on average | | | | | -------------------------------------------------------------------------------- | Highest share price, | 2.19 | 1.90 | | 1.99 | | EUR | | | | | -------------------------------------------------------------------------------- | Lowest share price, | 1.90 | 1.15 | | 1.15 | | EUR | | | | | -------------------------------------------------------------------------------- | Average share price, | 2.00 | 1.53 | | 1.60 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Traded shares, Mpcs | 0.6 | 0.2 | | 1.9 | -------------------------------------------------------------------------------- | Traded shares, MEUR | 1.3 | 0.3 | | 3.1 | -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT This Interim Report has been prepared in accordance with the international financial accounting standard IAS 34 Interim Reports. The same accounting principles are applied in this Interim Report as in the Financial Statements. Salcomp has, as of 1 January 2009, applied the revised IAS 1 Presentation of Financial Statements standard, as well as the new IFRS 8 Operating Segments standard. Other amended standards or interpretations have not affected this Interim Report. Adoption of IFRS 8 has no impact on the number of reported segments, but only on the notes presented in the Financial Statements. Salcomp has one business segment, chargers. Internal management reporting complies with the IFRS reporting and due to this, separate adjustments are not presented. -------------------------------------------------------------------------------- | LIABILITIES | | (EUR 1 000) | -------------------------------------------------------------------------------- | | 31.3.2010 | 31.3.2009 | Change % | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own dept | | | | | -------------------------------------------------------------------------------- | | Company and real | 82 000 | 170 000 | -51.8% | 82 000 | | | estate mortgages | | | | | -------------------------------------------------------------------------------- | | Others | 5 | 5 | 0.0% | 5 | -------------------------------------------------------------------------------- | Leasing and rental | 7 323 | 9 630 | -24.0% | 7 359 | | liabilities | | | | | -------------------------------------------------------------------------------- | | 89 328 | 179 635 | -50.3% | 89 364 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY INFORMATION | -------------------------------------------------------------------------------- | | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ | 4/09- | | | 10 | 09 | 09 | 09 | 09 | 3/10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sold chargers, | 65 941 | 69 817 | 68 040 | 58 662 | 46 753 | 262 460 | | kpcs | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 59 635 | 62 699 | 68 078 | 61 145 | 47 533 | 251 557 | | kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 1 480 | 3 032 | 4 385 | 3 780 | -981 | 12 677 | | result, kEUR | | | | | | | -------------------------------------------------------------------------------- | Operating | 2.5% | 4.8% | 6.4% | 6.1% | -2.1% | 5.0% | | margin, % | | | | | | | -------------------------------------------------------------------------------- | Average sales | 0.90 | 0.90 | 1.00 | 1.04 | 1.02 | 0.96 | | price, EUR | | | | | | | -------------------------------------------------------------------------------- OPTION RIGHTS During the financial year 2007, the General Meeting of Shareholders established an option program with a total of 2,047,500 option rights that entitle to subscribe the same amount of new shares of the company. The option program is divided to symbols 2007A, 2007B and 2007C. The Board of Directors has not granted option rights to Group key personnel during the financial year. The share based incentives are conditional. The vesting conditions are based on that the total shareholder return is at least 8 % per annum. 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- | | | | 31.3.2010 | 31.3.2011 | 31.3.2012 | | -------------------------------------------------------------------------------- | Options granted | 497 500 | 545 000 | 627 500 | 1 670 000 | | before the current | | | | | | financial year | | | | | -------------------------------------------------------------------------------- | Options granted | | | | | | during the current | | | | | | financial year | | | | | -------------------------------------------------------------------------------- | Options forfeited | -32 500 | -37 500 | 0 | -70 000 | | during the current | | | | | | financial year | | | | | -------------------------------------------------------------------------------- | Settlement (shares | 1 | 1 | 1 | | | / option) | | | | | -------------------------------------------------------------------------------- | Settlement period | 1.4.2010- | 1.4.2011- | 1.4.2012- | | | | 31.3.2012 | 31.3.2013 | 31.3.2014 | | -------------------------------------------------------------------------------- | Grant date | 02.05.07 | 07.05.08 | 11.08.09 | | -------------------------------------------------------------------------------- | Exercise price | 2.81 | 3.33 | 1.40 | | -------------------------------------------------------------------------------- | Share price at | 3.51 | 3.79 | 1.51 | | | grant date | | | | | -------------------------------------------------------------------------------- | The fair value of | 1.44 | 1.44 | 0.61 | | | option at grant | | | | | | date | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY INFORMATION | | (EUR 1 000) | -------------------------------------------------------------------------------- | Related party | 31.3.2010 | 31.3.2009 | Change % | 31.12.2009 | | transactions with | | | | | | Nordstjernan AB | | | | | -------------------------------------------------------------------------------- | Capital loans | 10 000 | 3 000 | 233% | 10 000 | -------------------------------------------------------------------------------- | Interest of capital | 1 087 | 88 | 1 135% | 787 | | loans | | | | | -------------------------------------------------------------------------------- | Sales of receivables | 0 | 2 685 | - | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Terms of the capital loans 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 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
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