Københavns Fondsbørs 02.05.2007
Nikolaj Plads 6
1067 København K
STOCK EXCHANGE ANNOUNCEMENT No. 14/07
Quarterly report - 1st quarter 2007
Comments on the results for the first three months of 2007
The company's net turnover increased in the first quarter of 2007 by 6% to DKK
40.9m from DKK 38.7m in the first quarter of 2006.
Operating profit was DKK 12.6m against DKK 6.5m in 2006.
In the first quarter of 2007 the company made a profit after tax of DKK 8.9m
against a profit after tax of DKK 4.2m in the same period of 2006.
The turnover and result of the period are still positively affected by high
prices on the world market for polysilicon and silicon.
The result of the period is positively affected by the fact, that it is still
possible for the company to sell the scrap product ”remelt”, at higher prices
than earlier as a result of the general shortage of polysilicon on the global
market and, especially, in the solar cell industry.
The most important currency of the company is USD, and the company has
recognised an unrealised exchange rate loss of DKK 0.9m in the profit and loss
account in the period.
Capital increase
The company's equity capital is positively affected by net DKK 1.6m, and the
share capital by DKK 1.4m, due to capital increases in February and March 2007
in connection with the management's exercise of warrants and subscription of
employee shares.
Expected future development
The company maintains its expectations for a turnover in 2007 of DKK 180-200m.
The company adjusts expectations for the profit before tax from DKK 35-40m to
DKK 40-50m, as the development in prices, and the company's possibilities to
earn high margins on a number of products and customers, have been more
favourable than originally expected.
The expectations to the net turnover for 2007 are based on the production
output being approximately 20% higher than in 2006. However, in the first
quarter of 2007 it has turned out to be more difficult attracting new
customers, and at present the order book is lower than originally anticipated.
The complete report is attached or can be downloaded from
http://www.topsil.com/0/515
