OMX Nordic Exchange Copenhagen 21.08.2008
Nikolaj Plads 6
1067 København K
STOCK EXCHANGE ANNOUNCEMENT No. 14/08
Half Year Financial Report 2008
Summary
The company's net turnover increased in the first half of 2008 by 52.3% to DKK
127.9m from DKK 84m in the first half of 2007.
The operating profit was DKK 30.4m against DKK 26.2m in 2007.
In the first half of 2008 the company made a profit before tax of DKK 28m and
DKK 20.4m after tax against a profit before tax of DKK 25.4m and DKK 18.3m
after tax in the same period of 2007.
The half year financial results are deemed satisfactory by the company.
In the first half of 2008 the company had a positive cash flow of DKK 17.8m,
primarily due to positive cash flows from operations.
In the first half of 2008 the company recognised an unrealised financial
exchange rate loss of DKK 4m in the profit and loss account, of which DKK 2.6m
is concerning collateral security for the raw material contract, running until
the end of 2012.
Expected future development
Cf. stock exchange announcement No. 13/08 the company maintains its
expectations for a turnover in 2008 of DKK 220-240m and a profit before tax of
DKK 50-60m.
There is still a big demand for the company's products from present and
potential customers.
The company estimates that the global polysilicon market will continue being
characterized by a demand exceeding supplies in 2009.
As notified in stock exchange announcement No. 13/08 of 14 July 2008 the
company has submitted a bid to buy Cemat Silicon S.A. in Poland. It is
expected to carry out the transaction at the end of the 3rd quarter 2008, and
among them it is subject to a takeover of at least 90% of the share
capital. Furthermore, the acquisition is subject to a satisfactory due
dilligence and financing. A due dilligence is in progress, and the company is
discussing financing models with various banks. The process is proceeding
according to plan. In case the transaction is carried out the company will make
an announcement, and the acquisition of Cemat-Silicon S.A. will be incorporated
in the expectations.
The full report is attached to this announcement in PDF and can be downloaded
from our website under News at www.topsil.com
