MAIN EVENTS IN 2009
TOPSIL'S OVERALL REVENUE amounted to DKK 423.5m in 2009, equal to a 46%
increase compared with 2008. Revenue for 2009 included a full year of revenue
by Cemat Silicon S.A. whereas only two months' revenue was recognised in 2008.
The level of activity was at level with the latest guidance.
EBITDA amounted to DKK 99.8m in 2009, compared with DKK 72.2m in 2008,
corresponding to an EBITDA margin of 23.6% against 25% in 2008.
EBIT for 2009 was DKK 84.2 million against DKK 64.2 million in 2008, equivalent
to an EBIT margin of 19.9% against 22.2% the year before.
PRETAX PROFIT amounted to DKK 75,8m in 2009, which is at level with the most
recently announced guidance of a pretax profit in the range of DKK 55-65m and
DKK 13.7 higher than in 2008. The profit after tax for the year was DKK 51.8m
against DKK 45.9m in 2008.
This was the BEST-EVER PROFIT reported in group history, and the Board of
Directors and Management consider it to be very satisfactory.
THE STRONG GROWTH in the FZ silicon market continued in 2009 and during the
year, Topsil concluded new long-term customer contracts with its major
customers, thus ensuring a substantial part of the coming years' growth.
IN EARLY 2010, TOPSIL CONCLUDED A NEW LONG-TERM CONTRACT for the delivery of
polysilicon with one of the two suppliers. Overall, the contract, which runs
until the end of 2015, was concluded on more favourable commercial terms than
previous agreements.
TOPSIL HAS ADOPTED A NEW GROWTH STRATEGY covering the period from 2010 to 2012.
To meet the strongly increasing demand and optimise operations and improve
competitiveness, the group plans to build a new plant for Float Zone production
in the Frederikssund area. This project calls for investments of DKK 250-300m.
In order to finance this project and to ensure capital resources that match the
company's growth potential, Topsil is planning a share issue in the course of
2010 with expected proceeds of DKK 75-100m.
The full English version of the annual report 2009 in PDF is attached.
