MAIN EVENTS IN 2010
TOPSIL’S OVERALL REVENUE amounted to DKK 456.7 million in 2010, equal to an 8% increase compared with 2009. The level of activities was in line with recently announced expectations.
EBITDA amounted to DKK 102.0 million in 2010, compared with DKK 99.8m in 2009, corresponding to an EBITDA margin of 22.3% against 23.6% in 2009.
EBIT for 2009 was DKK 89.0 million in 2010 against DKK 84.2 million in 2009, equivalent to an EBIT margin of 19.5% against 19.9% the year before.
PROFIT BEFORE TAX for 2010 came to DKK 81.8 million, an increase of DKK 6.0 million on 2009. Profit for the year after tax was DKK 63.0 million against DKK 51.8 million in 2009.
At the beginning of the year, Topsil renewed its raw materials contract with one of its two suppliers of the critical raw material for the FZ-production. Hence, Topsil still has long-term contracts with both of the world’s two suppliers of this raw material.
At the beginning of the year, Topsil concluded new longterm contracts with a number of its largest customers. Hence, Topsil has entered into long-term contracts with all of its six largest customers, the three largest of which accounted for more than 50% of revenue in 2010.
May 2010, Topsil completed a share issue, raising proceeds of DKK 86 million. August 2010, the company entered into an agreement with a new bank.
Topsil completed the project planning of a new plant during the year. The plant will be constructed during 2011-2012. After the end of the financial period, Topsil acquired land for the construction of the plant in Frederikssund, Denmark.
The PROFIT WAS THE LARGEST EVER reported in Group history, and the Board of Directors and Management Board consider it to be satisfactory.
OUTLOOK FOR 2011
In 2011, the Group expects to generate organic growth in the region of 5%, corresponding to revenue of approximately DKK 480 million. Operating profit (EBITDA) is expected to come to approximately DKK 100 million. The revenue growth will positively affect EBITDA by about DKK 10 million, which is, however, expected to be offset by an increase in capacity costs also of about DKK 10 million relating to the implementation of the strategy plan.
Chairman, Jens Borelli-Kjær, +45 40 16 14 82
CEO, Keld Lindegaard Andersen, +45 21 70 87 72
