Positive performance in Q2
"Our revenue showed more than expected growth in Q2, well supported by sales to a number of one-off projects. Our main focus during the period was on implementing the strategy launched in 2012, and we are beginning to see the initial results of our efforts. On this background, we are upgrading our full-year guidance."
Kalle Hvidt Nielsen, CEO
Highlights of the quarter
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Revenue totalled DKK 87.3 million, up from DKK 76.0 million in Q2 2012 (+14.8%). The revenue was positively affected by silicon sales to a number of one-off projects.
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The contribution margin for Q2 was 48.7%, the same level as in Q2 2012.
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Other external costs and staff costs were down by DKK 0.8 million from DKK 31.7 million in Q2 2012 to DKK 30.9 million in Q2 2013. Q2 2013 included interim costs of about DKK 1 million due to parallel production lines at two locations in Frederikssund.
- Operating profit before depreciation and amortisation (EBITDA) was DKK 11.6 million in Q2 2013 against DKK 5.3 million in Q2 2013, bringing the EBITDA margin to 13.3% against 7.7% in Q2 2012.
- Working capital increased by DKK 19.9 million as compared with the amount at year-end 2012. This increase was a result of lower payables and higher receivables due to increased sales offset by inventory reduction.
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There was a cash outflow from operating activities of DKK 9.1 million in Q2 2013, and DKK 6.0 million was invested in production equipment and product development.
- New product qualifications were initiated during the period, and samples of 200mm NTD silicon wafers were sent to several customers.
- The construction of the new plant was completed in early April. Depreciation of investments related to the plant was made in the whole of Q2.
Outlook for 2013
Based on the good revenue performance resulting primarily from increased sales for one-off projects in the second quarter of the year and unchanged expectations for H2 2013, Topsil now upgrades its full-year forecast. The guidance for 2013 is increased to revenue in the region of DKK 300 million and EBITDA in the region of DKK 20 million from the previous guidance of revenue of at least DKK 290 million and EBITDA of at least DKK 13 million.
Any queries regarding this stock exchange announcement may be addressed to the company's CEO and CFO through: Christina Fris Bjørling, Communications, tel.: +45 2152 1011
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