OMX Nordic Exchange Copenhagen 07.05.2008
Nikolaj Plads 6
1067 København K
STOCK EXCHANGE ANNOUNCEMENT No. 08/08
Quarterly report, 1st quarter 2008
Comments on the results for the first three months of 2008:
The company's net turnover increased in 2008 to DKK 66m from DKK 40.9m in 2007.
The operating profit was DKK 17m against DKK 12.6m in 2007.
In the first three months of 2008 the company made a profit before tax of DKK
13.6m and DKK 9.9m after tax against a profit before tax of DKK 12.3m and DKK
8.9m after tax in the same period of 2007.
The results for the quarter is deemed satisfactory by the company.
The improvement in turnover is primarily due to increased volumes and higher
sales prices per unit. The growth is mainly due to increased sales to present
customers.
The most important currency of the company is USD, and the company has
recognised an unrealised exchange rate loss of DKK 2.7m concerning the deposit
made as collateral security for the raw material contract, running until the
end of 2012.
Expected future development
The company maintains its expectations for a turnover in 2008 of DKK 220-240m
and a profit before tax of DKK 50-60m. These expectations are on the assumption
that the US dollar rate will not decrease further compared to Danish kroner,
made up at 31 March 2008.
The company is still receiving many enquiries from potential and present
customers. The potential order intake is exceeding the volume of raw materials,
that the company estimates to be available in 2008.
The company is expecting a continued higher level of activities in 2008
compared to last year.
The growth in the float zone market is primarily driven by new energy
technologies.
The company is currently working at strengthening the company's position and
competetiveness and increase growth.
The full report is attached or can be downloaded from the company's website:
http://www.topsil.com/1/30
