Q1 2013 IN LINE WITH EXPECTATIONS
"Our Company performed in line with expectations in Q1 2013. Revenue reflected unchanged market conditions compared to the end of 2012, and we maintained a tight focus on costs. Qualification of the next generation of larger-diameter silicon wafers and relocation to the new plant progressed according to plan during the period."
Kalle Hvidt Nielsen, CEO
POINTS IN THE QUARTER
- Topsil generated revenue of DKK 70.7 million in Q1 2013 against DKK 78.5 million in Q1 2012. The performance was in line with expectations and was mainly attributable to a weaker market.
- The Company's contribution margin for Q1 2013 was 49.6% against 52.6% in the year-earlier period, the reduction being due to the lower revenue, a change in the underlying customer and product mix and costs relating to product qualifications.
- Other external costs and staff costs were reduced by DKK 0.5 million from DKK 32.2 million in 2012 to DKK 31.7 million in 2013. Q1 2013 includes 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 3.4 million in Q1 2013 against DKK 9.1 million the year before.
- Inventories were reduced by DKK 6.2 million in Q1 2013 to DKK 152.8 million from DKK 159.0 million at 31 December 2012.
- There was a cash outflow from operating activities of DKK 1.4 million in Q1 2013. Investments in property, plant and equipment during the quarter amounted to DKK 5.6 million, of which DKK 3.4 million was for property, plant and equipment and DKK 2.2 million was for development projects.
OUTLOOK FOR 2013
- Topsil maintains its full-year forecast of revenue and EBITDA for 2013 to be at least in line with revenue and EBITDA for 2012.
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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