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Electronics Production | May 09, 2008

Salcomp increase sales by 7% in Q1

Salcomp’s net sales in January-March grew by 7% and were EUR 66.8 million (EUR 62.3 million in January-March 2007). The number of chargers delivered grew by 14% to 63.5 million pieces (55.6 million pieces).
The market share in mobile phone chargers decreased slightly compared with the first quarter in 2007 and was about 21% (22%). The Group’s operating profit in the first quarter amounted to EUR 4.8 million (EUR 5.1 million). The operating profit percentage was 7.2% (8.2%). Profitability was weakened by a slightly lower gross margin compared with the comparison period due to changes in the product mix. In addition, the Group’s fixed costs rose because of the strong increase in capacity at the India plant.

The Group’s net financial expenses were EUR 2.3 million (EUR 0.8 million). Financial expenses for the period include EUR 1.3 million (EUR 0.2 million profit) of deferred losses due to the exchange rate differences of intra-group loans. Taxes for the period totaled EUR 0.9 million (EUR 0.9 million). They include a deferred tax of EUR 0.7 million resulting from the parent company’s tax-deductible goodwill amortization. Salcomp’s net result totaled EUR 1.6 million (EUR 3.4 million). Earnings per share were EUR 0.04 (EUR 0.09) and earnings per share excluding the deferred tax amounted to EUR 0.06 (EUR 0.11). Basic earnings per share were EUR 0.04 (EUR 0.11)

The Group's R&D expenditure was EUR 1.2 million (EUR 0.9 million) in January-March, or 1.8% of net sales (1.5%). The focus was on the development of new products for current and new customers and on the continued improvement of the product cost structure of the current products. The capital expenditure in January-March amounted to EUR 1.4 million (EUR 3.6 million). The capital expenditure involved boosting the production capacity mainly in India.

During the first quarter the cash flow from operating activities was EUR 2.9 million negative (EUR 10.4 million positive) due to the increase in working capital. The cash flow was negatively affected by the EUR 6.3 million decrease in sold receivables in the first quarter. The cash flow from operating activities, excluding change in selling of receivables was EUR 3.4 million positive. The Group’s equity ratio at the end of March was 39.3% (31.3 %) and gearing was 39.0% (68.3%). Interest-bearing net debt totalled EUR 27.2 million (EUR 36.9 million) at the end of the period.

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