19% revenue decline in 2011 YoY for Topsil

EBITDA amounted to DKK 35.1 million in 2011, compared with DKK 102.0 million in 2010. EBIT was DKK 6.0 million in 2011 against DKK 89.0 million in 2010. Profit/(loss) before tax for 2011 came to DKK (3.3) million, which was DKK 85.1 million lower than in 2010. The loss for the year after tax was DKK (6.8) million against profit of DKK 63.0 million in 2010. The revenue reduction was primarily owing to an unexpected, market-driven slowdown in the NTD area in mid 2011, which was particularly pronounced in the transport area. At the same time, the introduction of a new improved product for the medium-voltage segment was prolonged due to a longer than expected customer qualification process. During the second half of the year, Topsils production was affected by inconsistent quality of raw materials for NTD production from one of Topsils suppliers, resulting in a lower rate of utilisation and a longer production process. Topsil signed an agreement with the supplier at the end of the year, addressing the problem technically and commercially going forward. Outlook for 2012 For 2012, Topsil expects revenue to decline by 5-10% relative to 2011. This expectation is based on the assumption of a fall of about 25% in the first half of the year followed by minor growth in the second half of the year.