Topsil Semiconductor Materials A/S reported unaudited earnings results for the first quarter ended Mar. 31, 2012. For the period, the company reported revenue of DKK 78,503,000 compared to DKK 91,956,000 for the same period a year ago. EBITDA was DKK 9,062,000 compared to DKK 12,344,000 for the same period a year ago. EBIT was DKK 2,798,000 compared to DKK 7,931,000 for the same period a year ago. Profit before tax was DKK 5,531,000 compared to DKK 5,731,000 for the same period a year ago. Appropriation of profit for the period to parent company shareholders was DKK 4,340,000 compared to DKK 2,705,000 for the same period a year ago. Diluted earnings per share was DKK 0.01 compared to DKK 0.00 for the same period a year ago. Cash flows from operating activities was DKK 23,226,000 compared to cash used in operating activities of DKK 4,701,000 for the same period a year ago. Acquisition etc. of property, plant and equipment was DKK 53,260,000 compared to DKK 19,482,000 for the same period a year ago. Acquisition etc. of intangible assets was DKK 2,356,000 compared to DKK 5,586,000 for the same period a year ago. Net interest-bearing debt was DKK 53,831,000. The decline in revenue is primarily attributable to lower demand compared to the same period last year as a result of the slow-down of the power market in mid 2011 and an increasingly competitive market. Topsil currently has less order visibility than it has had for a number of years. The increase in cash flows from operating activities is essentially due to an improved working capital resulting from a decline in receivables, a minor increase in inventories and an increase in trade payables. The company's expectations for 2012 remain unchanged, and Management continuously expects the market to gradually pick up towards the end of the year. From then on, market terms are expected to gradually improve at a rate of approximately 5-10% p.a. For 2012, it expects revenue to be 5-10% lower than in 2011. This expectation is based on the assumption of a fall of about 25% in the first half of the year followed by slight growth in the second half of the year. EBITDA is still expected to be approximately DKK 40-50 million against DKK 35 million in 2011. The implemented cost reductions will have full-year effect in 2012, albeit moderately offset by the costs of operating in two locations in Denmark. These expectations are based on exchange rates of DKK 550/USD 100 and DKK 185/PLN 100. For the first six months, the company expects a decline in revenue of approximately 25% compared to 2011 and subsequently minor growth during the second half of the year.