Quest for Growth - Resultaten FY04-05

Opnieuw winstgevend jaar Quest for Growth
28 juli 2005
Na het bijzonder succesvolle boekjaar 2003-2004, waarin een winst van bijna 12,80 miljoen euro gerealiseerd werd - wat een rendement op eigen vermogen vertegenwoordigde van bijna 28 % - bevestigde Quest for Growth ook over 2004-2005 haar winstgevendheid met een nieuw positief resultaat. Het netto resultaat van 4.599.761 euro is weliswaar kleiner dan de winst voor het vorige boekjaar maar blijft met een rendement op eigen vermogen van 7,80 % meer dan bevredigend.Dit resultaat ligt aanzienlijk beter dan de prestatie van een aantal indexen zoals de Nasdaq en Bloomberg European New Markets 50 (BENMAX50) index. Het voorbije boekjaar, dat eindigde op 30 juni 2005, was een goed jaar voor aandelenmarkten. De internationale aandelenmarkten haalden een return van bijna 10 %, Europese aandelenmarkten deden zelfs nog beter.
De sectoren waarin Quest for Growth traditioneel investeert bleken echter niet de grote uitblinkers. De technologiesector in Europa (+3 %) was de slechtst presterende sector van de voorbije periode. Andere sectoren waarin Quest for Growth belegt, zoals gezondheidszorg en telecom deden het beter maar bleven toch nog onder het marktgemiddelde, terwijl biotech opnieuw een zeer zwak jaar kendeDaar waar de globale activiteit in private equity in Europa op een eerder laag niveau consolideerde, wist Quest for Growth haar investeringsvolume afgelopen boekjaar aanzienlijk op te drijven binnen de eerder vastgelegde investeringspolitiek. Niet minder dan 7 nieuwe investeringsdossiers werden gerealiseerd. In totaal werd 9,10 miljoen euro belegd, vrij evenwichtig verdeeld over pharma & biotech en technologie. Het exitpotentieel van de portefeuille niet genoteerde aandelen vertoont een dubbel beeld: Enerzijds vroegen twee bedrijven (Plethora Solutions en ProStrakan Group) een notering op een beurs aan maar de introductieprijs en de eerste noteringen bleven beneden de verwachtingen. Het resultaat voor Quest for Growth zal echter pas duidelijk worden na afloop van de lock-up periode en de bijhorende discount die Quest for Growth hiervoor hanteert op de waardering van de bedrijven in haar portefeuille. Anderzijds is de evolutie van verschillende andere bedrijven in de portefeuille zeer gunstig en lijken nieuwe succesvolle beursintroducties en overnames op vrij korte termijn mogelijk indien de financiele markten voldoende gunstig zijn. Zo werd in de loop van het boekjaar de eerder geboekte waardevermindering op de deelneming in Omrix Biopharmaceuticals teruggenomen omdat het bedrijf er in slaagde een belangrijke turn-around te realiseren.
De Raad van Bestuur stelt de Algemene Jaarvergadering der Aandeelhouders voor om de winst van het boekjaar ten belope van 4.599.561 euro over te dragen naar het volgende boekjaar. Aangezien het netto actief kleiner is dan het gestort kapitaal, kan de Raad van Bestuur, overeenkomstig artikel 617 van het Wetboek van vennootschappen, voor dit boekjaar geen dividend voorstellen.

Iomega - Q2 2005 resultaten

Iomega Reports Second Quarter 2005 Financial ResultsThursday July 28, 4:06 pm ET
SAN DIEGO, July 28 /PRNewswire-FirstCall/ -- Iomega Corporation (NYSE: IOM - News) today reported revenue of $65.7 million and a net loss of $6.4 million, or ($0.12) per share, for the quarter ended July 3, 2005. In comparison, second quarter 2004 revenue was $77.6 million with a net loss of $19.8 million, or ($0.38) per share. The lower revenue was primarily due to the decrease in Zip® product line revenue and was partially offset by revenue increases in the REV(TM) product line which began shipping in the second quarter of 2004.
The second quarter 2005 gross margin percentage was 20.6% compared to 19.0% for second quarter 2004. The increase was primarily due to lower overhead costs. Second quarter 2005 operating expenses were $19.8 million compared to $30.9 million in the second quarter of 2004, a reduction of 36%. The second quarter 2005 operating loss was $6.3 million, compared to $16.1 million for second quarter 2004. The improvement in operating loss was a result of the lower internal cost structure implemented in the second half of 2004.
The Company's total cash, cash equivalents, and temporary investments increased by $5.7 million during the second quarter to $109.9 million. The increase was primarily a result of improved working capital management, including lower inventories, reduced receivables and extended payment terms with major vendors.
"While the second quarter operating loss was consistent with our expectations, we are pleased to report significant improvements in working capital management that resulted in positive cash flow for the second quarter," said Werner Heid, president and CEO, Iomega Corporation. "We announced a restructuring plan on July 26th to align expenses with expected revenues. The actions are expected to result in a lean, more competitive cost structure, a rationalized product line, and a streamlined organization to enable faster decision making and improved new product time to market. Going forward, we will focus on HDD based storage solutions (REV, NAS and external HDDs) and we will continue to manage the Zip business to maximize cash flow. We anticipate annual cost savings of approximately $38 million to $42 million after we have fully implemented the restructuring, 85% of which are expected to be in operating expenses. The anticipated cost reductions include a 30% workforce reduction, consolidation of facilities, consolidation of internal business systems, bringing in-house work that is currently outsourced and a more focused approach to marketing spending. It is our goal, based on lower operating expenses and with our current gross margin structure, to achieve operating profitability in the fourth quarter. Longer term, the streamlined organization and faster time to market should provide the capability to achieve sales growth and higher margin goals."
Second quarter 2005 Zip product sales of $16.8 million decreased $15.5 million, or 48.1%, from second quarter 2004. Second quarter 2005 Zip product gross margin percentage of 51% improved 13 percentage points from 38% in the prior year. The increase in Zip gross margin percentage was primarily due to a combination of lower material spending and fewer pricing, rebate, and marketing programs. Second quarter 2005 Zip product profit margin (PPM) was $7.7 million, compared to $10.7 million in second quarter 2004.
Second quarter 2005 sales of Consumer Storage Solutions products, consisting of optical, hard disk (HDD), Mini USB flash, and floppy drives, were $33.1 million, relatively flat with second quarter 2004. The Consumer Storage Solutions product loss in second quarter 2005 was $2.2 million, compared to a product loss of $1.2 million in second quarter 2004. The second quarter 2005 product loss was primarily driven by lower margins due to price competition and increased inventory reserves for slow moving products.
Second quarter 2005 REV product sales were $11.1 million with a product loss of $1.6 million. The product loss was due to development costs for next generation REV products, continued marketing expenses to improve the market awareness of REV technology, and under-absorbed fixed overhead expenses at current volumes. Compared to second quarter 2004, when the product was initially launched, REV revenue increased from $7.5 million and the product loss decreased from $6.7 million.
Second quarter 2005 NSS revenue of $4.2 million increased $0.2 million, or 5%, compared to second quarter 2004. The NSS product line had a nominal PPM in second quarter 2005 compared to a PPM of $0.3 million in second quarter 2004.
General corporate expenses which were not allocated to the total second quarter 2005 PPM totaled $10.9 million, a decrease of $5.7 million, or 35%, compared to second quarter 2004.
Revenue by region during second quarter 2005 was $32.8 million in the Americas, $28.0 million in Europe, and $4.9 million in Asia, or 50%, 43%, and 7%, respectively. This compares to revenue by region during second quarter 2004 of $41.9 million in the Americas, $29.6 million in Europe, and $6.1 million in Asia, or 54%, 38%, and 8%, respectively.
Conference Call Information
As previously announced, Iomega will host a conference call with simultaneous audio webcast beginning at 4:30 p.m. Eastern Time today to discuss Iomega's second quarter 2005 financial results. The webcast may be accessed at http://www.iomega.com and will be available for replay through the close of business on Thursday, August 11, 2005.

McAfee - Resultaten Q2 2005

Market Pulse: McAfee posts $42 million quarterly profitThursday July 28, 4:17 pm ET By Rex Crum
SAN FRANCISCO (MarketWatch) -- McAfee Inc. said Thursday it earned $42 million, or 25 cents a share for its second fiscal quarter. During the same period a year ago, the security software company earned $10.2 million, or 6 cents a share. Revenue reached $245 million, up from $225.7 million in the year-ago quarter.

Analysts surveyed by Thomson First Call had forecast McAfee to earn 25 cents on $228 million in revenue.

---------


Profit Surges at McAfee By Ronna AbramsonTheStreet.com Staff Reporter7/28/2005 4:28 PM EDT
McAfee (MFE:NYSE - commentary - research) posted second-quarter results Thursday that blew past expectations as sales climbed 32% and earnings more than quadrupled.
McAfee also raised its outlook for the full year, although its third-quarter earnings guidance was just shy of analysts' estimates.

The strong quarter sent shares up to $31 in recent after-hours trading, building on a gain of 69 cents, or 2.4%, to $29.59 during the regular session. The stock already has climbed a hefty 68% from its 52-week low of $17.25 as investors have come around to the company's turnaround strategy, which has included shedding three underperforming businesses.
The Santa Clara, Calif.-based antivirus software maker reported net income of $41.7 million, or 25 cents a share, in the second quarter, which ended June 30. That was more than four times net income of $10.2 million, or 6 cents a share, in the same period a year earlier.
Excluding charges, McAfee earned pro forma net income of $51.6 million, or 31 cents a share, in the second quarter, compared to pro forma net income of $15 million, or 8 cents a share, a year earlier. Analysts were expecting the company to bring in earnings per share of 25 cents, according to Thomson First Call, and the company forecast earnings excluding charges of 24 cents a share.
McAfee's revenue rose 32% to $245.4 million from $225.7 million a year earlier. That topped the consensus estimate of analysts calling for $227.9 million in sales and the company's guidance calling for sales of $220 million to $230 million.
McAfee expects third-quarter revenue to range from $225 million and $245 million and fourth-quarter earnings of 28 cents based on the mid-point of the sales guidance. Analyst estimates last called for McAfee to post $238.7 million in sales and 29 cents a share in earnings in the third quarter.

Fortis - Visie van Het beleggersnet

18 juli 2005
ALSMAAR BETER BIJ FORTISYoury HuygenIn februari 2005 gaven we een aantal redenen waarom Fortis de voorbije jaren ondermaats presteerde in vergelijking met zijn Belgische concurrenten KBC Groep en Dexia. We hadden het onder andere over de strategie van de vorige directie van de groep die als te weinig doorzichtig beschouwd werd. Van 2001 tot 2004 deed het aandeel van de Belgisch-Nederlandse bankverzekeraar het minder goed dan de BEL20-index. Maar sinds januari 2005 trekt Fortis letterlijk de Brusselse index. Het realiseerde sindsdien al een koersgroei die twee keer groter is dan die van de BEL20. Als we daar nog het genereuze (bruto)dividend van 1,04 EUR aan toevoegen dat in mei 2005 werd uitbetaald, dan bedraagt de return van Fortis sinds januari al meer dan 18%! De aandeelhouders van Fortis worden beetje bij beetje vrolijker …Goed begonnenDe financiële sector kende in 2005 een vliegende start. Er zijn immers maar weinig financiële instellingen die geen tweecijferige winstgroei voor de eerste drie maanden van het jaar konden bekendmaken. Fortis zag in het eerste trimester zijn winst met 26% toenemen! Die prestatie mag vooral worden toegeschreven aan de bankpoot, die goed is voor een winstgroei van 40%, terwijl de verzekeringspoot een stijging van 18% liet zien. Eind maart 2005 had de bankpoot voor meer dan 72% aan de netto totale winst bijgedragen.Toch geven die resultaten op geen enkele manier de economische situatie weer. De economische indicatoren in de Benelux, de markt waar Fortis momenteel nog 80% van zijn winst haalt, zien er verre van schitterend uit. Bovendien wordt het in de huidige context van lage rente voor de financiële instellingen erg moeilijk om hun rente-inkomsten te verhogen. Als de totale inkomsten van Fortis er ondanks alles met 13% op vooruit gingen (ten opzichte van het eerste trimester van 2004), dan kan dat vooral toegeschreven worden aan de boeking van latente meerwaarden. Vorig jaar in dezelfde periode had de groep te maken met latente minderwaarden. De ‘prestatie’ op het niveau van het nettoresultaat heeft Fortis ook te danken aan twee bijkomende factoren. Zoals alle financiële groepen doet ook de Belgisch-Nederlandse groep vaak een beroep op kostenvermindering om het eindresultaat op te smukken. Tegen 2009 zouden er in de Benelux 1200 banen moeten verdwijnen. Die maatregelen moeten er vanaf volgend jaar (2006) voor zorgen dat er op jaarbasis 100 miljoen EUR kan worden bespaard. Tegen 2009 hoopt Fortis de kosten met 200 tot 250 miljoen EUR te kunnen terugdringen. In het eerste trimester van 2005 stabiliseerden de kosten, wat ervoor zorgde dat de kosten/baten ratio van 60,4% naar 53,6% zakte. Voor 100 EUR inkomsten boekt Fortis dus maar 53,6 EUR kosten. Dat is op Europees niveau een mooie prestatie. De laatste factor die mee voor die mooie resultaten zorgde, is de extreem lage ratio van verlies op kredieten. In het eerste trimester bedroeg die immers amper 5 basispunten, tegenover 24 basispunten vorig jaar en 47 basispunten (!) tijdens de eerste drie maanden van 2003. Maar het zou fout zijn te stellen dat de economische situatie er op twee jaar tijd sterk op verbeterd is. De kans is dus groot dat de voorzieningen voor twijfelachtige kredieten in de komende trimesters verhoogd worden.Toch mogen we die resultaten ook niet links laten liggen. Een van de belangrijkste doelstellingen van Fortis voor de komende vier jaar (zie kaderstukje) bestaat erin de winst per aandeel met minstens 10% per jaar te verhogen. En dat lijkt voor het lopende boekjaar al binnen handbereik …TroevenOndanks de stijging van de beurskoers sinds januari, kan Fortis pronken met een van de mooiste dividendrendementen op Euronext Brussel. Met een verwacht brutorendement (nvdr.: de analisten mikken gemiddeld op een dividend van 1,1 EUR bruto per aandeel voor het volledige boekjaar 2005) van 4,8% biedt Fortis meer dan Electrabel, dat toch als de rendementswaarde bij uitstek wordt beschouwd. Fortis slaagt er zelfs in bepaalde BEVAKs te overtreffen. Gezien de extreem lage rente op spaarboekjes (sinds vorige week 1,25% bij Fortis), zou het trouwens niet ondenkbaar zijn dat bepaalde klanten van Fortis hun geld van hun boekje halen om het te beleggen in aandelen van de bankverzekeraar …In de context van de consolidatie van de Europese banksector wordt Fortis vaak als prooi genoemd. Het aandeelhouderschap van de Belgisch-Nederlandse groep is immers erg versnipperd (Stichting VSB Fonds is de hoofdaandeelhouder met slechts 5,5% van de aandelen). De voorbije maanden was Fortis actief op zoek naar overeenkomsten met grote institutionelen om de stabiliteit van het aandeelhouderschap te versterken. Totnogtoe zonder veel resultaat. Fortis overnemen zou ondanks alles echter geen lachertje zijn. Met zijn beurskapitalisatie van 30 miljard EUR is Fortis de vijftiende bank in de Stoxx Banks-index (70 leden). Volgens een studie van PricewaterhouseCoopers zouden Amerikaanse financiële giganten zoals Citigroup, Bank of America en JP Morgan Chase, die in eigen land te groot geworden zijn (nvdr.: in de Verenigde Staten mag het marktaandeel van een bank niet groter zijn dan 15%), interesse kunnen hebben in de Europese banken. Nog volgens de studie zouden de Nederlandse banken (met inbegrip van Fortis) een mooie springplank naar de Europese markt betekenen. In tegenstelling tot de Britse banken, die vooral in eigen land actief zijn, hebben de Nederlandse banken vaak een klantenbasis over het hele Europese continent. De laatste weken werpt Fortis zich echter ook als kandidaat-overnemer op. Het beschikt immers over een mooie oorlogskas van 4 miljard EUR (kapitaal dat vooral voortkomt uit de verkoop van de verzekeringsactiviteiten in de Verenigde Staten). Na de overname van de Turkse Disbank voor 1 miljard EUR, zou Fortis nu ook geïnteresseerd zijn in de Nederlandse zakenbank NIB Capital (kosten van het bod geschat op 1,6 miljard EUR) en in de Roemeense bank BCR. Die mogelijke overnames kunnen ervoor zorgen dat Fortis zijn ambitieuze doelstellingen kan waarmaken (zie kaderstukje). Het spreekt voor zich dat aan zo’n overnametempo de mooie oorlogskas snel leeg zal zijn …Doelstellingen 2009De nieuwe CEO van Fortis, Jean-Paul Votron, maakte zijn strategie voor de volgende vier jaar eind januari 2005 al bekend en herhaalde alles drie weken geleden nog eens. Fortis wil ‘dichter bij de klant staan en sterker worden in Europa’. De strategie van de groep voor de volgende vier jaar kunnen we in vier financiële doelstellingen samenvatten.1. Een gemiddelde jaarlijkse groei van de nettowinst per aandeel (zonder meerwaarden) van minstens 10%.2. Een gemiddelde operating leverage van meer dan 250 basispunten (2,5%). 3. Een RaRoRac van minimum 15% (=een maatstaf die weergeeft wat een activiteit opbrengt rekening houdend met het economische kapitaal dat nodig is en het gemiddelde, statistisch verwachte niveau van voorzieningen voor slechte kredieten).4. Een stabiel en toenemend dividend.

Nokia - Versus Motorola (Motley Fool)

Nokia's Dropped Call For InvestorsFriday July 22, 4:13 pm ET By Tom Taulli
In light of the strong results from Motorola (NYSE: MOT - News) this week, there was optimism about the earnings report for Nokia (NYSE: NOK - News). After all, it is the No. 1 mobile handset company in the world, right?
Well, investors made a bad call, as the stock fell 11.65% to $15.78 Thursday.
Net income increased 15% to 799 million euros in the second quarter. That came to 0.18 euros a share, which compares with the Street's expectations of 0.19 euros a share. Sales were up 25%, and net of special items from Q2 2005 and Q2 2004, net income was up 41%. No doubt, Nokia is selling large amounts of phones -- hitting 60.8 million units in the second quarter, which was a 34% increase from last year.
I know what you're looking at -- a 34% increase in handset volumes versus a 25% sales increase. So, what's the problem? To find growth, Nokia is venturing into emerging markets, such as China and Russia. Unfortunately, the pricing in these markets is tougher, with not as many opportunities to sell high-end phones, which is putting pressure on Nokia's overall margins. Now this isn't a horrible thing, but it also isn't quite the panacea the Street was seeking.
Nokia is looking out for the long term by penetrating emerging markets. But it will take some time for the margins to improve as these consumers upgrade to premium handsets. Nokia appears to have positioned itself well because gaining recognition in these markets while they're still developing will give it an important market presence moving forward. For the shorter term, Nokia will need to focus more on cost-cutting to deal with this market.
Unfortunately, Nokia thinks the weakness will continue. For the third quarter, the company pegs earnings per share at 0.14 to 0.17 euros. The Street was looking for 0.20 euros per share.
The growth story -- at least in the short term -- appears to belong to Motorola, which I wrote about this week. That company is growing its market share, most importantly with a premium product line.

---
Motorola on the Razr's Edge
By Tom Taulli July 20, 2005
The fight for the global share of mobile phones is intense. And Motorola (NYSE: MOT) has been putting up a big fight that is starting to gain traction. In the second quarter, the company boosted its share by another 3.3% to 18.1%. That translates into 33.9 million handsets. In fact, this is a record for the company and makes it the No. 2 player. No. 1 is, of course, Nokia (NYSE: NOK) with 33%.
An example of getting share at the expense of profits? Not really. Motorola had a stellar quarter, generating net profits of $933 million, up from a $203 million loss a year ago that included a large restructuring charge from its semiconductor business. Income from continuing operations, net of restructuring charges, came in at $947 million, while in the year-ago period the number was $619 million. During the second quarter, revenues increased to $8.83 billion from $7.54 billion. Motorola had given the Street guidance of $8.3 billion to $8.5 billion in revenues.
Not long ago, Motorola looked like a tired business. Why the resurgence? It appears to be the result of its new CEO, Ed Zander. He did the typical restructuring (cost-cutting, improved operations, and so on) but also allowed for much more innovation. That is, as mobile phones become mainstream, it becomes increasingly important that they are fashionable. So Zander has been working hard on the "cool" factor.
And it appears that Motorola struck gold with its new Razr phone. In the second quarter, the company sold roughly 5 million units.
The success is taking a toll on the competition, such as Samsung Electronics and LG Electronics, both of which posted very weak quarters.
Can Motorola keep up the pace? The good news is that the company is in the midst of major product releases, such as the Slvr, which has a sliding keypad, and the Pebl, which has a cool round shape. But, of course, the one that's getting big buzz is the Rokr. It will play music using Apple's (Nasdaq: AAPL) technology.
Yes, in tech, even tired companies can be cool again. That said, those companies might well become uncool just as quickly. Not long ago, Motorola experienced ailing results because of lackluster product releases. The fact remains that consistent innovation remains an occupational hazard in Motorola's operational sphere.

Nokia - Nokia's Q2 Earnings

Finnish mobile-phone maker Nokia Corp. on Thursday said second-quarter net profit rose 15% to 799 million euros, or 18 euro cents a share, on sales of 8.06 billion euros. The results missed the average earnings forecast of analysts polled by Thomson First Call by a penny. Nokia's market share in the quarter came in at about 33%. Looking ahead, Nokia said it sees third-quarter earnings in the range of 14 to 17 euro cents a share on sales between 7.9 billion and 8.2 billion euros. Thomson First Call's forecast is for third-quarter EPS of 20 euro cents a share. Nokia also upgraded its forecast for full-year market estimate by 20 million units to 760 million units. But as the growth came primarily from emerging markets where low-end products predominate and pricing pressures are intense, Nokia said that average selling prices continued to decline in the quarter. Nokia said it expects this trend to continue for the rest of the year. Shares were last down close to 8%.

----------------

Nokia's Q2 Earnings Rise 15 PercentThursday July 21, 8:33 am ET By Mans Hulden, Associated Press Writer
Nokia's Second-Quarter Earnings Rise 15 Percent, but Outlook Falls Below Expectations
HELSINKI, Finland (AP) -- Nokia Corp. said Thursday second-quarter earnings increased 15 percent and its market share in mobile devices was growing, but shares tumbled as the company's outlook for the current three-month period fell below expectations.
The world's top handset maker said net profit for the three months ending in June came to 799 million euros ($971 million), up from 695 million euros in the same period last year. Sales rose 25 percent to 8.06 billion euros, from 6.46 billion euros ($7.85 billion) in the second quarter of 2004.
The results were slightly lower than expected, and investors appeared disappointed in Nokia's cautious forecast for the third quarter, with its estimated earnings-per-share of 14 euro cents to 17 euro cents (17-21$) falling well below analysts' predictions.
Nokia shares dipped 10 percent to 13.23 euros ($15.96) in afternoon trading on the Helsinki exchange.
While Nokia said its market share in mobile devices was up one point from the first quarter to 33 percent, the average phone price was 105 euros ($127), down 4.5 percent from the previous quarter, and was expected to keep falling.
"The second quarter results are within the range of expectations, but Nokia is being very cautious in its third-quarter forecast," said chief analyst Jussi Hyoty at FIM Securities. "There's no reason why Nokia couldn't be profitable while selling low-end phones, but the third-quarter expectation sends the message that it will be difficult to maintain prices."
Chief Executive Jorma Ollila said the reported growth came primarily from emerging markets where low-end products predominate, and margins remain low.
He predicted industry consolidation among market leaders in both handsets and network suppliers, saying: "This is a game that Nokia is well positioned to win."
Nokia said it sold 60.8 million phones in the period, up from 45.4 million a year ago. Sales in China were up 76 percent, while North America remained Nokia's weakest market, showing a 22 percent drop in sales with 6 million phones sold.
Nokia said it was driven to focus competition at the entry-level phones, a market Ollila said was "increasingly challenging."
The company forecast third-quarter sales at 7.9 billion euros to 8.2 billion euros, up from 7.1 billion euros in 2004.
Nokia is shifting focus to emerging markets, such as Asia, Africa, Russia, and South America, which Ollila has predicted will show "dizzying growth" in the next five years.
Nokia's chief rival, Motorola Inc., said in its earnings report Wednesday that it had picked up 1.7 percent in market share since the first quarter, totaling 18.1 percent of global cell-phone sales. Motorola also said it would be targeting new products at Nokia's core range.
Gartner Dataquest estimated Nokia's first-quarter market share at 30.4 percent in May, with Motorola at 16.8 percent.
Earlier Thursday, wireless equipment maker LM Ericsson reported a 16 percent increase in second-quarter profit on growing sales and upgraded its market outlook for mobile systems.
Nokia, based in Espoo just outside the Finnish capital, has sales in 130 countries and about 55,500 employees.

Samsung - Q2 2005 resultaten vooruitzicht - betere vooruitzichten voor H2 2005 ?

Samsung Elec Q2 profit to halve as chip prices sink
Mon Jul 11, 2005 10:51 PM ET By Kim Miyoung
SEOUL, July 12 (Reuters) - Samsung Electronics Co. Ltd. (005930.KS: Quote, Profile, Research) is set to report on Friday its second-quarter profit halved on tumbling prices of memory chips and lower margins on flat screens as well as mobile phones.
But analysts say the outlook for the South Korean firm, the world's most valuable technology firm outside the United States, will improve in the second half from the first, helped by better flat screen and memory chip prices.
"Samsung's earnings will show a modest recovery in the second half on the back of a recovery in its memory business and gradual improvement in both handset and LCD (liquid crystal display) operations," said Chin Yeong-hoon, a Daishin Securities analyst.
Expectations for a second-half recovery has sent shares in Samsung Electronics, which has a market value of $79 billion, up 9 percent since July, more than double the rise in the main index .
Samsung, the world's top manufacturer of memory chips, and other global chip makers have raised output, pushing average contract prices of DRAM (dynamic random access memory) chips down 34 percent in the last quarter.
"A sustained fall in prices of flash memory chips, Samsung's core earnings driver, will put pressure on the bottom line", Chin added, referring to flash chips used in hot-selling music players, digital cameras and mobile phones.
Samsung's chief executive said in June that prices would stabilise as DRAM makers shift capacity to flash chips and a migration to next generation chip technology remains slow.
Samsung, also the world's third-largest mobile phone maker, is expected to report 1.59 trillion won net profit for the second quarter to June, according to nine analysts surveyed by Reuters.
That would be down 49 percent from 3.13 trillion won a year ago, but up 6 percent from 1.5 trillion in the first quarter as a fall in liquid crystal display (LCD) prices starts easing.
Sales are estimated at 13.8 trillion won, versus 14.98 trillion year ago and unchanged from the first quarter.
Samsung is expected to report a 7.6 trillion won profit this year, down 30 percent from a record 10.8 trillion a year ago, according to Reuters Estimates. The forecast indicates second-half profit would be unchanged at 4.5 trillion won from a year ago.
MILD RECOVERY
LCD prices have crumbled at a double-digit rate since late last year as demand for expensive flat-screen televisions failed to meet the expectations of manufacturers, who are spending more than $51 billion to drive up production over the next decade.
But prices of some LCD panels have already shown signs of stabilising, with those of 17-inch monitors rebounding 4.5 percent in the second quarter, analysts said.
"We expect Samsung's LCD earnings to improve in the second half due to increased demand on the back of low retail prices for LCD monitors and TVs," said Jae H. Lee at Daiwa Institute of Research.
LG.Philips LCD Co. Ltd. (034220.KS: Quote, Profile, Research) (LPL.N: Quote, Profile, Research) , the world's number-two flat screen maker, posted a 94 percent slump in quarterly profit on Monday, but earnings beat forecasts and the firm predicted a recovery in panel prices in the second half.
In mobile phones, Samsung has said shipments in the second quarter would be similar to the first quarter's 24.5 million but margins would edge down on increased marketing costs.
Analysts see Samsung's mobile phone profit margin at 14 percent, versus 17 percent in the first quarter, as a price war led by market leader Nokia (NOK1V.HE: Quote, Profile, Research) forces Samsung to sacrifice profits by spending more to lure customers.
"We expect the battle for market share among handset manufacturers to become more intense, and forecast Samsung's operating profit margin will remain at a mid-teen percent throughout the second half," Daiwa's Lee said.
Samsung's global handset market share rose to 13.3 percent in the first quarter from 12.2 percent in the fourth quarter, while Nokia's share dropped to 30.4 percent and the second-ranked Motorola Inc. (MOT.N: Quote, Profile, Research) rose to 16.8 percent.
JP Morgan said Samsung's unit sales of DRAM chips are likely to have grown 7 percent in the second quarter from the previous quarter, while its average selling price fell 20 percent.
Unit sales of flash memory chips are expected to have increased 8 percent, with prices falling 10 percent, as rivals such as Hynix Semiconductor Inc. (000660.KS: Quote, Profile, Research) ramp up production and demand growth from digital camera makers slows.
Samsung shares edged down 1.6 percent in the second quarter and lagged a 4.4 percent rise in the broader market, mainly hit by sharp fall in chip prices.

Nokia - Goede resultaten Q2 2005 te verwachten ?

The buzz in industry circles is that business has been better than expected, particularly for Nokia (NOK) and Motorola (MOT), the world's top two cellphone makers. In the days leading up to both companies' quarterly results (Motorola reports on July 19, Nokia on the 21st), analysts are making increasingly optimistic comments on the quarter. The good word is that Motorola's unit volumes have been stronger in Western Europe, North America and various developing markets, according to analysts. Meanwhile, Nokia's sales appear to be ringing strongly in Europe and Asia, and some market watchers have speculated that the company will raise guidance ahead of its quarterly report.

Agfa - Update 2005 : lagere winst verwacht

Agfa-Gevaert verwacht zwakkere kwartaalresultaten
10:07:40
MORTSEL - Het handelsklimaat van beeldvormingsgroep Agfa-Gevaert bleef in het tweede kwartaal van 2005 onder de verwachtingen. Dat deelt de groep vandaag mee. Toch zijn de resultaten beter dan de eerste drie maanden van 2005.
ANDERE WEBSITES
Persbericht Agfa-Gevaert Agfa verwacht dat de omzet in Graphic Systems in het tweede kwartaal ongeveer 440 miljoen euro zal bedragen. Voor de omzet van HealthCare wordt gerekend op ongeveer 355 miljoen euro. De lagere dan verwachte omzet, de aanhoudende hoge grondstofprijzen en de hoger dan verwachte prijserosie (voornamelijk in bedrijfsgroep HealtCare), zullen volgens Agfa-Gevaert ook invloed hebben op de winstgevendheid van het tweede kwartaal. Er wordt verwacht dat het operationele resultaat van beide groepen hoger zal zijn dan in het eerste kwartaal, maar wel merkelijk lager dan dat van vorig jaar. In lijn met de trend van de voorbije jaren verwacht Agfa een sterke omzet in de tweede helft van 2005 met vooral een zeer sterk laatste kwartaal voor HealthCare. Bovendien zullen de effecten van de onlangs genomen initiatieven om de prijserosie om te buigen, geleidelijk toenemen. Productie- en operationele kosten zullen met naar schatting 40 miljoen euro worden verminderd in vergelijking met de eerste zes maanden van het jaar. Bijgevolg verwacht Agfa dat de omzet van beide groepen in 2005 zal toenemen in vergelijking met vorig jaar, terwijl de winst van de tweede helft van het jaar de lagere winst van de eerste helft van 2005 niet volledig zal compenseren.