2009-10-27 13:51:29 CET
2009-10-27 13:52:37 CET
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2009
OKMETIC OYJ INTERIM REPORT 27 OCTOBER 2009 AT 14.50 P.M
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2009
Okmetic is a technology company that supplies customised silicon
wafers for the sensor and semiconductor industries and sells its
technological expertise to the solar energy industry. During the
period under review, the company's net sales amounted to 40.5 million
euro (52.1 million euro). Loss for the period was -0.2 million euro
(profit 6.9 million euro). Earnings per share were -0.01 euro (0.41
euro).
KEY FIGURES
1,000 euro 1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.09 30.9.08 30.9.09 30.9.08 31.12.08
Net sales 12,171 18,090 40,549 52,116 67,867
Operating profit before
depreciation (EBITDA) 992 3,845 5,660 12,640 15,517
Operating profit/loss -748 2,089 467 7,368 8,476
% of net sales -6.1 11.5 1.2 14.1 12.5
Profit/loss for the period
-1,234 2,870 -168 6,942 5,825
Earnings per share, euro -0.07 0.17 -0.01 0.41 0.34
Net cash flow from operating
activities 192 4,522 4,457 10,299 13,177
Net interest-bearing
liabilities -2,914 1,807 -2,914 1,807 -586
Average number of
personnel during the
period 339 367 339 363 364
REVIEW IN BRIEF
- New President for Okmetic. Antti Rasilo will leave the company
today. Deputy to the president, Executive Vice President, Sales Mikko
Montonen will handle the duties of President for the time being.
- The net sales in January-September 2009 amounted to 40.5 million
euro (52.1 million euro) and in the third quarter to 12.2 million
euro (18.1 million euro).
- Sales of sensor wafers in January-September are slightly lower than
in 2008. Semiconductor wafer sales are still increasing after the low
point in the first quarter. Sales in January-September are still
clearly below last year's figures.
- Loss for the period was -0.2 million euro (profit 6.9 million
euro). In the third quarter the loss for the period was -1.2 million
euro (profit 2.9 million euro).
- The result was weighed down by the additional cost of 0.5 million
euro caused by the outcome of the personnel negotiations conducted in
September.
- As a result of the personnel negotiations the number of the
clerical workers will be reduced by 22 persons and 23 manual workers
will be temporarily laid off until further notice.
- Earnings per share were -0.01 euro (0.41 euro).
- The net cash flow from operations in January-September 2009
amounted to 4.5 million euro (10.3 million euro) and in the third
quarter to 0.2 million euro (4.5 million euro).
- At the end of the period, the company's cash and cash equivalents
exceeded the interest-bearing liabilities by 2.9 million euro (1.8
million euro lower).
- Net sales for the year 2009 are expected to amount to around 53
million euro. Operating profit is estimated to be slightly positive.
Cash flow from operating activities is expected to be clearly
positive.
MARKETS
Customer industries
The global economic downturn has affected the market situation among
Okmetic's customer industries in 2009. The sensor industry had grown
accustomed to a steady market growth of above 10 percent a year. This
year shipment volumes have increased more slowly than usual, though.
Due to the market situation the prices have partially declined, too.
In the first three quarters of the year, the sales of sensor products
are estimated to be slightly below the corresponding period in 2008.
In semiconductor industry the beginning of the year was weak, but
since then the industry has started to recover clearly. In the light
of published sales figures, the gross invoicing for semiconductors
quoted in US dollars fell in January-August by more than 20 percent
year-on-year.
The solar panel market has clearly suffered from the general downturn
and decreasing national subsidies in 2009. Stock volumes have
increased and prices have fallen. Investments have slowed down due to
increased caution amongst customers.
Silicon wafer industry
The increasing use of sensors in many consumer electronics
applications has boosted the sensor market while the demand for
wafers in the automotive industry has temporarily suffered. The
difficult market situation of customer industries was also seen in
the demand of semiconductor wafers. Semiconductor wafer deliveries in
the first three quarters fell drastically compared to the
corresponding period a year ago.
Okmetic
Okmetic's sales of sensor wafers have remained almost at the same
level as a year ago, despite the market situation. Sales of
semiconductor wafers have decreased significantly due to the general
decline in demand. In a challenging market situation of 2009 Okmetic
has succeeded to increase its market share in the main product areas.
PROJECTIONS FOR THE NEAR FUTURE
Customer industries
The market situation in the sensor industry is expected to remain
stable the rest of the year. All-year sensor sales are expected to
finish at about 10 percent below 2008 levels but to return to
double-digit growth in 2010.
Semiconductor industry is in recovery. The forecasts for total sales
in 2009 have recently been revised upwards, and the latest estimate
is that the year-on-year drop in semiconductor invoicing will not
reach 20 percent. Semiconductor sales are predicted to see a clear
increase in 2010 and to return to the 2008 level.
Market growth in solar cells and panels is expected next year.
Consequently, the technology sales market is expected to recover.
Silicon wafer industry
The market development of the silicon wafer industry is monitored in
terms of surface area. According to a forecast published by SEMI (the
global industry association of silicon wafer suppliers)in October,the
total delivery volume in 2009 is projected to be around 6,300 million
square inches. The volume is thus down about 20 percent from 2008.
SEMI expects wafer demand to increase 23 percent in 2010.
Okmetic
Okmetic specialises in the manufacture of demanding sensor wafers and
is the global market leader and a pioneer in technological
development in this respect. The leading position as the supplier of
advanced sensor wafers creates a sound basis for the company and
substantial growth potential when the wafer industry is returning to
a growth track. This is expected to happen next year. Okmetic's
semiconductor wafer shipments have increased steadily since the low
point experienced in the first quarter of 2009. The increase in
demand for semiconductor wafers is expected to continue in the last
quarter of the year. Technology sales are expected to remain on level
with Q3 figures in the fourth quarter. Due to the completion of the
significant three-year technology sales project Okmetic is well
positioned for signing new technology contracts.
Net sales for the year 2009 are expected to amount to around 53
million euro. Operating profit is estimated to be slightly positive.
Cash flow from operating activities is expected to be clearly
positive.
EVENTS AFTER THE INTERIM REPORT PERIOD
The company and President have mutually decided that Antti Rasilo,
President since the beginning of 2003 leaves Okmetic today. Deputy to
the president, Executive Vice President, Sales Mikko Montonen will
handle the duties of President for the time being. The board of
directors has initiated the search for a new President.
SALES
Okmetic's net sales in January-September 2009 decreased by 22.2
percent from the previous year (increased by 6.7%), amounting to 40.5
million euro (52.1 million euro). In the third quarter the net sales
amounted to 12.2 million euro (18.0 million euro). Net sales went
down, following especially the dramatic deterioration in the market
situation of the semiconductor industry at the end of 2008 and the
major three-year technology sales project which was nearly completed
at the end of June 2009. Semiconductor wafers' market situation has
improved from the first quarter continuously.
Net sales per customer area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.09 30.9.08 30.9.09 30.9.08 31.12.08
Sensor wafers 43% 38% 40% 36% 37%
Semiconductor
wafers 38% 39% 27% 39% 38%
Technology 19% 23% 33% 25% 25%
Okmetic's sensor wafer sales in January-September 2009 remained
slightly behind the previous year. The use of sensors is expected to
continue its increase. Sensor applications are rapidly becoming more
popular in cameras and other consumer electronics products, for
example, in addition to the automotive industry and other traditional
applications.
The falling share of semiconductor sales in our total sales is the
result of the weak market situation. However, the market situation
has improved continuously after the low point experienced in the
first quarter of 2009. The most typical uses of semiconductor wafers
include consumer electronics, information technology,
telecommunications and the automotive industry.
Technology sales comprise not just manufacturing technology but also
crystal sales and occasional polysilicon recycling. The fluctuations
in sales volume percentages per customer area and market area are due
to the nature of technology sales and irregular income recognition
schedule.
Net sales per market area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.09 30.9.08 30.9.09 30.9.08 31.12.08
North 38% 39% 36% 38% 39%
America
Europe 32% 25% 34% 34% 33%
Asia 30% 36% 30% 28% 28%
The exchange rates of the US dollar and Japanese yen against the euro
have an effect on the way net sales are distributed between different
market areas.
PROFITABILITY
Okmetic group's loss for the period was -0.2 million euro (profit 6.9
million euro) in January-September 2009. In the third quarter the
loss for the period was -1.2 million euro (profit 2.9 million euro).
Earnings per share were -0.01 euro (0.41 euro). The company's profits
were burdened by the low operating rate resulting from the market
situation in semiconductor wafers. Profits are also suffering as a
result of the substantially lower recycling price received for
silicon. Okmetic's result was weighed down by the additional cost of
0.5 million euro caused by the outcome of the personnel negotiations
conducted in September as well as the exchange losses of 0.5 million
euro in January-September. All the costs have been adjusted to the
prevailing market situation in the group.
FINANCING AND INVESTMENTS
The group's financial situation is good. The company's cash and cash
equivalents exceed the interest-bearing liabilities by 2.9 million
euro (1.8 million euro lower). The net cash flow from operations in
January-September 2009 amounted to 4.5 million euro (10.3 million
euro) and in the third quarter to 0.2 million euro (4.5 million
euro).
A total of 1.4 million euro was invested in refurbishing production
equipment.
At the end of the period, cash and cash equivalents amounted to 17.3
million euro (17.5 million euro). Return on equity amounted to -0.5
percent (19.3%). The group's equity ratio was 66.6 percent (61.8%).
Shareholders' equity per share amounted to 2.90 euro (2.98 euro).
PRODUCT DEVELOPMENT
The company invested 1.7 million euro (1.6 million euro) in long-term
product development projects during the financial period. Product
development accounted for 4.2 percent (3.2%) of the net sales.
Okmetic engaged in several strategic research projects. R&D work
focused on sensor wafers which are important to Okmetic.
PERSONNEL
On average, Okmetic employed 339 people (363). At the end of the
period, 302 of the group's employees worked in Finland, 30 in the US
and three in Japan. Majority of the company's personnel in Finland
were temporarily laid off from one to six weeks in February-June
2009. As a result of the personnel negotiations conducted in
September the number of the clerical workers will be reduced by 22
persons, of which 19 in Finland. 23 manual workers will be
temporarily laid off until further notice in Finland. These actions
will result in savings of over a million euro annually. The effect of
the savings will be noticeable as of the beginning of 2010.
BUSINESS RISKS
Okmetic's silicon wafer sales are targeted at the sensor and
semiconductor industries. The demand for semiconductor wafers is
sensitive to economic fluctuations and changes in the market
situation can be sudden and dramatic. The demand for sensor wafers is
significantly more stable and sales of sensor wafers are developing
favourably. The success of the sales strategy hinges on trouble-free
contract manufacturing.
Okmetic's share of the global silicon wafer market is around one
percent and the market prices have an effect on the price development
of the company's products. The majority of sales are conducted in US
dollars. The Japanese yen is another notable trading currency.
Despite hedging, the company remains exposed to exchange rate
fluctuations.
Great volumes of electricity are used in Okmetic's production. The
significant and long-term electricity hedging measures will have an
impact on the result for the period if the price of electricity
changes significantly.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 2.9 million shares (7.1 million shares) were traded
between 1 January and 30 September 2009, representing 17.1 percent
(42.2%) of the share total of 16.9 million. The lowest quotation of
the period was 1.81 euro (2.20 euro) and the highest was 2.99 euro
per share (3.14 euro), with an average of 2.40 euro (2.66 euro). The
closing quotation for the period was 2.67 euro (3.00 euro). The total
market value of the share capital amounted to 45.1 million euro at
the end of the financial period (50.7 million euro).
OWN SHARES
The company has not redeemed its own shares.
AUTHORISATION OF THE BOARD OF DIRECTORS TO DECIDE ON REPURCHASING THE
COMPANY'S OWN SHARES
The extraordinary general meeting held on 6 November 2008 authorised
the board of directors to decide on repurchasing the company's own
shares as follows. The aggregate number of shares repurchased on the
basis of the authorisation cannot exceed 1,688,750 shares, which
represents 10 percent of all the shares of the company.
Only unrestricted shareholders' equity can be used to repurchase the
company's own shares under the authorisation. Own shares can be
repurchased at a price determined by public trading on the day of
repurchase or at another market-based price. The authorisation will
remain in force until the annual general meeting of spring 2010,
although in any case not past 6 May 2010.
AUTHORISATION OF THE BOARD OF DIRECTORS TO DECIDE ON TRANSFERRING
RIGHTS TO THE COMPANY'S OWN SHARES
The extraordinary general meeting held on 6 November 2008 authorised
the board of directors to decide on transferring rights to the
company's own shares as follows. The aggregate number of rights
transferred on the basis of the authorisation cannot exceed 1,688,750
shares, which represents 10 percent of all the shares of the company.
The authorisation will remain in force until further notice, although
in any case not past 30 June 2013.
AUTHORITY OF THE BOARD OF DIRECTORS TO INCREASE SHARE CAPITAL
The annual general meeting held on 2 April 2009 authorised the board
of directors to decide on increasing the company's share capital. The
aggregate number of shares issued on the basis of the authorisation
cannot exceed 3,377,500 shares, which represents approximately 20
percent of all the shares of the company.
The board of directors was authorised to decide on all the terms and
conditions concerning the issue of shares and other share
entitlements. The authorisation relates to the issuance of new
shares. Issuance of shares and other share entitlements can be
carried out as a directed issue. The authorisation is effective until
the following annual general meeting.
The board has not taken advantage of the authorisations by 30
September 2009.
CONVERTIBLE BONDS AND OPTION PROGRAMMES
Okmetic has no convertible bonds or option programmes at the moment.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER
2009 (unaudited)
These interim financial statements have been prepared in accordance
with IAS 34 standard.
In preparing these interim financial statements, Okmetic has followed
the same accounting policies as in the financial statements for 2008
except that the company has adopted the following new or revised
standards as of 1 January 2009:
- IAS 1, Presentation of Financial Statements - amendment
- IFRS 8, Operating Segments
The amendment to IAS 1 affects the way the income statement and the
statement of changes in equity are presented. The amendment to IFRS 8
does not affect the information presented for segments, because the
segment data provided by the group have always been based on the
group's internal reporting structure.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.09 30.9.08 30.9.09 30.9.08 31.12.08
Net sales 12,171 18,090 40,549 52,116 67,867
Cost of sales -10,906 -13,627 -35,281 -39,141 -50,687
Gross profit 1,264 4,463 5,268 12,974 17,180
Other income and expenses -2,012 -2,374 -4,801 -5,606 -8,704
Operating profit/loss -748 2,089 467 7,368 8,476
Financial income and
expenses -509 595 -861 -468 -2,900
Profit/loss before tax -1,257 2,683 -394 6,900 5,576
Income tax 23 186 225 42 248
Profit/loss for the period -1,234 2,870 -168 6,942 5,825
Other comprehensive income:
Translation differences -190 628 -293 364 560
Available-for-sale
financial assets - -281 - -900 114
Other comprehensive income
for the period, net of tax -190 347 -293 -536 674
Total comprehensive income
for the period -1,425 3,217 -462 6,406 6,499
Profit/loss for the period
attributable to:
Equity holders of the
parent company -1,234 2,870 -168 6,942 5,825
Total comprehensive income
attributable to:
Equity holders of the
parent company -1,425 3,217 -462 6,406 6,499
Basic and diluted earnings
per share, euro -0.07 0.17 -0.01 0.41 0.34
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro Sept 30, Sept 30, Dec 31,
2009 2008 2008
Assets
Non-current assets
Property, plant and equipment 34,830 40,163 38,848
Available-for-sale financial assets - 1,541 -
Other receivables 4,361 5,388 4,619
Total non-current assets 39,191 47,092 43,468
Current assets
Inventories 7,494 7,617 10,753
Receivables 9,836 10,105 9,289
Cash and cash equivalents 17,259 17,493 17,975
Total current assets 34,588 35,215 38,016
Total assets 73,778 82,307 81,484
Equity and liabilities
Equity
Equity attributable to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 37,192 38,475 38,568
Total equity 49,013 50,296 50,389
Liabilities
Non-current liabilities 12,538 15,504 14,027
Current liabilities 12,228 16,506 17,068
Total liabilities 24,766 32,010 31,095
Total equity and liabilities 73,778 82,307 81,484
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2009 2008 2008
Cash flows from operating activities:
Profit/loss before tax -394 6,900 5,576
Adjustments 5,864 5,678 11,272
Change in working capital -607 -1,902 -2,935
Interest received 239 322 424
Interest paid and other financial
items -644 -674 -1,135
Tax paid - -24 -26
Net cash from operating activities 4,457 10,299 13,177
Cash flows from investing activities:
Proceeds from investing activities 641 21 469
Capital expenditure -1,666 -1,482 -2,646
Net cash used in investing activities -1,025 -1,461 -2,177
Cash flows from financing activities:
Repayments of long-term borrowings -3,023 -2,873 -4,748
Payments of finance lease liabilities -96 -161 -198
Dividends paid -844 -1,689 -1,689
Net cash used in financing activities -3,964 -4,723 -6,634
Increase (+) / decrease (-) in cash
and cash equivalents -532 4,115 4,365
Exchange rate changes -184 70 301
Cash and cash equivalents at the
beginning of the period 17,975 13,308 13,308
Cash and cash equivalents at the end
of the period 17,259 17,493 17,975
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent
company
1,000 euro Share Share Trans-lation Fair Retained Total
capital premium diffe-rences value earnings equity
reserve
Balance at 31
Dec 2008 11,821 20,115 635 - 17,818 50,389
Total
comprehensive
income for the
period -293 -168 -462
Dividend
distribution -844 -844
Equity
component of
convertible
loan notes -70 -70
Balance at
30 Sept 2009 11,821 20,045 341 - 16,805 49,013
Balance at 31
Dec 2007 11,821 20,186 75 -114 13,682 45,649
Total
comprehensive
income for the
period 364 -900 6,942 6,406
Dividend
distribution -1,689 -1,689
Equity
component of
convertible
loan notes -70 -70
Balance at
30 Sept 2008 11,821 20,115 438 -1,013 18,935 50,296
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2009 2008 2008
Carrying amount at the
beginning of the period 38,848 43,355 43,355
Additions 1,440 1,948 2,773
Disposals - - -537
Depreciation -5,193 -5,272 -7,041
Exchange differences -265 133 298
Carrying amount at the end
of the period 34,830 40,163 38,848
CHANGES IN FINANCIAL LIABILITIES
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2009 2008 2008
Carrying amount at the beginning of
the period 17,389 22,259 22,259
Proceeds of loans from financial
institutions - - 999
Repayments of loans from financial
institutions -2,020 -1,870 -4,744
Repayments of subordinated loans -928 -928 -928
Changes in finance lease liabilities -96 -161 -198
Carrying amount at the end of the
period 14,345 19,300 17,389
DIVIDENDS PAID
In April, the company distributed a dividend of 0.8 million euro of
the profit accrued in 2008, representing a 0.05 euro dividend per
share.
COMMITMENTS AND CONTINGENCIES
1,000 euro Sept 30, Sept 30, Dec 31,
2009 2008 2008
Loans secured with collaterals 12,167 14,500 13,333
Collaterals 24,964 29,001 24,964
Off-balance sheet lease commitments 109 260 165
Capital commitments 110 - 574
Nominal values of derivative contracts
Currency forward agreements - 1,344 -
Currency options, call - 689 -
Currency options, put - 345
Electricity derivatives 2,544 2,609 2,961
Interest rate swaps 7,071 - -
Fair values of derivative contracts
Currency forward agreements - -49 -
Currency options, call - 15 -
Currency options, put - -11 -
Electricity derivatives -646 522 -540
Interest rate swaps -64 - -
The contract price of the derivatives has been used as the nominal
value of the underlying asset. Derivative contracts are for hedging.
RELATED PARTY TRANSACTIONS
Key management compensation during the period under review amounted
to 895,000 euro (1,152,000 euro).
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro Jan 1- Jan 1- Sept Jan 1-
Sept 30, 30, Dec 31,
2009 2008 2008
Net sales 40,549 52,116 67,867
Change in net sales compared to the
previous year's period, % -22.2 6.7 5.0
Export and foreign operations share of
net sales, % 95.6 95.4 95.6
Operating profit before depreciation
(EBITDA) 5,660 12,640 15,517
% of net sales 14.0 24.3 22.9
Operating profit 467 7,368 8,476
% of net sales 1.2 14.1 12.5
Profit/loss before tax -394 6,900 5,576
% of net sales -1.0 13.2 8.2
Return on equity, % -0.5 19.3 12.1
Return on investment, % 0.3 15.5 9.9
Non-interest-bearing liabilities 10,421 12,710 13,707
Net interest-bearing liabilities -2,914 1,807 -586
Net gearing ratio, % -5.9 3.6 -1.2
Equity ratio, % 66.6 61.8 62.8
Capital expenditure 1,440 1,948 2,773
% of net sales 3.6 3.7 4.1
Depreciation 5,193 5,272 7,041
Research and development
expenditure 1) 1,714 1,645 2,261
% of net sales 4.2 3.2 3.3
Average number of personnel during the
period 339 363 364
Personnel at the end of the period 335 361 363
1) Research and development expenditure has been presented in gross
figures and only long-term projects based on research program have
been taken into account.
KEY FIGURES PER SHARE
Euro Sept 30, Sept 30, Dec 31,
2009 2008 2008
Earnings per share basic and diluted -0.01 0.41 0.34
Equity per share 2.90 2.98 2.98
Dividend per share - - 0.05
Dividends/earnings, % - - 14.5
Effective dividend yield, % - - 2.1
Price/earnings (P/E) -267.6 7.3 7.0
Share price performance(Jan 1-)
Average trading price 2.40 2.65 2.63
Lowest trading price 1.81 2.20 2.15
Highest trading price 2.99 3.14 3.14
Trading price at the end of the
period 2.67 3.00 2.40
Market capitalisation at the end of
the period, 1,000 euro 45,090 50,663 40,530
Trading volume (Jan 1-)
Trading volume, transactions 2,895,265 7,129,877 8,355,374
In relation to weighted average
number of shares, % 17.1 42.2 49.5
Trading volume, euro 6,938,955 18,877,311 22,002,739
The weighted average number of
shares during the period under
review adjusted by the share issue 16,887,500 16,887,500 16,887,500
The number of shares at the end of
the period adjusted by the share 16,887,500 16,887,500 16,887,500
issue
QUARTERLY KEY FIGURES
10-12/09 7-9/09 4-6/09 1-3/09
Net sales 12,171 13,538 14,841
Compared to previous quarter % -10.1 -8.8 -5.8
Operating profit/loss -748 688 527
% of net sales -6.1 5.1 3.6
Profit/loss before tax -1,257 46 818
% of net sales -10.3 0.3 5.5
Net cash flow generated from:
Operating activities 192 4,761 -496
Investing activities -87 -786 -152
Financing activities -22 -3,905 -37
Increase/decrease in cash and
cash equivalents 83 70 -685
Personnel at the end of the
period 335 343 338
10-12/08 7-9/08 4-6/08 1-3/08
Net sales 15,751 18,090 16,992 17,034
Compared to previous quarter % -12.9 6.5 -0.2 7.9
Operating profit 1,108 2,089 2,737 2,542
% of net sales 7.0 11.5 16.1 14.9
Profit/loss before tax -1,323 2,683 2,582 1,634
% of net sales -8.4 14.8 15.2 9.6
Net cash flow generated from:
Operating activities 2,878 4,522 3,495 2,281
Investing activities -716 -289 -841 -331
Financing activities -1,912 -48 -4,616 -58
Increase/decrease in cash and
cash equivalents 250 4,185 -1,962 1,892
Personnel at the end of the
period 363 361 370 359
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before = Operating profit + depreciation
depreciation (EBITDA)
Return on equity, % (ROE) = Profit/loss for the period from
continuing operations x 100/
Equity (average for the period)
Return on investment, % = (Profit/loss before tax + interest and
(ROI) other financial expenses) x 100/
Balance sheet total - non-interest
bearing liabilities (average for the period)
Equity ratio, % = Equity x 100/
Balance sheet total - advances
received
Net gearing ratio, % = (Interest-bearing liabilities - cash
and cash equivalents) x 100/
Equity
Earnings per share = Profit/loss for the period
attributable to the equity holders
of the parent company/
Adjusted weighted average number of
shares in issue during the period
Equity per share = Equity attributable to the equity
holders of the parent company/
Adjusted number of shares at the end
of the period
Dividend per share = Dividend for the period/
Adjusted number of shares at the end
of the period
Effective dividend yield, % = Dividend per share x 100/
Trading price at the end of the period
Price/earnings ratio (P/E) = Last adjusted trading price at the end
of the period/
Earnings per share
Average trading price = Total traded amount in euro/
Adjusted number of shares traded
during the period
Market capitalisation at the = Number of shares at the end of the
end of the period period x trading price at the end of
the period
Trading volume = Number of shares traded during the
period/
Weighted average number of shares
during the period
All figures of the financial tables are rounded, and consequently the
sum of individual figures can deviate from the presented sum figure.
The figures are unaudited. In the written report, the figures in
parenthesis refer to the corresponding period in the previous year.
The future estimates and forecasts in this interim report bulletin
are based on company management's current knowledge. Actual events
and results may differ from the estimates presented here.
OKMETIC OYJ
Board of directors
PRESS CONFERENCE
Okmetic will hold a press conference for the media and analysts on
Friday 30 October 2009 at 9.00 a.m at the World Trade Center,
Aleksanterinkatu 17, second floor, Helsinki.
For further information, please contact:
Chairman of the board, Henri Österlund, Okmetic Oyj,
tel. + 358 50 348 9600
Deputy to the president, Mikko Montonen, Okmetic Oyj
tel. + 358 40 5011 262, email: mikko.montonen@okmetic.com
Senior Vice President, Finance Esko Sipilä, Okmetic Oyj,
tel. +358 9 5028 0286, email: esko.sipila@okmetic.com
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com
OKMETIC IN BRIEF
Take it higher
Okmetic is a technology company which supplies tailor-made silicon
wafers for sensor and semiconductor industries and sells its
technological expertise to the solar energy industry. Okmetic
provides its customers with solutions that boost their
competitiveness and profitability.
Okmetic's silicon wafers are part of a further processing chain that
produces end products that improve human interaction and quality of
life. Okmetic's products are based on high-tech expertise that
generates added value for customers, innovative product development
and an extremely efficient production process.
Okmetic has a global customer base and sales network, production
plants in Finland and the US and contract manufacturers in Japan and
China.
Okmetic's shares are listed on NASDAQ OMX Helsinki under the code
OKM1V. For more information on the company, please visit our website
at www.okmetic.com.
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