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2011-10-25 07:00:00 CEST 2011-10-25 07:00:58 CEST REGULATED INFORMATION Okmetic Oyj - Interim report (Q1 and Q3)OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011OKMETIC OYJ STOCK EXCHANGE RELEASE 25 OCTOBER 2011 AT 8.00 A.M. OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011 Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year. JULY-SEPTEMBER IN BRIEF: * Net sales amounted to 21.3 (21.6) million euro, down 1.7%. * Operating profit was 4.0 (3.7) million euro corresponding to 19.0% of net sales. * Profit for the period was 2.9 (3.8) million euro. * Basic earnings per share were 0.18 (0.23) euro. * Net cash flow from operations amounted to 2.1 (5.6) million euro. JANUARY-SEPTEMBER IN BRIEF: * Net sales amounted to 65.1 (57.8) million euro, up 12.5%. * Operating profit was 9.5 (7.0) million euro corresponding to 14.6% of net sales. * Profit for the period was 8.2 (7.8) million euro. * Basic earnings per share were 0.49 (0.47) euro. * Net cash flow from operations amounted to 6.3 (9.9) million euro. PROJECTIONS FOR 2011 The balancing of the electronics industry components' stock levels will also continue during the rest of the year, which means a mild demand for semiconductors until the end of the year. Instead, market projections for sensor wafers, especially for SOI wafers are stable. The structural change which started in the solar cell industry in the spring continues, and the rapidly lowered price level is likely to continue the consolidation of the business. Okmetic's operation as a solar cell industry supplier is largely based on long- term shipment agreements, which protects the company from the strongest market changes. As a whole, the last quarter of the year will be the weakest of 2011 in terms of net sales as well as operating profit. The company confirms the existing guidance, according to which the net sales and operating profit of 2011 are estimated to exceed the level of 2010. PRESIDENT KAI SEIKKU:"Okmetic's third quarter of the year went excellently considering the fact that the market conditions have become more difficult. In July-September, operating profit amounted to 4.0 million euro while net sales declined slightly and amounted to 21.3 million euro. Operating profit percent (19.0%) reached the highest level in the company's recent history despite the fact that no license income from technology sales was obtained during the period, but the net sales consisted entirely of component and material sales. The positive profit development of the company will enable the company to fully make use of the losses, which have been confirmed in Finland during earlier financial periods, in the taxation concerning the 2011 financial period. The deferred tax assets recognised from tax losses no longer had any impact on the result in July- September. The semiconductor market decelerated during this period in which the demand has traditionally been the strongest of the year, and the normal peak in demand due to seasonal fluctuation was not experienced. The phenomenon is noticeable in the division of Okmetic's sales per customer area, where the share of sensor wafers (44%) at the end of the third quarter was at the same level as in the beginning of the year. The relative share of Asia (38%) was on the increase, partly due to structural reasons, and partly because of the significant slowing down of the North American market. The reason behind the slowing of the semiconductor industry's demand is, in particular, the problems of the macro economy, which create caution in the electronics industry and make its value chain balance the stock levels inflated in the first half of 2011. The balancing is likely to continue over the turn of the year, and the company predicts that the demand will rise again in the second quarter of next year. The outlook will be updated once the market prospects become clearer. There are three key factors behind good profitability: cost control, flexible (fab lite) supply chain, and investment in demanding sensor wafers, in particular in SOI wafers, the record delivery volumes of which contributed to the good sales margin. Long-term shipment agreements protected Okmetic from the rough price competition going on in the solar cell industry. The price competition is a consequence of the global overcapacity, high stock levels, rapid migration of production to China and the Far East, and the solar power plant projects' funding insecurities caused by the financial crisis. Okmetic's strong balance, profitability, and cash flow are likely to further strengthen the company's competitive position and market shares when demand starts to increase again. However, growth is sought in all market situations. A sales office serving the important Asian market outside Japan has been opened in Hong Kong. The investment important for the future, which was announced in late spring, and which aims at a significant increase in SOI wafers' production capacity and productivity, is proceeding as planned. The company also invests selectively in other growing product groups, such as the epi deposition of wafers used for power semiconductor production. The epi deposition takes place at the Allen production plant in the United States." KEY FIGURES 1,000 euro 1.7.- 1.7.- 1.1.- 1.1.- 1.1.- 30.9.11 30.9.10 30.9.11 30.9.10 31.12.10 Net sales 21,250 21,626 65,052 57,835 80,907 Operating profit before depreciation (EBITDA) 5,580 5,368 14,222 12,052 17,102 Operating profit 4,045 3,712 9,480 6,981 10,421 % of net sales 19.0 17.2 14.6 12.1 12.9 Profit for the period 2,941 3,793 8,247 7,806 9,952 Basic earnings per share, euro 0.18 0.23 0.49 0.47 0.60 Net cash flow from operating activities 2,094 5,573 6,260 9,864 16,594 Net interest bearing liabilities -11,642 -12,752 -11,642 -12,752 -18,047 Equity ratio, % 79.3 78.7 79.3 78.7 76.6 Average number of personnel during the period 373 358 365 347 345 MARKETS Customer industries sensor, semiconductor, and solar cell industries Sensor industry In 2011, the sale value of sensor industry is estimated to grow 11-15 percent compared to the sale value of 2010 (7.1-8.6 billion US dollars). One of the fastest growing sectors is MEMS products for consumer applications such as microphones, gyroscopes, and picoprojectors (IHS, iSuppli, Yole). Nowadays, silicon-on-insulator (SOI) technology is already widely used in the manufacture of these next generation products, and the share of SOI technology is estimated to continue its growth. Okmetic is amongst the pioneering suppliers who provide products and services based on SOI technology to the sensor industry. Semiconductor industry The semiconductor industry's sales in US dollars have deteriorated further during the third quarter of the year. The estimates for the sale development have continued to decline and adjusted between 2.9 and -0.2 percent of yearly growth (iSuppli, Gartner, SIA). In the third quarter of this year, the market cycle's annual peak typical for the industry did not take place, and the industry is not predicted to return to a clear growth track until the latter half of 2012 (Gartner). The estimated growth of sales for 2012 settles at a level of 3-5 percent (iSuppli, Gartner). The demand for semiconductors is maintained by a group of rapidly growing applications, led by tablet computers, SSD hard discs, and smart phones (Gartner). In the long run, the growth rate of semiconductor demand is estimated to remain at a yearly level of 8-9 percent. The growth rate of power semiconductors is estimated to exceed the semiconductor market average (IC Insights). Solar cell industry Although the industry's demand grew during the third quarter, the supply was clearly greater than the demand. Oversupply and high stock levels have led to still clearly declining prices throughout the industry's supply chain. The unfavourable market situation is expected to continue for the next few months. Silicon wafer market According to the estimate published in September 2011 by SMG, the group of silicon wafer suppliers in SEMI, the volume of wafer shipments in the entire silicon wafer industry in 2011 equals the shipment volumes of 2010. Compared to the ongoing year, a growth of 4 percent is estimated for 2012. Okmetic's central customer areas in the silicon wafer market In line with its strategy, Okmetic seeks for special areas of the entire silicon wafer market that have greater growth rates than the market average and in which the company has special know-how. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS market grows as the portable consumer products, automotive electronics, and industrial process control increase. In the semiconductor market, Okmetic's growth areas include discrete and power semiconductors. The growth areas of these markets are i.a. components used in the production of renewable energy, increasing automotive electronics, portable consumer products, developing applications of the medical and well-being industries as well as industrial process controlling. SALES In January-September, Okmetic's net sales increased by 12.5 (42.6) percent from the previous year amounting to 65.1 (57.8) million euro. The growth of net sales was supported especially by good sensor industry demand. Okmetic succeeded to increase its market share in the product groups which are important to the company. Sales per customer area 1.7.- 1.7.- 1.1.- 1.1.- 1.1.- 30.9.11 30.9.10 30.9.11 30.9.10 31.12.10 Sensors 44% 42% 44% 43% 43% Semiconductors 36% 45% 36% 43% 42% Technology 20% 13% 20% 14% 15% In January-September, the value of sensor wafer shipments was 15.4 percent higher than in the corresponding period last year. The semiconductor industry's weakening trend affected the semiconductor wafer sales during the third quarter of the year. In January-September, the shipment value of these wafers was 5.7 percent lower than in the corresponding period last year. In January-September, technology sales comprised mainly of solar crystal sales. The solar cell industry's market change had only minor effects on Okmetic's operations in the third quarter. Okmetic's shipment volumes continued to be strong and were 1.2 million euro higher than in the corresponding quarter last year. Sales per market area 1.7.- 1.7.- 1.1.- 1.1.- 1.1.- 30.9.11 30.9.10 30.9.11 30.9.10 31.12.10 North America 35% 46% 36% 43% 43% Europe 27% 25% 29% 26% 25% Asia 38% 29% 35% 31% 32% The proportion of Europe of the total net sales grew during January-September. The proportion of Asia of the total net sales grew during July-September. PROFITABILITY July-September In July-September, Okmetic's operating profit was 4.0 (3.7) million euro. The operating profit accounted for 19.0 (17.2) percent of net sales. There are three key factors behind good profitability: cost control, flexible (fab lite) supply chain, and the record delivery volumes of SOI wafers. Profit for the period amounted to 2.9 (3.8) million euro. Basic earnings per share were 0.18 (0.23) euro. January-September In January-September, Okmetic's operating profit was 9.5 (7.0) million euro. The operating profit accounted for 14.6 (12.1) percent of net sales. Profit for the period amounted to 8.2 (7.8) million euro. Basic earnings per share were 0.49 (0.47) euro. FINANCING The company's financial situation is good. In January-September, net cash flow from operations amounted to 6.3 (9.9) million euro. On 30 September 2011, the company's liabilities amounted to 1.0 (1.0) million euro. At the end of the period, cash and cash equivalents amounted to 12.6 (13.8) million euro. On 30 September 2011, the company's cash and cash equivalents exceeded interest-bearing liabilities by 11.6 million euro (on 30 September 2010, cash and cash equivalents were 12.8 million euro higher than interest-bearing liabilities). Return on equity amounted to 18.4 (19.9) percent. The company's equity ratio was 79.3 (78.7) percent. Equity per share was 3.69 (3.35) euro. INVESTMENTS In January-September, Okmetic's capital expenditure amounted to 7.5 (0.7) million euro. The investments concern mainly the board's decision in April 2011 to increase SOI wafer production capacity by extending the Vantaa plant. The around 30 million euro investment programme includes the plant extension and different kinds of production equipment. Building of the plant extension started in August. This investment, together with the SOI equipment investments decided earlier, more than triples the Vantaa plant's current SOI wafer production capacity. PRODUCT DEVELOPMENT In January-September, the company expensed 1.7 (1.4) million euro in product development projects. Product development costs accounted for 2.7 (2.4) percent of net sales. The product development costs have not been capitalised. Product development has been allocated to sensor wafers and crystal growing that are important to Okmetic. PERSONNEL On average, Okmetic employed 365 (347) people in January-September. At the end of the period, 313 of the company's employees worked in Finland, 34 in the US, and three in Japan. BUSINESS RISKS IN THE NEAR FUTURE As the uncertainty in the world economy continues, the most significant factors causing uncertainty for Okmetic's business in the near future are related to the sensitivity of semiconductor wafer demand to economic fluctuations and to the rapid and strong changes in the market situation. The company only has considerable pricing power with its own special products. The pricing of other wafers is mainly based on global market price. The most common trade currency in the field is the US dollar. The company's result is affected by the US dollar's strong currency changes against the euro. The fact that Okmetic's main production facilities are located in the relatively expensive euro zone places cost pressure for the company. Other challenges include maintaining market leadership position in the company's own special fields, together with meeting the demand gearing towards bigger wafer sizes. The company risks and uncertainty factors are dealt more profoundly in the company's annual report of 2010. SHARES AND SHAREHOLDERS On 30 September 2011, Okmetic Oyj's paid-up share capital, as entered in the Finnish trade register, was 11,821,250 euro. The number of shares was 17,287,500. The shares have no nominal value attached. Each share entitles its holder to one vote at general meeting. The company has one class of shares. SHARE PRICE DEVELOPMENT AND TRADING A total of 9.3 (8.4) million shares were traded between 1 January and 30 September 2011, representing 53.6 (48.6) percent of the weighted average of share total of 17.3 million during the period. The lowest quotation of the reporting period was 3.50 (2.98) euro, and the highest 6.65 (5.04) euro, with the average being 5.58 (3.76) euro. The closing quotation for the period was 4.67 (4.82) euro. At the end of the period, the market capitalisation amounted to 80.7 (83.3) million euro. OWN SHARES At the end of the period, the company held a total of 207,848 shares, which is approximately 1.2 percent of Okmetic's all shares and votes. Okmetic's board of directors decided on 5 August 2011, based on an existing authorisation of the board of directors, to repurchase a maximum of 280,000 company's own shares. The share repurchase started on 16 August 2011. An aggregate number of 151,137 shares were repurchased in the period under review, corresponding to approximately 0.9 percent of the total number of Okmetic shares and votes. A total of 711,700.33 euro was used for the repurchase, and the average purchase price per share was 4.71 euro. The repurchased shares may be used in developing the company's capital structure, as compensation in possible corporate acquisitions or in other business arrangements, as part of the company's incentive scheme or transferred or cancelled in other ways. On 18 August 2011, Okmetic Oyj's board of directors announced of its decision to transfer 9,432 own shares held by the company, for free, to a member of the executive management group belonging to Okmetic's share-based incentive scheme 2010-2011, as a proportion of reward to be paid as shares on the basis of earning period 2010. CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2011 (unaudited) ACCOUNTING POLICIES These interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. In preparing these interim financial statements, Okmetic has followed the same accounting policies as in the financial statements for 2010 except for the effect of changes required by the adoption of the following new or revised standards and interpretations as of 1 January 2011: IAS 24 (revised), Related Party Disclosures IAS 32 (amendment), Financial Instruments: Presentation - Classification of Rights Issues IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments IFRIC 14 (amendment), Prepayments of a Minimum Funding Requirement Improvements to IFRSs, May 2010 The adoption of the aforementioned standards and interpretations has not had an effect on the figures presented from the reporting period. Okmetic has applied hedge accounting as defined in IAS 39 to the electricity derivative contracts entered into after 1 April 2011 hedging highly probable forecast cash flows associated with electricity purchases. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and presented in hedge reserve, which is included in "Other reserves" in equity. Such accumulated fair value changes are reclassified to the income statement in the periods when the hedged cash flow affects profit or loss. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within other operating income and expenses. From the start of 2011 Okmetic has changed the place where changes in fair values of currency derivative contracts and their realised profits and losses are presented in the statement of comprehensive income. In line with the new policy, the changes in the fair values of currency derivative contracts and their realised profits and losses are presented with the financial income and expenses. Previously these items were presented with other operating income and expenses. Okmetic has reported of the change in accounting policies on the interim report published on 27 April 2011. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1,000 euroa 1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan- 30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec, 2011 2010 2011 2010 2010 Net sales 21,250 21,626 65,052 57,835 80,907 Cost of sales -15,473 -15,312 -48,488 -44,491 -62,274 Gross profit 5,778 6,314 16,564 13,345 18,633 Other income and expenses -1,732 -2,602 -7,084 -6,364 -8,212 Operating profit 4,045 3,712 9,480 6,981 10,421 Financial income and expenses 72 -777 -580 -142 -610 Profit before tax 4,117 2,934 8,900 6,839 9,811 Income tax -1,176 859 -653 967 141 Profit for the period 2,941 3,793 8,247 7,806 9,952 Other comprehensive income: Cash flow hedges -13 - -33 - - Translation differences 598 -456 339 506 624 Other comprehensive income for the period, net of tax 584 -456 305 506 624 Total comprehensive income for the period 3,526 3,337 8,553 8,312 10,576 Profit for the period attributable to: Equity holders of the parent company 2,941 3,793 8,247 7,806 9,952 Total comprehensive income attributable to: Equity holders of the parent company 3,526 3,337 8,553 8,312 10,576 Basic earnings per share, euro 0.18 0.23 0.49 0.47 0.60 Diluted earnings per share, euro 0.17 0.23 0.48 0.47 0.58 CONDENSED CONSOLIDATED BALANCE SHEET 1,000 euro 30 Sep, 30 Sep, 31 Dec, 2011 2010 2010 Assets Non-current assets Property, plant and equipment 31,776 29,102 29,069 Other receivables 3,977 4,124 2,441 Total non-current assets 35,753 33,226 31,510 Current assets Inventories 11,911 9,424 9,987 Receivables 17,724 14,691 15,674 Financial assets at fair value through profit or loss - - 5,004 Cash and cash equivalents 12,642 13,755 14,043 Total current assets 42,277 37,870 44,708 Total assets 78,030 71,096 76,217 Equity and liabilities Equity Equity attributable to equity holders of the parent company Share capital 11,821 11,821 11,821 Other equity 49,755 44,040 46,420 Total equity 61,576 55,861 58,242 Liabilities Non-current liabilities 2,092 2,543 1,245 Current liabilities 14,361 12,692 16,730 Total liabilities 16,453 15,235 17,976 Total equity and liabilities 78,030 71,096 76,217 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Sep, 30 Sep, 31 Dec 2011 2010 2010 Cash flows from operating activities: Profit before tax 8,900 6,839 9,811 Adjustments 6,080 5,409 6,795 Change in working capital -8,286 -2,254 210 Financial items -407 -214 -279 Tax paid -26 85 58 Net cash from operating activities 6,260 9,864 16,594 Cash flows from investing activities: Purchases of property, plant and equipment -6,986 -636 -2,173 Investments in fixed income funds 5,016 - -5,000 Net cash used in investing activities -1,970 -636 -7,173 Cash flows from financing activities: Repayments of long-term borrowings - -1,500 -1,500 Payments of finance lease liabilities - -36 -39 Share issue - 1,200 1,200 Repurchase of own shares -664 -1,868 -1,868 Dividends paid -5,043 -834 -834 Net cash used in financing activities -5,707 -3,038 -3,041 Increase(+) / decrease (-) in cash and cash equivalents -1,416 6,190 6,381 Exchange rate changes 16 258 355 Cash and cash equivalents at the beginning of the period 14,043 7,307 7,307 Cash and cash equivalents at the end of the period 12,642 13,755 14,043 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of parent company Share capital Share Reserve Other Retained Total pre- for in- re- earnings mium vested serves 1,000 euro unre- 1) stricted equity Balance at 31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242 Profit for the period 8,247 8,247 Other com-prehensive income, net of tax: Cash flow hedges -33 -33 Translation differences 339 339 Total com- prehensive income for the period 305 8,247 8,553 Repurchase of own shares -664 -664 Share based payments 489 489 Dividend distribution -5,043 -5,043 Balance at 30 Sep, 2011 11,821 20,045 1,200 1,344 27,166 61,576 Balance at 31 Dec, 2009 11,821 20,045 - 415 16,461 48,742 Profit for the period 7,806 7,806 Other com-prehensive income, net of tax: Translation differences 506 506 Total com- prehensive income for the period 506 7,806 8,312 Share issue 1,200 1,200 Repurchase of own shares -1,868 -1,868 Share based payments 309 309 Dividend distribution -834 -834 Balance at 30 Sep, 2010 11,821 20,045 1,200 921 21,874 55,861 1)"Other reserves" contains hedge reserve and translation differences. CHANGES IN PROPERTY, PLANT AND EQUIPMENT 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Sep, 30 Sep, 31 Dec, 2011 2010 2010 Carrying amount at the beginning of the period 29,069 33,174 33,174 Additions 7,519 678 2,232 Disposals - -2 -74 Depreciation -4,742 -5,071 -6,681 Exchange differences -70 323 419 Carrying amount at the end of the period 31,776 29,102 29,069 COMMITMENTS AND CONTINGENCIES 1,000 euro 30 Sep, 30 Sep, 31 Dec, 2011 2010 2010 Loans, secured with collaterals 1,000 1,000 1,000 Collaterals 8,073 8,073 8,073 Off-balance sheet lease commitments 216 153 245 Capital commitments 4,823 2,354 2,190 Nominal values of derivative contracts Currency options, call 2,729 2,400 15,244 Currency options, put 652 - 18,034 Currency forward agreements - 1,318 - Electricity derivatives 2,515 1,773 2,038 Fair values of derivative contracts Currency options, call 13 205 184 Currency options, put -72 - -595 Currency forward agreements - -4 - Electricity derivatives -63 -45 544 The contract price of the derivatives has been used as the nominal value of the underlying asset. KEY FIGURES SHOWING FINANCIAL PERFORMANCE 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Sep, 30 Sep, 31 Dec, 2011 2010 2010 Net sales 65,052 57,835 80,907 Change in net sales compared to the previous year's period, % 12.5 42.6 48.8 Export and foreign operations share of net sales, % 94.7 95.9 95.8 Operating profit before depreciation (EBITDA) 14,222 12,052 17,102 % of net sales 21.9 20.8 21.1 Operating profit 9,480 6,981 10,421 % of net sales 14.6 12.1 12.9 Profit before tax 8,900 6,839 9,811 % of net sales 13.7 11.8 12.1 Return on equity, % 18.4 19.9 18.6 Return on investment, % 19.5 17.4 18.2 Non-interest-bearing liabilities 15,453 14,232 16,976 Net interest-bearing liabilities -11,642 -12,752 -18,047 Net gearing ratio, % -18.9 -22.8 -31.0 Equity ratio, % 79.3 78.7 76.6 Capital expenditure 7,519 678 2,232 % of net sales 11.6 1.2 2.8 Depreciation 4,742 5,071 6,681 Research and development expenditure 1,729 1,414 2,110 % of net sales 2.7 2.4 2.6 Average number of personnel during the period 365 347 345 Personnel at the end of the period 350 340 342 KEY FIGURES PER SHARE Euro 30 Sep, 30 Sep, 31 Dec, 2011 2010 2010 Basic earnings per share 0.49 0.47 0.60 Diluted earnings per share 0.48 0.47 0.58 Equity per share 3.69 3.35 3.49 Dividend per share - - 0.30 Dividends/earnings, % - - 51.7 Effective dividend yield, % - - 5.7 Price/earnings(P/E) - - 8.9 Share performance (1 Jan-) Average trading price 5.58 3.76 4.22 Lowest trading price 3.50 2.98 2.98 Highest trading price 6.65 5.04 5.70 Trading price at the end of the period 4.67 4.82 5.29 Market capitalisation at the end of the period, 1,000 euro 80,733 83,326 91,451 Trading volume (1 Jan-) Trading volume, transactions, 1,000 pcs 9,268 8,361 14,009 In relation to weighted average number of shares, % 53.6 48.6 81.4 Trading volume, 1,000 euro 51,732 31,466 59,124 The weighted average number of shares during the period under review adjusted by the share issue, 1,000 pcs 17,288 17,197 17,220 The number of shares at the end of the period adjusted by the share issue, 1,000 pcs 17,288 17,288 17,288 When calculating earnings per share (EPS) and equity, Okmetic's own shares in its possession and Okmetic's shares owned by Okmetic Management Oy are deducted from the amount of shares. QUARTERLY KEY FIGURES 1,000 euro 10-12/ 7-9/ 4-6/ 1-3/ 2011 2011 2011 2011 Net sales 21,250 21,747 22,055 Compared to previous quarter, % -2.3 -1.4 -4.4 Compared to corresponding period last year, % -1.7 10.5 33.5 Operating profit 4,045 2,606 2,828 % of net sales 19.0 12.0 12.8 Profit before tax 4,117 2,487 2,296 % of net sales 19.4 11.4 10.4 Net cash flow generated from: Operating activities 2,094 5,503 -1,337 Investing activities -1,100 1,035 -1,905 Financing activities -664 -5,043 - Increase/decrease in cash and cash equivalents 330 1,495 -3,243 Personnel at the end of the period 350 389 351 1,000 euro 10-12/ 7-9/ 4-6/ 1-3/ 2010 2010 2010 2010 Net sales 23,072 21,626 19,688 16,521 Compared to previous quarter, % 6.7 9.8 19.2 19.6 Compared to corresponding period last year, % 67.0 77.7 45.4 11.3 Operating profit 3,440 3,712 2,481 788 % of net sales 14.9 17.2 12.6 4.8 Profit before tax 2,972 2,934 2,987 918 % of net sales 12.9 13.6 15.2 5.6 Net cash flow generated from: Operating activities 6,730 5,573 1,874 2,417 Investing activities -6,536 -547 -66 -23 Financing activities -3 -5 -2,406 -627 Increase/decrease in cash and cash equivalents 191 5,021 -599 1,767 Personnel at the end of the period 342 340 373 329 MAJOR SHAREHOLDERS ON 30 SEPTEMBER 2011 Shares, Share, pcs % Ilmarinen Mutual Pension Insurance Company 1,666,601 9.6 Mandatum Life Insurance Company Limited 807,700 4.7 The State Pension Fund 600,000 3.5 Veritas Pension Insurance Company Ltd. 491,393 2.8 Varma Mutual Pension Insurance Company 477,175 2.8 Okmetic Management Oy 400,000 2.3 Etra-Invest Oy Ab 400,000 2.3 Nordea Nordic Small Cap Fund 370,660 2.1 Aktia Secura Fund 335,681 1.9 Sijoitusrahasto Taaleritehdas Arvo Markka Osake 225,100 1.3 Kaleva Mutual Insurance Company 212,700 1.2 Okmetic Oyj 207,848 1.2 Sijoitusrahasto Aktia Capital 165,387 1.0 Mutual Fund Evli Finnish Equity 142,700 0.8 EQ Pikkujättiläiset / EQ Rahastoyhtiö 140,000 0.8 SR Arvo Finland Value 110,611 0.6 Kiilholma Antti Tapio 90,093 0.5 OP-Finland Small Firms Fund 80,000 0.5 Stenhäll Turo 75,000 0.4 Virtanen Yhtiöt Oy 70,000 0.4 Nominee registered shares 3,014,528 17.4 Others 7,204,323 41.7 Total 17,287,500 100.0 DEFINITIONS OF KEY FINANCIAL FIGURES Operating profit before depreciation = Operating profit + depreciation (EBITDA) Return on equity (ROE), % = Profit/loss for the period from continuing operations x 100/ ------------------------------------------ Equity(Average for the period) Return on investment (ROI), % = (Profit/loss before tax + interest and 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 interest-bearing liabilities = Interest-bearing liabilities - cash and cash equivalents Net gearing ratio, % = (Interest-bearing liabilities - cash and cash equivalents) x 100/ ------------------------------------------ Equity Earnings per share = Profit/loss for the period attributable to equity holders of the parent company/ ------------------------------------------ Adjusted weighted average number of shares in issue during the period Equity per share = Equity attributable to 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 end of = Number of shares at the end of the period the 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. The future estimates and forecasts in this interim report are based on company management's current knowledge. Actual events and results may differ from the estimates presented here. PRESS CONFERENCE A press conference for the media and analysts will be held on Tuesday, 25 October 2011 at 9.30 a.m. at Okmetic's head office: Piitie 2, 01510 Vantaa. The result will be presented by President Kai Seikku. The press conference will be held in Finnish. We ask participants to kindly give advance notice of their attendance by email to communications@okmetic.com or by telephone to +358 9 5028 0406/Marika Mäntymaa. OKMETIC OYJ Board of directors For further information, please contact: President Kai Seikku, Okmetic Oyj, tel. +358 400 200 288, email: kai.seikku@okmetic.com Senior Vice President, Finance, IT, and Communications Juha Jaatinen, Okmetic Oyj, tel. +358 9 5028 0286, email: juha.jaatinen@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 cell 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. [HUG#1557440] |
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