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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 2009OKMETIC 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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