2013-07-25 07:00:00 CEST
2013-07-25 07:00:32 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC OYJ: INTERIM REPORT 1 JANUARY-30 JUNE 2013: DEMAND FOR SENSOR WAFERS AND DISCIPLINED COST MANAGEMENT GENERATED GOOD PROFITABILITY IN AN UNCERTAIN MARKET
OKMETIC OYJ STOCK EXCHANGE RELEASE 25 JULY 2013 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 30 JUNE 2013: DEMAND FOR SENSOR WAFERS AND
DISCIPLINED COST MANAGEMENT GENERATED GOOD PROFITABILITY IN AN UNCERTAIN MARKET
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
APRIL-JUNE IN BRIEF:
* Net sales amounted to 17.0 (22.5) million euro, down 24.2%.
* Silicon wafer shipments amounted to 16.9 (18.6) million euro, down 8.8%.
* Operating profit was 2.0 (2.5) million euro, corresponding to 11.6% (11.2%)
of net sales.
* Profit for the period was 1.4 (2.1) million euro.
* Basic earnings per share was 0.08 (0.12) euro.
* Net cash flow from operations amounted to 0.5 (2.6) million euro.
JANUARY-JUNE IN BRIEF:
* Net sales amounted to 33.4 (41.4) million euro, down 19.2%.
* Silicon wafer shipments amounted to 32.4 (33.8) million euro, down 4.1%.
* Operating profit was 3.3 (4.0) million euro, corresponding to 10.0% (9.8%)
of net sales.
* Profit for the period was 2.6 (2.8) million euro.
* Basic earnings per share was 0.15 (0.17) euro.
* Net cash flow from operations amounted to 1.3 (1.7) million euro.
SHORT-TERM OUTLOOK
In 2013, the semiconductor industry's demand is estimated to grow again, and the
sensor industry is forecast to continue on its growth track. However, growth
estimates for semiconductors have been revised downwards during the year due to
the slowing PC market as well as weakening demand for smartphones.
The demand for sensor wafers manufactured by Okmetic is estimated to be fairly
stable throughout 2013. Due to normal seasonal fluctuation, the demand for
semiconductor wafers is slower in the early part of the year. After the slower-
than-anticipated first half, the demand is likely to really pick up as late as
in the third quarter.
Okmetic strives to outgrow the market in its core business as a manufacturer of
demanding silicon wafers. Technology sales, instead, have contracted
significantly as a result of the plummeted price level in the solar cell
industry. This causes a structural change in the company's business. In 2013,
the company's business will mainly consist of silicon wafer sales. However, the
forecast growth of silicon wafer sales will not fully compensate for the steep
decline in technology sales. Hence, the company's net sales will decrease in
2013. Technology sales are reported under the title Other business as of 1
January 2013 due to their diminished weight and varying content.
The company retains its existing guidance, according to which net sales and
operating profit for 2013 are estimated to remain under the level of 2012.
PRESIDENT KAI SEIKKU:"Okmetic's net sales grew only slightly from the first quarter. The sales in the
company's key focus area, demanding sensor wafers, grew in the second quarter
compared to both the beginning of the year and comparison period last year. Also
the semiconductor wafer sales grew from the first quarter, but remained clearly
below the level reached in the second quarter of last year. The market is slowed
down by, among other things, the steeper-than-anticipated decline in demand for
PCs, as well as weakening of the strongest growth in the smartphone market.
Especially the Japanese market has been soft this year.
Technology sales reported under Other business were more than 6 million euro
lower in the first half than during the comparison period in 2012. This
anticipated change in the company's net sales split is due to the plummeted
price level in solar cell industry. Also going forward, Okmetic will focus on
high added value products, which enable the company to operate in line with its
long-term profitability objectives.
Profitability remained at a good level despite the decline in net sales.
Operating profit was 11.6 percent of net sales in the second quarter and reached
the targeted 10 percent level also in the first half. As in previous years,
Okmetic continues to outperform most of its competitors in the silicon wafer
industry in terms of profitability. The fact that the total result of the
industry is forecast to remain negative for the fifth year in a row this year
illustrates the situation the industry finds itself in.
Okmetic's good profitability is based on several years of investments in sensor
wafers and their commercialisation, as well as successful cost management. Also
the epitaxial wafer production at the Allen plant, which was loss-making last
year as well as in the beginning of this year, turned profitable in the second
quarter.
Growth estimates for the silicon wafer market have been revised downwards during
the year. Demand is estimated to be at its highest this year in the third
quarter. The demand for sensor wafers looks solid, and the almost exceptionally
quiet market for semiconductor wafers is expected to pick up in the latter half
of the year."
KEY FIGURES
1,000 euro 1 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan-
30 Jun, 30 Jun, 2012 30 Jun, 30 Jun, 31 Dec,
2013 2013 2012 2012
Net sales 17,035 22,469 33,438 41,371 83,074
Operating profit
before
depreciation
(EBITDA) 3,378 3,979 6,103 7,031 13,864
Operating profit 1,971 2,505 3,345 4,041 8,018
% of net sales 11.6 11.2 10.0 9.8 9.7
Profit for the period 1,361 2,068 2,579 2,780 5,089
Basic earnings
per share,
euro 0.08 0.12 0.15 0.17 0,31
Net cash flow
from operating
activities 519 2,616 1,330 1,650 9,425
Net interest-
bearing
liabilities 7,788 -76 7,788 -76 -1,688
Equity ratio, % 69.7 73.2 69.7 73.2 72.2
Average number
of personnel
during the period 372 376 365 364 368
MARKETS
Customer industries sensor and semiconductor industry
Sensor industry
The sales value of sensor industry is estimated to grow 10-12 percent in 2013.
In terms of volume, the sensor shipments are likely to clearly reach a new
record this year. The increasing use of micro sensors in several consumer
electronics products has positively influenced sensor sales. For the next few
years, the sales value of sensor industry is estimated to grow 8-13 percent
annually. (IHS, Yole)
Semiconductor industry
As anticipated, the US dollar based sales of the global semiconductor industry
turned into growth in the second quarter of the year. Sales in May were 1.2%
higher than in 2012 (SIA). Market growth is expected to continue in the second
half of the year, and the annual growth rate for the year 2013 is estimated to
end up at 3.5 to 5.0 percent (SIA, IC Insights, Gartner, IDC). Somewhat stronger
growth is expected for the following years (5.1-7.7 %) (SIA, Gartner).
Silicon wafer market
According to the report of SMG, the group of silicon wafer suppliers in SEMI (a
global umbrella organisation for semiconductor materials and equipment
industry), the surface area of silicon wafer shipments in square inches grew in
the second quarter of 2013 from the level in the beginning of the year. The
estimated annual surface growth for 2013 is now around 2.5% (Gartner).
The key customer areas for Okmetic in the silicon wafer market
In line with its strategy, Okmetic seeks niches in the silicon wafer market that
have greater growth than market average, and in which the company has special
expertise. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS
industry is a key growth area for Okmetic. The MEMS market grows as portable
consumer products, automotive electronics, and industrial process control
increase.
In the semiconductor market, growth areas for Okmetic include discrete and power
semiconductors. In these wafer markets, areas for growth include, among others,
components used in the production of renewable energy, increasing automotive
electronics, portable consumer products, as well as different solutions related
to power supply and efficiency improvement.
CHANGE IN SALES REPORTING PER CUSTOMER AREA
Okmetic has changed its sales reporting per customer area as of the beginning of
2013. According to the new policy, technology sales are reported under the title
Other business because of their diminished weight and varying content.
SALES
In January-June, Okmetic's net sales amounted to 33.4 (41.4) million euro. There
was a decrease of 19.2 percent (decrease of 5.5%) from the comparison period.
The decrease in net sales was mainly due to a considerable decline in Other
business sales already anticipated in the beginning of the year. Net sales in
the second quarter grew only 3.9 percent from the first quarter, as the
partially difficult market situation for semiconductor wafers still continued in
April-June. Okmetic's market share remained stable in the product groups
important to the company.
Sales per customer area
1 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan-
30 Jun, 2013 30 Jun, 30 Jun, 30 Jun, 31 Dec,
2012 2013 2012 2012
Sensor wafers 58% 44% 59% 45% 47%
Semiconductor wafers
39% 40% 38% 37% 38%
Other business 3% 16% 3% 18% 15%
The demand for sensor wafers continued at a good level in January-June, and the
value of shipments grew 7.1 percent from the corresponding period last year. The
demand for sensor wafers is estimated to continue its steady growth during the
whole year 2013.
In January-June, the semiconductor wafer shipments declined 17.4 percent from
the strong comparison period last year. In the end of the reporting period the
semiconductor industry sales finally started to pick up, and the demand for
semiconductor wafers is estimated to clearly improve in the second half of the
year.
The value of Other business shipments was 1.1 (7.4) million euro in January-
June. The considerable difference is due to the loss of solar crystal sales.
Sales per market area
1 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan-
30 Jun, 2013 30 Jun, 2012 30 Jun, 2013 30 Jun, 31 Dec, 2012
2012
North America 41% 40% 40% 38% 37%
Europe 42% 22% 39% 24% 27%
Asia 17% 38% 21% 38% 35%
During the first half of the year, the demand was strongest in North America and
Europe. The relative proportion of Asia of net sales considerably diminished in
the reporting period. This was largely due to lower sales in Other business.
Technology sales have been a considerable part of sales to Asia.
PROFITABILITY
April-June
In April-June, Okmetic's operating profit amounted to 2.0 (2.5) million euro,
i.e. 11.6 (11.2) percent of net sales. Profit for the period amounted to 1.4
(2.1) million euro. Basic earnings per share was 0.08 (0.12) euro. Diluted
earnings per share was 0.08 (0.12) euro.
January-June
In January-June, Okmetic's operating profit amounted to 3.3 (4.0) million euro,
i.e. 10.0 (9.8) percent of net sales. Profit for the period amounted to 2.6
(2.8) million euro. Basic earnings per share was 0.15 (0.17) euro. Diluted
earnings per share was 0.15 (0.16) euro.
FINANCING
The company's financial situation is solid. In January-June, net cash flow from
operations amounted to 1.3 (1.7) million euro. The changes in working capital
tied up in operations weakened cash flow from operations by 7.0 (3.7) million
euro. The increase in working capital was mainly due to increased stock as the
company prepared for the busiest season of the year. The reimbursement of income
tax advances from 2012 improved net cash flow for the period by 1.1 million
euro.
On 30 June 2012, the company's interest-bearing liabilities amounted to 12.8
(6.0) million euro.
Okmetic announced in January that it has signed a five-year loan agreement for
10 million euro. The loan is used for the earlier announced investments and
general corporate purposes.
At the end of the reporting period, cash and cash equivalents amounted to 5.0
(6.0) million euro. On 30 June 2013, the company's cash and cash equivalents
were 7.8 million euro lower than interest-bearing liabilities (on 30 June 2012,
cash and cash equivalents were 0.1 million euro higher than interest-bearing
liabilities). The group has ensured liquidity with committed credit facilities
of 6.0 million euro. On 30 June 2013, the committed credit facilities were fully
unused. (On 30 June 2012, 3.0 million euro of the committed credit facilities
was in use.)
Return on equity amounted to 8.4 (9.2) percent. The company's equity ratio was
69.7 (73.2) percent. Equity per share was 3.63 (3.56) euro.
INVESTMENTS
In January-June, Okmetic's capital expenditure amounted to 4.1 (7.0) million
euro. The investments were directed to debottlenecking and automatisation of
wafer production lines as well as expansion of the Vantaa plant.
PRODUCT DEVELOPMENT
In January-June, the company expensed 1.2 (1.1) million euro in product
development projects, corresponding to 3.5 (2.8) percent of net sales. Product
development costs were not capitalised. Product development was directed to SOI
wafers as well as high and low resistivity wafers.
PERSONNEL
On average, Okmetic employed 365 (364) people in January-June. At the end of the
period, Okmetic had 379 (390) employees, of which 337 worked in Finland, 37 in
the US, four in Japan, and one in Hong Kong.
CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 10 April 2013, adopted
the annual accounts and the consolidated annual accounts for 2012 and discharged
the company's management from liability. It was decided that a dividend of 0.25
euro per share would be distributed for 2012. The dividend was paid on Monday
22 April 2013. The annual general meeting decided also, in accordance with the
proposal of the board of directors, to authorise the board to decide upon its
discretion on the payment of a dividend, should the company's financial
situation permit this. The additional dividend, including all possible separate
decisions on dividend payment, may amount up to a maximum of 0.40 euro per share
and 15,000,000 euro in total. Moreover, the general meeting approved the
proposal of the board of directors to authorise the board to decide on the
repurchase and/or the acceptance as pledge of the company's own shares as well
as on the issuance of shares, the transfer of the company's own shares, and the
issuance of special rights entitling to shares.
It was decided that there would be five members on the company's board of
directors. Mr. Tapani Järvinen, Mr. Hannu Martola, Ms. Mervi Paulasto-Kröckel,
Mr. Mikko Puolakka, and Mr. Henri Österlund were re-elected as members of the
board of directors until the end of the next annual general meeting. The board
of directors elected Henri Österlund as its chairman and Tapani Järvinen as its
vice chairman in its organising meeting held immediately after the annual
general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor,
with APA Mikko Nieminen having the principal responsibility.
Authorisations given to the board of directors and other decisions of the annual
general meeting were disclosed in a stock exchange release published on 10 April
2013.
BUSINESS RISKS
There have been no significant changes in the company's near future business
risks and uncertainties.
Okmetic's silicon wafer sales are directed to the sensor and semiconductor
producers in the electronics industry. 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 more stable. The
proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations. Other
business has in recent years been mainly crystal sales to the solar cell
industry. Okmetic has existing polysilicon purchasing obligations partly until
2015. As the price level of the solar cell market has dropped, the validity of
long-term polysilicon contracts typical of the industry may cause a price risk.
Okmetic's share of the global silicon wafer market is around one percent and the
market prices have a notable effect on the pricing of Okmetic's products. The
company has considerable pricing power only in its own special products. The
pricing of other wafers is largely based on global market price.
Okmetic operates globally, and therefore the company's business operations are
affected by risks related to exchange rate fluctuations, consisting of the cash
flows of purchases and sales. A significant part of sales is conducted in US
dollars. Despite hedging, the company remains exposed to exchange rate
fluctuations.
Substantial volumes of electricity are used in Okmetic's production. Despite
hedging, the company is exposed to fluctuations in the price of electricity.
SHARES AND SHAREHOLDERS
On 30 June 2013, 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 to one vote at
general meetings. The company has one class of shares. The company's shares are
included in the Finnish book-entry system.
Major shareholders on
30 June 2013
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,549,985 9.0
Oy Ingman Finance Ab 870,000 5.0
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Nordea Nordic Small
Cap Fund 517,660 3.0
Varma Mutual Pension
Insurance Company 477,175 2.8
Etra-Invest Oy Ab 400,000 2.3
Okmetic Management Oy 400,000 2.3
Investment Fund
Taaleritehdas Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance Company 212,700 1.2
Foreign investors and
nominee accounts held by
custodian banks 2,911,169 16.8
Other 8,323,711 48.1
Total 17,287,500 100.0
SHARE PRICE PERFORMANCE AND TRADING
A total of 1.6 (2.0) million shares were traded between 1 January and 30 June
2013, representing 9.3 (11.8) percent of the weighted average of share total of
17.3 (17.3) million during the period. The lowest quotation during the period
was 4.25 (4.21) euro, and the highest 5.15 (6.01) euro, with the average trading
price being 4.67 (5.50) euro. The closing quotation for the period on 30 June
2013 was 4.70 (4.75) euro. At the end of the period, the market capitalisation
amounted to 81.3 (82.1) million euro.
DIVIDENDS PAID
In April 2013, the company distributed a dividend of 4.3 million euro for the
year 2012 (including dividends distributed to Okmetic Management Oy, a total of
0.1 million euro). The dividend was 0.25 euro per share.
NOTIFICATIONS OF CHANGES IN HOLDINGS
On 12 March 2013 the total holdings of Oy Ingman Finance Ab (Trade Register
number 2241895-0) in the company rose to 5.03 percent.
OWN SHARES AND DIRECTED SHARE ISSUES
On 12 February 2013, Okmetic Oyj's board of directors announced its decision to
transfer a total of 18,540 own shares held by the company as a part of the
company's share-based incentive scheme for the executive management group.
According to the decisions of the annual general meeting and the board of
directors, Okmetic Oyj transferred a total of 15,283 shares to the board members
as payment of the annual remuneration on 10 May 2013.
At the end of the reporting period Okmetic held 194 123 (227 946) own shares,
which corresponds to approximately 1.1 (1.3) percent of Okmetic's all shares and
votes.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 JUNE 2013 (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 2012 except for the
effect of changes required by the adoption of certain new or revised standards
and interpretations as of 1 January 2013, which have been described in financial
statements 2012. The adoption of the new and revised standards and
interpretations has not had an effect on the figures presented from the
reporting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan-
30 Jun, 2013 30 Jun, 2012 30 Jun, 30 Jun, 31 Dec,
2013 2012 2012
Net sales 17,035 22,469 33,438 41,371 83,074
Cost of sales -12,824 -17,879 -25,942 -32,730 -65,995
Gross profit 4,211 4,591 7,496 8,641 17,079
Other income
and expenses -2,240 -2,086 -4,151 -4,600 -9,061
Operating
profit 1,971 2,505 3,345 4,041 8,018
Financial
income and
expenses -159 231 -256 -76 -418
Profit before
tax 1,812 2,736 3,089 3,965 7,600
Income tax -450 -668 -509 -1,185 -2,510
Profit for
the period 1,361 2,068 2,579 2,780 5,089
Other
comprehensive
income:
Cash flow
hedges -69 -53 -116 74 128
Translation
differences -20 63 296 -43 76
Other
comprehensive
income for the
period, net of
tax -89 10 180 31 204
Total
comprehensive
income for
the period 1,273 2,078 2,760 2,811 5,293
Profit for the
period
attributable
to:
Equity holders
of the parent
company 1,361 2,068 2,579 2,780 5,089
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 1,273 2,078 2,760 2,811 5,293
Basic earnings
per share,
euro 0.08 0.12 0.15 0.17 0.31
Diluted
earnings per
share, euro 0.08 0.12 0.15 0.16 0.30
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 30 Jun, 2013 30 Jun, 2012 31 Dec, 2012
Assets
Non-current assets
Property, plant and
equipment 44,950 39,048 43,433
Intangible assets 817 457 636
Other receivables 2,415 3,513 3,089
Total non-current
assets 48,182 43,018 47,159
Current assets
Inventories 17,663 13,668 13,526
Receivables 16,123 18,645 17,796
Cash and cash
equivalents 5,034 6,047 7,288
Total current
assets 38,820 38,360 38,610
Total assets 87,002 81,378 85,769
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 48,810 47,440 50,038
Total equity 60,631 59,262 61,860
Liabilities
Non-current
liabilities 13,154 4,115 5,314
Current liabilities 13,217 18,002 18,595
Total liabilities 26,371 22,117 23,909
Total equity and
liabilities 87,002 81,378 85,769
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Jun, 30 Jun, 31 Dec,
2013 2012 2012
Cash flows from operating
activities:
Profit before tax 3,089 3,965 7,600
Adjustments 4,243 2,964 6,482
Change in working capital -6,951 -3,692 -1,124
Financial items -40 65 -47
Tax paid 990 -1,682 -3,486
Net cash from
operating activities 1,330 1,650 9,425
Cash flows from investing
activities:
Purchases of property,
plant and equipment
-6,098 -5,276 -10,983
Net cash used in
investing activities -6,098 -5,276 -10,983
Cash flows from financing
activities:
Proceeds from long-
term borrowings 9,990 - -
Proceeds from short-
term borrowings 23 3,000 3,043
Payments of short-
term borrowings -3,000 - -
Payments of finance
lease liabilities -225 -43 -264
Other items 10 10 10
Dividends paid -4,170 -4,661 -4,862
Net cash used in
financing activities 2,628 -1,694 -2,072
Increase (+) /
decrease (-) in cash
and cash equivalents -2 139 -5,320 -3,631
Exchange rate changes -115 110 -338
Cash and cash
equivalents at
the beginning
of the period 7,288 11,257 11,257
Cash and cash
equivalents at
the end of the
period 5,034 6,047 7,288
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Other Retained Total
capital pre- for in- re- earnings
mium vested serves
1,000 euro unre- 1)
stricted
equity
Balance at
31 Dec, 2012 11,821 20,045 1,200 1,874 26,919 61,860
Profit for
the period 2,579 2,579
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -116 -116
Translation
differences 296 296
Total com-
prehensive
income for
the period 180 2,579 2,760
Share-based
payments 181 181
Dividend distribution
-4,170 -4,170
Balance at
30 Jun, 2013 11,821 20,045 1,200 2,054 25,510 60,631
Balance at
31 Dec, 2011 11,821 20,045 1,200 1,670 26,238 60,973
Profit for
the period 2,780 2,780
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 74 74
Translation
differences -43 -43
Total com-
prehensive
income for
the period 31 2,780 2,811
Share-based
payments 139 139
Dividend distribution
-4,661 -4,661
Balance at
31 Mar, 2012 11,821 20,045 1,200 1,701 24,494 59,262
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 Jun, 30 Jun, 2012 31 Dec, 2012
2013
Carrying amount
at the beginning
of the period 43,433 34,887 34,887
Additions 4,135 7,024 14,342
Disposals - - -
Depreciation -2,632 -2,961 -5,739
Exchange differences 14 97 -56
Carrying amount
at the end of
the period 44,950 39,048 43,433
COMMITMENTS AND CONTINGENCIES
1,000 euro 30 Jun, 30 Jun, 31 Dec,
2013 2012 2012
Loans, secured with
collaterals 11,000 1,000 1,000
Collaterals 17,128 8,073 8,073
Off-balance sheet
lease commitments 433 376 451
Capital commitments 3,412 6,197 5,499
Nominal values of
derivative contracts
Currency options,
call 228 - -
Currency options,
put 228 - -
Currency forward
agreements 690 1,147 1,462
Electricity
derivatives 2,304 2,438 2,489
Fair values of
derivative contracts
Currency options,
call 1 - -
Currency options,
put -1 - -
Currency forward
agreements 2 4 21
Electricity
derivatives -326 -397 -227
The contract price of the derivatives has been used as the nominal value of the
underlying asset.
HIERARCHY LEVELS OF DERIVATIVE CONTRACTS MEASURED AT FAIR VALUE
1,000 euro 30 Jun, 2013 31 Dec, 2012
Level Level Level Level Level Level
1 2 3 1 2 3
Financial
assets
Derivative
financial
instruments - 72 - - 67 -
Financial
liabilities
Derivative
financial
instruments - 396 - - 274 -
Fair value estimation
The group's financial instruments that are measured at fair value comprise
derivatives used for hedging and held for trading, and they are classified on
hierarchy level 2.
Fair values of level 2 instruments are based on other data than quoted prices in
active markets, but on the data from which the asset is observable, either
directly (i.e. price) or indirectly (i.e. derived from the prices).
Fair value determination
The fair values of currency derivatives are determined by using mark-to-market
method at the reporting date.
The fair values of electricity derivatives are determined on the basis of market
quotations and contract prices of the instruments at the reporting date.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Jun, 2013 30 Jun, 2012 31 Dec. 2012
Net sales 33,438 41,371 83,074
Change in net sales
compared to the previous
year's period, % -19.2 -5.5 -0.1
Export and foreign
operations share
of net sales, % 91.3 95.1 94.4
Operating profit before
depreciation (EBITDA) 6,103 7,031 13,864
% of net sales 18.3 17.0 16.7
Operating profit 3,345 4,041 8,018
% of net sales 10.0 9.8 9.7
Profit before tax 3,089 3,965 7,600
% of net sales 9.2 9.6 9.1
Return on equity, % 8.4 9.2 8.3
Return on investment, % 8.6 12.5 11.8
Non-interest-bearing
liabilities 13,550 16,145 18,309
Net interest-bearing
liabilities 7,788 -76 -1,688
Net gearing ratio, % 12.8 -0.1 -2.7
Equity ratio, % 69.7 73.2 72.2
Capital expenditure 4,135 7,024 14,342
% of net sales 12.4 17.0 17.3
Depreciation 2,758 2,990 5,846
Research and development
expenditure 1,155 1,138 2,331
% of net sales 3.5 2.8 2.8
Average number of
personnel during
the period 365 364 368
Personnel at the
end of the period 379 390 364
KEY FIGURES PER SHARE
Euro 30 Jun, 30 Jun, 2012 31 Dec,
2013 2012
Basic earnings
per share 0.15 0.17 0.31
Diluted earnings
per share 0.15 0.16 0.30
Equity per share 3.63 3.56 3.72
Dividend per share - - 0.25
Dividends/earnings, % - - 80.6
Effective dividend
yield, % - - 5.0
Price/earnings(P/E) - - 16.2
Share performance
(1.1.-)
Average trading price 4.67 5.50 5.25
Lowest trading price 4.25 4.21 4.21
Highest trading price 5.15 6.01 6.01
Trading price at the
end of the period 4.70 4.75 5.02
Market capitalisation
at the end of the
period, 1,000 euro 81,251 82,116 86,783
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 1,611 2,041 3,330
In relation to weighted
average number of
shares, % 9.3 11.8 19.3
Trading volume,
1,000 euro 7,526 11,221 17,496
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2013 2013 2013 2013
Net sales 17,035 16.403
Compared to previous
quarter, % 3.9 -20.7
Compared to corresponding
period last year, % -24.2 -13.2
Operating profit 1,971 1.373
% of net sales 11.6 8.4
Profit before tax 1,812 1.277
% of net sales 10.6 7.8
Net cash flow generated
from:
Operating activities 519 811
Investing activities -1,966 -4.131
Financing activities -7,276 9.904
Increase/decrease in cash
and cash equivalents -8,724 6.585
Personnel at the end
of the period 379 354
10-12/ 7-9/ 4-6/ 1-3/
1,000 euro 2012 2012 2012 2012
Net sales 20,685 21,017 22,469 18,902
Compared to previous
quarter, % -1.6 -6.5 18.9 4.2
Compared to corresponding
period last year, % 14.1 -1.1 3.3 -14.3
Operating profit 1,007 2,970 2,505 1,535
% of net sales 4.9 14.1 11.2 8.1
Profit before tax 762 2,873 2,736 1,229
% of net sales 3.7 13.7 12.2 6.5
Net cash flow generated
from:
Operating activities 3,565 4,209 2,616 -966
Investing activities -2,650 -3,057 -2,652 -2,624
Financing activities -91 -288 -1,493 -201
Increase/decrease in cash
and cash equivalents 825 864 -1,529 -3,791
Personnel at the end
of the period 364 365 390 352
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before = Operating profit + depreciation
depreciation (EBITDA)
Return on equity (ROE), % = Profit/loss for the period 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
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 future estimates and forecasts in this interim report are based on the
company management's current knowledge. Actual events and results may differ
from the estimates presented here.
OKMETIC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2013
Okmetic will publish its third quarter results on 24 October 2013.
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.
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#1718486]
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