2011-04-27 07:05:00 CEST
2011-04-27 07:05:26 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 31 MARCH 2011
OKMETIC OYJ STOCK EXCHANGE RELEASE 27 APRIL 2011 AT 8.05 A.M.
OKMETIC INTERIM REPORT 1 JANUARY - 31 MARCH 2011
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
JANUARY-MARCH IN BRIEF:
The net sales amounted to 22.1 (16.5) million euro, up 33.5%.
Operating profit was 2.8 (0.8) million euro corresponding to 12.8% of net sales.
Profit for the period was 2.7 (1.0) million euro.
Profit for the period was improved by 0.7 million euro due to recognition of
deferred tax assets relating to tax losses carried forward.
Basic earnings per share for the period were 0.16 (0.06) euro.
The net cash flow from operations amounted to -1.3 (2.4) million euro.
PROJECTIONS FOR 2011
The net sales and operating profit for the first half of 2011 are estimated to
clearly exceed the level of the corresponding period in 2010. Reaching these
estimates means that the current positive market situation must not see any
significant changes during the first half of the year.
PRESIDENT KAI SEIKKU:"The first quarter saw growth in all product groups. The best results came from
sensor wafers, the sales of which in euro increased by 47% compared to the
corresponding period last year. Also technology sales mainly consisting of solar
materials went very well between January-March. With semiconductor wafers, the
growth was more moderate in consequence of the industry's seasonal variation.
The net sales and operating profit exceeded the target level due to positive
progress in February and March. Together with the prospects for the second
quarter, this positive trend gave reason to adjust the estimate for the first
half of the year during the period.
The natural disaster in Japan in March did not have a significant effect on
sales or result for the first quarter. It is still hard to estimate the
potential long-term direct and indirect effects of the disaster on the
electronics industry's value chain and on Okmetic's business.
As a counterweight to the positive financial performance, the net cash flow from
operations in January-March included items that significantly weakened the cash
flow compared to the corresponding period last year. Along with the increase in
the normal net working capital items, these included i.a. advance payments for
the long-term supply agreement for polysilicon and bonus payments for personnel
from the financial year 2010. For the financial year 2009, coinciding with the
downturn in the semiconductor market, no bonuses were paid.
In January, Okmetic invested in opening production bottlenecks by reclaiming ten
crystal growing furnaces owned by the Norwegian company NorSun, which were
already located at the Vantaa production plant. The 3.3 million euro investment
is part of the company's growth strategy."
KEY FIGURES
1,000 euro 1.1.- 1.1.- 1.1.- 1.1.-
31.3.11 31.3.10 31.12.10 31.12.09
Net sales 22,055 16,521 80,907 54,361
Operating
profit before
depreciation
(EBITDA) 4,425 2,488 17,102 7,121
Operating profit 2,828 788 10,421 185
% of net sales 12.8 4.8 12.9 0.3
Profit/loss for
the period 2,724 1,027 9,952 -513
Basic earnings
per share, euro 0.16 0.06 0.60 -0.03
Net cash flow
from operating
activities -1,337 2,417 16,594 6,315
Net interest-
bearing
liabilities -12,379 -6,795 -18,047 -4,770
Equity ratio, % 78.9 76.3 76.6 78.9
Average number
of personnel
during the period 347 329 345 337
CHANGE IN ACCOUNTING POLICIES
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.
The company's view is that the operating profit, thanks to the change, will
provide better and more significant information regarding the development of the
company's financial result and the factors contributing to it. A corresponding
change has been made in all previous periods' figures presented in this interim
report.
Effect of the change in accounting policies on operating profit
1-3/ 4-6/ 7-9/ 10-12/
2010 2010 2010 2010 2010
Operating profit, 1,000 euro
New accounting policy 788 2,481 3,712 3,440 10,421
Old accounting policy 684 2,467 3,891 2,758 9,801
Operating profit,
% of net sales
New accounting policy 4.8 12.6 17.2 14.9 12.9
Old accounting policy 4.1 12.5 18.0 12.0 12.1
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2011, the sale value of sensor industry is estimated to grow 9 percent
compared to the sale value of 2010 (7.1 billion US dollars). One of the fastest
growing sectors is MEMS products for consumer applications such as microphones,
gyroscopes and picoprojectors (IHS, ISuppli). Nowadays, silicon-on-insulator
(SOI) technology is 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 US dollar based growth estimate for the semiconductor industry's sales in
2011 is between 6 and 10 percent (Semiconductor Intelligence, ICInsights,
Gartner, IHS, ISuppli). Every quarter of the year is expected to have a positive
growth rate, and it is expected that the market will return to normal quarterly
fluctuation in 2012 (Semiconductor Intelligence). The growth will be supported
by some components' higher average price than estimated earlier. This is a
result of the Japan's earthquake's effects on production. (IHS, Isuppli)
Solar cell industry
The growth of solar cell industry's demand has moderated after the exceptionally
strong growth in 2010. Due to the rapidly growing production capacity, stock
levels have risen throughout the industry's supply chain (Solarbuzz).
The major European solar energy users, especially Germany and Italy, reduce
feed-in tariffs in the middle of the on-going year, which increases the
uncertainty related to the market development in the latter half of the year.
Silicon wafer market
According to the report published in February 2011 by SMG, the group of silicon
wafer suppliers in SEMI, the volume of wafer shipments in the silicon wafer
industry in 2010 soared up 40 percent compared to the shipment volumes in 2009
reaching a new record level. The accumulated net sales rose 45 percent to 9.7
billion US dollars from 6.7 billion US dollars in the previous year. Similar to
semiconductor market, silicon wafer market is estimated to grow moderately in
2011.
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.
EVENTS AFTER THE INTERIM REPORT PERIOD
Okmetic's board of directors has approved plans to increase the group's SOI
wafer production capacity by extending the Vantaa plant. The around 30 million
euro investment includes the plant extension and different kinds of production
equipment.
This investment, together with the on-going SOI equipment investments, more than
triples the Vantaa plant's current SOI wafer production capacity. More
information on the investment is given in the stock exchange release published
earlier today.
At the same time, the board of directors approved the company's revised long-
term financial objectives. The company's aim is that the organic net sales grow
a minimum of 10 percent annually and that the operating profit is over 10
percent of the net sales.
The company's previous long-term financial objectives stated that the organic
net sales grow a minimum of 6 percent annually and that the operating profit is
over 10 percent of the net sales. At the same the company discarded other
specifically defined long-term financial objectives such as a 50 percent equity
ratio and consistent annual dividend distribution.
SALES
In January-March, Okmetic's net sales increased by 33.5 (11.3) percent from the
previous year amounting to 22.1 (16.5) 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
1.1.- 1.1.- 1.1.- 1.1.-
31.3.11 31.3.10 31.12.10 31.12.09
Sensors 45% 42% 43% 41%
Semiconductors 33% 42% 42% 31%
Technology 22% 16% 15% 28%
In January-March, the value of sensor wafer sales was 47 percent higher than in
the corresponding period last year.
The resumption of semiconductor industy's good economic trend had a positive
influence on the semiconductor wafer sales. In January-March, the sale value of
these wafers was 7 percent higher than in the corresponding period last year.
In January-March, technology sales comprised mainly of solar crystal sales.
Sales per market area
1.1.- 1.1.- 1.1.- 1.1.-
31.3.11 31.3.10 31.12.10 31.12.09
North America 37% 40% 43% 37%
Europe 31% 29% 25% 33%
Asia 32% 31% 32% 30%
In the first quarter, sales per market area were distributed quite evenly. The
proportion of Europe of the total net sales grew during the period under review.
PROFITABILITY
In January-March, Okmetic's operating profit was 2.8 (0.8) million euro. The
operating profit accounted for 12.8 (4.8) percent of net sales. The profit for
the period amounted to 2.7 (1.0) million euro. Profit for the period was
improved by 0.7 million euro due to recognition of deferred tax assets relating
to tax losses carried forward. Basic earnings per share were 0.16 (0.06) euro.
FINANCING
The company's financial situation is good. In January-March, the net cash flow
from operations amounted to -1.3 (2.4) million euro. The cash flow from
operations was weakened by 6.0 (0.3) million euro due to changes in working
capital available to business operations. This figure includes normal changes in
net working capital worth of 1.1 million euro. Other items are advance payments
for the supply agreement for polysilicon, share reward scheme's withholdings,
white-collar employees' bonuses for the financial year 2010 as well as currency
derivative contracts' expenses.
On 31 March 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 10.4 (9.3)
million euro. In addition to this, the company had 3.0 million euro worth of
investments in fixed-income funds. On 31 March 2011, the company's cash and cash
equivalents exceeded the interest-bearing liabilities by 12.4 million euro (on
31 March 2010, cash and cash equivalents were 6.8 million euro higher than
interest-bearing liabilities).
Return on equity amounted to 18.3 (8.4) percent. The company's equity ratio was
78.9 (76.3) percent. Equity per share was 3.63 (2.97) euro.
INVESTMENTS
In January-March, Okmetic's capital expenditure amounted to 3.9 (0.0) million
euro.
Okmetic used its call option in January to purchase the ten crystal growing
furnaces owned by the Norwegian company NorSun, and located at the Vantaa
production plant. The total amount of the investment was 3.3 million euro.
As a result of the investment, Okmetic's own crystal growing capacity increased
significantly. The acquired furnaces are meant to be used for the production of
solar crystals, and in the future for the crystal growing required for the own
production and contract manufacturing of silicon wafers. Okmetic thus secures
sufficient production capacity for the needs of coming years.
PRODUCT DEVELOPMENT
In January-March, the company expensed 0.6 (0.5) million euro in long-term
product development projects. Product development costs accounted for 2.7 (2.9)
percent of net sales. 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 347 (329) people in January-March. At the end of
the period, 311 of the company's employees worked in Finland, 37 in the US, and
three in Japan.
OKMETIC'S CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 7 April 2011, adopted
the financial statements for 2010 and discharged the company's management from
liability. It was decided that a dividend of 0.30 euro per share would be
distributed for 2010. The dividend was paid on Tuesday 19 April 2011. The annual
general meeting decided also, in accordance with the proposal of the board of
directors, to authorise the board of directors to decide upon its discretion on
the payment of an additional dividend, should the company's financial situation
permit this. The additional dividend, including any number of 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 of directors to decide on the
repurchase and/or the acceptance as pledge of the company's own shares,
transferring rights to the company's own shares, issuance of shares and 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, Mr. Pekka Salmi and Mr. Henri
Österlund were re-elected as members of the board of directors until the end of
the next annual general meeting, and Ms. Mervi Paulasto-Kröckel was elected as a
new member. The board of directors elected Henri Österlund as its chairman and
Tapani Järvinen as its vice chairman in its organisation 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 have been notified in a stock exchange release published on 7
April 2011.
BUSINESS RISKS IN THE NEAR FUTURE
There have been no essential changes in the company's near future business risks
and uncertainties. So far, the natural disaster in Japan has not known to have
added business risks. It is still hard to estimate the potential long-term
direct and indirect effects of the events in Japan on the electronics industry's
value chain and on Okmetic's business.
Other most significant factors causing uncertainty for Okmetic's business in the
near future are related especially to the sensitivity of semiconductor wafer
demand to economic fluctuations and to the rapid and strong changes in the
market situation. The current strong demand may create excessive orders and
stock in the market. Clearing this stock may decrease demand significantly. 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 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 our 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 31 March 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 3.6 (2.8) million shares were traded between 1 January and 31 March
2011, representing 20.8 (16.3) percent of the weighted average of share total of
17.3 (17.0) million during the period. The lowest quotation of the reporting
period was 5.30 (2.98) euro, and the highest 6.65 (3.51) euro, with the average
being 5.90 (3.18) euro. The closing quotation for the period was 6.55 (3.41)
euro. At the end of the period, the market capitalisation amounted to 113.2
(59.0) million euro.
OWN SHARES
On 16 February 2011, Okmetic's board of directors decided on a transfer of
125,390 own shares, held by the company, as a part of the company's share-based
incentive scheme for the executive management group, of which the company has
given a stock exchange release on 11 February 2010. All the shares were issued
to the members of the executive management group in deviation from the
shareholders' pre-emptive rights (directed share issue).
The rewards of the share reward programme were paid on one hand in Okmetic
shares and on the other hand in a monetary amount covering taxes. The directed
share issue without payment was executed in full as there was no consideration
related to the issue. The share issue did not affect the share capital of the
company. At the end of the period, the company held a total of 77,854 shares,
which is approximately 0.5 percent of Okmetic's all shares and votes.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 MARCH 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.
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.
The company's view is that the operating profit, thanks to the change, will
provide better and more significant information regarding the development of the
company's financial result and the factors contributing to it. A corresponding
change has been made in all previous periods' figures presented in this interim
report.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Net sales 22,055 16,521 80,907
Cost of sales -15,939 -13,826 -62,274
Gross profit 6,116 2,695 18,633
Other income and expenses -3,288 -1,907 -8,212
Operating profit 2,828 788 10,421
Financial income
and expenses -532 130 -610
Profit before tax 2,296 918 9,811
Income tax 428 109 141
Profit for the period 2,724 1,027 9,952
Other comprehensive income:
Translation differences -203 364 624
Total comprehensive income
for the period 2,521 1,390 10,576
Profit for the period attributable to:
Equity holders of the
parent company 2,724 1,027 9,952
Total comprehensive income attributable to:
Equity holders of the
parent company 2,521 1,390 10,576
Basic earnings per
share, euro 0.16 0.06 0.60
Diluted earnings
per share, euro 0.16 0.06 0.58
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Assets
Non-current assets
Property, plant
and equipment 32,065 31,847 29,069
Other receivables 4,251 3,568 2,441
Total non-current
assets 36,316 35,414 31,510
Current assets
Inventories 10,319 7,806 9,987
Receivables 17,461 12,586 15,674
Financial assets
at fair value through
profit or loss 3,013 - 5,004
Cash and cash
equivalents 10,366 9,316 14,043
Total current assets 41,158 29,709 44,708
Total assets 77,475 65,123 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 49,199 37,700 46,420
Total equity 61,021 49,522 58,242
Liabilities
Non-current liabilities 1,526 3,668 1,245
Current liabilities 14,927 11,934 16,730
Total liabilities 16,454 15,602 17,976
Total equity and
liabilities 77,475 65,123 76,217
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Cash flows from operating activities:
Profit before tax 2,296 918 9,811
Adjustments 2,735 1,675 6,795
Change in working capital -5,950 -263 210
Financial items -419 62 -279
Tax paid - 26 58
Net cash from
operating activities -1,337 2,417 16,594
Cash flows from investing activities:
Purchases of property,
plant and equipment -3,908 -23 -2,173
Investments in fixed
income funds 2,003 - -5,000
Net cash used in
investing activities -1,905 -23 -7,173
Cash flows from financing activities:
Repayments of
long-term borrowings - - -1,500
Payments of finance
lease liabilities - -17 -39
Share issue - 1,200 1,200
Repurchase of own shares - -1,810 -1,868
Dividends paid - - -834
Net cash used in
financing activities - -627 -3,041
Increase(+) / decrease
(-) in cash and cash
equivalents -3,243 1,767 6,381
Exchange rate changes -434 242 355
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 10,366 9,316 14,043
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Trans- Retained Total
capital pre- for in- lation differ- earnings
mium vested ences
1,000 euro unre-
stricted
equity
Balance at
31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242
Profit for
the period 2,724 2,724
Translation
differences -203 -203
Total
comprehen-
sive income
for the
period -203 2,724 2,521
Share-
based
incentive
scheme 258 258
Balance at
31 Mar, 2011 11,821 20,045 1,200 836 27,118 61,021
Balance at
31 Dec, 2009 11,821 20,045 - 415 16,461 48,742
Profit for
the period 1,027 1,027
Translation
differences 364 364
Total
comprehen-
sive income
for the
period 364 1,027 1,390
Share issue 1,200 1,200
Repurchase
of own
shares -1,810 -1,810
Balance at
31 Mar, 2010 11,821 20,045 1,200 778 15,677 49,522
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Carrying amount at the
beginning of the period 29,069 33,174 33,174
Additions 4,837 21 2,232
Disposals - - -74
Depreciation -1,597 -1,699 -6,681
Exchange differences -245 351 419
Carrying amount at the
end of the period 32,065 31,847 29,069
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Mar, 31 Mar, 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 206 121 245
Capital commitments 4,226 318 2,190
Nominal values of
derivative contracts
Currency options, call 9,699 - 15,244
Currency options, put 5,146 - 18,034
Currency forward
agreements - 707 -
Electricity derivatives 1,703 2,245 2,038
Interest rate swaps - 6,429 -
Fair values of
derivative contracts
Currency options, call 226 - 184
Currency options, put -9 - -595
Currency forward
agreements - -35 -
Electricity derivatives 210 -302 544
Interest rate swaps - -162 -
The contract price of the derivatives has been used as the nominal value of the
underlying asset. Derivative contracts are for hedging.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Net sales 22,055 16,521 80,907
Change in net sales
compared to the previous
year's period, % 33.5 11.3 48.8
Export and foreign
operations share
of net sales, % 94.6 95.6 95.8
Operating profit before
depreciation (EBITDA) 4,425 2,488 17,102
% of net sales 20.1 15.1 21.1
Operating profit 2,828 788 10,421
% of net sales 12.8 4.8 12.9
Profit before tax 2,296 918 9,811
% of net sales 10.4 5.6 12.1
Return on equity, % 18.3 8.4 18.6
Return on investment, % 15.1 8.3 18.2
Non-interest-bearing
liabilities 15,454 13,081 16,976
Net interest-bearing
liabilities -12,379 -6,795 -18,047
Net gearing ratio, % -20.3 -13.7 -31.0
Equity ratio, % 78.9 76.3 76.6
Capital expenditure 4,837 21 2,232
% of net sales 21.9 0.1 2.8
Depreciation 1,597 1,699 6,681
Research and development
expenditure 1) 595 487 2,110
% of net sales 2.7 2.9 2.6
Average number of
personnel during
the period 347 329 345
Personnel at the
end of the period 351 329 342
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 31 Mar, 31 Mar, 31 Dec,
2011 2010 2010
Basic earnings
per share 0.16 0.06 0.60
Diluted earnings
per share 0.16 0.06 0.58
Equity per share 3.63 2.97 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 5.90 3.18 4.22
Lowest trading price 5.30 2.98 2.98
Highest trading price 6.65 3.51 5.70
Trading price at the
end of the period 6.55 3.41 5.29
Market capitalisation
at the end of the
period, 1,000 euro 113,233 58,950 91,451
Trading volume
(1 Jan-)
Trading volume,
transactions, 1,000 pcs 3,601 2,774 14,009
In relation to weighted
average number of
shares, % 20.8 16.3 81.4
Trading volume,
1,000 euro 21,242 8,829 59,124
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,012 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 22,055
Compared to previous
quarter, % -4.4
Compared to corresponding
period last year, % 33.5
Operating profit 2,828
% of net sales 12.8
Profit before tax 2,296
% of net sales 10.4
Net cash flow generated
from:
Operating activities -1,337
Investing activities -1,905
Financing activities -
Increase/decrease in cash
and cash equivalents -3,243
Personnel at the end
of the period 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 31 MARCH 2011
Shares, Share,
pcs %
Ilmarinen Mutual Pension Insurance
Company 1,651,626 9.6
Mandatum Life Insurance Company 800,000 4.6
The State Pension Fund 600,000 3.5
Veritas Pension Insurance Company 492,000 2.9
Varma Mutual Pension Insurance
Company 477,175 2.8
Okmetic Management Oy 400,000 2.3
Etra-Invest Oy Ab 400,000 2.3
Sijoitusrahasto Taaleritehdas Arvo
Markka Osake 375,100 2.2
Nordea Nordic Small Cap Fund 370,660 2.1
Aktia Secura Fund 361,681 2.1
Kaleva Mutual Insurance Company 217,700 1.3
Mutual Fund Evli Finnish Equity 212,700 1.2
Sijoitusrahasto Aktia Capital 181,512 1.1
Finlandia Suomi SR 120,000 0.7
OP-Finland Small Firms Fund 112,700 0.7
SR Arvo Finland Value 110,611 0.6
Virtanen Yhtiöt Oy 100,986 0.6
Okmetic Oyj 77,854 0.5
EQ Pikkujättiläiset / EQ Rahastoyhtiö 76,003 0.4
Handelsbanken Finnish shares Fund 75,000 0.4
Nominee registered shares 2,818,343 16.3
Others 7,255,849 42.0
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 Wednesday, 27
April 2011 at 9.30 a.m. at the World Trade Center, Aleksanterinkatu 17, second
floor, Helsinki. In the conference, Okmetic's President Kai Seikku will present
the group's development in January-March 2011 and prospects for 2011.
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#1509211]
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