2009-07-31 09:00:00 CEST
2009-07-31 09:01:46 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 30 JUNE 2009
OKMETIC OYJ
INTERIM REPORT
31 JULY 2009, AT 10.00 AM
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 28.4 million
euro (34.0 million euro). Profit for the period was 1.1 million euro
(4.1 million euro). Earnings per share were 0.06 euro (0.24 euro).
REVIEW IN BRIEF
- The net sales in the first half of the year amounted to 28.4
million euro (34.0 million euro) and in the second quarter to 13.5
million euro (17.0 million euro).
- The operating profit before depreciation (EBITDA) in the first half
of the year was 4.7 million euro (8.8 million euro) and in the second
quarter 2.4 million euro (4.5 million euro).
- The operating profit in the first half of the year was 1.2 million
euro (5.3 million euro) and in the second quarter 0.7 million euro
(2.7 million euro).
- Profit for the period was 1.1 million euro (4.1 million euro). In
the second quarter the profit for the period was 0.0 million euro
(2.4 million euro).
- Earnings per share were 0.06 euro (0.24 euro).
- The net cash flow from operations in the first half of the year
amounted to 4.3 million euro (5.8 million euro) and in the second
quarter to 4.8 million euro (3.5 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 (6.2
million euro lower).
- The company has no subordinated loans anymore.
- Sales of sensor wafers are almost on a par with 2008 levels, while
sales of semiconductor wafers have fallen substantially. Significant
three-year technology sales project has been carried out almost
entirely. The project has been extremely successful.
- Majority of the company's personnel in Finland were temporarily
laid off from one to six weeks in February-June 2009.
- The market situation being as it is, there is great uncertainty
concerning the estimate on net sales and performance in 2009. Net
sales for the year 2009 are expected to amount to around 54 million
euro. Operating profit is estimated to be slightly positive. Cash
flow from operating activities is expected to be clearly positive.
The group continues to adjust its expenses to the prevailing market
situation.
KEY FIGURES
1,000 euro 1.1.- 1.1.- 1.1.- 1.1.- 1.1.-
30.6.09 30.6.08 31.12.08 31.12.07 31.12.06
Net sales 28,379 34,025 67,867 64,652 63,694
Operating profit before
depreciation (EBITDA) 4,668 8,795 15,517 15,216 18,363
Operating profit 1,215 5,279 8,476 7,121 9,877
% of net sales 4.3 15.5 12.5 11.0 15.5
Profit for the period 1,066 4,072 5,825 5,305 6,886
Earnings per share, euro 0.06 0.24 0.34 0.31 0.41
Net cash flow from
operating activities 4,265 5,776 13,177 8,305 17,945
Net interest-bearing
liabilities -2,898 6,220 -586 8,952 12,547
Average number of
personnel during the
period 340 361 364 362 360
MARKETS
Customer industries
The worldwide economic problems in the first half of 2009 had
repercussions on the demand for electronics in all market areas and
therefore also on Okmetic's customer industries. The sensor industry,
where typical annual growth had previously been around 10 percent,
now experienced a rare drop in demand as a result of the economic
downturn. At the beginning of the year sales of sensor wafers
remained at the same level as a year ago. The market situation in the
semiconductor industry was weak. In the first six months of the year,
global invoicing in the sector remained substantially below the
previous year's levels.
Silicon wafer industry
The difficult market situation in the customer industries also
affected the demand for silicon wafers. Demand fell significantly in
the first quarter due to clients decreasing their stock levels. In
the second quarter, some of the demand consisted of replenishing
these stocks. Total silicon wafers deliveries decreased significantly
compared to the corresponding period a year ago.
Okmetic
Okmetic's sales of sensor wafers remained almost at the same level as
a year ago, despite the difficult market situation. Sales of
semiconductor wafers decreased significantly in the first quarter of
the year as a result of the global market situation. In the second
quarter of the year sales of semiconductor wafers increased
essentially compared to the first quarter. Okmetic continued to
increase its market share in the main product areas.
Significant three-year technology sales project has been carried out
almost entirely. The project has been extremely successful.
PROJECTIONS FOR THE NEAR FUTURE
Customer industries
The market situation in the sensor industry is expected to remain
stable in the second half of the year. Total annual sensor sales are
expected to approach 2008 levels. Total sales of semiconductors are
expected to decrease about 20 percent from 2008 levels. Demand for
semiconductors suffered even more substantially in the first half of
the year, but at least the third quarter sales are expected to exceed
the level at the beginning of the year.
Silicon wafer industry
The general consensus in the industry is that sensor and
semiconductor manufacturers have already started to replenish their
wafer stocks in preparation for partial normalisation of demand.
However, total silicon wafer deliveries globally are projected to
remain well below 2008 in 2009. The gradual market recovery is
expected to reflect to wafer demand in the rest of the year.
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. This creates a sound basis for the
company and substantial growth potential when the wafer industry is
returning to a growth track. Forecasts suggest this upturn should
happen in 2010. In the second half of 2009 Okmetic's sensor wafer
deliveries will be aligned to general market trends and remain at the
level of the first half of the year. Okmetic's semiconductor wafer
deliveries are projected to grow substantially in the second half of
the year compared with the first. Due to the nearly completed major
technology project and the low recycling price of silicon, technology
sales in the second half of the year are forecasted to remain well
below first half sales levels.
The market situation being as it is, there is great uncertainty
concerning the estimate on net sales and performance in 2009. Net
sales for the year 2009 are expected to amount to around 54 million
euro. Operating profit is estimated to be slightly positive. Cash
flow from operating activities is expected to be clearly positive.
The group continues to adjust its expenses to the prevailing market
situation.
SALES
Okmetic's net sales in the first half of the year decreased by 16.6
percent from the previous year (increased by 3.3 %), amounting to
28.4 million euro (34.0 million euro). In the second quarter the net
sales amounted to 13.5 million euro (17.0 million euro). Decreasing
net sales at the end of 2008 followed on from the drastic downturn in
the semiconductor industry's market situation in particular.
Semiconductor wafers' market situation is estimated to improve in the
second half of the year. The company's share of its customers` wafer
sourcing continued to increase.
Net sales per customer area
1.1.- 1.1.- 1.1.-
30.6.09 30.6.08 31.12.08
Sensor wafers 38% 35% 37%
Semiconductor wafers 22% 39% 38%
Technology 40% 26% 25%
Okmetic's performance in the sensor market developed according to
objectives, although also the sensor sales 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, which is expected to improve in
the second half of the year. 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 significant
project in production technology started three years ago and it has
been carried out almost entirely. The project has been extremely
successful. The company is striving to close new technology deals by
the end of the year. 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
1.1.- 1.1.- 1.1.-
30.6.09 30.6.08 31.12.08
North America 35% 38% 39%
Europe 35% 39% 33%
Asia 30% 23% 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 profit for the period was 1.1 million euro (4.1
million euro) in January-June 2009. In the second quarter the profit
for the period was 0.0 million euro (2.4 million euro). Earnings per
share were 0.06 euro (0.24 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 in the
current market situation. 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 group's cash and cash
equivalents exceeded the interest-bearing liabilities by 2.9 million
euro (6.2 million euro lower). The net cash flow from operating
activities in the first half of the year amounted to 4.3 million euro
(5.8 million euro) and in the second quarter to 4.8 million euro (3.5
million euro). In June the company paid, in line with its
amortisation programme, 1.0 million euro in capital loan instalments
and associated interest. The company has no subordinated loans
anymore.
A total of 1.4 million euro was invested in refurbishing production
equipment. The company received 0.6 million euro from the sale of
used machinery.
In April, the company paid a dividend of 0.8 million euro of the
profit accrued in 2008.
At the end of the period, cash and cash equivalents amounted to 17.2
million euro (13.1 million euro). Return on equity amounted to 4.2
percent (17.6 %). The group's equity ratio was 67.7 percent (60.1 %).
Shareholders' equity per share amounted to 2.99 euro (2.79 euro).
PRODUCT DEVELOPMENT
The company invested 1.2 million euro (1.1 million euro) in long-term
product development projects during the financial period. Product
development accounted for 4.3 percent (3.1 %) 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 340 people (361). At the end of the
period, 309 of the group's employees worked in Finland, 31 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. Foreign group units have also adjusted staff numbers to the
prevailing market situation
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
massive 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 2.3 million shares (3.9 million shares) were traded
between 1 January and 30 June 2009, representing 13.5 percent (23.1
%) 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 2.31 euro (2.63 euro). The
closing quotation for the period was 2.70 euro (2.55 euro). The total
market value of the share capital amounted to 45.6 million euro at
the end of the financial period (43.1 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 31 July
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 JUNE 2009
(unaudited)
These interim financial statements have been prepared in accordancewith 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
changes in shareholders' equity are presented. The amendment to IFRS
8 does not affect the information presented for individual 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 1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.09 30.6.08 30.6.09 30.6.08 31.12.08
Net sales 13,538 16,992 28,379 34,025 67,867
Cost of sales -11,955 -12,943 -24,375 -25,514 -50,687
Gross profit 1,583 4,049 4,004 8,511 17,180
Other income and expenses -895 -1,312 -2,789 -3,232 -8,704
Operating profit 688 2,737 1,215 5,279 8,476
Financial income and
expenses -642 -155 -352 -1,063 -2,900
Profit before tax 46 2,582 863 4,216 5,576
Income tax 19 -150 203 -144 248
Profit for the period 64 2,432 1,066 4,072 5,825
Other comprehensive
income:
Translation differences -349 94 -103 -264 560
Available-for-sale
financial assets - -298 - -619 114
Other comprehensive income
for the period, net of tax -349 -203 -103 -883 674
Total comprehensive income
for the period -285 2,228 963 3,189 6,499
Profit for the period
attributable to:
Equity holders of the
parent company 64 2,432 1,066 4,072 5,825
Total comprehensive income
attributable to:
Equity holders of the
parent company -285 2,228 963 3,189 6,499
Basic and diluted earnings
per share, euro 0.00 0.14 0.06 0.24 0.34
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro Jun 30, Jun 30, Dec 31,
2009 2008 2008
Assets
Non-current assets
Property, plant and equipment 36,714 40,639 38,848
Available-for-sale financial assets - 1,821 -
Other receivables 4,419 5,100 4,619
Total non-current assets 41,133 47,560 43,468
Current assets
Inventories 7,171 8,218 10,753
Receivables 9,192 10,827 9,289
Cash and cash equivalents 17,264 13,127 17,975
Total current assets 33,626 32,172 38,016
Total assets 74,759 79,732 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 38,616 35,258 38,568
Total equity 50,437 47,080 50,389
Liabilities
Non-current liabilities 12,541 15,719 14,027
Current liabilities 11,781 16,934 17,068
Total liabilities 24,322 32,653 31,095
Total equity and liabilities 74,759 79,732 81,484
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Dec 31,
2009 2008 2008
Cash flows from operating activities:
Profit before tax 863 4,216 5,576
Adjustments 3,406 4,039 11,272
Change in working capital 166 -1,748 -2,935
Interest received 221 209 424
Interest paid and other financial items -391 -923 -1,135
Tax paid - -16 -26
Net cash from operating activities 4,265 5,776 13,177
Cash flows from investing activities:
Proceeds from investing activities 641 - 469
Capital expenditure -1,579 -1,172 -2,646
Net cash used in investing activities -938 -1,172 -2,177
Cash flows from financing activities:
Repayments of long-term borrowings -3,023 -2,873 -4,748
Payments of finance lease liabilities -74 -112 -198
Dividends paid -844 -1,689 -1,689
Net cash used in financing activities -3,942 -4,674 -6,634
Increase (+) / decrease (-) in cash
and cash equivalents -615 -70 4,365
Exchange rate changes -96 -111 301
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 17,264 13,127 17,975
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent
company
1,000 euro Share Share Trans- Fair Retained Total
capital premium lation value earnings equity
diffe- reserve
rences
Balance at 31
Dec 2008 11,821 20,115 635 - 17,818 50,389
Total
comprehensive
income for the
period -103 1,066 963
Dividend
distribution -844 -844
Equity
component of
convertible
loan notes -70 -70
Balance at 30
Jun 2009 11,821 20,045 531 - 18,039 50,437
Balance at 31
Dec 2007 11,821 20,186 75 -114 13,682 45,649
Total
comprehensive
income for the
period -264 -619 4,072 3,189
Dividend
distribution -1,689 -1,689
Equity
component of
convertible
loan notes -70 -70
Balance at
30 June 2008 11,821 20,115 -189 -733 16,065 47,080
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro Jan 1 - Jan 1 - Jan 1 -
Jun 30, Jun 30, Dec 31,
2009 2008 2008
Carrying amount at the
beginning of the period 38,848 43,355 43,355
Additions 1,388 1,195 2,773
Disposals - - -537
Depreciation -3,453 -3,516 -7,041
Exchange differences -69 -395 298
Carrying amount at the end
of the period 36,714 40,639 38,848
CHANGES IN FINANCIAL LIABILITIES
1,000 euro Jan 1 - Jan 1 - Jan 1-
Jun 30, Jun 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 -2,021 -1,872 -4,744
Repayments of subordinated loans -928 -928 -928
Changes in finance lease liabilities -74 -112 -198
Carrying amount at the end of the
period 14,365 19,347 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 Jun 30, Jun 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 97 223 165
Capital commitments 112 - 574
Nominal values of derivative contracts
Currency forward agreements 396 - -
Currency options, call - 2,348 -
Electricity derivatives 2,587 1,827 2,961
Interest rate swaps 7,071 - -
Fair values of derivative contracts
Currency forward agreements 43 - -
Currency options, call - 131 -
Electricity derivatives -460 946 -540
Interest rate swaps -14 - -
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 644,000 euro (788,000 euro).
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Dec 31,
2009 2008 2008
Net sales 28,379 34,025 67,867
Change in net sales compared to the
previous year's period, % -16.6 3.3 5.0
Export and foreign operations share of net
sales, % 95.9 95.2 95.6
Operating profit before depreciation
(EBITDA) 4,668 8,795 15,517
% of net sales 16.4 25.8 22.9
Operating profit 1,215 5,279 8,476
% of net sales 4.3 15.5 12.5
Profit before tax 863 4,216 5,576
% of net sales 3.0 12.4 8.2
Return on equity, % 4.2 17.6 12.1
Return on investment, % 3.7 15.4 9.9
Non-interest-bearing liabilities 9,957 13,305 13,707
Net interest-bearing liabilities -2,898 6,220 -586
Net gearing ratio, % -5.7 13.2 -1.2
Equity ratio, % 67.7 60.1 62.8
Capital expenditure 1,388 1,195 2,773
% of net sales 4.9 3.5 4.1
Depreciation 3,453 3,516 7,041
Research and development
expenditure 1) 1,213 1,048 2,261
% of net sales 4.3 3.1 3.3
Average number of personnel during the period 340 361 364
Personnel at the end of the period 343 370 363
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 Jun 30, Jun 30, Dec 31,
2009 2008 2008
Earnings per share basic and diluted 0.06 0.24 0.34
Equity per share 2.99 2.79 2.98
Dividend per share - - 0.05
Dividends/earnings, % - - 14.5
Effective dividend yield, % - - 2.1
Price/earnings(P/E) 42.8 10.6 7.0
Share price performance(Jan 1-)
Average trading price 2.31 2.63 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 2.70 2.55 2.40
Market capitalisation at the end of
the period, 1,000 euro 45,596 43,063 40,530
Trading volume (Jan 1-)
Trading volume, transactions 2,288,112 3,898,409 8,355,374
In relation to weighted average
number of shares, % 13.5 23.1 49.5
Trading volume, euro 5,293,226 10,249,556 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
issue 16,887,500 16,887,500 16,887,500
QUARTERLY KEY FIGURES
1,000 euro 10-12/09 7-9/09 4-6/09 1-3/09
Net sales 13,538 14,841
Compared to previous quarter % -8.8 -5.8
Operating profit 688 527
% of net sales 5.1 3.6
Profit before tax 46 818
% of net sales 0.3 5.5
Net cash flow generated from:
Operating activities 4,761 -496
Investing activities -786 -152
Financing activities -3,905 -37
Increase/decrease in cash and cash
equivalents 70 -685
Personnel at the end of the period
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 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
The company will not arrange a press conference for the release of
this interim report.
For further information, please contact:
President Antti Rasilo, Okmetic Oyj
tel. +358 40 746 1351, email: antti.rasilo@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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