2011-10-25 07:00:00 CEST
2011-10-25 07:00:58 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011
OKMETIC OYJ STOCK EXCHANGE RELEASE 25 OCTOBER 2011 AT 8.00 A.M.
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
JULY-SEPTEMBER IN BRIEF:
* Net sales amounted to 21.3 (21.6) million euro, down 1.7%.
* Operating profit was 4.0 (3.7) million euro corresponding to 19.0% of net
sales.
* Profit for the period was 2.9 (3.8) million euro.
* Basic earnings per share were 0.18 (0.23) euro.
* Net cash flow from operations amounted to 2.1 (5.6) million euro.
JANUARY-SEPTEMBER IN BRIEF:
* Net sales amounted to 65.1 (57.8) million euro, up 12.5%.
* Operating profit was 9.5 (7.0) million euro corresponding to 14.6% of net
sales.
* Profit for the period was 8.2 (7.8) million euro.
* Basic earnings per share were 0.49 (0.47) euro.
* Net cash flow from operations amounted to 6.3 (9.9) million euro.
PROJECTIONS FOR 2011
The balancing of the electronics industry components' stock levels will also
continue during the rest of the year, which means a mild demand for
semiconductors until the end of the year. Instead, market projections for sensor
wafers, especially for SOI wafers are stable. The structural change which
started in the solar cell industry in the spring continues, and the rapidly
lowered price level is likely to continue the consolidation of the business.
Okmetic's operation as a solar cell industry supplier is largely based on long-
term shipment agreements, which protects the company from the strongest market
changes. As a whole, the last quarter of the year will be the weakest of 2011 in
terms of net sales as well as operating profit.
The company confirms the existing guidance, according to which the net sales and
operating profit of 2011 are estimated to exceed the level of 2010.
PRESIDENT KAI SEIKKU:"Okmetic's third quarter of the year went excellently considering the fact that
the market conditions have become more difficult. In July-September, operating
profit amounted to 4.0 million euro while net sales declined slightly and
amounted to 21.3 million euro. Operating profit percent (19.0%) reached the
highest level in the company's recent history despite the fact that no license
income from technology sales was obtained during the period, but the net sales
consisted entirely of component and material sales. The positive profit
development of the company will enable the company to fully make use of the
losses, which have been confirmed in Finland during earlier financial periods,
in the taxation concerning the 2011 financial period. The deferred tax assets
recognised from tax losses no longer had any impact on the result in July-
September.
The semiconductor market decelerated during this period in which the demand has
traditionally been the strongest of the year, and the normal peak in demand due
to seasonal fluctuation was not experienced. The phenomenon is noticeable in the
division of Okmetic's sales per customer area, where the share of sensor wafers
(44%) at the end of the third quarter was at the same level as in the beginning
of the year. The relative share of Asia (38%) was on the increase, partly due to
structural reasons, and partly because of the significant slowing down of the
North American market.
The reason behind the slowing of the semiconductor industry's demand is, in
particular, the problems of the macro economy, which create caution in the
electronics industry and make its value chain balance the stock levels inflated
in the first half of 2011. The balancing is likely to continue over the turn of
the year, and the company predicts that the demand will rise again in the second
quarter of next year. The outlook will be updated once the market prospects
become clearer.
There are three key factors behind good profitability: cost control, flexible
(fab lite) supply chain, and investment in demanding sensor wafers, in
particular in SOI wafers, the record delivery volumes of which contributed to
the good sales margin. Long-term shipment agreements protected Okmetic from the
rough price competition going on in the solar cell industry. The price
competition is a consequence of the global overcapacity, high stock levels,
rapid migration of production to China and the Far East, and the solar power
plant projects' funding insecurities caused by the financial crisis.
Okmetic's strong balance, profitability, and cash flow are likely to further
strengthen the company's competitive position and market shares when demand
starts to increase again. However, growth is sought in all market situations. A
sales office serving the important Asian market outside Japan has been opened in
Hong Kong. The investment important for the future, which was announced in late
spring, and which aims at a significant increase in SOI wafers' production
capacity and productivity, is proceeding as planned. The company also invests
selectively in other growing product groups, such as the epi deposition of
wafers used for power semiconductor production. The epi deposition takes place
at the Allen production plant in the United States."
KEY FIGURES
1,000 euro 1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.11 30.9.10 30.9.11 30.9.10 31.12.10
Net sales 21,250 21,626 65,052 57,835 80,907
Operating
profit before
depreciation
(EBITDA) 5,580 5,368 14,222 12,052 17,102
Operating
profit 4,045 3,712 9,480 6,981 10,421
% of net sales 19.0 17.2 14.6 12.1 12.9
Profit for
the period 2,941 3,793 8,247 7,806 9,952
Basic earnings
per share, euro 0.18 0.23 0.49 0.47 0.60
Net cash flow
from operating
activities 2,094 5,573 6,260 9,864 16,594
Net interest
bearing
liabilities -11,642 -12,752 -11,642 -12,752 -18,047
Equity ratio, % 79.3 78.7 79.3 78.7 76.6
Average number
of personnel
during the period 373 358 365 347 345
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2011, the sale value of sensor industry is estimated to grow 11-15 percent
compared to the sale value of 2010 (7.1-8.6 billion US dollars). One of the
fastest growing sectors is MEMS products for consumer applications such as
microphones, gyroscopes, and picoprojectors (IHS, iSuppli, Yole). Nowadays,
silicon-on-insulator (SOI) technology is already widely used in the manufacture
of these next generation products, and the share of SOI technology is estimated
to continue its growth. Okmetic is amongst the pioneering suppliers who provide
products and services based on SOI technology to the sensor industry.
Semiconductor industry
The semiconductor industry's sales in US dollars have deteriorated further
during the third quarter of the year. The estimates for the sale development
have continued to decline and adjusted between 2.9 and -0.2 percent of yearly
growth (iSuppli, Gartner, SIA).
In the third quarter of this year, the market cycle's annual peak typical for
the industry did not take place, and the industry is not predicted to return to
a clear growth track until the latter half of 2012 (Gartner). The estimated
growth of sales for 2012 settles at a level of 3-5 percent (iSuppli, Gartner).
The demand for semiconductors is maintained by a group of rapidly growing
applications, led by tablet computers, SSD hard discs, and smart phones
(Gartner). In the long run, the growth rate of semiconductor demand is estimated
to remain at a yearly level of 8-9 percent. The growth rate of power
semiconductors is estimated to exceed the semiconductor market average (IC
Insights).
Solar cell industry
Although the industry's demand grew during the third quarter, the supply was
clearly greater than the demand. Oversupply and high stock levels have led to
still clearly declining prices throughout the industry's supply chain. The
unfavourable market situation is expected to continue for the next few months.
Silicon wafer market
According to the estimate published in September 2011 by SMG, the group of
silicon wafer suppliers in SEMI, the volume of wafer shipments in the entire
silicon wafer industry in 2011 equals the shipment volumes of 2010. Compared to
the ongoing year, a growth of 4 percent is estimated for 2012.
Okmetic's central customer areas in the silicon wafer market
In line with its strategy, Okmetic seeks for special areas of the entire silicon
wafer market that have greater growth rates than the market average and in which
the company has special know-how. Okmetic supplies primarily 150mm and 200mm
wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS
market grows as the portable consumer products, automotive electronics, and
industrial process control increase.
In the semiconductor market, Okmetic's growth areas include discrete and power
semiconductors. The growth areas of these markets are i.a. components used in
the production of renewable energy, increasing automotive electronics, portable
consumer products, developing applications of the medical and well-being
industries as well as industrial process controlling.
SALES
In January-September, Okmetic's net sales increased by 12.5 (42.6) percent from
the previous year amounting to 65.1 (57.8) million euro. The growth of net sales
was supported especially by good sensor industry demand. Okmetic succeeded to
increase its market share in the product groups which are important to the
company.
Sales per customer area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.11 30.9.10 30.9.11 30.9.10 31.12.10
Sensors 44% 42% 44% 43% 43%
Semiconductors 36% 45% 36% 43% 42%
Technology 20% 13% 20% 14% 15%
In January-September, the value of sensor wafer shipments was 15.4 percent
higher than in the corresponding period last year.
The semiconductor industry's weakening trend affected the semiconductor wafer
sales during the third quarter of the year. In January-September, the shipment
value of these wafers was 5.7 percent lower than in the corresponding period
last year.
In January-September, technology sales comprised mainly of solar crystal sales.
The solar cell industry's market change had only minor effects on Okmetic's
operations in the third quarter. Okmetic's shipment volumes continued to be
strong and were 1.2 million euro higher than in the corresponding quarter last
year.
Sales per market area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.11 30.9.10 30.9.11 30.9.10 31.12.10
North America 35% 46% 36% 43% 43%
Europe 27% 25% 29% 26% 25%
Asia 38% 29% 35% 31% 32%
The proportion of Europe of the total net sales grew during January-September.
The proportion of Asia of the total net sales grew during July-September.
PROFITABILITY
July-September
In July-September, Okmetic's operating profit was 4.0 (3.7) million euro. The
operating profit accounted for 19.0 (17.2) percent of net sales. There are three
key factors behind good profitability: cost control, flexible (fab lite) supply
chain, and the record delivery volumes of SOI wafers. Profit for the period
amounted to 2.9 (3.8) million euro. Basic earnings per share were 0.18 (0.23)
euro.
January-September
In January-September, Okmetic's operating profit was 9.5 (7.0) million euro. The
operating profit accounted for 14.6 (12.1) percent of net sales. Profit for the
period amounted to 8.2 (7.8) million euro. Basic earnings per share were 0.49
(0.47) euro.
FINANCING
The company's financial situation is good. In January-September, net cash flow
from operations amounted to 6.3 (9.9) million euro.
On 30 September 2011, the company's liabilities amounted to 1.0 (1.0) million
euro. At the end of the period, cash and cash equivalents amounted to 12.6
(13.8) million euro. On 30 September 2011, the company's cash and cash
equivalents exceeded interest-bearing liabilities by 11.6 million euro (on 30
September 2010, cash and cash equivalents were 12.8 million euro higher than
interest-bearing liabilities).
Return on equity amounted to 18.4 (19.9) percent. The company's equity ratio was
79.3 (78.7) percent. Equity per share was 3.69 (3.35) euro.
INVESTMENTS
In January-September, Okmetic's capital expenditure amounted to 7.5 (0.7)
million euro. The investments concern mainly the board's decision in April 2011
to increase SOI wafer production capacity by extending the Vantaa plant. The
around 30 million euro investment programme includes the plant extension and
different kinds of production equipment. Building of the plant extension started
in August.
This investment, together with the SOI equipment investments decided earlier,
more than triples the Vantaa plant's current SOI wafer production capacity.
PRODUCT DEVELOPMENT
In January-September, the company expensed 1.7 (1.4) million euro in product
development projects. Product development costs accounted for 2.7 (2.4) percent
of net sales. The product development costs have not been capitalised. Product
development has been allocated to sensor wafers and crystal growing that are
important to Okmetic.
PERSONNEL
On average, Okmetic employed 365 (347) people in January-September. At the end
of the period, 313 of the company's employees worked in Finland, 34 in the US,
and three in Japan.
BUSINESS RISKS IN THE NEAR FUTURE
As the uncertainty in the world economy continues, the most significant factors
causing uncertainty for Okmetic's business in the near future are related to the
sensitivity of semiconductor wafer demand to economic fluctuations and to the
rapid and strong changes in the market situation. The company only has
considerable pricing power with its own special products. The pricing of other
wafers is mainly based on global market price. The most common trade currency in
the field is the US dollar. The company's result is affected by the US dollar's
strong currency changes against the euro.
The fact that Okmetic's main production facilities are located in the relatively
expensive euro zone places cost pressure for the company. Other challenges
include maintaining market leadership position in the company's own special
fields, together with meeting the demand gearing towards bigger wafer sizes.
The company risks and uncertainty factors are dealt more profoundly in the
company's annual report of 2010.
SHARES AND SHAREHOLDERS
On 30 September 2011, Okmetic Oyj's paid-up share capital, as entered in the
Finnish trade register, was 11,821,250 euro. The number of shares was
17,287,500. The shares have no nominal value attached. Each share entitles its
holder to one vote at general meeting. The company has one class of shares.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 9.3 (8.4) million shares were traded between 1 January and 30
September 2011, representing 53.6 (48.6) percent of the weighted average of
share total of 17.3 million during the period. The lowest quotation of the
reporting period was 3.50 (2.98) euro, and the highest 6.65 (5.04) euro, with
the average being 5.58 (3.76) euro. The closing quotation for the period was
4.67 (4.82) euro. At the end of the period, the market capitalisation amounted
to 80.7 (83.3) million euro.
OWN SHARES
At the end of the period, the company held a total of 207,848 shares, which is
approximately 1.2 percent of Okmetic's all shares and votes.
Okmetic's board of directors decided on 5 August 2011, based on an existing
authorisation of the board of directors, to repurchase a maximum of 280,000
company's own shares. The share repurchase started on 16 August 2011. An
aggregate number of 151,137 shares were repurchased in the period under review,
corresponding to approximately 0.9 percent of the total number of Okmetic shares
and votes. A total of 711,700.33 euro was used for the repurchase, and the
average purchase price per share was 4.71 euro.
The repurchased shares may be used in developing the company's capital
structure, as compensation in possible corporate acquisitions or in other
business arrangements, as part of the company's incentive scheme or transferred
or cancelled in other ways.
On 18 August 2011, Okmetic Oyj's board of directors announced of its decision to
transfer 9,432 own shares held by the company, for free, to a member of the
executive management group belonging to Okmetic's share-based incentive scheme
2010-2011, as a proportion of reward to be paid as shares on the basis of
earning period 2010.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2011
(unaudited)
ACCOUNTING POLICIES
These interim financial statements have been prepared in accordance with IAS
34, Interim Financial Reporting.
In preparing these interim financial statements, Okmetic has followed the same
accounting policies as in the financial statements for 2010 except for the
effect of changes required by the adoption of the following new or revised
standards and interpretations as of 1 January 2011:
IAS 24 (revised), Related Party Disclosures
IAS 32 (amendment), Financial Instruments: Presentation - Classification of
Rights Issues
IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments
IFRIC 14 (amendment), Prepayments of a Minimum Funding Requirement
Improvements to IFRSs, May 2010
The adoption of the aforementioned standards and interpretations has not had an
effect on the figures presented from the reporting period.
Okmetic has applied hedge accounting as defined in IAS 39 to the electricity
derivative contracts entered into after 1 April 2011 hedging highly probable
forecast cash flows associated with electricity purchases. The effective portion
of changes in the fair value of derivatives that are designated as cash flow
hedges is recognised in other comprehensive income and presented in hedge
reserve, which is included in "Other reserves" in equity. Such accumulated fair
value changes are reclassified to the income statement in the periods when the
hedged cash flow affects profit or loss. The gain or loss relating to the
ineffective portion is recognised immediately in the income statement within
other operating income and expenses.
From the start of 2011 Okmetic has changed the place where changes in fair
values of currency derivative contracts and their realised profits and losses
are presented in the statement of comprehensive income. In line with the new
policy, the changes in the fair values of currency derivative contracts and
their realised profits and losses are presented with the financial income and
expenses. Previously these items were presented with other operating income and
expenses. Okmetic has reported of the change in accounting policies on the
interim report published on 27 April 2011.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euroa 1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2011 2010 2011 2010 2010
Net sales 21,250 21,626 65,052 57,835 80,907
Cost of sales -15,473 -15,312 -48,488 -44,491 -62,274
Gross profit 5,778 6,314 16,564 13,345 18,633
Other income
and expenses -1,732 -2,602 -7,084 -6,364 -8,212
Operating
profit 4,045 3,712 9,480 6,981 10,421
Financial
income and
expenses 72 -777 -580 -142 -610
Profit before
tax 4,117 2,934 8,900 6,839 9,811
Income tax -1,176 859 -653 967 141
Profit for
the period 2,941 3,793 8,247 7,806 9,952
Other
comprehensive
income:
Cash flow
hedges -13 - -33 - -
Translation
differences 598 -456 339 506 624
Other
comprehensive
income for the
period, net of
tax 584 -456 305 506 624
Total
comprehensive
income for
the period 3,526 3,337 8,553 8,312 10,576
Profit for the
period
attributable
to:
Equity holders
of the parent
company 2,941 3,793 8,247 7,806 9,952
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 3,526 3,337 8,553 8,312 10,576
Basic earnings
per share,
euro 0.18 0.23 0.49 0.47 0.60
Diluted
earnings per
share, euro 0.17 0.23 0.48 0.47 0.58
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 30 Sep, 30 Sep, 31 Dec,
2011 2010 2010
Assets
Non-current assets
Property, plant
and equipment 31,776 29,102 29,069
Other receivables 3,977 4,124 2,441
Total non-current
assets 35,753 33,226 31,510
Current assets
Inventories 11,911 9,424 9,987
Receivables 17,724 14,691 15,674
Financial assets
at fair value through
profit or loss - - 5,004
Cash and cash
equivalents 12,642 13,755 14,043
Total current assets 42,277 37,870 44,708
Total assets 78,030 71,096 76,217
Equity and liabilities
Equity
Equity attributable to
equity holders of the
parent company
Share capital 11,821 11,821 11,821
Other equity 49,755 44,040 46,420
Total equity 61,576 55,861 58,242
Liabilities
Non-current liabilities 2,092 2,543 1,245
Current liabilities 14,361 12,692 16,730
Total liabilities 16,453 15,235 17,976
Total equity and
liabilities 78,030 71,096 76,217
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 31 Dec
2011 2010 2010
Cash flows from operating activities:
Profit before tax 8,900 6,839 9,811
Adjustments 6,080 5,409 6,795
Change in working
capital -8,286 -2,254 210
Financial items -407 -214 -279
Tax paid -26 85 58
Net cash from
operating activities 6,260 9,864 16,594
Cash flows from investing activities:
Purchases of property,
plant and equipment -6,986 -636 -2,173
Investments in fixed
income funds 5,016 - -5,000
Net cash used in
investing activities -1,970 -636 -7,173
Cash flows from financing activities:
Repayments of
long-term borrowings - -1,500 -1,500
Payments of finance
lease liabilities - -36 -39
Share issue - 1,200 1,200
Repurchase of own shares -664 -1,868 -1,868
Dividends paid -5,043 -834 -834
Net cash used in
financing activities -5,707 -3,038 -3,041
Increase(+) / decrease
(-) in cash and cash
equivalents -1,416 6,190 6,381
Exchange rate changes 16 258 355
Cash and cash
equivalents at the
beginning of the period 14,043 7,307 7,307
Cash and cash
equivalents at the
end of the period 12,642 13,755 14,043
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share capital Share Reserve Other Retained Total
pre- for in- re- earnings
mium vested serves
1,000 euro unre- 1)
stricted
equity
Balance at
31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242
Profit for
the period 8,247 8,247
Other com-prehensive
income, net of tax:
Cash flow
hedges -33 -33
Translation
differences 339 339
Total com-
prehensive
income for
the period 305 8,247 8,553
Repurchase
of own
shares -664 -664
Share based
payments 489 489
Dividend
distribution -5,043 -5,043
Balance at
30 Sep, 2011 11,821 20,045 1,200 1,344 27,166 61,576
Balance at
31 Dec, 2009 11,821 20,045 - 415 16,461 48,742
Profit for
the period 7,806 7,806
Other com-prehensive
income, net of tax:
Translation
differences 506 506
Total com-
prehensive
income for
the period 506 7,806 8,312
Share issue 1,200 1,200
Repurchase
of own
shares -1,868 -1,868
Share based
payments 309 309
Dividend
distribution -834 -834
Balance at
30 Sep, 2010 11,821 20,045 1,200 921 21,874 55,861
1)"Other reserves" contains hedge reserve and translation differences.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 31 Dec,
2011 2010 2010
Carrying amount at the
beginning of the period 29,069 33,174 33,174
Additions 7,519 678 2,232
Disposals - -2 -74
Depreciation -4,742 -5,071 -6,681
Exchange differences -70 323 419
Carrying amount at the
end of the period 31,776 29,102 29,069
COMMITMENTS AND CONTINGENCIES
1,000 euro 30 Sep, 30 Sep, 31 Dec,
2011 2010 2010
Loans, secured with
collaterals 1,000 1,000 1,000
Collaterals 8,073 8,073 8,073
Off-balance sheet lease
commitments 216 153 245
Capital commitments 4,823 2,354 2,190
Nominal values of
derivative contracts
Currency options, call 2,729 2,400 15,244
Currency options, put 652 - 18,034
Currency forward
agreements - 1,318 -
Electricity derivatives 2,515 1,773 2,038
Fair values of
derivative contracts
Currency options, call 13 205 184
Currency options, put -72 - -595
Currency forward
agreements - -4 -
Electricity derivatives -63 -45 544
The contract price of the derivatives has been used as the nominal value of the
underlying asset.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 31 Dec,
2011 2010 2010
Net sales 65,052 57,835 80,907
Change in net sales
compared to the previous
year's period, % 12.5 42.6 48.8
Export and foreign
operations share
of net sales, % 94.7 95.9 95.8
Operating profit before
depreciation (EBITDA) 14,222 12,052 17,102
% of net sales 21.9 20.8 21.1
Operating profit 9,480 6,981 10,421
% of net sales 14.6 12.1 12.9
Profit before tax 8,900 6,839 9,811
% of net sales 13.7 11.8 12.1
Return on equity, % 18.4 19.9 18.6
Return on investment, % 19.5 17.4 18.2
Non-interest-bearing
liabilities 15,453 14,232 16,976
Net interest-bearing
liabilities -11,642 -12,752 -18,047
Net gearing ratio, % -18.9 -22.8 -31.0
Equity ratio, % 79.3 78.7 76.6
Capital expenditure 7,519 678 2,232
% of net sales 11.6 1.2 2.8
Depreciation 4,742 5,071 6,681
Research and development
expenditure 1,729 1,414 2,110
% of net sales 2.7 2.4 2.6
Average number of
personnel during
the period 365 347 345
Personnel at the
end of the period 350 340 342
KEY FIGURES PER SHARE
Euro 30 Sep, 30 Sep, 31 Dec,
2011 2010 2010
Basic earnings
per share 0.49 0.47 0.60
Diluted earnings
per share 0.48 0.47 0.58
Equity per share 3.69 3.35 3.49
Dividend per share - - 0.30
Dividends/earnings, % - - 51.7
Effective dividend
yield, % - - 5.7
Price/earnings(P/E) - - 8.9
Share performance (1 Jan-)
Average trading price 5.58 3.76 4.22
Lowest trading price 3.50 2.98 2.98
Highest trading price 6.65 5.04 5.70
Trading price at the
end of the period 4.67 4.82 5.29
Market capitalisation
at the end of the
period, 1,000 euro 80,733 83,326 91,451
Trading volume
(1 Jan-)
Trading volume,
transactions, 1,000 pcs 9,268 8,361 14,009
In relation to weighted
average number of
shares, % 53.6 48.6 81.4
Trading volume,
1,000 euro 51,732 31,466 59,124
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,197 17,220
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
When calculating earnings per share (EPS) and equity, Okmetic's own shares in
its possession and Okmetic's shares owned by Okmetic Management Oy are deducted
from the amount of shares.
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2011 2011
Net sales 21,250 21,747 22,055
Compared to previous
quarter, % -2.3 -1.4 -4.4
Compared to corresponding
period last year, % -1.7 10.5 33.5
Operating profit 4,045 2,606 2,828
% of net sales 19.0 12.0 12.8
Profit before tax 4,117 2,487 2,296
% of net sales 19.4 11.4 10.4
Net cash flow generated
from:
Operating activities 2,094 5,503 -1,337
Investing activities -1,100 1,035 -1,905
Financing activities -664 -5,043 -
Increase/decrease in cash
and cash equivalents 330 1,495 -3,243
Personnel at the end
of the period 350 389 351
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2010 2010 2010 2010
Net sales 23,072 21,626 19,688 16,521
Compared to previous
quarter, % 6.7 9.8 19.2 19.6
Compared to corresponding
period last year, % 67.0 77.7 45.4 11.3
Operating profit 3,440 3,712 2,481 788
% of net sales 14.9 17.2 12.6 4.8
Profit before tax 2,972 2,934 2,987 918
% of net sales 12.9 13.6 15.2 5.6
Net cash flow generated
from:
Operating activities 6,730 5,573 1,874 2,417
Investing activities -6,536 -547 -66 -23
Financing activities -3 -5 -2,406 -627
Increase/decrease in cash
and cash equivalents 191 5,021 -599 1,767
Personnel at the end
of the period 342 340 373 329
MAJOR SHAREHOLDERS ON 30 SEPTEMBER 2011
Shares, Share,
pcs %
Ilmarinen Mutual Pension Insurance Company
1,666,601 9.6
Mandatum Life Insurance Company
Limited 807,700 4.7
The State Pension Fund 600,000 3.5
Veritas Pension Insurance
Company Ltd. 491,393 2.8
Varma Mutual Pension
Insurance Company 477,175 2.8
Okmetic Management Oy 400,000 2.3
Etra-Invest Oy Ab 400,000 2.3
Nordea Nordic Small Cap Fund 370,660 2.1
Aktia Secura Fund 335,681 1.9
Sijoitusrahasto Taaleritehdas
Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance
Company 212,700 1.2
Okmetic Oyj 207,848 1.2
Sijoitusrahasto Aktia Capital 165,387 1.0
Mutual Fund Evli Finnish
Equity 142,700 0.8
EQ Pikkujättiläiset /
EQ Rahastoyhtiö 140,000 0.8
SR Arvo Finland Value 110,611 0.6
Kiilholma Antti Tapio 90,093 0.5
OP-Finland Small Firms Fund 80,000 0.5
Stenhäll Turo 75,000 0.4
Virtanen Yhtiöt Oy 70,000 0.4
Nominee registered shares 3,014,528 17.4
Others 7,204,323 41.7
Total 17,287,500 100.0
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before depreciation = Operating profit + depreciation
(EBITDA)
Return on equity (ROE), % = Profit/loss for the period from
continuing operations x 100/
------------------------------------------
Equity(Average for the period)
Return on investment (ROI), % = (Profit/loss before tax + interest and
other financial expenses) x 100/
------------------------------------------
Balance sheet total - non-interest
bearing liabilities(average for the
period)
Equity ratio, % = Equity x 100/
------------------------------------------
Balance sheet total - advances received
Net interest-bearing liabilities = Interest-bearing liabilities - cash and
cash equivalents
Net gearing ratio, % = (Interest-bearing liabilities - cash and
cash equivalents) x 100/
------------------------------------------
Equity
Earnings per share = Profit/loss for the period attributable
to equity holders of the parent company/
------------------------------------------
Adjusted weighted average number of
shares in issue during the period
Equity per share = Equity attributable to equity holders of
the parent company/
------------------------------------------
Adjusted number of shares at the end of
the period
Dividend per share = Dividend for the period/
------------------------------------------
Adjusted number of shares at the end of
the period
Effective dividend yield, % = Dividend per share x 100/
------------------------------------------
Trading price at the end of the period
Price/earnings ratio (P/E) = Last adjusted trading price at the end of
the period/
------------------------------------------
Earnings per share
Average trading price = Total traded amount in euro/
------------------------------------------
Adjusted number of shares traded during
the period
Market capitalisation at the end of = Number of shares at the end of the period
the period x trading price at the end of the period
Trading volume = Number of shares traded during the
period/
------------------------------------------
Weighted average number of shares during
the period
All figures of the financial tables are rounded, and consequently the sum of
individual figures can deviate from the presented sum figure. The figures are
unaudited.
The future estimates and forecasts in this interim report are based on company
management's current knowledge. Actual events and results may differ from the
estimates presented here.
PRESS CONFERENCE
A press conference for the media and analysts will be held on Tuesday, 25
October 2011 at 9.30 a.m. at Okmetic's head office: Piitie 2, 01510 Vantaa. The
result will be presented by President Kai Seikku. The press conference will be
held in Finnish.
We ask participants to kindly give advance notice of their attendance by email
to communications@okmetic.com or by telephone to +358 9 5028 0406/Marika
Mäntymaa.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku, Okmetic Oyj,
tel. +358 400 200 288, email: kai.seikku@okmetic.com
Senior Vice President, Finance, IT, and Communications
Juha Jaatinen, Okmetic Oyj, tel. +358 9 5028 0286,
email: juha.jaatinen@okmetic.com
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com
OKMETIC IN BRIEF
Take it higher
Okmetic is a technology company which supplies tailor-made silicon wafers for
sensor and semiconductor industries and sells its technological expertise to the
solar cell industry. Okmetic provides its customers with solutions that boost
their competitiveness and profitability.
Okmetic's silicon wafers are part of a further processing chain that produces
end products that improve human interaction and quality of life. Okmetic's
products are based on high-tech expertise that generates added value for
customers, innovative product development and an extremely efficient production
process.
Okmetic has a global customer base and sales network, production plants in
Finland and the US and contract manufacturers in Japan and China. Okmetic's
shares are listed on NASDAQ OMX Helsinki under the code OKM1V. For more
information on the company, please visit our website at www.okmetic.com.
[HUG#1557440]
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