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2010-10-27 11:00:00 CEST 2010-10-27 11:00:11 CEST REGULATED INFORMATION Okmetic Oyj - Interim report (Q1 and Q3)OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010OKMETIC OYJ STOCK EXCHANGE RELEASE 27 OCTOBER 2010 AT 12.00 P.M. OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010 Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year. JULY-SEPTEMBER IN BRIEF: - The net sales amounted to 21.6 (12.2) million euro, up 77.7%. - Operating profit was 3.9 (-0.7) million euro. - Profit for the period was 3.8 (-1.2) million euro. - Profit for the period was improved by 0.8 million euro due to recognition of deferred tax assets relating to tax losses carried forward. - Earnings per share for the period were 0.23 (-0.07) euro. - The net cash flow from operations amounted to 5.6 (0.2) million euro. JANUARY-SEPTEMBER IN BRIEF: - The net sales amounted to 57.8 (40.5) million euro, up 42.6%. - Operating profit was 7.0 (0.5) million euro. - Profit for the period was 7.8 (-0.2) million euro. - Profit for the period was improved by 0.8 million euro due to recognition of deferred tax assets relating to tax losses carried forward. - Earnings per share for the period were 0.47 (-0.01) euro. - The net cash flow from operations amounted to 9.9 (4.5) million euro. PROJECTIONS FOR 2010 The net sales of 2010 are estimated to be on the level of around 80 million euro. Operating profit for the entire year is estimated to be around 12-14 percent of net sales. Silicon wafer demand is slowing down according to normal seasonal variation in the last quarter of the year. Net sales and operating profit estimates are based on the order intake. Reaching these estimates means that the current positive market situation must not see any significant changes during the last weeks of the year. PRESIDENT KAI SEIKKU:"Despite a slight slowing down at the end of the period under review, the semiconductor market continued to operate at a record level in the third quarter of the year. The demand for silicon wafers continued to grow, and the price level saw a slight increase. The sale of both sensor and semiconductor wafers grew considerably compared to the modest levels in the corresponding period last year. The company's strategic shift towards semiconductor wafer contract manufacturing was further advanced in the period under review. The volume of wafers acquired through contract manufacturing reached a record level in July-September. Okmetic´s long-term goal is to focus on its core competencies crystal growing and manufacture of demanding sensor wafers. The organisational changes that took place in the period under review as well as current investments support reaching this goal. In 2010, there have been strong fluctuations in currencies that are important to Okmetic. Due to periodical overheating of the semiconductor market, Okmetic's order volumes, like the order volumes of the entire silicon industry, are estimated to have some overlap. As prospects for the rest of the year are becoming clearer, uncertainty related especially to the last quarter of the year has reduced slightly. Last week the company updated its estimate of net sales and operating profit for 2010." KEY FIGURES 1,000 euro Jul 1- Jul 1- Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Sept 30, Sept 30, Dec 31, 2010 2009 2010 2009 2009 Net sales 21,626 12,171 57,835 40,549 54,361 Operating profit before depreciation (EBITDA) 5,547 992 12,113 5,660 7,206 Operating profit/loss 3,891 -748 7,042 467 270 % of net sales 18.0 -6.1 12.2 1.2 0.5 Profit/loss for the period 3,793 -1,234 7,806 -168 -513 Earnings per share, euro 0.23 -0.07 0.47 -0.01 -0.03 Net cash flow from operating activities 5,573 192 9,864 4,457 6,315 Net interest- bearing liabilities -12,752 -2,914 -12,752 -2,914 -4,770 Average number of personnel during the period 358 339 347 339 337 MARKETS Customer industries sensor, semiconductor and solar energy industries Sensor industry The total sensor sale value growth estimate for the entire year is 19.2 percent. Shipments in the third quarter of 2010 are reflecting this growth rate. The value of sensor sales in 2010 is expected to exceed the level of the previous record year 2008. (iSuppli) Within the sensor segment, proportionally the highest growth will be seen in MEMS products which have high added value. Okmetic holds an established position in this product category. In consumer electronics, the most substantial growth will be seen in new generation products which partly replace traditional products. A significant number of new generation products, such as gyroscopes, silicon microphones, and accelerometers, are based on silicon-on-insulator (SOI) technology. Semiconductor industry The semiconductor industry's growth, which has continued for over a year, was still ongoing in the period under review. Invoiced sales in the semiconductor market have exceeded the record level of 2008-2009 by 9 percent. In July- September, the monthly sales average rose above 25 billion US dollars. (iSuppli) Demand has been strong in all areas of semiconductor industry (IC Insights). At the end of the third quarter the growth of semiconductor industry sales moderated. Last summer's growth estimates for 2010 were brought down slightly (Gartner, IC Insights). However, according to forecasts the growth rate of 2010 will rise to the level of 28-32 percent. Growth is expected to continue next year (SIA, iSuppli). Adjustments of semiconductor chain´s stock levels in the last quarter of 2010 will slow down the market development significantly. The stock level and the effect of accruals at the end of the year will increase uncertainty around the turn of the year. After this seasonal adjustment, growth is estimated to continue. (SEMI, iSuppli) Solar energy industry The growth of solar cell industry has accelerated and growth estimates have been corrected upwards during the second half of the year. The industry´s demand is expected to even double compared to the previous year. (Solarbuzz) Governmental decisions on subsidies have a significant impact on the solar energy industry. This brings certain uncertainty to the future development of the market. Silicon wafer market The market development of the silicon wafer industry is monitored in terms of surface area. According to the report published in October by SMG, the group of silicon wafer suppliers in SEMI, the volume of wafer shipments in the silicon wafer industry in 2010 is expected to soar up to 9,142 million square inches, which would be 39 percent higher than the shipment volume in 2009 and 5.6 percent higher than in the previous record year 2007. The demand volume for silicon wafers follows the shipment volumes of customer industry. The demand´s growth rate is expected to moderate, but business is estimated to remain positive during 2011. Okmetic Okmetic´s sensor and semiconductor wafer sales grew over 15 percent in the third quarter compared to the previous quarter. Okmetic has still succeeded to increase its market share in the product areas which are important to the company. For example, Okmetic is a forerunner in offering the sensor industry silicon-on-insulator (SOI) wafers which are a growing trend. Okmetic's announcement in February to invest in additional capacity for SOI production meets the growing demand in the market. Contract manufacturing network is being expanded and the amount of wafers produced by contract manufacturers is increasing. The target is that at the end of 2010 contract manufacturing covers at least 40 percent of all wafers delivered. The customer evaluations of 200mm products have proceeded and shipment volumes are on the rise in the second half of the year. No new agreements on long-term silicon crystal shipments or technology sales were made in the third quarter. PROJECTIONS FOR THE NEAR FUTURE Semiconductor and sensor wafer orders are estimated to slow down slightly according to normal seasonal variation during the last quarter of the year compared to the second and third quarters. Crystal shipments remain at the level of the beginning of the year. The net sales of 2010 are estimated to be on the level of around 80 million euro. Operating profit for the entire year is estimated to be around 12-14 percent of net sales. Silicon wafer demand is slowing down according to normal seasonal variation in the last quarter of the year. Net sales and operating profit estimates are based on the order intake. Reaching these estimates means that the current positive market situation must not see any significant changes during the last weeks of the year. SALES In January-September, Okmetic´s net sales increased by 42.6 percent (decreased by 22.2%) from the previous year, amounting to 57.8 million euro (40.5 million euro). The growth of net sales was supported by globally strong demand of the semiconductor industry. Okmetic´s market share grew in the product areas which are important to the company. Sales per customer area 1.7.- 1.7.- 1.1.- 1.1.- 1.1.- 30.9.10 30.9.09 30.9.10 30.9.09 31.12.09 Sensors 42% 43% 43% 40% 41% Semiconductors 45% 38% 43% 27% 31% Technology 13% 19% 14% 33% 28% In January-September, the value of sensor wafer sales was around 57 percent higher than in the corresponding period last year. The semiconductor industry´s strong economic trend affected especially the semiconductor wafer sales. In January-September, the shipment volume of these wafers was over two times higher than in the corresponding period in the previous year. The global market prices for semiconductor wafers were on the rise. In 2010, technology sales has mainly comprised of solar crystal sales. Sales per market area 1.7.- 1.7.- 1.1.- 1.1.- 1.1.- 30.9.10 30.9.09 30.9.10 30.9.09 31.12.09 North America 46% 38% 43% 36% 37% Europe 25% 32% 26% 34% 33% Asia 29% 30% 31% 30% 30% Traditionally Okmetic has strong market positions in North America and Europe. The proportion of North America of the total net sales grew during the period under review. FINANCIAL PROFITABILITY January-September In January-September, Okmetic´s operating profit was 7.0 million euro (0.5 million euro). The operating profit accounted for 12.2 percent (1.2%) of net sales. The profit for the period amounted to 7.8 million euro (-0.2 million euro). Profit for the period was improved by 0.8 million euro due to recognition of deferred tax assets relating to tax losses carried forward. Costs incurred by share-based incentive schemes were 0.9 million euro. Earnings per share were 0.47 euro (-0.01 euro). July-September The operating profit for the third quarter was 3.9 million euro (-0.7 million euro). In the third quarter, the operating profit margin rose to 18.0 percent (- 6.1%). Profit for the third quarter amounted to 3.8 million euro (-1.2 million euro). Profit for the period was improved by 0.8 million euro due to recognition of deferred tax assets relating to tax losses carried forward. Earnings per share were 0.23 euro (-0.07 euro). FINANCING AND INVESTMENTS The company´s financial situation is good. In January-September, the net cash flow from operations amounted to 9.9 million euro (4.5 million euro). The operating cash flow was decreased by 2.3 million euro (0.6 million euro) due to an increase in working capital available to business operations. On 30 September 2010, the company had 1.0 million euro worth of interest-bearing loans from a banking institution. At the end of the period, cash and cash equivalents amounted to 13.8 million euro (17.3 million euro). On 30 September 2010, the company´s cash and cash equivalents exceeded the interest-bearing liabilities by 12.8 million euro (on 30 September 2009 cash and cash equivalents were 2.9 million euro higher than liabilities). Return on equity amounted to 19.9 percent (-0.5%). The company´s equity ratio was 78.7 percent (66.6%). Equity per share was 3.35 euro (2.9 euro). In January-September, gross investments amounted to 0.7 million euro (1.4 million euro). PRODUCT DEVELOPMENT In January-September, the company expensed 1.4 million euro (1.7 million euro) in long-term product development projects. Product development costs accounted for 2.4 percent (4.2%) of net sales. Product development costs have not been capitalised. Product development has been allocated to sensor wafers that are important to Okmetic. CHANGES IN COMPANY´S EXECUTIVE MANAGEMENT GROUP Senior Vice President, Finance, IT, and Communications Juha Jaatinen started in his position on 16 August 2010. At the same time he became a member of the executive management group. Okmetic´s organisation was revised and certain job descriptions were specified according to the company´s updated strategy on 17 September 2010. At the same time, the structure and responsibilities of the executive management group changed. Anna-Riikka Vuorikari-Antikainen is in charge of the product portfolio including product development, existing products, and the development of product portfolio. Jaakko Montonen is responsible for the supply chain. In addition to the company's own production, Montonen's remit covers development of contract manufacturing (fab lite) and sourcing. Deputy to the President and Executive Vice President, Sales Mikko Montonen is now responsible also for technical customer support and marketing. In addition to human resources, Markus Virtanen is now responsible also for quality and environmental issues. Petri Antola, who is in charge of company's Asian sales, joined the executive management group and is responsible for technology project sales. Following the above mentioned changes, Okmetic's executive management group consists of the following persons: - Kai Seikku, President - Mikko Montonen, Executive Vice President, Sales and Deputy to the President - Juha Jaatinen, Senior Vice President, Finance, IT, and Communications - Anna-Riikka Vuorikari-Antikainen, Senior Vice President, Products - Jaakko Montonen, Senior Vice President, Supply Chain - Markku Tilli, Senior Vice President, Research - Markus Virtanen, Senior Vice President, Human Resources, Quality, and Environment - Petri Antola, Senior Vice President, Technology Projects PERSONNEL On average, Okmetic employed 347 people (2009: 339) in January-September. At the end of the period, 302 of the company´s employees worked in Finland, 36 in the US and two in Japan. BUSINESS RISKS IN THE NEAR FUTURE The 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 place cost pressure for the company. Other challenges include maintaining our 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 2009. SHARES AND SHAREHOLDERS On 30 September 2010, Okmetic Oyj´s paid-up share capital, as entered in the Finnish trade register, was 11,821,250 euro. The share capital is divided into 17,287,500 shares. The number of shares rose by 400,000 with the directed share issue entered into the Finnish trade register on 4 March 2010. 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 8.4 million shares (2.9 million shares) were traded between 1 January and 30 September 2010, representing 48.6 percent (17.1%) of the weighted average of share total of 17.2 million (16.9 million) during the period. The lowest quotation of January-September was 2.98 euro (1.81 euro), and the highest 5.04 euro (2.99 euro) per share, with the average being 3.76 euro (2.40 euro). The closing quotation for the period was 4.82 euro (2.67 euro). At the end of the period on 30 September 2010, the market capitalisation amounted to 83.3 million euro (45.1 million euro). DISCLOSURE OF HOLDINGS On 3 September 2010, the total holdings that OP-Suomi Arvo Equity Fund, a mutual investment fund governed by OP Fund Management Company Ltd, which is a subsidiary of OP Bank Group Central Cooperative, has in the Company lowered to 800,000 shares. This corrensponds to 4.628 percent of Okmetic's share capital and voting rights. Due to Okmetic´s share issue the total holdings of foreign Accendo Capital Sicav Sif´s correspond on 4 March 2010 to 14.81 percent of Okmetic's share capital and voting rights. OWN SHARES On 11 February 2010, the board of directors has decided on a purchase scheme of the company´s own shares, based on the authorisation given at the extraordinary general meeting on 6 November 2008. It was decided that the aggregate number of shares repurchased will not be more than 280,000. The repurchase started on 18 February 2010 and ended on 6 April 2010. A total of 203,244 shares were purchased, which is approximately 1.2 percent of Okmetic´s all shares and votes. A total amount of 668,007 euro was used to purchase shares, making the average rate for acquired shares 3.29 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. CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2010 (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 2009 except for the effect of changes required by the adoption of the new or revised standards and interpretations effective in 2010. Of these the most relevant are: -IFRS 3 (revised), Business Combinations. -IAS 27 (revised), Consolidated and Separate Financial Statements. The management´s view is that the adoption of the standards and interpretations mentioned above has no significant effect on the figures presented for the reporting period. Okmetic Management Oy, founded and owned by Okmetic´s top management, has been added into the consolidated financial statements due to the shareholders´ agreement signed between Okmetic Management Oy and Okmetic Oyj. The share-based incentive schemes, which were implemented in 2010, are accounted in accordance with IFRS 2, Share-based Payment -standard. The benefits granted through these arrangements are measured at fair value at the grant date and recognised as an expense over the vesting period. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1,000 euro Jul 1- Jul 1- Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Sept 30, Sept 30, Dec 31, 2010 2009 2010 2009 2009 Net sales 21,626 12,171 57,835 40,549 54,361 Cost of sales -15,312 -10,906 -44,491 -35,281 -47,883 Gross profit 6,314 1,264 13,345 5,268 6,478 Other income and expenses -2,423 -2,012 -6,302 -4,801 -6,208 Operating profit/loss 3,891 -748 7,042 467 270 Financial income and expenses -957 -509 -203 -861 -860 Profit/loss before tax 2,934 -1,257 6,839 -394 -590 Income tax 859 23 967 225 77 Profit/loss for the period 3,793 -1,234 7,806 -168 -513 Other comprehensive income: Translation differences -456 -190 506 -293 -220 Total comprehensive income for the period 3,337 -1,425 8,312 -462 -733 Profit/loss for the period attributable to: Equity holders of the parent company 3,793 -1,234 7,806 -168 -513 Total comprehensive income attributable to: Equity holders of the parent company 3,337 -1,425 8,312 -462 -733 Basic and diluted earnings per share, euro 0.23 -0.07 0.47 -0.01 -0.03 CONDENSED CONSOLIDATED BALANCE SHEET 1,000 euro Sept 30, Sept 30, Dec 31, 2010 2009 2009 Assets Non-current assets Property, plant and equipment 29,102 34,830 33,174 Other receivables 4,124 4,361 3,398 Total non-current assets 33,226 39,191 36,572 Current assets Inventories 9,424 7,494 7,164 Receivables 14,691 9,836 10,950 Cash and cash equivalents 13,755 17,259 7,307 Total current assets 37,870 34,588 25,422 Total assets 71,096 73,778 61,994 Equity and liabilities Equity Equity attributable to equity holders of the parent company Share capital 11,821 11,821 11,821 Other equity 44,040 37,192 36,921 Total equity 55,861 49,013 48,742 Liabilities Non-current liabilities 2,543 12,538 3,143 Current liabilities 12,692 12,228 10,109 Total liabilities 15,235 24,766 13,252 Total equity and liabilities 71,096 73,778 61,994 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 1,000 euro Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Dec 31, 2010 2009 2009 Cash flows from operating activities: Profit/loss before tax 6,839 -394 -590 Adjustments 5,409 5,864 7,183 Change in working capital -2,254 -607 289 Financial items -214 -406 -567 Tax paid 85 - -1 Net cash from operating activities 9,864 4,457 6,315 Cash flows from investing activities: Proceeds from investing activities - 641 641 Capital expenditure -636 -1,666 -1,694 Net cash used in investing activities -636 -1,025 -1,053 Cash flows from financing activities: Repayments of long-term borrowings -1,500 -3,023 -14,823 Payments of finance lease liabilities -36 -96 -117 Share issue 1,200 - - Repurchase of own shares -1,868 - - Dividends paid -834 -844 -844 Net cash used in financing activities -3,038 -3,964 -15,784 Increase (+) / decrease (-) in cash and cash equivalents 6,190 -532 -10,523 Exchange rate changes 258 -184 -145 Cash and cash equivalents at the beginning of the period 7,307 17,975 17,975 Cash and cash equivalents at the end of the period 13,755 17,259 7,307 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of parent company Share Share Reserve Trans- Retai- Total capi- pre- for in- lation ned equity tal mium vested differ- earn- 1,000 euro unre- ences ings stricted equity Balance at 31 Dec, 2009 11,821 20,045 - 415 16,461 48,742 Profit for the period 7,806 7,806 Translation differences 506 506 Total comprehen- sive 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 incentive schemes 309 309 Dividend distribution -834 -834 Balance at 30 Sept, 2010 11,821 20,045 1,200 921 21,874 55,861 Balance at 31 Dec, 2008 11,821 20,115 - 635 17,818 50,389 Profit/loss for the period -168 -168 Translation differences -293 -293 Total comprehen- sive income for the period -293 -168 -462 Dividend distribution -844 -844 Equity component of convertible loan notes -70 -70 Balance at 30 Sept, 2009 11,821 20,045 - 341 16,805 49,013 CHANGES IN PROPERTY, PLANT AND EQUIPMENT 1,000 euro Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Dec 31, 2010 2009 2009 Carrying amount at the beginning of the period 33,174 38,848 38,848 Additions 678 1,440 1,448 Disposals -2 - - Depreciation -5,071 -5,193 -6,936 Exchange differences 323 -265 -187 Carrying amount at the end of the period 29,102 34,830 33,174 CHANGES IN FINANCIAL LIABILITIES 1,000 euro Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Dec 31, 2010 2009 2009 Carrying amount at the beginning of the period 2,538 17,389 17,389 Repayment of loans from financial institutions -1,499 -2,020 -13,806 Repayments of subordinated loans - -928 -928 Changes in finance lease liabilities -36 -96 -117 Carrying amount at the end of the period 1,003 14,345 2,538 DIVIDENS PAID In April 2010, the company distributed a dividend of 0.8 million euro of the profit accrued in 2009, representing a 0.05 euro dividend per share. In April 2009, a dividend of 0.8 million euro of the profit accrued in 2008 was distributed, representing a 0.05 euro dividend per share. COMMITMENTS AND CONTINGENCIES 1,000 euro Sept 30, Sept 30, Dec 31, 2010 2009 2009 Loans secured with collaterals 1,000 12,167 2,500 Collaterals 8,073 24,964 8,073 Off-balance sheet lease commitments 153 109 83 Capital commitments 2,354 110 111 Nominal values of derivative contracts Currency options,call 2,400 - - Currency forward agreements 1,318 - 1,385 Electricity derivatives 1,773 2,544 2,520 Interest rate swaps - 7,071 6,429 Fair values of derivative contracts Currency options, call 205 - - Currency forward agreements -4 - -4 Electricity derivatives -45 -646 -258 Interest rate swaps - -64 -49 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 In January-September, the compensation of top management and the executive management group amounted to 2,088,000 euro (895,000 euro). Okmetic Management Oy, owned by Okmetic´s top management, and one of its founders have been granted a loan of 0.9 million euro by Okmetic Oyj. KEY FIGURES SHOWING FINANCIAL PERFORMANCE 1,000 euro Jan 1- Jan 1- Jan 1- Sept 30, Sept 30, Dec 31, 2010 2009 2009 Net sales 57,835 40,549 54,361 Change in net sales compared to the previous year´s period, % 42.6 -22.2 -19.9 Export and foreign operations share of net sales, % 95.9 95.6 95.4 Operating profit before depreciation (EBITDA) 12,113 5,660 7,206 % of net sales 20.9 14.0 13.3 Operating profit 7,042 467 270 % of net sales 12.2 1.2 0.5 Profit/loss before tax 6,839 -394 -590 % of net sales 11.8 -1.0 -1.1 Return on equity, % 19.9 -0.5 -1.0 Return on investment, % 17.4 0.3 0.0 Non-interest-bearing liabilities 14,232 10,421 10,715 Net interest-bearing liabilities -12,752 -2,914 -4,770 Net gearing ratio, % -22.8 -5.9 -9.8 Equity ratio, % 78.7 66.6 78.9 Capital expenditure 678 1,440 1,448 % of net sales 1.2 3.6 2.7 Depreciation 5,071 5,193 6,936 Research and development expenditure 1) 1,414 1,714 2,134 % of net sales 2.4 4.2 3.9 Average number of personnel during the period 347 339 337 Personnel at the end of the period 340 335 327 1) Research and development expenditure has been presented in gross figures and only long-term projects based on research program have been taken into account. KEY FIGURES PER SHARE Euro Sept 30, Sept 30, Dec 31, 2010 2009 2009 Earnings per share basic and diluted 0.47 -0.01 -0.03 Equity per share 3.35 2.90 2.89 Dividend per share - - 0.05 Dividends/earnings, % - - -164.7 Effective dividend yield, % - - 1.6 Price/earnings(P/E) - - -105.4 Share performance (Jan 1-) Average trading price 3.76 2.40 2.54 Lowest trading price 2.98 1.81 1.81 Highest trading price 5.04 2.99 3.20 Trading price at the end of the period 4.82 2.67 3.20 Market capitalisation at the end of the period, 1,000 euro 83,326 45,090 54,040 Trading volume (Jan 1-) Trading volume, transactions, 1,000 pcs 8,361 2,895 4,316 In relation to weighted average number of shares, % 48.6 17.1 25.6 Trading volume, 1,000 euro 31,466 6,939 10,957 The weighted average number of shares during the period under review adjusted by the share issue, 1,000 pcs 17,197 16,888 16,888 The number of shares at the end of the period adjusted by the share issue, 1,000 pcs 17,288 16,888 16,888 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 10-12/10 7-9/10 4-6/10 1-3/10 Net sales 21,626 19,688 16,521 Compared to previous quarter % 9.8 19.2 19.6 Operating profit 3,891 2,467 684 % of net sales 18.0 12.5 4.1 Profit before tax 2,934 2,987 918 % of net sales 13.6 15.2 5.6 Net cash flow generated from: Operating activities 5,573 1,874 2,417 Investing activities -547 -66 -23 Financing activities -5 -2,406 -627 Increase/decrease in cash and cash equivalents 5,021 -599 1,767 Personnel at the end of the period 340 373 329 1,000 euro 10-12/09 7-9/09 4-6/09 1-3/09 Net sales 13,812 12,171 13,538 14,841 Compared to previous quarter % 13.5 -10.1 -8.8 -5.8 Operating profit/loss -197 -748 688 527 % of net sales -1.4 -6.1 5.1 3.6 Profit/loss before tax -196 -1,257 46 818 % of net sales -1.4 -10.3 0.3 5.5 Net cash flow generated from: Operating activities 1,858 192 4,761 -496 Investing activities -28 -87 -786 -152 Financing activities -11,821 -22 -3,905 -37 Increase/decrease in cash and cash equivalents -9,991 83 70 -685 Personnel at the end of the period 327 335 343 338 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. 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 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 Thursday, 28 October 2010 at 9.00 a.m. at the World Trade Center, Aleksanterinkatu 17, second floor, Helsinki. 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 at communications@okmetic.com or to +358 9 5028 0406/Marika Mäntymaa by telephone. 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#1455806] |
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