2012-10-24 07:00:00 CEST
2012-10-24 07:01:08 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012: STEADY QUARTER ON MORE DIFFICULT MARKETS
OKMETIC OYJ STOCK EXCHANGE RELEASE 24 OCTOBER 2012 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012: STEADY QUARTER ON MORE DIFFICULT
MARKETS
Unless otherwise stated, figures in parenthesis refer to the corresponding
period of the previous year.
JULY-SEPTEMBER IN BRIEF:
* Net sales amounted to 21.0 (21.3) million euro, down 1.1%.
* Operating profit was 3.0 (4.0) million euro corresponding to 14.1% of net
sales.
* Profit for the period was 2.1 (2.9) million euro.
* Basic earnings per share was 0.13 (0.18) euro.
* Net cash flow from operations amounted to 4.2 (2.1) million euro.
JANUARY-SEPTEMBER IN BRIEF:
* Net sales amounted to 62.4 (65.1) million euro, down 4.1%.
* Operating profit was 7.0 (9.5) million euro corresponding to 11.2% of net
sales.
* Profit for the period was 4.9 (8.2) million euro.
* Basic earnings per share was 0.29 (0.49) euro.
* Net cash flow from operations amounted to 5.9 (6.3) million euro.
PROJECTIONS FOR THE NEAR FUTURE
The growth estimates of customer industries for 2012 have been lowered during
the summer and early autumn due to the increased uncertainty of the world
economy.
The development of sensor wafer demand is estimated to be somewhat more stable
than the demand for semiconductor wafers in the end of 2012.
The outlook for technology sales is burdened by the strongly lowered price level
throughout the solar cell industry's value chain.
The company revised its guidance given in February 2012 with a stock exchange
release published on 20 September 2012. Factors behind the revision of the
outlook were the difficult market situation of the solar cell industry, the
uncertain outlook of world economy and the operating profit deficit of early
2012, which, contrary to expectations, cannot be covered during the calendar
year. The operating profit deficit was generated when a disturbance in the
process of a supplier of gas, which is used in the manufacture of epi-coated
wafers, caused a long shutdown at the Allen production facility in the US.
According to the revised guidance, the net sales in 2012 are estimated to settle
approximately at the level of 2011. Operating profit is estimated to remain
slightly under the level of 2011. According to the earlier guidance, Okmetic's
net sales and operating profit were estimated to exceed the level of 2011.
PRESIDENT KAI SEIKKU:"The positive development of the demand for silicon wafers which started in the
second quarter continued in the third quarter, which raised the demand to the
highest level of the year, as was anticipated. The shipment value of sensor
wafers increased by 10.7 percent in the third quarter and the shipment value of
semiconductor wafers by 21.2 percent compared to the corresponding period last
year. Thanks to the third quarter, the shipment value of sensor wafers in
January-September rose to the level of 2011 and the shipment value of
semiconductor wafers in January-September exceeded the level of 2011 by five
percent.
During the period under review, Okmetic performed better than the silicon wafer
industry and the company's market share in product groups important to the
company continued on a growth track of many years rising again to a record level
in the third quarter. The fact that the semiconductor market's growth cycle of
only few months saw a clear change already during the summer months is unusual
but tells that customers are minimizing their inventory levels in the uncertain
economic situation.Several customer indications predict that the markets will
grow in early 2013, and therefore it seems that the slow demand marking the
second half of the year remains short-term and does not affect the good long-
term growth prospects of Okmetic's central customer areas.
Technology sales almost halved (down 49.2%) in July-September from the value of
the comparison period. The long-term solar crystal shipment contracts terminated
in July. The industry is in the middle of consolidation development. The
strongly declined price level causes lowered profitability and uncertainty in
demand. Even in the challenging times ahead, Okmetic aims to develop its
competences and retain its market position in the industry which is assessed to
be a growth area in the long run.
The operating profit remained at a good level of around 14 percent. Also the
favourable development of the net cash flow from operations in the third quarter
in relation to the corresponding period last year was positive. Compared to the
strong third quarter in 2011, the operating profit in July-September was weighed
down especially by technology business and epi-coated wafers, whose demand has
decreased quickly due to market trends.
Okmetic will continue its investments in products the demand for which will grow
faster than the average growth of the markets. The capacity extension of SOI
wafers published in 2011 is proceeding according to plans. Furthermore, the
company will increase its in-house silicon wafer production capacity in the
coming years by eliminating productional bottlenecks at the Vantaa plant. At the
same time, capabilities to manufacture new products and product groups, whose
demand is growing, will be created.
In the last quarter of the year, the sensor and semiconductor wafer demand is
estimated to be at a higher level than on the quiet comparison period last year
although the market is slowing down in the end of the year due to seasonal
changes and economic uncertainties."
KEY FIGURES
1,000 euro 1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec, 2012 2011 2012 2011 2011
Net sales 21,017 21,250 62,388 65,052 83,186
Operating profit
before depreciation
(EBITDA) 4,424 5,580 11,455 14,222 18,069
Operating
profit 2,970 4,045 7,011 9,480 11,817
% of net sales 14.1 19.0 11.2 14.6 14.2
Profit for the
period 2,098 2,941 4,878 8,247 10,235
Basic earnings
per share, euro 0.13 0.18 0.29 0.49 0.61
Net cash flow
from operating
activities 4,209 2,094 5,859 6,260 11,691
Net interest-
bearing
liabilities -693 -11,642 -693 -11,642 -10,257
Equity ratio, % 72.8 79.3 72.8 79.3 78.9
Average number
of personnel
during the period 381 373 369 365 363
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2012, the sale value of sensor industry is estimated to grow 9-13 percent
compared to the sale value of 2011 (8.6-10.2 billion US dollars). One of the
fastest growing sectors is MEMS products for consumer applications such as
microphones and gyroscopes. In the coming years auto-focus actuators, MEMS
oscillators and MEMS switches are estimated to be significant growth areas in
consumer applications. (IHS iSuppli, IC Insights, Yole)
Semiconductor industry
During the third quarter, the US dollar-based sales of the semiconductor
industry have remained at the same level as in the second quarter of the year.
Even though in the second and third quarter the dollar-based sales have been
higher than in the first quarter, the growth forecasts for the whole year have
been revised downwards. The estimates for the sale development in 2012 settle
now at a level of -1 and +0.6 percent of annual growth (IHS iSuppli, IC
Insights, Gartner, WSTS).
Solar cell industry
The volume growth in 2012 is predicted to level off considerably from the
previous year's high level of around 40 percent. The overproduction of the
industry is still significant, although some uncompetitive capacity has exited
the market. (Solarbuzz)
The solar cell industry is undergoing a change towards a more stable market,
where solar electricity will be produced competitively without government
subsidies.
Silicon wafer market
According to the estimate published in October by SMG, the group of silicon
wafer suppliers in SEMI (a global umbrella organisation for semiconductor
materials and equipment industry), the surface area of silicon wafer shipments
calculated in square inches is estimated to grow by a percent in 2012 compared
to 2011. The annual growth rate of the surface area is estimated to be six
percent in 2013 and 2014.
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 expertise. Okmetic supplies primarily 150mm and 200mm
wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS
market grows as 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, as well as different solutions related to power supply and
efficiency improvement.
SALES
In January-September, Okmetic's net sales decreased by 4.1 (increased by 12.5)
percent from the previous year amounting to 62.4 (65.1) million euro. The reason
behind the decrease was the significant fall in the sales directed to the solar
cell industry compared to the corresponding period last year. The strengthening
of silicon wafer demand that began in the end of the first quarter continued
still in the third quarter. The company's market share grew in the product
groups which are important to the company, and typical to the industry, the
sales were strong during the third quarter.
Sales per customer area
1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2012 2011 2012 2011 2011
Sensors 48% 44% 46% 44% 46%
Semiconductors 42% 36% 39% 36% 35%
Technology 10% 20% 15% 20% 19%
In January-September, the value of sensor wafer shipments was at the same level
as last year. The demand for sensor wafers was strong in the third quarter, and
the value of shipments increased by 10.7 percent compared to the corresponding
period last year. The demand for sensor wafers is estimated to remain strong.
The strong demand for semiconductor wafers that started in the first quarter
continued in the third quarter. In July-September, the value of shipments
increased by 21.2 percent compared to the corresponding period last year. The
value of shipments in January-September was 5.4 percent higher than in the
corresponding period last year. The demand for semiconductor wafers is estimated
to strengthen in the last quarter compared to the corresponding period last
year.
In January-September, technology sales comprised mainly solar material sales.
Due to the solar cell industry's market changes and the termination of Okmetic's
long-term shipment contracts Okmetic's technology sales decreased by 26.3
percent in January-September compared to the corresponding period last year. In
the third quarter, the sales decreased by 49.2 percent compared to the
corresponding period last year. There is uncertainty related to the demand for
technology sales in the near future caused by the industry's market trends. Due
to the industry's overproduction the price levels have declined significantly
during 2012.
Sales per market area
1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2012 2011 2012 2011 2011
North America 39% 35% 39% 36% 37%
Europe 31% 27% 26% 29% 30%
Asia 30% 38% 35% 35% 33%
In January-September, the relative proportion of North America of the net sales
strengthened. The relative proportion of Europe of the net sales strengthened in
July-September.
PROFITABILITY
July-September
In July-September, Okmetic's operating profit was 3.0 (4.0) million euro. The
operating profit accounted for 14.1 (19.0) percent of net sales. Profit for the
period amounted to 2.1 (2.9) million euro. Basic earnings per share was 0.13
(0.18) euro.
January-September
In January-September, Okmetic's operating profit was 7.0 (9.5) million euro. The
operating profit accounted for 11.2 (14.6) percent of net sales. Profit for the
period amounted to 4.9 (8.2) million euro. Profit for the comparison period was
improved by the tax losses of the previous years. Basic earnings per share was
0.29 (0.49) euro.
FINANCING
The company's financial situation is good. In January-September, net cash flow
from operations amounted to 5.9 (6.3) million euro.
On 30 September 2012, the company's interest-bearing liabilities amounted to
6.2 (1.0) million euro.
At the end of the period, cash and cash equivalents amounted to 6.9 (12.6)
million euro. On 30 September 2012, the company's cash and cash equivalents
exceeded the interest-bearing liabilities by 0.7 million euro (on 30 September
2011, cash and cash equivalents were 11.6 million euro higher than interest-
bearing liabilities). The group has ensured the sufficiency of cash funds by a
committed credit facility of 6.0 million euro. On 30 September 2012, 3.0 million
euro of the credit facility was in use.
Return on equity amounted to 10.7 (18.4) percent and return on investment to
14.2 (19.5) percent. The company's equity ratio was 72.8 (79.3) percent. Equity
per share was 3.71 (3.69) euro.
INVESTMENTS
In January-September, Okmetic's capital expenditure amounted to 9.8 (7.5)
million euro.
The investments concerned 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, to be implemented in 2011-2013, includes the
plant extension and different kinds of production equipment. Building of the
plant extension started in August 2011. The investment programme is proceeding
according to plans.
PRODUCT DEVELOPMENT
In January-September, the company expensed 1.7 (1.7) million euro in product
development projects. Product development costs accounted for 2.7 (2.7) percent
of net sales. The product development costs have not been capitalised. Product
development has been allocated to SOI wafers and high and low resistivity
wafers.
PERSONNEL
On average, Okmetic employed 369 (365) people in January-September. At the end
of the period, Okmetic employed 365 (350) people of which 322 worked in Finland,
38 in the US, four in Japan, and one in Hong Kong.
BUSINESS RISKS IN THE NEAR FUTURE
Despite the prolonged euro crisis there have been no significant changes in the
company's near future business risks and uncertainties.
Okmetic's silicon wafer sales are targeted at the sensor and semiconductor
producers in the electronics industry. The demand for semiconductor wafers is
sensitive to economic fluctuations and changes in the market situation can be
sudden and dramatic. The demand for sensor wafers is more stable. The
proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations.
Technology sales are solar material sales, which are predominantly affected by
the economic situation of the solar cell industry.
Okmetic's share of the global silicon wafer market is around one percent and the
market prices have a notable effect on the price development of Okmetic's
products. The company only has considerable pricing power with its own special
products. The pricing of other wafers is mainly based on global market price.
Okmetic operates globally, and therefore the company's business operations are
affected by risks due to currency fluctuations, consisting of the cash flows of
purchases and sales. A significant part of sales are conducted in US dollars.
Despite hedging, the company remains exposed to exchange rate fluctuations.
Substantial volumes of electricity are used in Okmetic's production. Despite
hedging, the company is exposed to fluctuations in the price of electricity.
The challenging global economic situation may create an increased liquidity risk
for part of the customers.
The company's risks and uncertainty factors are dealt more profoundly in the
company's annual report of 2011.
SHARES AND SHAREHOLDERS
On 30 September 2012, 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 meetings. The company has one class of shares. The
company's shares are included in the Finnish book-entry securities system.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 2.8 (9.3) million shares were traded between 1 January and 30
September 2012, representing 16.1 (53.6) percent of the weighted average of
share total of 17.3 (17.3) million during the period. The lowest quotation
during the period was 4.21 (3.50) euro, and the highest 6.01 (6.65) euro, with
the average being 5.34 (5.58) euro. The closing quotation for the period was
4.86 (4.67) euro. At the end of the period, the market capitalisation amounted
to 84.0 (80.7) million euro.
DIVIDENDS PAID
In April 2012, the company distributed a dividend of 4.8 million euro of the
profit accrued in 2011 (including dividends distributed for Okmetic Management
Oy, a total of 0.1 million euro). The dividend was 0.28 euro per share.
In April 2011, the company distributed a dividend of 5.2 million euro of the
profit accrued in 2010 (including dividends distributed for Okmetic Management
Oy, a total of 0.1 million euro). The dividend was 0.30 euro per share.
In December 2011, the company distributed an additional dividend of 2.5 million
euro (including dividends distributed for Okmetic Management Oy, a total of 0.1
million euro). The dividend was 0.15 euro per share.
OWN SHARES AND DIRECTED SHARE ISSUES
On 8 February 2012, Okmetic Oyj's board of directors announced of its decision
to transfer a total of 56,033 own shares held by the company as a part of the
company's share-based incentive scheme for the executive management group.
In line with the decisions of the annual general meeting and the board of
directors, Okmetic Oyj transferred 13,597 shares to the board members as payment
of the annual remuneration on 10 May 2012.
At the end of the period, the company held a total of 227,946 shares, which is
approximately 1.3 percent of Okmetic's all shares and votes.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2012
(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 2011 except for the
effect of changes required by the adoption of the following new or revised
standards and interpretations as of 1 January 2012:
-IFRS 7 (amendment), Financial instruments: Disclosures - Derecognition.
-IAS 12 (amendment), Income Taxes - Deferred Tax.
The adoption of the aforementioned standards and interpretations has not had an
effect on the figures presented from the reporting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1 Jul- 1 Jul- 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2012 2011 2012 2011 2011
Net sales 21,017 21,250 62,388 65,052 83,186
Cost of sales -16,247 -15,473 -48,977 -48,488 -61,876
Gross profit 4,770 5,778 13,411 16,564 21,310
Other income
and expenses -1,800 -1,732 -6,401 -7,084 -9,493
Operating
profit 2,970 4,045 7,011 9,480 11,817
Financial
income and
expenses -97 72 -173 -580 -479
Profit before
tax 2,873 4,117 6,838 8,900 11,339
Income tax -775 -1,176 -1,960 -653 -1,104
Profit for
the period 2,098 2,941 4,878 8,247 10,235
Other
comprehensive
income:
Cash flow
hedges 45 -13 120 -33 -177
Translation
differences -339 598 -382 339 808
Other
comprehensive
income for the
period, net of
tax -294 584 -263 305 631
Total
comprehensive
income for
the period 1,804 3,526 4,615 8,553 10,866
Profit for
the period
attributable
to:
Equity holders
of the parent
company 2,098 2,941 4,878 8,247 10,235
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 1,804 3,526 4,615 8,553 10,866
Basic earnings
per share,
euro 0.13 0.18 0.29 0.49 0.61
Diluted
earnings per
share, euro 0.12 0.17 0.29 0.48 0.59
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 30 Sep, 30 Sep, 31 Dec,
2012 2011 2011
Assets
Non-current assets
Intangible assets 631 - -
Property, plant and
equipment 40,284 31,776 34,887
Other receivables 3,332 3,977 3,255
Total non-current
assets 44,247 35,753 38,142
Current assets
Inventories 13,930 11,911 13,114
Receivables 19,278 17,724 15,374
Cash and cash
equivalents 6,870 12,642 11,257
Total current
assets 40,078 42,277 39,745
Total assets 84,325 78,030 77,887
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 49,251 49,755 49,151
Total equity 61,073 61,576 60,973
Liabilities
Non-current
liabilities 4,341 2,092 2,968
Current liabilities 18,911 14,361 13,946
Total liabilities 23,252 16,453 16,914
Total equity and
liabilities 84,325 78,030 77,887
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep, 30 Sep, 31 Dec,
2012 2011 2011
Cash flows from operating
activities:
Profit before tax 6,838 8,900 11,339
Adjustments 4,956 6,080 7,575
Change in working capital -3,527 -8,286 -6,782
Financial items -18 -407 -401
Tax paid -2,389 -26 -39
Net cash from
operating activities 5,859 6,260 11,691
Cash flows from investing
activities:
Purchases of property,
plant and equipment -8,333 -6,986 -11,319
Investments in fixed
income funds - 5,016 5,016
Net cash used in
investing activities -8,333 -1,970 -6,302
Cash flows from financing
activities:
Proceeds from short-
term borrowings 3,023 - -
Payments of finance
lease liabilities -153 - -
Other items 10 - -
Repurchase of own shares - -664 -1,147
Dividends paid -4,862 -5,043 -7,331
Net cash used in
financing activities -1,982 -5,707 -8,478
Increase (+) /
decrease (-) in cash
and cash equivalents -4,456 -1,416 -3,089
Exchange rate changes 69 16 304
Cash and cash
equivalents at
the beginning
of the period 11,257 14,043 14,043
Cash and cash
equivalents at
the end of the
period 6,870 12,642 11,257
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Other Retained Total
capital pre- for in- re- earnings
mium vested serves
1,000 euro unre- 1)
stricted
equity
Balance at
31 Dec, 2011 11,821 20,045 1,200 1,670 26,238 60,973
Profit for
the period 4,878 4,878
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 120 120
Translation
differences -382 -382
Total com-
prehensive
income for
the period -263 4,878 4,615
Share-based
payments 145 145
Dividend
distribution -4,661 -4,661
Balance at
30 Sep, 2012 11,821 20,045 1,200 1,407 26,599 61,072
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
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,
2012 2011 2011
Carrying amount
at the beginning
of the period 34,887 29,069 29,069
Additions 9,757 7,519 11,992
Disposals - - -
Depreciation -4,367 -4,742 -6,252
Exchange differences 8 -70 78
Carrying amount
at the end of
the period 40,284 31,776 34,887
COMMITMENTS AND CONTINGENCIES
1,000 euro 30 Sep, 30 Sep, 31 Dec,
2012 2011 2011
Loans, secured with
collaterals 1,000 1,000 1,000
Collaterals 8,073 8,073 8,073
Off-balance sheet
lease commitments 592 216 426
Capital commitments 6,326 4,823 5,424
Nominal values of
derivative contracts
Currency options,
call - 2,729 652
Currency options,
put - 652 652
Currency forward
agreements 789 - 154
Electricity
derivatives 2,780 2,515 2,173
Fair values of
derivative contracts
Currency options,
call - 13 0
Currency options,
put - -72 -81
Currency forward
agreements 16 - 1
Electricity
derivatives -253 -63 -330
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,
2012 2011 2011
Net sales 62,388 65,052 83,186
Change in net sales
compared to the previous
year's period, % -4.1 12.5 2.8
Export and foreign
operations share
of net sales, % 94.7 94.7 94.4
Operating profit before
depreciation (EBITDA) 11,455 14,222 18,069
% of net sales 18.4 21.9 21.7
Operating profit 7,011 9,480 11,817
% of net sales 11.2 14.6 14.2
Profit before tax 6,838 8,900 11,339
% of net sales 11.0 13.7 13.6
Return on equity, % 10.7 18.4 17.2
Return on investment, % 14.2 19.5 18.7
Non-interest-bearing
liabilities 17,075 15,453 15,914
Net interest-bearing
liabilities -693 -11,642 -10,257
Net gearing ratio, % -1.1 -18.9 -16.8
Equity ratio, % 72.8 79.3 78.9
Capital expenditure 9,757 7,519 11,992
% of net sales 15.6 11.6 14.4
Depreciation 4,444 4,742 6,252
Research and development
expenditure 1,664 1,729 2,382
% of net sales 2.7 2.7 2.9
Average number of
personnel during
the period 369 365 363
Personnel at the
end of the period 365 350 350
KEY FIGURES PER SHARE
Euro 30 Sep, 30 Sep, 31 Dec,
2012 2011 2011
Basic earnings
per share 0.29 0.49 0.61
Diluted earnings
per share 0.29 0.48 0.59
Equity per share 3.71 3.69 3.68
Dividend per share - - 0.28
Dividends/earnings, % - - 45.8
Effective dividend
yield, % - - 5.7
Price/earnings(P/E) - - 8.0
Share performance
(1.1.-)
Average trading price 5.34 5.58 5.48
Lowest trading price 4.21 3.50 3.50
Highest trading price 6.01 6.65 6.65
Trading price at the
end of the period 4.86 4.67 4.92
Market capitalisation
at the end of the
period, 1,000 euro 84,017 80,733 85,055
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 2,784 9,268 10,907
In relation to weighted
average number of
shares, % 16.1 53.6 63.1
Trading volume,
1,000 euro 14,869 51,732 59,650
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
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/
2012 2012 2012 2012
Net sales 21,017 22,469 18,902
Compared to previous
quarter, % -6.5 18.9 4.2
Compared to corresponding
period last year, % -1.1 3.3 -14.3
Operating profit 2,970 2,505 1,535
% of net sales 14.1 11.2 8.1
Profit before tax 2,873 2,736 1,229
% of net sales 13.7 12.2 6.5
Net cash flow generated
from:
Operating activities 4,209 2,616 -966
Investing activities -3,057 -2,652 -2,624
Financing activities -288 -1,493 -201
Increase/decrease in cash
and cash equivalents 864 -1,529 -3,791
Personnel at the end
of the period 365 390 352
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2011 2011
Net sales 18,134 21,250 21,747 22,055
Compared to previous
quarter, % -14.7 -2.3 -1.4 -4.4
Compared to corresponding
period last year, % -21.4 -1.7 10.5 33.5
Operating profit 2,338 4,045 2,606 2,828
% of net sales 12.9 19.0 12.0 12.8
Profit before tax 2,439 4,117 2,487 2,296
% of net sales 13.4 19.4 11.4 10.4
Net cash flow generated
from:
Operating activities 5,431 2,094 5,503 -1,337
Investing activities -4,332 -1,100 1,035 -1,905
Financing activities -2,771 -664 -5,043 -
Increase/decrease in cash
and cash equivalents -1,672 330 1,495 -3,243
Personnel at the end
of the period 350 350 389 351
MAJOR SHAREHOLDERS ON 30 SEPTEMBER 2012
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,549,985 9.0
Oy Ingman Finance Ab 835,000 4.8
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Varma Mutual Pension
Insurance Company 477,175 2.8
Etra-Invest Oy Ab 400,000 2.3
Okmetic Management Oy 400,000 2.3
Nordea Nordic Small
Cap Fund 370,660 2.1
Okmetic Oyj 227,946 1.3
Sijoitusrahasto Taaleritehdas
Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance
Company 212,700 1.2
Veritas Pension
Insurance Company Ltd. 201,611 1.2
Aktia Secura Fund 201,182 1.2
EQ Pikkujättiläiset /
EQ Rahastoyhtiö 155,000 0.9
Sijoitusrahasto Aktia Capital 140,387 0.8
Kiilholma Antti Tapio 98,715 0.6
Stenhäll Turo 75,000 0.4
Virtanen Yhtiöt Oy 70,000 0.4
Sr Eq Technology 60,000 0.3
Repo Tapio 52,500 0.3
Foreign investors and
nominee accounts held by
custodian banks 2,960,132 17.1
Others 7,174,407 41.5
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 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 the
company management's current knowledge. Actual events and results may differ
from the estimates presented here.
PRESS CONFERENCE
A press conference for the media and analysts will be held on Wednesday, 24
October 2012 at 8.30 a.m. at Helsinki World Trade Center, Aleksanterinkatu 17,
fifth floor, Helsinki. The result will be presented by President Kai Seikku. The
press conference will be held in Finnish.
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#1651529]
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