2012-07-26 07:00:00 CEST
2012-07-26 07:01:31 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1 JANUARY - 30 JUNE 2012: THE SALES STARTED TO GROW IN THE SECOND QUARTER, AS ANTICIPATED
OKMETIC OYJ STOCK EXCHANGE RELEASE 26 JULY 2012 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 30 JUNE 2012: THE SALES STARTED TO GROW IN THE SECOND
QUARTER, AS ANTICIPATED
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
APRIL-JUNE IN BRIEF:
* Net sales amounted to 22.5 (21.7) million euro, up 3.3%.
* Operating profit was 2.5 (2.6) million euro corresponding to 11.2% of net
sales.
* Profit for the period was 2.1 (2.6) million euro.
* Basic earnings per share was 0.12 (0.15) euro.
* Net cash flow from operations amounted to 2.6 (5.5) million euro.
JANUARY-JUNE IN BRIEF:
* Net sales amounted to 41.4 (43.8) million euro, down 5.5%.
* Operating profit was 4.0 (5.4) million euro corresponding to 9.8% of net
sales.
* Profit for the period was 2.8 (5.3) million euro.
* Basic earnings per share was 0.17 (0.32) euro.
* Net cash flow from operations amounted to 1.7 (4.2) million euro.
PROJECTIONS FOR THE NEAR FUTURE
The customer industries are estimated to grow moderately in Okmetic's main
product groups in 2012. The demand of semiconductor industry started increasing
in the beginning of the year, and this trend seems to continue in Okmetic's
central customer areas in the second half of the year.
The development of sensor wafer demand is estimated to be somewhat more stable
in 2012 than the demand for semiconductor wafers. The growth of sensor wafer
demand seems to focus on the second half of the year.
Technology sales comprise mainly solar crystal sales. Okmetic's long-term
shipment contracts have terminated and the order backlog consists of shorter-
term shipments. The lowered price level throughout the solar cell industry's
value chain will restrict opportunities for profitable business in the end of
the year. In the second half of the year Okmetic's technology sales will clearly
remain under the level of the beginning of the year.
The recent development of exchange rates and the possible development during the
rest of the year, especially the strengthening of US dollar against euro, have a
positive impact on Okmetic's net sales and operating profit.
The company retains the existing guidance, according to which the net sales and
operating profit for 2012 are estimated to exceed the level of 2011.
PRESIDENT KAI SEIKKU:"Okmetic's sales made a strong upturn in April-June, as anticipated. In the
second quarter, the net sales rose around 19 percent compared to the first
quarter of the year and exceeded also the level of the strong comparison period
by 3.3 percent. In the beginning of the year, the market share has risen to a
record level in the product groups important to the company.
The semiconductor wafer shipments were doing particularly well. The fab lite
partner network that is important to the company's supply chain has been made to
react quickly to the strengthening demand. In the current year, a significant
part of Okmetic's MEMS and discrete semiconductor customers are transferring
from 150mm silicon wafers to 200mm wafers. The company is increasing both its
in-house and subcontracted production capacity and seeking more growth from
200mm wafers in the future.
The operation of the sales office that was established in Hong Kong in autumn
2011 and that is serving Asian markets outside Japan has started well. Asia's
proportion of the net sales is growing, although the difficulties of the
consumer electronics industry in Japan are reflected in the slowing down of
demand on the Japanese market. Also the North American sales developed
favourably in the second quarter.
Technology sales were at a good level in the first half of the year. The rest of
the year will be more challenging in regard to technology sales, because
multiannual shipment contracts have terminated and the market situation is
difficult worldwide. Technology sales in the second half will clearly remain
below the sales of the beginning of the year.
In April-June, the operating profit strengthened clearly compared to the first
quarter and nearly reached the level of the comparison period. Because the
profitability of business improved in the second quarter, the operating profit
in the first half (9.8% of net sales) already nearly reached the minimum level
of 10 percent which is the company's long-term objective.
The clear decline in the profit for the period in relation to the comparison
period was caused not only by a lower level of operating profit but also by a
difference of nearly 1.7 million euro in income tax entered as expenses. Along
with the good profitability development in 2010-2011, Okmetic managed to deduct
the earlier confirmed tax losses from its result by the end of 2011. The
difference between the net cash flow of the review period and the comparison
period is explained by the lower accumulated profits, taxes paid in the
beginning of 2012 and increase in working capital.
The investment programme supporting Okmetic's growth strategy is proceeding
according to plans. In addition to investing in the expansion of SOI wafer
production, the company invests in increasing the production capacity at the
Vantaa plant. The added value of crystal growing will be increased, the
bottlenecks of production lines will be removed to increase the total capacity,
and the production capacity of 200mm wafers will be increased. The aim is more
flexible production that is capable of a sales mix of a higher added value."
KEY FIGURES
1,000 euro 1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.12 30.6.11 30.6.12 30.6.11 31.12.11Net sales 22,469 21,747 41,371 43,802 83,186
Operating profit
before
depreciation
(EBITDA) 3,979 4,217 7,031 8,642 18,069
Operating profit 2,505 2,606 4,041 5,434 11,817
% of net sales 11.2 12.0 9.8 12.4 14.2
Profit for
the period 2,068 2,582 2,780 5,306 10,235
Basic earnings
per share,
euro 0.12 0.15 0.17 0.32 0.61
Net cash flow
from operating
activities 2,616 5,503 1,650 4,166 11,691
Net interest-
bearing
liabilities -76 -10,792 -76 -10,792 -10,257
Equity ratio, % 73.2 78.3 73.2 78.3 78.9
Average number
of personnel
during the period 376 377 364 362 363
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2012, the sale value of sensor industry is estimated to grow 11-15 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) Nowadays, silicon-on-
insulator (SOI) technology is widely used in the manufacture of these next
generation products, and the share of SOI technology is estimated to continue
its growth. Okmetic is amongst the pioneering suppliers who provide products and
services based on SOI technology to the sensor industry.
Semiconductor industry
The US dollar based sales of the semiconductor industry has continued to grow
during the second quarter of the year, but the growth rate has been slower than
anticipated, and the demand was not yet able to reach the last year's level in
the beginning of the second quarter. The estimates for the sale development in
2012 have been revised downwards, and they settle now at a level of 0.2-4
percent of annual growth (IHS iSuppli, Gartner, SIA).
The strengthening of demand from the level at the end of 2011 started during the
first quarter of 2012, and it is also expected to continue during the second
half of 2012. In 2013, the growth rate of demand is expected to reach a level of
seven percent (SIA). The demand for semiconductors is boosted by both strongly
increasing applications, such as tablet computers, as well as by the uplift of
PC sales (Gartner).
In the long run, the growth rate of semiconductor demand is still estimated to
remain at a yearly level of 5-9 percent (IDC, IC Insights). The growth rate of
semiconductors used in power management and energy efficient electronics is
estimated to slightly exceed the semiconductor market average (IHS iSuppli).
Solar cell industry
The use of solar energy as a significant source of electricity production is
becoming more popular worldwide. The growth of power plant installations is
shifting from Europe to China, the United States, Japan and India. However, the
annual market growth is estimated to moderate after an especially strong phase
of growth. The significant overproduction following the market moderation
continues in the short run and leads to declining prices and acceleration of the
ongoing structural change in the industry.
Silicon wafer market
According to the statistics published in May 2012 by SMG, the group of silicon
wafer suppliers in SEMI (a global umbrella organisation for semiconductor
materials and equipment industry), the surface area of wafer shipments in the
whole silicon wafer industry in the first quarter of 2012 rose by a percent
compared to the shipments of the last quarter of 2011. Compared to the first
quarter of 2011 the shipments decreased by 11 percent. The market is estimated
to grow in 2012 compared to 2011, but the growth is estimated to be moderate.
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-June, Okmetic's net sales amounted to 41.4 (43.8) million euro. There
was a decrease of 5.5 percent (growth 21.0%) for the comparison period due to
the weak economic situation. The increase in demand that began in the end of the
first quarter continued in the second quarter. During the second quarter, the
company's market share grew in the product groups which are important to the
company, and sales improved clearly because of the strengthened economic
situation.
Sales per customer area
1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.12 30.6.11 30.6.12 30.6.11 31.12.11
Sensors 44% 43% 45% 44% 46%
Semiconductors 40% 39% 37% 36% 35%
Technology 16% 18% 18% 20% 19%
In January-June, the value of sensor wafer shipments was 5.3 percent lower than
in the corresponding period last year. In the beginning of the year sensor wafer
sales were weighed down by the customers' bloated inventory levels. The demand
for sensor wafers picked up clearly in the second quarter, and the demand is
estimated to remain strong in the second half of the year.
The semiconductor industry's demand that started to strengthen in the end of the
first quarter remained at a strong level in the second quarter, and had a
positive influence on the semiconductor wafer sales. However, due to the weak
first quarter, the value of shipments in January-June was 2.1 percent lower than
in the corresponding period last year. The strong demand for semiconductor
wafers is estimated to continue in the second half of the year.
In January-June, technology sales comprised mainly solar crystal sales. The
value of shipments decreased by 15.7 percent in January-June compared to the
corresponding period last year. There is uncertainty related to the demand for
technology sales in the second half of the year caused by the industry's market
trends, and the price levels have declined significantly throughout the entire
value chain.
Sales per market area
1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.12 30.6.11 30.6.12 30.6.11 31.12.11
North America 40% 36% 38% 36% 37%
Europe 22% 28% 24% 30% 30%
Asia 38% 37% 38% 34% 33%
In the first half of the year, the demand was strongest in Asia and North
America. The relative proportion of Asia of the net sales continued to
strengthen.
PROFITABILITY
April-June
In April-June, Okmetic's operating profit was 2.5 (2.6) million euro. The
operating profit accounted for 11.2 (12.0) percent of net sales. Profit for the
period amounted to 2.1 (2.6) million euro. Basic earnings per share was 0.12
(0.15) euro. Diluted earnings per share was 0.12 (0.15) euro.
January-June
In January-June, Okmetic's operating profit was 4.0 (5.4) million euro. The
operating profit accounted for 9.8 (12.4) percent of net sales. Profit for the
period amounted to 2.8 (5.3) million euro. Basic earnings per share was 0.17
(0.32) euro. Diluted earnings per share was 0.16 (0.31) euro.
FINANCING
The company's financial situation is good. In January-June, net cash flow from
operations amounted to 1.7 (4.2) million euro. The cash flow from operations was
weakened by 3.7 (4.9) million euro due to changes in working capital available
to business operations.
On 30 June 2012, the company's interest-bearing liabilities amounted to 6.0
(1.0) million euro.
At the end of the period, cash and cash equivalents amounted to 6.0 (11.8)
million euro. On 30 June 2012, the company's cash and cash equivalents exceeded
the interest-bearing liabilities by 0.1 million euro (on 30 June 2011, cash and
cash equivalents were 10.8 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 June 2012, 3.0 million euro of the
credit facility was in use.
Return on equity amounted to 9.2 (18.2) percent. The company's equity ratio was
73.2 (78.3) percent. Equity per share was 3.56 (3.49) euro.
INVESTMENTS
In January-June, Okmetic's capital expenditure amounted to 7.0 (6.2) 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-June, the company expensed 1.1 (1.2) million euro in product
development projects. Product development costs accounted for 2.8 (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 364 (362) people in January-June. At the end of the
period, Okmetic employed 390 (389) people of which 348 worked in Finland, 37 in
the US, four in Japan, and one in Hong Kong.
OKMETIC'S CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 12 April 2012, adopted
the annual accounts and the consolidated annual accounts for 2011 and discharged
the company's management from liability. It was decided that a dividend of 0.28
euro per share would be distributed for 2011. The dividend was paid on Tuesday
24 April 2012. The annual general meeting decided also, in accordance with the
proposal of the board of directors, to authorise the board of directors to
decide upon its discretion on the payment of an additional dividend, should the
company's financial situation permit this. The additional dividend, including
all possible separate decisions on dividend payment, may amount up to a maximum
of 0.40 euro per share and 15,000,000 euro in total. Moreover, the general
meeting approved the proposal of the board of directors to authorise the board
of directors to decide on the repurchase and/or the acceptance as pledge of the
company's own shares as well as on the issuance of shares, the transfer of the
company's own shares, and the issuance of special rights entitling to shares.
It was decided that there would be five members on the company's board of
directors. Mr. Henri Österlund, Mr. Tapani Järvinen, Mr. Hannu Martola, and Ms.
Mervi Paulasto-Kröckel were re-elected as members of the board of directors
until the end of the next annual general meeting, and Mr. Mikko Puolakka was
elected as a new member. The board of directors elected Henri Österlund as its
chairman and Tapani Järvinen as its vice chairman in its organisation meeting
held immediately after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor,
with APA Mikko Nieminen having the principal responsibility.
Authorisations given to the board of directors and other decisions of the annual
general meeting have been notified in a stock exchange release published on 12
April 2012.
BUSINESS RISKS IN THE NEAR FUTURE
There have been no significant changes in the company's near future business
risks and uncertainties for now despite the ongoing euro crisis. Okmetic's
business operations are exposed to risks which may arise from the company's
operations or changes in the business environment.
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 comprise mainly crystal sales, which is 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.
The Japanese yen is another notable trading currency. 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 company risks and uncertainty factors are dealt more profoundly in the
company's annual report of 2011.
SHARES AND SHAREHOLDERS
On 30 June 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 2.0 (6.4) million shares were traded between 1 January and 30 June
2012, representing 11.8 (37.0) 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 (5.10) euro, and the highest 6.01 (6.65) euro, with the average being
5.50 (5.95) euro. The closing quotation for the period was 4.75 (5.75) euro. At
the end of the period, the market capitalisation amounted to 82.1 (99.4) 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 JUNE 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 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan-
30 Jun, 30 Jun, 30 Jun, 30 Jun, 31 Dec,
2012 2011 2012 2011 2011
Net sales 22,469 21,747 41,371 43,802 83,186
Cost of sales -17,879 -17,076 -32,730 -33,015 -61,876
Gross profit 4,591 4,670 8,641 10,786 21,310
Other income
and expenses -2,086 -2,064 -4,600 -5,352 -9,493
Operating
profit 2,505 2,606 4,041 5,434 11,817
Financial
income and
expenses 231 -120 -76 -652 -479
Profit before
tax 2,736 2,487 3,965 4,783 11,339
Income tax -668 96 -1,185 524 -1,104
Profit for
the period 2,068 2,582 2,780 5,306 10,235
Other
comprehensive
income:
Cash flow
hedges -53 -20 74 -20 -177
Translation
differences 63 -56 -43 -259 808
Other
comprehensive
income for the
period, net of
tax 10 -76 31 -279 631
Total
comprehensive
income for
the period 2,078 2,506 2,811 5,027 10,866
Profit for
the period
attributable
to:
Equity holders
of the parent
company 2,068 2,582 2,780 5,306 10,235
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 2,078 2,506 2,811 5,027 10,866
Basic earnings
per share,
euro 0.12 0.15 0.17 0.32 0.61
Diluted
earnings per
share, euro 0.12 0.15 0.16 0.31 0.59
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 30 Jun, 30 Jun, 31 Dec,
2012 2011 2011
Assets
Non-current assets
Intangible assets 457 - -
Property, plant and
equipment 39,048 31,721 34,887
Other receivables 3,513 4,069 3,255
Total non-current
assets 43,018 35,790 38,142
Current assets
Inventories 13,668 10,689 13,114
Receivables 18,645 16,727 15,374
Financial assets at
fair value through
profit or loss - - -
Cash and cash
equivalents 6,047 11,792 11,257
Total current assets 38,360 39,209 39,745
Total assets 81,378 74,998 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 47,440 46,832 49,151
Total equity 59,262 58,654 60,973
Liabilities
Non-current
liabilities 4,115 1,552 2,968
Current liabilities 18,002 14,792 13,946
Total liabilities 22,117 16,345 16,914
Total equity and
liabilities 81,378 74,998 77,887
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Jun, 30 Jun, 31 Dec,
2012 2011 2011
Cash flows from operating
activities:
Profit before tax 3,965 4,783 11,339
Adjustments 2,964 4,706 7,575
Change in working capital -3,692 -4,941 -6,782
Financial items 65 -360 -401
Tax paid -1,682 -22 -39
Net cash from
operating activities 1,650 4,166 11,691
Cash flows from investing
activities:
Purchases of property,
plant and equipment -5,276 -5,886 -11,319
Investments in fixed
income funds - 5,016 5,016
Net cash used in
investing activities -5,276 -870 -6,302
Cash flows from financing
activities:
Proceeds from short-
term borrowings 3,000 - -
Payments of finance
lease liabilities -43 - -
Other items 10 - -
Repurchase of own shares - - -1,147
Dividends paid -4,661 -5,043 -7,331
Net cash used in
financing activities -1,694 -5,043 -8,478
Increase (+) /
decrease (-) in cash
and cash equivalents -5,320 -1,747 -3,089
Exchange rate changes 110 -504 304
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 6,047 11,792 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 2,780 2,780
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 74 74
Translation
differences -43 -43
Total com-
prehensive
income for
the period 31 2,780 2,811
Share-based
payments 139 139
Dividend
distribution -4,661 -4,661
Balance at
30 Jun, 2012 11,821 20,045 1,200 1,701 24,494 59,262
Balance at
31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242
Profit for
the period 5,306 5,306
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -20 -20
Translation
differences -259 -259
Total com-
prehensive
income for
the period -279 5,306 5,027
Share-based
payments 428 428
Dividend
distribution -5,043 -5,043
Balance at
30 Jun, 2011 11,821 20,045 1,200 760 24,828 58,654
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 Jun, 30 Jun, 31 Dec,
2012 2011 2011
Carrying amount
at the beginning
of the period 34,887 29,069 29,069
Additions 7,024 6,167 11,992
Disposals - - -
Depreciation -2,961 -3,207 -6,252
Exchange differences 97 -308 78
Carrying amount
at the end of
the period 39,048 31,721 34,887
COMMITMENTS AND CONTINGENCIES
1,000 euro 30 Jun, 30 Jun, 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 376 236 426
Capital commitments 6,197 3,027 5,424
Nominal values of
derivative contracts
Currency options,
call - 5,111 652
Currency options,
put - 2,867 652
Currency forward
agreements 1,147 - 154
Electricity
derivatives 2,438 2,553 2,173
Fair values of
derivative contracts
Currency options,
call - 125 0
Currency options,
put - -15 -81
Currency forward
agreements -4 - 1
Electricity
derivatives -297 3 -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 Jun, 30 Jun, 31 Dec,
2012 2011 2011
Net sales 41,371 43,802 83,186
Change in net sales
compared to the previous
year's period, % -5.5 21.0 2.8
Export and foreign
operations share
of net sales, % 95.1 94.4 94.4
Operating profit before
depreciation (EBITDA) 7,031 8,642 18,069
% of net sales 17.0 19.7 21.7
Operating profit 4,041 5,434 11,817
% of net sales 9.8 12.4 14.2
Profit before tax 3,965 4,783 11,339
% of net sales 9.6 10.9 13.6
Return on equity, % 9.2 18.2 17.2
Return on investment, % 12.5 16.1 18.7
Non-interest-bearing
liabilities 16,145 15,345 15,914
Net interest-bearing
liabilities -76 -10,792 -10,257
Net gearing ratio, % -0.1 -18.4 -16.8
Equity ratio, % 73.2 78.3 78.9
Capital expenditure 7,024 6,167 11,992
% of net sales 17.0 14.1 14.4
Depreciation 2,990 3,207 6,252
Research and development
expenditure 1,138 1,184 2,382
% of net sales 2.8 2.7 2.9
Average number of
personnel during
the period 364 362 363
Personnel at the
end of the period 390 389 350
KEY FIGURES PER SHARE
Euro 30 Jun, 30 Jun, 31 Dec,
2012 2011 2011
Basic earnings
per share 0.17 0.32 0.61
Diluted earnings
per share 0.16 0.31 0.59
Equity per share 3.56 3.49 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 5.50 5.95 5.48
Lowest trading price 4.21 5.10 3.50
Highest trading price 6.01 6.65 6.65
Trading price at the
end of the period 4.75 5.75 4.92
Market capitalisation
at the end of the
period, 1,000 euro 82,116 99,403 85,055
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 2,041 6,397 10,907
In relation to weighted
average number of
shares, % 11.8 37.0 63.1
Trading volume,
1,000 euro 11,221 38,058 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 22,469 18,902
Compared to previous
quarter, % 18.9 4.2
Compared to corresponding
period last year, % 3.3 -14.3
Operating profit 2,505 1,535
% of net sales 11.2 8.1
Profit before tax 2,736 1,229
% of net sales 12.2 6.5
Net cash flow generated
from:
Operating activities 2,616 -966
Investing activities -2,652 -2,624
Financing activities -1,493 -201
Increase/decrease in cash
and cash equivalents -1,529 -3,791
Personnel at the end
of the period 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 JUNE 2012
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,549,985 9.0
Mandatum Life Insurance
Company Limited 800,000 4.6
Oy Ingman Finance Ab 600,500 3.5
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
Veritas Pension
Insurance Company Ltd. 324,500 1.9
Okmetic Oyj 227,946 1.3
Sijoitusrahasto Taaleritehdas
Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance
Company 212,700 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 106,772 0.6
Stenhäll Turo 75,000 0.4
Virtanen Yhtiöt Oy 70,000 0.4
Sr Eq Technology 60,000 0.4
Sr Arvo Finland Value 56,611 0.3
Foreign investors and
nominee accounts held by
custodian banks 3,082,924 17.8
Others 7,151,058 41.4
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 company
management's current knowledge. Actual events and results may differ from the
estimates presented here.
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#1629284]
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