2010-07-28 08:15:00 CEST
2010-07-28 08:15:46 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 30 JUNE 2010
OKMETIC OYJ STOCK EXCHANGE RELEASE 28 JULY 2010 9.15 A.M.
OKMETIC INTERIM REPORT 1 JANUARY - 30 JUNE 2010
APRIL-JUNE IN BRIEF:
- The net sales amounted to 19.7 (2Q2009: 13.5) million euro, up 45.4%.
- Operating profit 2.5 (2Q2009: 0.7) million euro.
- Profit for the period was 3.0 (2Q2009: 0.1) million euro.
- Earnings per share for the period were 0.18 (2Q2009: 0.00) euro.
- The net cash flow from operations amounted to 1.9 (2Q2009: 4.8) million euro.
JANUARY-JUNE IN BRIEF:
- The net sales amounted to 36.2 (1H2009: 28.4) million euro, up 27.6%.
- Operating profit 3.2 (1H2009: 1.2) million euro.
- Profit for the period was 4.0 (1H2009: 1.1) million euro.
- Earnings per share for the period were 0.24 (1H2009: 0.06) euro.
- The net cash flow from operations amounted to 4.3 (1H2009: 4.3) million euro.
PROJECTIONS FOR 2010
Net sales for 2010 are expected to amount to around 75 million euro or slightly
more. The operating profit for the year is expected to be in accordance with the
company's 10 percent long-term objective. Net cash flow from operations is
expected to remain strong. Reaching these estimates means that the current
positive market situation must not see any significant changes in the latter
part of the year.
PRESIDENT KAI SEIKKU:"The demand for silicon wafers was strong during the period under review. The
global business boom experienced in the semiconductor industry and the
increasing use of silicon-based sensors especially in consumer electronics
applications increased the demand. The price level of semiconductor wafers was
on the rise.
Okmetic´s sensor and semiconductor wafer sales grew over 20 percent from the
previous quarter. The long-term investments made by the company in respect of
sensor wafers and particularly within SOI technology are proving to be valuable,
as these markets are growing.
Okmetic expanded its contract manufacturing network during the period under
review. The objective is to continue this trend and achieve a more flexible
production capacity and improved service for customer industries in their
varying economic situations.
A significant proportion of the result in 1H2009 was from polysilicon trading
and license sales but neither of these took place in the first half of the year.
The development in exchange rates benefited Okmetic in the period under review."
KEY FIGURES
1,000 euro Apr 1- Apr 1- Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Jun 30, Jun 30, Dec 31,
2010 2009 2010 2009 2009
Net sales 19,688 13,538 36,209 28,379 54,361
Operating profit
before
depreciation
(EBITDA) 4,183 2,427 6,566 4,668 7,206
Operating profit 2,467 688 3,152 1,215 270
% of net sales 12.5 5.1 8.7 4.3 0.5
Profit/loss for
the period 2,987 64 4,013 1,066 -513
Earnings per
share, euro 0.18 0.00 0.24 0.06 -0.03
Net cash flow
from operating
activities 1,874 4,761 4,291 4,265 6,315
Net interest-
bearing
liabilities -8,120 -2,898 -8,120 -2,898 -4,770
Average number of
personnel during
the period 353 338 341 340 337
REVIEW IN BRIEF
- The net sales in January-June amounted to 36.2 million euro (28.4 million
euro) and in the second quarter to 19.7 million euro (13.5 million euro).
- Okmetic´s sensor wafer shipments measured in euro grew around 45 percent from
the corresponding period in 2009. Semiconductor wafer sales experienced a strong
growth compared to the exceptionally low level of the beginning of 2009.
Technology sales remained at half the level of 2009. The sales comprised of
silicon crystal shipments based on long-term agreements.
- Profit for the period was 4.0 million euro (1.1 million euro). In the second
quarter the profit for the period was 3.0 million euro (0.1 million euro).
- Earnings per share for the period were 0.24 euro (0.06 euro).
- The net cash flow from operations in January-June amounted to 4.3 million euro
(4.3 million euro) and in the second quarter to 1.9 million euro (4.8 million
euro).
- At the end of the period, the company´s cash and cash equivalents exceeded the
interest-bearing liabilities by 8.1 million euro (2.9 million euro).
- The company has repurchased its own shares. At the end of the period, the
company had 203,244 own shares.
- Net sales for 2010 are expected to amount to around 75 million euro or
slightly more. The operating profit for the year is expected to be in accordance
with the company's 10 percent long-term objective. Net cash flow from operations
is expected to remain strong.
MARKETS
Customer industries sensor, semiconductor and solar energy industries
Sensor industry
The development of sensor sales has been influenced by the increased use of
micro sensors in many consumer electronics products. The sale value growth
estimate for the entire year is over 11 percent. Shipments in the second quarter
of 2010 are reflecting this growth rate. The value of sensor sales in 2010 is
expected to exceed the 2008 level. In terms of quantity, the sensor shipments
will rise to a record high level. (iSuppli)
Several microelectromechanical (MEMS) products have developed within the sensor
segment and they have higher growth rates than other sensors.
Silicon-On-Insulator (SOI) technology is an example of a rapidly growing sensor
manufacturing technology.
Gyroscopes are an example of the end products that are increasingly used in
consumer products over this year. Their applications include for example mobile
phones and gamepads.
Semiconductor industry
The demand in the semiconductor industry that strengthened in the latter part of
2009 remained very strong. During the first half of 2010, the market situation
has been widely limited by capacity. The demand has been strong in all fields of
semiconductor industry.
The value of sales in the second quarter of the year is estimated to rise to a
record high level.
Despite the capacity limitations, the sales in the semiconductor industry are
expected to grow even 27-30 percent in 2010. Estimates have still been revised
upwards during the second quarter of the year. If these estimations become
reality, the value of sales in the semiconductor industry will clearly surpass
the earlier record high level of year 2008.(SIA, SEMI, IC Insights)
Solar energy industry
Solar cell industry continues its strong growth. Growth estimates have been
revised upwards at the beginning of the year. In 2010, sales in the industry are
generally estimated to grow even 40 percent. The amount of new investment
schemes has started to grow again at the beginning of the year. (iSuppli)
Governmental decisions on subsidies have a significant impact on the solar
energy industry. This brings certain insecurity 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 May by SMG, the group of
silicon wafer suppliers in SEMI, the volume of wafer shipments in the silicon
wafer industry in the first quarter of 2010 soared up to 2,214 million square
inches, which was 5 percent higher than the shipment volume in the previous
quarter. The total surface area of silicon wafers in the first quarter of 2010
was 136 percent greater than in the corresponding period in 2009. The shipment
volumes in the first quarter are the greatest since the third quarter of 2008
and thus returning to the level preceding the economic recession. The wafer
market is estimated to have remained strong during the second quarter of the
year.
The demand volume for silicon wafers follows the shipment volumes of customer
industry. Along with the increase in the semiconductor and sensor industries,
the demand in the silicon wafer market is expected to remain strong in 2010.
Okmetic
Okmetic´s sensor and semiconductor wafer sales in the second quarter grew over
20 percent compared to the previous quarter. Okmetic has still succeeded to
increase its market share in the product areas which are important to the
company. Okmetic is a forerunner in offering the sensor industry SOI wafers
which are a growing trend. The announcement in February by Okmetic to invest in
additional capacity for SOI wafers 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 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.
Silicon crystal shipments based on long-term agreements and negotiations for new
technology sales contracts were continued.
PROJECTIONS FOR THE NEAR FUTURE
Semiconductor and sensor wafer shipments are estimated to continue their growth
during the third quarter of the year and crystal shipments remain at the level
of the beginning of the year.
Net sales for 2010 are expected to amount to around 75 million euro or slightly
more. The operating profit for the year is expected to be in accordance with the
company's 10 percent long-term objective. Net cash flow from operations is
expected to remain strong. Reaching these estimates means that the current
positive market situation must not see any significant changes in the latter
part of the year.
SALES
Okmetic´s net sales increased by 27.6 percent (decreased by 16.6%) from the
previous year, amounting to 36.2 million euro (28.4 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
1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.10 30.6.09 30.6.10 30.6.09 31.12.09
Sensors 45% 38% 44% 38% 41%
Semiconductors 42% 26% 42% 22% 31%
Technology 13% 36% 14% 40% 28%
The sensor wafer shipments were around 45 percent greater than in the
corresponding period last year. The proportion of sensor wafers of Okmetic´s
total sales grew.
The general growth in semiconductor sales had an effect especially in the sale
of semiconductor wafers. The shipment volume of these wafers was nearly two and
a half times higher than in the corresponding period in the previous year. The
global market prices for semiconductor wafers are on the rise.
Technology sales have been held back by the current economic situation. After
the major crystal sales agreements signed towards the end of last year and to be
realised in 2010, negotiations on new projects are continued. Net sales in the
second quarter were at half the level of corresponding period in 2009.
Sales per market area
1.4.- 1.4.- 1.1.- 1.1.- 1.1.-
30.6.10 30.6.09 30.6.10 30.6.09 31.12.09
North America 44% 33% 42% 35% 37%
Europe 25% 31% 27% 35% 33%
Asia 31% 36% 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 and the proportion
of Europe decreased during the period under review.
PROFITABILITY
In January-June, Okmetic group´s operating profit was 3.2 million euro (1.2
million euro). The operating profit accounted for 8.7 percent (4.3%) of net
sales. The profit for the second quarter was 12.5 percent (5.1%) of net sales.
The change in fair value of derivatives improved the operating profit for the
past quarter by around 0.4 million euro. The profit for the period amounted to
4.0 million euro (1.1 million euro). Earnings per share were 0.24 euro (0.06
euro).
FINANCING
The group´s financial situation is good. The net cash flow from operations
amounted to 4.3 million euro (4.3 million euro). The operating cash flow was
decreased by 2.3 million euro (increased by 0.2 million euro) due to an increase
in working capital available to business operations.
At the beginning of the year, the group had 2.5 million euro (17.4 million euro)
worth of interest-bearing loans. After the additional instalment paid on top of
the standard loan instalment in the second quarter, the group has 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 9.1 million euro
(17.3 million euro). On 30 June 2010, the group´s cash and cash equivalents
exceeded the interest-bearing liabilities by 8.1 million euro (on 30 June 2009
cash and cash equivalents were 2.9 million higher than liabilities).
Return on equity amounted to 15.9 percent (4.2%). The group´s equity ratio was
77.9 percent (67.7%). Equity per share was 3.13 euro (2.99 euro).
INVESTMENTS
Okmetic´s gross investments amounted to 0.2 million euro (1.4 million euro). On
11 February 2010, the board of directors decided on a 3.5 million euro equipment
investment in expansion of Silicon-On-Insulator (SOI) sensor wafer production
scheduled in financial year 2010. The investment reinforces Okmetic´s position
as the sensor wafer market leader.
PRODUCT DEVELOPMENT
The company expensed 1.0 million euro (1.2 million euro) in long-term product
development projects during the financial period. Product development costs
accounted for 2.7 percent (4.3%) of net sales. Product development costs have
not been capitalised. Product development has been allocated to sensor wafers
that are important to Okmetic.
PERSONNEL
On average, Okmetic employed 341 people (2009: 340). At the end of the period,
306 of the group´s employees worked in Finland, 33 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. 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 group´s result is affected by strong
currency changes against the euro.
The size of the company and the fact that its main production facilities for the
wide range of wafers are located in the euro zone place considerable
expectations for the group´s result. Other challenges to be solved 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 June 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 4.9 million shares (2.3 million shares) were traded between 1 January
and 30 June 2010, representing 28.8 percent (13.5%) of the weighted average of
share total of 17.2 million (16.9 million) during the period. The lowest
quotation of the period was 2.98 euro (1.81 euro), and the highest 3.85 euro
(2.99 euro) per share, with the average being 3.30 euro (2.31 euro). The closing
quotation for the period was 3.64 euro (2.70 euro). At the end of the period,
the market capitalisation amounted to 62.9 million euro (45.6 million euro).
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 plan or transferred or
cancelled in other ways.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 JUNE 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.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro Apr 1- Apr 1- Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Jun 30, Jun 30, Dec 31,
2010 2009 2010 2009 2009
Net sales 19,688 13,538 36,209 28,379 54,361
Cost of sales -15,352 -11,955 -29,178 -24,375 -47,883
Gross profit 4,336 1,583 7,031 4,004 6,478
Other income
and expenses -1,868 -895 -3,879 -2,789 -6,208
Operating
profit 2,467 688 3,152 1,215 270
Financial
income and
expenses 520 -642 754 -352 -860
Profit/loss
before tax 2,987 46 3,905 863 -590
Income tax -1 19 108 203 77
Profit/loss
for the
period 2,987 64 4,013 1,066 -513
Other comprehensive income:
Translation
differences 598 -349 962 -103 -220
Total
comprehensive
income for the
period 3,585 -285 4,975 963 -733
Profit/loss for the period attributable
to:
Equity holders
of the parent
company 2,987 64 4,013 1,066 -513
Total comprehensive income attributable
to:
Equity holders
of the parent
company 3,585 -285 4,975 963 -733
Basic and
diluted
earnings per
share, euro 0.18 0.00 0.24 0.06 -0.03
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro Jun 30, Jun 30, Dec 31,
2010 2009 2009
Assets
Non-current assets
Property, plant and
equipment 30,826 36,714 33,174
Other receivables 3,500 4,419 3,398
Total non-current
assets 34,327 41,133 36,572
Current assets
Inventories 9,169 7,171 7,164
Receivables 14,566 9,192 10,950
Cash and cash
equivalents 9,127 17,264 7,307
Total current
assets 32,862 33,626 25,422
Total assets 67,189 74,759 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 40,394 38,616 36,921
Total equity 52,215 50,437 48,742
Liabilities
Non-current liabilities 2,655 12,541 3,143
Current liabilities 12,319 11,781 10,109
Total liabilities 14,974 24,322 13,252
Total equity and
liabilities 67,189 74,759 61,994
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
1,000 euro Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Dec 31,
2010 2009 2009
Cash flows from operating activities:
Profit/loss before tax 3,905 863 -590
Adjustments 2,342 3,406 7,183
Change in working
capital -2,250 166 289
Financial items 188 -170 -567
Tax paid 106 - -1
Net cash from operating
activities 4,291 4,265 6,315
Cash flows from investing activities:
Proceeds from investing
activities - 641 641
Capital expenditure -89 -1,579 -1,694
Net cash used
in investing
activities -89 -938 -1,053
Cash flows from financing activities:
Repayments of long-term
borrowings -1,500 -3,023 -14,823
Payments of
finance lease
liabilities -31 -74 -117
Share issue 1,200 - -
Repurchase of
own shares -1,868 - -
Dividens paid -834 -844 -844
Net cash used
in financing
activities -3,033 -3,942 -15,784
Increase (+) /
decrease (-) in
cash and cash
equivalents 1,168 -615 -10,523
Exchange rate changes 651 -96 -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 9,127 17,264 7,307
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Trans- Retai- Total equity
capi- pre- for in- lation ned
tal mium vested unre- differ- earn-
1,000 euro stricted ences ings
equity
Balance
at 31 Dec,
2009 11,821 20,045 - 415 16,461 48,742
Profit
for the
period 4,013 4,013
Translation
differences 962 962
Total
comprehen-
sive income
for the
period 962 4,013 4,975
Share issue 1,200 1,200
Repurchase
of own
shares -1,868 -1,868
Dividend
distribution -834 -834
Balance
at 30 Jun,
2010 11,821 20,045 1,200 1,377 17,772 52,215
Balance
at 31 Dec,
2008 11,821 20,115 - 635 17,818 50,389
Profit
for the
period 1,066 1,066
Translation
differences -103 -103
Total
comprehen-
sive income
for the
period -103 1,066 963
Dividend
distribution -844 -844
Equity
component of
convertible
loan notes -70 -70
Balance
at 30 Jun,
2009 11,821 20,045 - 531 18,039 50,437
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Jun 30, Jun 30, Dec 31,
2010 2009 2009
Carrying amount at the
beginning of the period 33,174 38,848 38,848
Additions 208 1,388 1,448
Disposals - - -
Depreciation -3,415 -3,453 -6,936
Exchange differences 859 -69 -187
Carrying amount at the
end of the period 30,826 36,714 33,174
CHANGES IN FINANCIAL LIABILITIES
1,000 euro Jan 1- Jan 1- Jan 1-
Jun 30, Jun 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 -2,021 -13,806
Repayments of
subordinated loans - -928 -928
Changes in finance
lease
liabilities -31 -74 -117
Carrying amount
at the end of
the period 1,007 14,365 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 Jun 30, Jun 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 105 97 83
Capital commitments 977 112 111
Nominal values of
derivative contracts
Currency options, call 4,000 - -
Currency
forward
agreements - 396 1,385
Electricity
derivatives 1,912 2,587 2,520
Interest rate swaps 5,786 7,071 6,429
Fair values of derivative contracts
Currency options, call 93 - -
Currency
forward
agreements - 43 -4
Electricity
derivatives -65 -460 -258
Interest rate swaps -188 -14 -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
The compensation of top management and the executive management group during the
period under review amounted to 1,033,000 euro (644,000 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-
Jun 30, Jun 30, Dec 31,
2010 2009 2009
Net sales 36,209 28,379 54,361
Change in net sales
compared to the previous
year's period, % 27.6 -16.6 -19.9
Export and foreign
operations share of
net sales, % 95.9 95.9 95.4
Operating profit before
depreciation (EBITDA) 6,566 4,668 7,206
% of net sales 18.1 16.4 13.3
Operating profit 3,152 1,215 270
% of net sales 8.7 4.3 0.5
Profit/loss before tax 3,905 863 -590
% of net sales 10.8 3.0 -1.1
Return on equity, % 15.9 4.2 -1.0
Return on investment, % 15.8 3.7 0.0
Non-interest-bearing
liabilities 13,967 9,957 10,715
Net interest-bearing
liabilities -8,120 -2,898 -4,770
Net gearing ratio, % -15.6 -5.7 -9.8
Equity ratio, % 77.9 67.7 78.9
Capital expenditure 208 1,388 1,448
% of net sales 0.6 4.9 2.7
Depreciation 3,415 3,453 6,936
Reseach and development
expenditure 1) 985 1,213 2,134
% of net sales 2.7 4.3 3.9
Average number of
personnel during
the period 341 340 337
Personnel at the end of
the period 373 343 327
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 Jun 30, Jun 30, Dec 31,
2010 2009 2009
Earnings per
share basic
and diluted 0.24 0.06 -0.03
Equity per share 3.13 2.99 2.89
Dividend per share - - 0.05
Dividens/earnings, % - - -164.7
Effective dividend
yield, % - - 1.6
Price/earnings(P/E) - - -105.4
Share performance
(Jan 1-)
Average trading price 3.30 2.31 2.54
Lowest trading price 2.98 1.81 1.81
Highest trading price 3.85 2.99 3.20
Trading price
at the end
of the period 3.64 2.70 3.20
Market capitalisation
at the end of the
period, 1,000 euro 62,927 45,596 54,040
Trading volume
(Jan 1-)
Trading volume,
transactions,
1,000 pcs 4,939 2,288 4,316
In relation to weighted
average number of
shares, % 28.8 13.5 25.6
Trading volume,
1,000 euro 16,279 5,293 10,957
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,150 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 19,688 16,521
Compared to previous
quarter % 19.2 19.6
Operating profit 2,467 684
% of net sales 12.5 4.1
Profit before tax 2,987 918
% of net sales 15.2 5.6
Net cash flow generated
from:
Operating activities 1,874 2,417
Investing activities -66 -23
Financing activities -2,406 -627
Increase/decrease in cash
and cash equivalents -599 1,767
Personnel at the end of
the period 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
the period period x trading price at the end of the
period
Trading volume = Number of shares traded during the
period/
-----------------------------------------
Weighted average number of shares during
the period
All figures of the financial tables are rounded, and consequently the sum of
individual figures can deviate from the presented sum figure.
The figures are unaudited. In the written report, the figures in parenthesis
refer to the corresponding period in the previous year.
The future estimates and forecasts in this interim report 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 Esko Sipilä, Okmetic Oyj,
tel. +358 9 5028 0286, email: esko.sipila@okmetic.com
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com
OKMETIC IN BRIEF
Take it higher
Okmetic is a technology company which supplies tailor-made silicon wafers for
sensor and semiconductor industries and sells its technological expertise to the
solar 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.
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