2015-04-29 07:00:00 CEST
2015-04-29 07:00:54 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
Okmetic Oyj Interim report 1 January - 31 March 2015: Record-high operating profit in the beginning of the year on the back of strong demand and favourable exchange rate movement
OKMETIC OYJ INTERIM REPORT 29 APRIL 2015 AT 8.00 A.M.
OKMETIC OYJ INTERIM REPORT 1 JANUARY - 31 MARCH 2015: RECORD-HIGH OPERATING
PROFIT IN THE BEGINNING OF THE YEAR ON THE BACK OF STRONG DEMAND AND FAVOURABLE
EXCHANGE RATE MOVEMENT
JANUARY-MARCH IN BRIEF:
* Net sales amounted to 21.6 (17.4) million euro, up 24.2%.
* Sensor wafer deliveries amounted to 13.9 (11.3) million euro, up 22.9%.
* Semiconductor wafer deliveries amounted to 7.0 (6.5) million euro, up 6.9%.
* Operating profit was 2.9 (0.9) million euro, corresponding to 13.5% (5.3%)
of net sales.
* Profit for the period was 2.2 (0.6) million euro.
* Basic earnings per share was 0.13 (0.04) euro.
* Net cash flow from operations amounted to 0.9 (0.6) million euro.
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
SHORT-TERM OUTLOOK
The demand for semiconductors is expected to continue on its growth track also
in 2015, although most market forecasts suggest slower growth than that seen in
2014. The silicon wafer market is anticipated to remain at the previous year's
level in terms of value, with a further decline in average prices likely to be
compensated by volume growth.
Demand for Okmetic's sensor and special wafers is expected to maintain sustained
growth in 2015. The demand and price level for these wafers seem to be more
stable than those for semiconductor wafers, which are traditionally more
sensitive to economic fluctuations and also come under greater price pressure.
The demand is anticipated to be strongest in the beginning of the year and,
according to the normal seasonal fluctuation, probably also in the third
quarter.
FINANCIAL GUIDANCE FOR 2015
Okmetic revised its guidance on 14 April 2015. According to the revised
guidance, net sales and operating profit for 2015 are estimated to clearly
exceed the level of 2014. According to the previous guidance, net sales and
operating profit for 2015 were estimated to exceed the level of 2014.
PRESIDENT KAI SEIKKU:"The beginning of 2015 saw stronger-than-anticipated demand in key customer
areas. Driven by the sensor wafer business, net sales were up 24.2 percent from
the corresponding period last year. In addition to strong demand, this robust
growth was greatly assisted by the strengthening of Okmetic's main invoicing
currency, the US dollar, against the euro. In the first quarter, North America
had by far the strongest growth, partly driven by exchange rate movements. The
market area's share of the total value of deliveries increased to 45 percent
after having remained around 38 percent throughout 2014.
The value of sensor wafer deliveries reached a record high (13.9 million euro)
in the first quarter. Wafers based on SOI technology, a long-standing area of
focus for Okmetic, likewise saw the value of deliveries reach an all-time high.
The shift in the customer base from 150 mm silicon wafers to 200 mm wafers was
accelerated. Customers in both sensor wafers and semiconductor wafers are
increasing the share of the larger wafer size in their business. As Okmetic sees
it, the 200 mm wafer market is not replacing but rather emerging alongside the
150 mm market, where demand is expected to remain at a good level for many years
ahead.
Operating expenses grew at a slower rate than net sales, as planned, and
operating profit before depreciation (EBITDA) as well as operating profit showed
a clear improvement. Besides the strong performance, what explains this notable
improvement in EBITDA (4.5 million euro, up 79%) and operating profit (2.9
million euro, up 215%) is the relatively modest result in the comparison period.
The almost three-year downturn in the silicon wafer industry only ended in
spring 2014. The operating profit (13.5% of net sales) exceeded the company's
long-term target of 10 percent. Meanwhile, the level of working capital was
disappointingly high relative to the size of the operation, owing to surplus
inventory caused by polysilicon purchasing obligations. Return on equity,
however, recovered to a good level on the back of the improved operating profit
before depreciation (EBITDA).
Okmetic gained significant new customers and positive customer qualifications in
2014, and this will contribute to growth in 2015. The fundamentals suggest a
positive long-term growth outlook for many areas that are key to Okmetic's
customers, including sensor applications for consumer electronics and the
automotive industry, as well as radio frequency (RF) applications."
KEY FIGURES
1,000 euro 1 Jan- 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec, 31 Dec,
2015 2014 2014 2013
Net sales 21,612 17,405 74,104 68,516
Operating profit before
depreciation (EBITDA) 4,545 2,546 12,985 10,905
Operating profit 2,923 928 6,401 5,031
% of net sales 13.5 5.3 8.6 7.3
Profit for the period 2,165 641 4,832 3,842
Basic earnings per
share, euro 0.13 0.04 0.29 0.23
Net cash flow from
operating activities 896 632 12,478 9,726
Net interest-bearing
liabilities 4,033 8,898 -1,110 6,530
Equity ratio, % 68.6 68.4 70.5 68.2
Average number of
personnel during the
period 372 355 370 363
MARKETS
Customer industries sensor and semiconductor industries
Sensor industry
According to different estimates, the sales value of sensor industry increased
by 6-12 percent in 2014 compared to the previous year. Above all, the increasing
use of mobile applications has accelerated sensor sales growth. In 2015, the
sales value of sensor industry is estimated to grow 6-11 percent, and annual
growth of 7-13 percent is forecasted for the next few years. In terms of volume,
sensor shipments are likely to clearly rise to a new record in 2015. (IHS, Yole,
IC Insights, Semico)
Certain silicon-based microelectromechanical (MEMS) products within the sensor
segment have higher sales growth than the others. The increasing amount of
sensors in mobile devices has significantly accelerated the demand for e.g.
pressure sensors and microphones. Silicon-on-insulator (SOI) technology is
increasingly used in the manufacture of these products, among others. Okmetic is
a pioneering supplier of SOI wafers for the sensor industry.
Semiconductor industry
The global semiconductor industry's sales reached a new record in 2014. The
estimates range from 336 to 355 billion US dollars, which corresponds to an
annual growth of 6-10 percent (WSTS, SIA, IHS, IC Insights). In January-February
2015, the semiconductor industry's sales in US dollars fell by four percent from
November-December 2014, however exceeding the corresponding period in 2014 by
eight percent (SIA).
The semiconductor market is expected to grow 3-8 percent during 2015, and growth
is expected to continue in 2016 (WSTS, Gartner, IHS, IC Insights). Due to
seasonal fluctuation, fourth quarter is expected to be weaker than the rest of
the year.
Silicon wafer market
According to the estimate published 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 grew by 11
percent in 2014 and reached a record-high level. SEMI has not yet published its
figures for this year. Okmetic estimates that the demand for silicon wafers was
somewhat higher in the first quarter of 2015 than in the first and fourth
quarter of 2014. In 2015-2017, the surface area is estimated to grow 3-5 percent
annually (Infiniti Research, SEMI). The total value of the silicon wafer market
in 2015 is expected to remain at the level of 2014.
The key customer areas for Okmetic in the silicon wafer market
In line with its strategy, Okmetic seeks niches in the silicon wafer market,
where growth exceeds market average and in which the company has special
expertise. Okmetic supplies primarily 150 mm and 200 mm wafers. The sensor/MEMS
industry is a key growth area for Okmetic. The MEMS market grows as portable
consumer products, automotive electronics, and industrial process control
increase. In the future, a central growth driver for the sensor industry will be
the Internet of Things, which will utilise sensor-produced data in communication
between devices.
In the semiconductor market, Okmetic's growth areas include wafers for the
production of discrete and power semiconductors. In these wafer markets, areas
for growth include, among others, components used in the production of renewable
energy, increasing automotive electronics, electric cars, portable consumer
products, as well as different solutions related to power supply and efficiency
improvement. In these areas Okmetic has launched new products to the market.
SALES
In January-March, Okmetic's net sales amounted to 21.6 (17.4) million euro. Net
sales grew 24.2 (6.1) percent compared to the corresponding period last year,
especially due to strong demand for sensor wafers and strengthening of US
dollar. With comparable exchange rates, net sales grew 10.3 percent from the
comparison period. Sales improved towards the end of the first quarter, and
Okmetic's market share remained stable in the product groups important to the
company.
As of 1 January 2015, Okmetic reports the value of deliveries in euro amounts
instead of percentage shares. In Okmetic's view, reporting the value of
deliveries best represents sales development and enables comparison between
reporting periods. The difference between the value of deliveries and net sales
is explained by the fact that unlike net sales, the value of deliveries does not
account for exchange rate differences in accounts receivable. Meanwhile,
deliveries include inventory shipped to customers on consignment during the
period, for which no net sales are recognised at the time of shipping.
As of 1 January 2015, Okmetic reports Other business under Semiconductor wafer
deliveries. This change is due to the considerable diminishing of Other
business. The figures of the previous periods have been revised to enable
comparison.
Value of deliveries per customer area
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Sensor wafers 13,875 11,294 46,119
Semiconductor wafers 6,954 6,506 27,001
Total 20,829 17,800 73,120
Solid demand for sensor wafers continued in the first quarter. The value of
deliveries grew 22.9 percent from the comparison period. The continued strong
growth in production and delivery volumes of the strategically important SOI
wafers was particularly positive. The use of sensors and their requirement level
are expected to keep increasing owing to Internet of Things as well as
proliferation of sensor applications in the automotive industry and in portable
devices like smart phones, cameras, game consoles, and wearable electronics
(e.g. smart watches).
Value of semiconductor wafer deliveries grew 6.9 percent from the comparison
period.
Value of deliveries per market area
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
North America 9,461 6,623 27,799
Europe 7,336 7,138 29,554
Asia 4,032 4,039 15,765
Total 20,829 17,800 73,120
The value of deliveries showed solid growth in North America due to very strong
demand for both sensor and semiconductor wafers, as well as favourable
development of the US dollar. In Europe and in Asia the demand for sensor wafers
grew, but the value of semiconductor wafer deliveries fell from the comparison
period.
PROFITABILITY
January-March
In January-March, Okmetic's operating profit amounted to 2.9 (0.9) million euro,
corresponding to 13.5 (5.3) percent of net sales. Improvement in operating
profit was due to strong sales growth in sensor wafers and SOI wafers in
particular, as well as strengthening of US dollar compared to euro. Profit for
the period was 2.2 (0.6) million euro. Basic earnings per share was 0.13 (0.04)
euro. Diluted earnings per share was 0.13 (0.04) euro.
FINANCING
The company's financial position is solid. In January-March, net cash flow from
operations amounted to 0.9 (0.6) million euro.
On 31 March 2015, the company's interest-bearing liabilities amounted to 13.2
(12.6) million euro.
At the end of the period, the cash and cash equivalents amounted to 9.2 (3.7)
million euro. On 31 March 2015, the company's net interest-bearing liabilities
amounted to 4.0 (8.9) million euro. The company has ensured liquidity with
committed credit facilities of 6.0 million euro. On 31 March 2015, the committed
credit facilities were unused.
Return on equity amounted to 13.8 (4.4) percent, and return on investment to
15.0 (5.4) percent. The company's equity ratio was 68.6 (68.4) percent. Equity
per share was 3.66 (3.46) euro.
CAPITAL EXPENDITURE
In January-March, capital expenditure amounted to 1.6 (1.1) million euro. The
investments mainly focused on increasing capacity and capability for SOI and
200 mm wafers.
PRODUCT DEVELOPMENT
In January-March, the company expensed 0.7 (0.7) million euro in product
development projects, corresponding to 3.3 (3.9) percent of net sales. Product
development costs have not been capitalised.
In the first quarter of 2015, focus areas in Okmetic's product development
projects included development of a new SOI product to be used in new application
areas, deployment of new processes to improve productivity, as well as process
development for sophisticated C-SOI wafers.
PERSONNEL
Okmetic employed on average 372 (355) people in January-March. At the end of the
period, Okmetic employed 375 (354) people, of which 329 worked in Finland, 40 in
the US, five in Japan, and one in Hong Kong.
BUSINESS RISKS
There have been no significant changes in the company's near future business
risks and uncertainties. However, changes in macro economy may indirectly have
an influence also on Okmetic's business.
Okmetic's business is confronted by risks, which may arise from the company's
operations or changes in its operating environment. Risks that, if materialised,
can have an adverse effect on the company's operations and valuation are
described below.
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.
Okmetic has existing polysilicon purchasing obligations partly until 2016. Due
to the purchasing obligations, the company's net working capital will remain at
a high level relative to the size of the operation far into 2016.
Okmetic's share of the global silicon wafer market is around one percent, and
market prices have a notable effect on the price development of the company's
products. The company has considerable pricing power only with its own special
products. The pricing of other wafers is largely based on global market price.
Okmetic operates globally, and therefore the company's business is affected by
risks due to exchange rate fluctuations, consisting of cash flows from purchases
and sales. A significant part of sales are conducted in US dollars. Despite
hedging of the forecasted open currency position, 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.
SHARES AND SHAREHOLDERS
On 31 March 2015, Okmetic Oyj's paid-up share capital, as entered in the Finnish
Trade Register, was 11,821,250.00 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.
Major shareholders on
31 March 2015
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,004,985 5.8
Ingman Finance Oy Ab 900,000 5.2
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Nordea Nordic Small
Cap Fund 509,095 2.9
Varma Mutual Pension
Insurance Company 477,175 2.8
Okmetic Oyj 416,763 2.4
Etra-Invest Oy Ab 400,000 2.3
Investment fund Taaleritehdas Arvo
Markka Osake 230,000 1.3
Investment fund Taaleritehdas Mikro
Markka 229,456 1.3
Foreign investors and
nominee accounts held by
custodian banks 3,145,860 18.2
Other 8,574,166 49.6
Total 17,287,500 100.0
SHARE PRICE PERFORMANCE AND TRADING
A total of 2.4 (1.1) million shares were traded between 1 January and 31 March
2015, representing 13.6 (6.4) percent of the weighted average of share total of
17.3 (17.3) million during the period. The lowest quotation during the period
was 4.80 (4.38 euro), the highest 7.25 (5.25) euro, and the average 5.74 (4.75)
euro. The closing quotation of the period on 31 March 2015 was 6.59 (4.55) euro.
At the end of the period, the market capitalisation amounted to 113.9 (78.7)
million euro.
DIVIDENDS PAID
In January 2015, the company paid 5.1 million euro dividends. Dividend per share
was 0.30 euro. In 2014, the company paid no dividends.
OWN SHARES AND DIRECTED SHARE ISSUES
At the end of the reporting period, Okmetic held 416,763 (432,204) own shares
corresponding to approximately 2.4 (2.5) percent of all Okmetic shares and
votes.
OTHER EVENTS IN THE INTERIM PERIOD
Extraordinary general meeting took place on 12 January 2015. The extraordinary
general meeting decided, in accordance with the proposal of the board of
directors, to distribute a dividend of 0.30 euro per share (5,061,221.10 euro in
total). The dividend was paid to shareholders who were registered in the
shareholder register maintained by Euroclear Finland Ltd. on the dividend record
date, 14 January 2015. The payment of the dividend took place on 21 January
2015.
EVENTS AFTER THE INTERIM PERIOD
On 14 April 2015 Okmetic announced that the company revises its guidance on net
sales and operating profit for 2015. According to the revised guidance, net
sales and operating profit for 2015 are estimated to clearly exceed the level of
2014.
Annual general meeting on 14 April 2015
Okmetic Oyj's annual general meeting on 14 April 2015 adopted the annual
accounts and the consolidated annual accounts for 2014 and discharged the
company's management from liability. The annual general meeting decided to
distribute a dividend of 0.15 euro per share for the financial year 2014. The
dividend was paid on 23 April 2015. Including the dividend paid in January
2015, the company has paid a total of 0.45 euro dividend per share in 2015.
The general meeting decided, in accordance with the board's proposal, to
authorise the board of directors to decide at its discretion on payment of
dividend should the company's financial situation permit this. The additional
dividend paid on the basis of the authorisation, summing up all possible
separate decisions on dividend payment, may amount up to a maximum of 0.60 euro
per share and 10,200,000 euro in total. The annual general meeting also ratified
the board's proposal to authorise the board to decide on repurchase and/or
acceptance as pledge of the company's own shares as well as on issuance of
shares, transfer of the company's own shares, and issuance of special rights
entitling to shares.
The annual general meeting confirmed that the company's board of directors
consists of five members. Mr. Jan Lång, Mr. Hannu Martola, Mr. Mikko Puolakka
and Mr. Henri Österlund were re-elected as members of the board of directors and
Ms. Riitta Mynttinen was elected as a new board member until the end of the next
annual general meeting. The board of directors elected Jan Lång as chairman and
Henri Österlund as vice chairman in its organising meeting held immediately
after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was re-elected as
auditor, with APA Mikko Nieminen as principal auditor.
A separate stock exchange release on the decisions of the annual general meeting
and authorisations given to the board of directors was published on 14 April
2015.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 MARCH 2015 (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 2014 except for the
effect of changes required by the adoption of certain new or revised standards
and interpretations as of 1 January 2015, which have been described in financial
statements 2014. The adoption of the new and revised 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 Jan- 1 Jan.- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Net sales 21,612 17,405 74,104
Cost of sales -15,878 -14,072 -58,909
Gross profit 5,734 3,333 15,195
Other income and
expenses -2,810 -2,405 -8,794
Operating profit 2,923 928 6,401
Financial income and
expenses -142 -36 -350
Profit before tax 2,781 892 6,051
Income tax -616 -251 -1,219
Profit for the period 2,165 641 4,832
Other comprehensive
income:
Items that may be
reclassified to profit or
loss in subsequent
periods
Cash flow hedges -2 -20 -11
Translation differences 916 -3 891
Other comprehensive
income for the period,
net of tax 914 -23 880
Total comprehensive
income for the period 3,079 618 5,712
Profit for the period
attributable to:
Equity holders of the
parent company 2,165 641 4,832
Total comprehensive
income attributable to:
Equity holders of the
parent company 3,079 618 5,712
Basic earnings per
share, euro 0.13 0.04 0.29
Diluted earnings per
share, euro 0.13 0.04 0.29
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Assets
Non-current assets
Property, plant and equipment 42,941 44,827 42,538
Intangible assets 575 881 657
Other receivables 708 1,420 794
Total non-current assets 44,224 47,128 43,990
Current assets
Inventories 18,103 17,898 17,890
Receivables 18,623 16,826 14,347
Cash and cash equivalents 9,194 3,748 14,436
Total current assets 45,919 38,472 46,672
Total assets 90,143 85,600 90,662
Equity and liabilities
Equity
Equity attributable to equity
holders of the parent company
Share capital 11,821 11,821 11,821
Other equity 49,850 46,507 51,805
Total equity 61,671 58,328 63,627
Liabilities
Non-current liabilities 13,358 9,540 13,561
Current liabilities 15,114 17,731 13,475
Total liabilities 28,472 27,271 27,036
Total equity and liabilities 90,143 85,600 90,662
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan.- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Cash flows from operating
activities:
Profit before tax 2,781 892 6,051
Adjustments 1,565 1,705 6,494
Change in working capital -3,142 -1,954 352
Financial items -306 -77 -486
Tax paid -2 67 67
Net cash from
operating activities 896 632 12,478
Cash flows from investing
activities:
Purchases of property, plant and equipment
-1,740 -1,637 -4,345
Proceeds from sale of property,
plant and equipment - - 710
Net cash used in
investing activities -1,740 -1,637 -3,635
Cash flows from financing
activities:
Proceeds from long-term
borrowings 1,000 - 5,000
Proceeds of short-term
borrowings - 4,000 4,000
Payments of long-term
borrowings -1,000 -1,000 -3,000
Payments of short-term
borrowings - -2,024 -4,024
Payments of finance
lease liabilities -159 -138 -595
Other items - 36 36
Dividends paid -5,061 -578 -578
Share issue - 750 750
Acquisition of Okmetic
Management Oy's share capital - -1,516 -1,539
Net cash used in
financing activities -5,221 -472 50
Increase (+) / decrease (-) in
cash and cash equivalents -6,064 -1,477 8,893
Exchange rate changes 822 11 329
Cash and cash equivalents at
the beginning of the period 14,436 5,214 5,214
Cash and cash equivalents at
the end of the period 9,194 3,748 14,436
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent
company
Share Share Reserve Other Retained Total
capital premium for invested reserves earnings
unrestricted 1)
1 000 euroa equity
Balance at
31 Dec, 2014 11,821 20,045 753 2,636 28,372 63,627
Profit for
the period 2,165 2,165
Other com-
prehensive
income,
net of tax:
Cash flow
hedges -2 -2
Translation
differences 916 916
Total com-
prehensive
income for
the period 914 2,165 3,079
Share-based
payments 26 26
Dividend
distribution -5,061 -5,061
Balance at
31 Mar, 2015 11,821 20,045 753 3,550 25,501 61,671
Balance at
31 Dec, 2013 11,821 20,045 3 1,756 23,647 57,273
Profit for
the period 641 641
Other com-
prehensive
income,
net of tax:
Cash flow
hedges -20 -20
Translation
differences -3 -3
Total com-
prehensive
income for
the period -23 641 618
Share issue 750 750
Share-based
payments 45 45
Acquisition of
non-
controlling
interest -357 -357
Balance at
31 Mar, 2014 11,821 20,045 753 1,732 23,977 58,328
1)"Other reserves" contains hedge reserve and translation differences.
Acquisition of shares of Okmetic Management Oy is treated as acquisition of non-
controlling interest. Okmetic Management Oy was merged in the parent company on
30 November 2014.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Carrying amount at the beginning
of the period 42,538 45,295 45,295
Additions 1,587 1,068 3,627
Disposals - - -520
Depreciation -1,540 -1,538 -6,257
Exchange differences 356 2 393
Carrying amount at the end of
the period 42,941 44,827 42,538
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Loans, secured with collaterals 7,000 9,000 7,000
Collaterals 15,110 17,128 15,110
Off-balance sheet
lease commitments 323 395 308
Capital commitments 2,653 1,293 2,689
Nominal values of
derivative contracts
Currency options, call 595 646 1,193
Currency options, put - 72 -
Currency forward agreements 4,518 1,963 3,979
Electricity derivatives 897 1,657 1,076
Fair values of
derivative contracts
Currency options, call 1 4 6
Currency options, put - -1 -
Currency forward agreements -215 5 -85
Electricity derivatives -249 -420 -244
The contract price of the derivatives has been used as the nominal value of the
underlying asset.
HIERARCHY LEVELS OF DERIVATIVE CONTRACTS MEASURED AT FAIR VALUE
1,000 euro 31 Mar, 2015 31 Mar, 2014
Level Level Level Level Level Level
1 2 3 1 2 3
Financial assets
Derivative financial
instruments - 3 - 99 8 -
Financial liabilities
Derivative financial
instruments 249 217 - 519 - -
Fair value estimation
The group's financial instruments that are measured at fair value comprise
derivatives used for hedging and held for trading.
Fair values of level 1 instruments are based on quoted prices (unadjusted) in
active markets for identical assets or liabilities.
Fair values of level 2 instruments are based on other data than quoted prices in
active markets, but on the data from which the asset is observable, either
directly (i.e. price) or indirectly (i.e. derived from the prices).
Electricity derivatives are classified as level 1, currency derivatives as level
2.
Fair value determination
The fair value of electricity derivatives is based on quoted market prices. The
fair value of currency forwards and options is determined on the basis of market
and contract prices of the agreements at the reporting date by applying commonly
used valuation techniques.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Net sales 21,612 17,405 74,104
Change in net sales compared to
the previous year's period, % 24.2 6.1 8.2
Export and foreign operations
share of net sales, % 91.0 88.3 90.7
Operating profit before
depreciation (EBITDA) 4,545 2,546 12,985
% of net sales 21.0 14.6 17.5
Operating profit 2,923 928 6,401
% of net sales 13.5 5.3 8.6
Profit before tax 2,781 892 6,051
% of net sales 12.9 5.1 8.2
Return on equity, % 13.8 4.4 8.0
Return on investment, % 15.0 5.4 8.7
Non-interest-bearing liabilities 15,246 14,625 13,710
Net interest-bearing liabilities 4,033 8,898 -1,110
Net gearing ratio, % 6.5 15.3 -1.7
Equity ratio, % 68.6 68.4 70.5
Capital expenditure 1,587 1,068 3,627
% of net sales 7.3 6.1 4.9
Depreciation 1,622 1,618 6,584
Research and development
expenditure 712 672 2,472
% of net sales 3.3 3.9 3.3
Average number of personnel
during the period 372 355 370
Personnel at the end of the
period 375 354 367
KEY FIGURES PER SHARE
Euro 31 Mar, 31 Mar, 31 Dec,
2015 2014 2014
Basic earnings
per share 0.13 0.04 0.29
Diluted earnings per share 0.13 0.04 0.29
Equity per share 3.66 3.46 3.77
Dividend per share 1) - - 0.45
Dividends/earnings, % - - 155.2
Effective dividend yield, % - - 9.3
Price/earnings(P/E) - - 16.8
Share performance (1 Jan-)
Average trading price 5.74 4.75 4.68
Lowest trading price 4.80 4.38 4.28
Highest trading price 7.25 5.25 5.25
Trading price at the 6.59 4.55 4.83
end of the period
Market capitalisation at the
end of the period, 1,000 euro 113,925 78,658 83,499
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 2,353 1,105 3,778
In relation to weighted
average number of shares, % 13.6 6.4 21.9
Trading volume, 1,000 euro 13,516 5,286 17,704
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 equity per share, Okmetic's own shares and the Okmetic shares
owned by Okmetic Management Oy are deducted from the total number of shares.
Okmetic Management Oy was merged in the parent company on 30 November 2014.
1) The figure for 2014 contains the dividend distributed in January 2015, 0.30
euro per share and the dividend distributed in April 2015, 0.15 euro per share.
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2015 2015 2015 2015
Net sales 21,612
Compared to previous quarter % 15.7
Compared to corresponding
period last year, % 24.2
Operating profit 2,923
% of net sales 13.5
Profit before tax 2,781
% of net sales 12.9
Net cash flow generated from:
Operating activities 896
Investing activities -1,740
Financing activities -5,221
Increase/decrease in cash
and cash equivalents -6,064
Personnel at the end of the period 375
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2014 2014 2014 2014
Net sales 18,679 19,320 18,700 17,405
Compared to previous quarter % -3.3 3.3 7.4 3.4
Compared to corresponding
period last year, % 10.9 5.9 9.8 6.1
Operating profit 1,579 2,757 1,137 928
% of net sales 8.5 14.3 6.1 5.3
Profit before tax 1,257 2,806 1,096 892
% of net sales 6.7 14.5 5.9 5.1
Net cash flow generated from:
Operating activities 6,270 3,644 1,932 632
Investing activities -996 261 -1,263 -1,637
Financing activities -1,180 -3,157 4,859 -472
Increase/decrease in cash
and cash equivalents 4,093 748 5,528 -1,477
Personnel at the end of the period 367 363 393 354
DEFINITIONS OF KEY FINANCIAL FIGURES
Value of deliveries = Net sales excluding currency exchange
rate differences in accounts receivable
and including inventory shipped to
customers on consignment during the
period, for which no net sales are
recognised at the time of shipping.
Operating profit before = Operating profit + depreciation
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
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 future estimates and forecasts in this financial statements release are
based on the company management's current knowledge. Actual events and results
may differ from the estimates presented here.
INTERIM REPORT BRIEFING
A briefing for investors, analysts and media will take place today, Wednesday
29 April at 8.30 a.m. in Helsinki Stock Exchange building, Fabianinkatu 14,
Helsinki (2nd floor, entrance via Nasdaq's reception). The result will be
presented by President Kai Seikku.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku, Okmetic Oyj,
tel. +358 5028 0232, 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
Okmetic is a technology company which supplies tailor-made silicon wafers for
sensor and semiconductor industries. 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 Helsinki under the code OKM1V. For more
information on the company, please visit our website at www.okmetic.com.
[HUG#1916012]
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