2013-04-25 07:00:00 CEST
2013-04-25 07:00:49 CEST
REGLERAD INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1 JANUARY - 31 MARCH 2013: SOLID BEGINNING OF THE YEAR DESPITE STRUCTURAL CHANGES OF BUSINESS OPERATIONS
OKMETIC OYJ STOCK EXCHANGE RELEASE 25 APRIL 2013 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 31 MARCH 2013: SOLID BEGINNING OF THE YEAR DESPITE
STRUCTURAL CHANGES OF BUSINESS OPERATIONS
Unless otherwise stated, figures in parenthesis refer to the corresponding
period of the previous year.
JANUARY-MARCH IN BRIEF:
* Net sales amounted to 16.4 (18.9) million euro, down 13.2%.
* Silicon wafer shipments amounted to 15.5 (15.2) million euro, up 1.7%.
* Operating profit was 1.4 (1.5) million euro corresponding to 8.4% of net
sales.
* Profit for the period was 1.2 (0.7) million euro.
* Basic earnings per share was 0.07 (0.04) euro.
* Net cash flow from operations amounted to 0.8 (-1.0) million euro.
PROJECTIONS FOR THE NEAR FUTURE
In 2013, the semiconductor industry's demand is estimated to take an upward turn
again, and the sensor industry is forecast to continue on its growth track.
The demand for sensor wafers manufactured by Okmetic is estimated to be fairly
stable throughout 2013. Due to normal seasonal fluctuation, the demand for
semiconductor wafers will be slower in the beginning of the year and is likely
to pick up in the second quarter.
Okmetic strives to outgrow the markets in its core business as a manufacturer of
demanding silicon wafers in the current financial year as well. Technology
sales, instead, have contracted significantly as a result of the solar cell
industry's plummeted price level, which means structural change in the company's
business. In 2013, the company's business will largely consist of silicon wafer
sales. Nevertheless, the forecast growth of silicon wafer sales will not fully
compensate for the steep decline in technology sales, which is why the company's
net sales will decrease in 2013. Technology sales are reported under the title
Other business as of 1 January 2013 due to their diminished weigh and varying
content.
The company retains existing guidance, according to which net sales and
operating profit for 2013 are estimated to remain under the level of 2012.
PRESIDENT KAI SEIKKU:"In the first quarter, net sales decreased as anticipated due to considerable
decline in technology sales. Demand for silicon wafers was low in the beginning
of the year but, nevertheless, showed minor growth in relation to the comparison
period. It was positive that the operating profit developed slightly better than
the company expected. In addition, profit for the period, earnings per share,
and net cash flow from operations strengthened clearly compared to the
corresponding period last year. Net cash flow was improved by the reimbursement
of income tax advances from 2012.
Reasonably good profitability was primarily based on successful cost management.
Minor extraordinary items and exchange rate changes improved the result of the
first quarter. By contrast, manufacturing of epitaxial wafers continued to be
unprofitable at the Allen production plant.
Sensor wafer sales showed strong, over 10 percent growth in the beginning of the
year. Due to good sales growth and decline in technology sales, the sensor
wafers' share of net sales exceeded the level of 50 percent for the first time
and amounted to as much as 60 percent. This development complies with Okmetic's
long-term strategy. Despite the global macroeconomic challenges, demand outlook
in the sensor industry is positive, since the amount of sensor applications
continues to increase in many areas of life. Okmetic is a market leader and a
forerunner as a supplier of demanding sensor wafers.
Demand for semiconductor wafers was low in the beginning of the year, as is
seasonally typical. Asia's relative proportion of the company's entire net sales
declined in the period under review. This was particularly due to the
discontinuation of technology sales, or solar crystal shipments, that have been
previously targeted to Asia, but also due to low demand in the Japanese market.
The first quarter of the calendar year is typically the last in Japan, which is
when the market usually slows down.
The silicon wafer market will partly pick up in the second quarter, and at the
moment it seems that demand will be strongest in the third quarter. The lower-
than-anticipated demand in the PC market and for certain consumer electronics
devices create uncertainty of demand in the ongoing second quarter.
The company is currently in discussions to licence crystal growing expertise.
Possible transactions will be communicated separately."
KEY FIGURES
1,000 euro 1 Jan- 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec, 31 Dec,
2013 2012 2012 2011
Net sales 16,403 18,902 83,074 83,186
Operating
profit
before
depreciation
(EBITDA) 2,725 3,052 13,864 18,069
Operating
profit 1,373 1,535 8,018 11,817
% of net sales 8.4 8.1 9.7 14.2
Profit for
the period 1,218 712 5,089 10,235
Basic earnings
per share,
euro 0.07 0.04 0.31 0.61
Net cash flow
from operating
activities 811 -996 9,425 11,691
Net interest-
bearing
liabilities 2,003 -6,071 -1,688 -10,257
Equity ratio, % 67.3 79.2 72.2 78.9
Average number
of personnel
during the period 358 351 368 363
MARKETS
Customer industries sensor and semiconductor industries
Sensor industry
According to different estimates, the sale value of sensor industry increased by
approximately 6-10 percent in 2012 compared to the previous year. The
development of sensor sales has been positively influenced by the increased use
of micro sensors in many consumer electronics products. In 2013, the sale value
of sensor industry is estimated to increase by 8-11 percent compared to 2012. In
terms of volume, the sensor shipments are likely to clearly rise to a record
level in 2013. For the next few years, the sale value of sensor industry is
estimated to grow 8-13 percent annually. (IHS, Yole)
Semiconductor industry
In the last quarter of 2012, the semiconductor industry's sales in US dollars
followed the seasonal fluctuation pattern typical of the industry. Even though
the sales in the last quarter of 2012 grew from the previous year, the sales for
the whole year were 2.7 percent below the level of the previous year (SIA). The
markets are expected to recover from the second quarter of 2013 onwards and
therefore, the growth estimates for the whole year settle between 4.0 and 5.6
percent (TSMC, WSTS, Gartner, iSuppli). The growth is expected to continue also
in the following year.
Silicon wafer market
According to the report of 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 in 2012 calculated in
square inches equaled the previous year's surface area as was estimated earlier.
As a consequence of price erosion the silicon wafer market measured in US
dollars decreased in 2012. The surface area is estimated to grow around 4.4
percent in 2013 (Gartner).
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.
CHANGE IN SALES REPORTING PER CUSTOMER AREA
Okmetic has changed its sales reporting per customer area as of the beginning of
2013. According to the new policy, technology sales are reported under the title
Other business because of their diminished weigh and varying content.
SALES
In January-March, Okmetic's net sales were 16.4 (18.9) million euro. The net
sales decreased by 13.2 percent (decrease of 14.3%) compared to the
corresponding period last year mainly as a result of declining other business.
Okmetic's market share remained stable in product areas important to the
company, and the sales started to pick up towards the end of the first quarter
as was anticipated.
Sales per customer area
1 Jan- 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec, 31 Dec,
2013 2012 2012 2011
Sensors 60% 46% 47% 46%
Semiconductors 37% 34% 38% 35%
Other business 3% 20% 15% 19%
The demand for sensor wafers continued strong and in January-March, the value of
shipments was 10.5 percent higher than in the corresponding period last year.
The demand for sensor wafers is estimated to continue solid throughout the year
2013.
The downturn of the semiconductor industry began to gradually change direction
in the end of the first quarter, which improved semiconductor wafer sales.
Because of low demand during January-February, the value of shipments in
January-March was 10.1 percent lower than in the corresponding period last year.
During January-March, the value of shipments in other business was 0.5 million
euro.
Sales per market area
1 Jan- 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec, 31 Dec,
2013 2012 2012 2011
North America 39% 36% 37% 37%
Europe 36% 26% 27% 30%
Asia 25% 38% 35% 33%
In the first quarter, Okmetic's sales were strongest in North America and
Europe. Asia's relative proportion of net sales decreased in the period under
review.
PROFITABILITY
January-March
In January-March, Okmetic's operating profit was 1.4 (1.5) million euro. The
operating profit accounted for 8.4 (8.1) percent of net sales. Profit for the
period was 1.2 (0.7) million euro. Basic earnings per share was 0.07 (0.04)
euro. Diluted earnings per share was 0.07 (0.04) euro.
FINANCING
The company's financial position is good. In January-March, net cash flow from
operations amounted to 0.8 (-1.0) million euro. Changes in working capital
weakened the net cash flow by 2.6 (3.9) million euro. The reimbursement of
income tax advances from 2012 improved the net cash flow of the period by 1.1
million euro.
On 31 March 2013, the company's interest-bearing liabilities amounted to 15.9
(1.0) million euro.
Okmetic announced in January that it has signed a five-year loan agreement for
10 million euro. The loan is used for the earlier announced investments and
general corporate purposes.
At the end of the period, the cash and cash equivalents amounted to 13.9 (7.2)
million euro. On 31 March 2013, the company's cash and cash equivalents were
2.0 million euro lower than the interest-bearing liabilities (on 31 March 2012,
the cash and cash equivalents were 6.2 million euro higher than the interest-
bearing liabilities). The company has ensured the sufficiency of cash funds by a
credit facility of 6.0 million euro. On 31 March 2013, 3.0 million euro of the
credit facility was in use (on 31 March 2012 the credit facility was undrawn).
Return on equity amounted to 7.8 (4.6) percent. The company's equity ratio was
67.3 (79.2) percent. Equity per share was 3.80 (3.69) euro.
INVESTMENTS
In January-March, Okmetic's capital expenditure amounted to 2.6 (2.6) million
euro. The investments concerned debottlenecking and automatisation of wafer
production lines.
PRODUCT DEVELOPMENT
In January-March, the company expensed 0.6 (0.5) million euro in product
development projects. Product development costs accounted for 3.9 (2.8) percent
of the net sales. The product development costs have not been capitalised. The
product development has been allocated to SOI wafers as well as high and low
resistivity wafers.
PERSONNEL
In January-March, Okmetic employed 358 (351) people on average. At the end of
the period, Okmetic employed 354 (352) people of which 313 worked in Finland,
36 in the US, four in Japan, and one in Hong Kong.
BUSINESS RISKS
There have been no essential changes in the company's near future business risks
and uncertainties.
Okmetic's silicon wafer sales are targeted at the sensor and semiconductor
producers in the electronics industry. The demand for semiconductor wafers is
sensitive to economic fluctuations and changes in the market situation can be
sudden and dramatic. The demand for sensor wafers is more stable. The
proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations.
Technology sales have in recent years been mainly crystal sales to the solar
cell industry. Okmetic has existing polysilicon purchasing obligations partly
until 2015. As the price level of the solar cell market has dropped, the
validity of long-term polysilicon contracts typical of the industry may cause a
price risk.
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 exchange rate fluctuations, consisting of the cash
flows of purchases and sales. A significant part of sales are conducted in US
dollars. Despite hedging, the company remains exposed to exchange rate
fluctuations.
Substantial volumes of electricity are used in Okmetic's production. Despite
hedging, the company is exposed to fluctuations in the price of electricity.
SHARES AND SHAREHOLDERS
On 31 March 2013, 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 2013
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,549,985 9.0
Oy Ingman Finance Ab 870,000 5.0
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Nordea Nordic Small
Cap Fund 517,660 3.0
Varma Mutual Pension
Insurance Company 477,175 2.8
Etra-Invest Oy Ab 400,000 2.3
Okmetic Management Oy 400,000 2.3
Okmetic Oyj 227,946 1.3
Investment Fund
Taaleritehdas Arvo Markka
Osake 225,100 1.3
Foreign investors and
nominee accounts held by
custodian banks 2,919,789 16.9
Other 8,315,091 48.1
Total 17,287,500 100.0
SHARE PRICE PERFORMANCE AND TRADING
A total of 1.0 (1.1) million shares were traded between 1 January and 31 March
2013, representing 5.8 (6.6) percent of the weighted average of share total of
17.3 (17.3) million during the period. The lowest quotation during the period
was 4.33 (4.98) euro, and the highest 5.15 (6.01) euro, with the average being
4.71 (5.63) euro. The closing quotation for the period was 4.53 (5.82) euro. At
the end of the period, the market capitalisation amounted to 78.3 (100.6)
million euro.
DISCLOSURES OF HOLDINGS
On 12 March 2013 the total holdings that Oy Ingman Finance Ab (Trade Register
number 2241895-0) had in the company rose to 5.03 percent.
OWN SHARES AND DIRECTED SHARE ISSUES
On 12 February 2013, Okmetic Oyj's board of directors announced of its decision
to transfer a total of 18,540 own shares held by the company as a part of the
company's share-based incentive scheme for the executive management group, of
which the company has given a stock exchange release on 8 February 2012. All the
shares were issued to the members of the executive management group in deviation
from the shareholders' pre-emptive rights (directed share issue).
The rewards of the share reward programme were paid in Okmetic shares and in a
monetary amount covering taxes. The directed share issue without payment was
executed in full as there was no consideration related to the issue.
At the end of the reporting period Okmetic held 209,406 (241,543) own shares,
which is approximately (1.2) 1.4 percent of Okmetic's all shares and votes.
More information relating to own shares and directed share issues can be found
on the company website www.okmetic.com > Investors > Share information > Own
shares.
OTHER EVENTS IN THE INTERIM PERIOD
Okmetic's board of directors decided on the share reward programme for the
executive management group for 2013 as a part of the company's incentive and
commitment plan in its meeting on 11 February 2013. The purpose of the programme
is to commit and incentivise the executive management group to grow the
shareholder value in the long run.
The programme's earning period is calendar year 2013. The possible rewards of
the share reward programme will be paid in Okmetic shares and in a monetary
amount covering the taxes in accordance with reaching the targets that have been
set. The amount of the earned reward will be determined based on the realisation
of the set targets and the possible reward will be paid to the persons in the
programme after the financial statements for 2013 have been published. The
amount of the rewards corresponds to a maximum of 150,000 shares.
EVENTS AFTER THE END OF THE INTERIM PERIOD
Annual general meeting on 10 April 2013
Okmetic Oyj's annual general meeting, which was held on 10 April 2013, adopted
the annual accounts and the consolidated annual accounts for 2012 and discharged
the company's management from liability. It was decided that a dividend of 0.25
euro per share would be distributed for 2012. The dividend was paid on Monday
22 April 2013. 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 a 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. Tapani Järvinen, Mr. Hannu Martola, Ms. Mervi Paulasto-Kröckel,
Mr. Mikko Puolakka, and Mr. Henri Österlund were re-elected as members of the
board of directors until the end of the next annual general meeting. The board
of directors elected Henri Österlund as its chairman and Tapani Järvinen as its
vice chairman in its organising 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 disclosed in a stock exchange release published on 10
April 2013.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 MARCH 2013 (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 2012 except for the
effect of changes required by the adoption of certain new or revised standards
and interpretations as of 1 January 2013, which have been described in financial
statements 2012. 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,
2013 2012 2012
Net sales 16,403 18,902 83,074
Cost of sales -13,118 -14,851 -65,995
Gross profit 3,285 4,051 17,079
Other income
and expenses -1,911 -2,515 -9,061
Operating
profit 1,373 1,535 8,018
Financial
income and
expenses -97 -307 -418
Profit before
tax 1,277 1,229 7,600
Income tax -58 -517 -2,510
Profit for
the period 1,218 712 5,089
Other
comprehensive
income:
Cash flow
hedges -47 127 128
Translation
differences 316 -106 76
Other
comprehensive
income for the
period, net of
tax 269 21 204
Total
comprehensive
income for
the period 1,487 733 5,293
Profit for the
period
attributable
to:
Equity holders
of the parent
company 1,218 712 5,089
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 1,487 733 5,293
Basic earnings
per share,
euro 0.07 0.04 0.31
Diluted
earnings per
share, euro 0.07 0.04 0.30
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Assets
Non-current assets
Property, plant and
equipment 44,819 35,847 43,433
Intangible assets 739 83 636
Other receivables 2,712 3,696 3,089
Total non-current
assets 48,270 39,626 47,159
Current assets
Inventories 15,760 14,963 13,526
Receivables 16,371 16,933 17,796
Cash and cash
equivalents 13,859 7,154 7,288
Total current
assets 45,990 39,049 38,610
Total assets 94,260 78,675 85,769
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 51,605 49,914 50,038
Total equity 63,426 61,735 61,860
Liabilities
Non-current
liabilities 12,950 3,272 5,314
Current liabilities 17,884 13,669 18,595
Total liabilities 30,834 16,940 23,909
Total equity and
liabilities 94,260 78,675 85,769
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Cash flows from operating
activities:
Profit before tax 1,277 1,229 7,600
Adjustments 1,223 2,192 6,482
Change in working capital -2,626 -3,878 -1,124
Financial items -13 11 -47
Tax paid 950 -520 -3,486
Net cash from
operating activities 811 -966 9,425
Cash flows from investing
activities:
Purchases of property,
plant and equipment -4,131 -2,624 -10,983
Net cash used in
investing activities -4,131 -2,624 -10,983
Cash flows from financing
activities:
Proceeds from long-
term borrowings 9,990 - -
Proceeds from short-
term borrowings 23 - 3,043
Payments of finance
lease liabilities -109 - -264
Other items - - 10
Dividends paid - -201 -4,862
Net cash used in
financing activities 9,904 -201 -2,072
Increase (+) /
decrease (-) in cash
and cash equivalents 6,585 -3,791 -3,631
Exchange rate changes -14 -313 -338
Cash and cash
equivalents at
the beginning
of the period 7,288 11,257 11,257
Cash and cash
equivalents at
the end of the
period 13,859 7,154 7,288
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, 2012 11,821 20,045 1,200 1,874 26,919 61,860
Profit for
the period 1,218 1,218
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -47 -47
Translation
differences 316 316
Total com-
prehensive
income for
the period 269 1,218 1,487
Share-based
payments 80 80
Balance at
31 Mar, 2013 11,821 20,045 1,200 2,143 28,217 63,426
Balance at
31 Dec, 2011 11,821 20,045 1,200 1,670 26,238 60,973
Profit for
the period 712 712
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 127 127
Translation
differences -106 -106
Total com-prehensive
income for
the period 21 712 733
Share-based
payments 29 29
Balance at
31 Mar, 2012 11,821 20,045 1,200 1,691 26,977 61,735
1)"Other reserves" contains hedge reserve and translation differences.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Carrying amount
at the beginning
of the period 43,433 34,887 34,887
Additions 2,569 2,592 14,342
Disposals - - -
Depreciation 1,302 1,512 -5,739
Exchange differences 119 -120 -56
Carrying amount
at the end of
the period 44,819 35,847 43,433
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Loans, secured with
collaterals 11,000 1,000 1,000
Collaterals 21,164 8,073 8,073
Off-balance sheet
lease commitments 453 435 451
Capital commitments 2,376 6,199 5,499
Nominal values of
derivative contracts
Currency options,
call 895 - -
Currency forward
agreements 769 154 1,462
Electricity
derivatives 2,434 2,958 2,489
Fair values of
derivative contracts
Currency options,
call 2 - -
Currency forward
agreements -11 5 21
Electricity
derivatives -199 -309 -227
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, 2013 31 Dec, 2012
Level Level Level Level Level Level
1 2 3 1 2 3
Financial
assets
Derivative
financial
instruments - 31 - - 67 -
Financial
liabilities
Derivative
financial
instruments - 240 - - 274 -
Fair value estimation
The group's financial instruments that are measured at fair value comprise
derivatives used for hedging and held for trading, and they are classified on
hierarchy level 2.
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).
Fair value determination
The fair values of currency derivatives are determined by using mark-to-market
method at the reporting date.
The fair values of electricity derivatives are determined on the basis of market
quotations and contract prices of the instruments at the reporting date.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Net sales 16,403 18,902 83,074
Change in net sales
compared to the previous
year's period, % -13.2 -14.3 -0.1
Export and foreign
operations share
of net sales, % 92.5 95.1 94.4
Operating profit before
depreciation (EBITDA) 2,725 3,052 13,864
% of net sales 16.6 16.1 16.7
Operating profit 1,373 1,535 8,018
% of net sales 8.4 8.1 9.7
Profit before tax 1,277 1,229 7,600
% of net sales 7.8 6.5 9.1
Return on equity, % 7.8 4.6 8.3
Return on investment, % 6.6 7.9 11.8
Non-interest-bearing
liabilities 14,972 15,857 18,309
Net interest-bearing
liabilities 2,003 -6,071 -1,688
Net gearing ratio, % 3.2 -9.8 -2.7
Equity ratio, % 67.3 79.2 72.2
Capital expenditure 2,569 2,592 14,342
% of net sales 15.7 13.7 17.3
Depreciation 1,352 1,517 5,846
Research and development
expenditure 644 535 2,331
% of net sales 3.9 2.8 2.8
Average number of
personnel during
the period 358 351 368
Personnel at the
end of the period 354 352 364
KEY FIGURES PER SHARE
Euro 31 Mar, 31 Mar, 31 Dec,
2013 2012 2012
Basic earnings
per share 0.07 0.04 0.31
Diluted earnings
per share 0.07 0.04 0.30
Equity per share 3.80 3.69 3.72
Dividend per share - - 0.25
Dividends/earnings, % - - 80.6
Effective dividend
yield, % - - 5.0
Price/earnings(P/E) - - 16.2
Share performance
(1.1.-)
Average trading price 4.71 5.63 5.25
Lowest trading price 4.33 4.98 4.21
Highest trading price 5.15 6.01 6.01
Trading price at the
end of the period 4.53 5.82 5.02
Market capitalisation
at the end of the
period, 1,000 euro 78,312 100,613 86,783
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 1,004 1,141 3,330
In relation to weighted
average number of
shares, % 5.8 6.6 19.3
Trading volume,
1,000 euro 4,732 6,422 17,496
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
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2013 2013 2013 2013
Net sales 16,403
Compared to previous
quarter, % -20.7
Compared to corresponding
period last year, % -13.2
Operating profit 1,373
% of net sales 8.4
Profit before tax 1,277
% of net sales 7.8
Net cash flow generated
from:
Operating activities 811
Investing activities -4,131
Financing activities 9,904
Increase/decrease in cash
and cash equivalents 6,585
Personnel at the end
of the period 354
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2012 2012 2012 2012
Net sales 20,685 21,017 22,469 18,902
Compared to previous
quarter, % -1.6 -6.5 18.9 4.2
Compared to corresponding
period last year, % 14.1 -1.1 3.3 -14.3
Operating profit 1,007 2,970 2,506 1,535
% of net sales 4.9 14.1 11.2 8.1
Profit before tax 762 2,873 2,736 1,229
% of net sales 3.7 13.7 12.2 6.5
Net cash flow generated
from:
Operating activities 3,565 4,209 2,616 -966
Investing activities -2,650 -3,057 -2,652 -2,624
Financing activities -91 -288 -1,493 -201
Increase/decrease in cash
and cash equivalents 825 864 -1,529 -3,791
Personnel at the end
of the period 364 365 390 352
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 future estimates and forecasts in this interim report are based on the
company management's current knowledge. Actual events and results may differ
from the estimates presented here.
PRESS CONFERENCE
A press conference for the media and analysts will be held on Thursday, 25 April
2013 at 8.30 a.m. at the World Trade Center, Aleksanterinkatu 17, second floor,
Helsinki. The result will be presented by President Kai Seikku. The press
conference will be held in Finnish.
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.
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#1695946]
© 2024 Nasdaq, Inc. All Rights Reserved |