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2011-07-26 07:00:00 CEST 2011-07-26 07:00:32 CEST SÄÄNNELTY TIETO Okmetic Oyj - Interim report (Q1 and Q3)OKMETIC INTERIM REPORT 1 JANUARY - 30 JUNE 2011OKMETIC OYJ STOCK EXCHANGE RELEASE 26 JULY 2011 AT 8.00 A.M. OKMETIC INTERIM REPORT 1 JANUARY - 30 JUNE 2011 Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year. APRIL-JUNE IN BRIEF: - Net sales amounted to 21.7 (19.7) million euro, up 10.5%. - Operating profit was 2.6 (2.5) million euro corresponding to 12.0% of net sales. - Profit for the period was 2.6 (3.0) million euro. - Basic earnings per share were 0.15 (0.18) euro. - Net cash flow from operations amounted to 5.5 (1.9) million euro. JANUARY-JUNE IN BRIEF: - Net sales amounted to 43.8 (36.2) million euro, up 21.0%. - Operating profit was 5.4 (3.3) million euro corresponding to 12.4% of net sales. - Profit for the period was 5.3 (4.0) million euro. - Profit for the period was improved by 0.7 million euro due to recognition of deferred tax assets relating to tax losses carried forward. - Basic earnings per share were 0.32 (0.24) euro. - Net cash flow from operations amounted to 4.2 (4.3) million euro. PROJECTIONS FOR 2011 The company's order backlog is at a good level considering the time of year, and the price level of silicon wafers is stable. Sensor industry, in particular MEMS products intended for consumer applications, is at a steady growth regarding updated forecasts. The development of the semiconductor market is partly dependent on factors of macro economy, which are quite uncertain at the time this is written. The growth forecasts for the semiconductor market have been adjusted downwards in relation to the forecasts of the beginning of the year, but the forecasts still promise market growth. On the solar cell market a strong corrective movement has moderated the demand in May-June, which has led to a clearly lower price level. The net sales and operating profit for 2011 are estimated to exceed the level of 2010. Reaching these estimates means that the current positive market situation must not see any significant changes during the second half of the year. PRESIDENT KAI SEIKKU:"Okmetic's net sales continued to grow in the second quarter. However, the net sales' growth rate slowed down compared to the first quarter of 2011, being a good 10%. The reason was partly the strong corresponding period in 2010 and partly the global slowing of the semiconductor market during the second quarter. By contrast, the net cash flow was at a record level in April-June, when in January-March exceptional non-recurring items weighed down the net cash flow. The January-June net sales of 43.8 million euro (up 21.0%) and operating profit of 5.4 million euro (up 66.2%) strengthened clearly compared to the previous year, like the company predicted in the beginning of April. The challenging fundamentals of macro economy and the weakening of the solar cell industry's market in May-June, which has considerably lowered the price levels throughout the solar cell industry's supply chain, will create uncertainty for the rest of the year. The distinct effects of the natural disaster in Japan in March on the semiconductor industry are still difficult to estimate. Okmetic serves around 150 customers globally, hence it may be safe to assume that the disaster will strain the business operations of the company just like the electronics industry on average. In January-June, the relative share of sensor wafers of total sales was at last year's level (44%), whereas the share of semiconductor wafers (36%) went down from the level of first half of 2010 (42%). In April, Okmetic published a two- year investment programme, in which the company invests around 30 million euro in extending the Vantaa plant, in particular, to significantly increase the capacity of demanding SOI wafers, and to strengthen the market leadership in the heavily growing MEMS sensor wafers. At the same time, the focus of the Vantaa production plant will shift towards the long-term investment objective, that is, sales and production of sensor wafers. The construction work in Vantaa will start according to schedule in autumn 2011. The silicon wafer market has normalised after the extremely strong growth that followed the 2008-2009 downturn. Okmetic aims at growing its market shares in this situation, as well. This means, in addition to the implementation of the SOI investment, investments in sales, technical customer support, and contract manufacturing, that is, fab lite capacity. The company's flexible operational model on the solar cell market and long-term supply agreements protect technology sales in the prevalent uncertain market situation." KEY FIGURES 1,000 euro 1.4.- 1.4.- 1.1.- 1.1.- 1.1.- 30.6.11 30.6.10 30.6.11 30.6.10 31.12.10 Net sales 21,747 19,688 43,802 36,209 80,907 Operating profit before depreciation (EBITDA) 4,217 4,197 8,642 6,684 17,102 Operating profit 2,606 2,481 5,434 3,270 10,421 % of net sales 12.0 12.6 12.4 9.0 12.9 Profit for the period 2,582 2,987 5,306 4,013 9,952 Basic earnings per share, euro 0.15 0.18 0.32 0.24 0.60 Net cash flow from operating activities 5,503 1,874 4,166 4,291 16,594 Net interest- bearing liabilities -10,792 -8,120 -10,792 -8,120 -18,047 Equity ratio, % 78.3 77.9 78.3 77.9 76.6 Average number of personnel during the period 377 353 362 341 345 MARKETS Customer industries sensor, semiconductor, and solar cell industries Sensor industry In 2011, the sale value of sensor industry is estimated to grow 10-16 percent compared to the sale value of 2010 (7.1-8.6 billion US dollars). One of the fastest growing sectors is MEMS products for consumer applications such as microphones, gyroscopes, and picoprojectors (IHS, ISuppli, Yole). Nowadays, silicon-on-insulator (SOI) technology is widely used in the manufacture of these next generation products, and the share of SOI technology is estimated to continue its growth. Okmetic is amongst the pioneering suppliers who provide products and services based on SOI technology to the sensor industry. Semiconductor industry The forecasts of the current year for the semiconductor industry's sales in US dollars have come down clearly during the year, and have adjusted to the level of 5-7 percent annual growth (ISuppli, Gartner, SIA). The company's view is that the industry's estimates for the entire year might still be too high. In the latter half of this year, a return to the market cycles typical of the industry is expected, but the annual growth is forecast to continue in the next few years (SIA, Gartner). The semiconductor demand is increased by the popularity of consumer devices, smart phones, and new tablet computers. The increase in the silicon wafer demand is estimated to exceed in numbers the annual growth of semiconductor units (Semico). The growth rate of power semiconductors is estimated to exceed the semiconductor market average (IC Insights). Solar cell industry The changes in feed-in tariffs in Europe and the uncertainty related to them have lead to the moderation of demand during the beginning of the year. This has caused oversupply, rise of stock levels, and significant decline of prices throughout the industry's supply chain. (Bloomberg New Energy Finance) The unfavourable market situation is expected to continue in the coming months until the stock levels of the supply chain lower to a normal level. Silicon wafer market According to the report published in May 2011 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 2011 declined one percent from the volumes of the last quarter of 2010. However, when compared to the first quarter of 2010 the shipment volumes rose 3.3 percent. 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 know-how. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS market grows as the 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, developing applications of the medical and well-being industries as well as industrial process controlling. SALES In January-June, Okmetic's net sales increased by 21.0 (27.6) percent from the previous year amounting to 43.8 (36.2) million euro. The growth of net sales was supported especially by good sensor industry demand. Okmetic succeeded to increase its market share in the product groups which are important to the company. Sales per customer area 1.4.- 1.4.- 1.1.- 1.1.- 1.1.- 30.6.11 30.6.10 30.6.11 30.6.10 31.12.10 Sensors 43% 45% 44% 44% 43% Semiconductors 39% 42% 36% 42% 42% Technology 18% 13% 20% 14% 15% In January-June, the value of sensor wafer sales was 25.2 percent higher than in the corresponding period last year. The resumption of semiconductor industry's good economic trend had a positive influence on the semiconductor wafer sales. In January-June, the sale value of these wafers was 6.5 percent higher than in the corresponding period last year. In January-June, technology sales comprised mainly of solar crystal sales. The solar cell industry's market change had only minor effects on Okmetic's operations. Sales per market area 1.4.- 1.4.- 1.1.- 1.1.- 1.1.- 30.6.11 30.6.10 30.6.11 30.6.10 31.12.10 North America 36% 44% 36% 42% 43% Europe 28% 25% 30% 27% 25% Asia 37% 31% 34% 31% 32% In January-June, sales per market area were distributed quite evenly. The proportion of Europe and Asia of the total net sales grew during the period under review. PROFITABILITY April-June In April-June, Okmetic's operating profit was 2.6 (2.5) million euro. The operating profit accounted for 12.0 (12.6) percent of net sales. Profit for the period amounted to 2.6 (3.0) million euro. Basic earnings per share were 0.15 (0.18) euro. January-June In January-June, Okmetic's operating profit was 5.4 (3.3) million euro. The operating profit accounted for 12.4 (9.0) percent of net sales. Profit for the period amounted to 5.3 (4.0) million euro. The profit for the period was improved by 0.7 million euro due to recognition of deferred tax assets relating to tax losses carried forward. Basic earnings per share were 0.32 (0.24) euro. FINANCING The company's financial situation is good. In January-June, net cash flow from operations amounted to 4.2 (4.3) million euro. On 30 June 2011, the company's liabilities amounted to 1.0 (1.0) million euro. At the end of the period, cash and cash equivalents amounted to 11.8 (9.1) million euro. On 30 June 2011, the company's cash and cash equivalents exceeded interest-bearing liabilities by 10.8 million euro (on 30 June 2010, cash and cash equivalents were 8.1 million euro higher than interest-bearing liabilities). Return on equity amounted to 18.2 (15.9) percent. The company's equity ratio was 78.3 (77.9) percent. Equity per share was 3.49 (3.13) euro. INVESTMENTS In January-June, Okmetic's capital expenditure amounted to 5.9 (0.1) million euro. Okmetic used its call option in January to purchase ten crystal growing furnaces owned by a Norwegian company NorSun, and located at the Vantaa production plant. The total amount of the investment was 3.3 million euro. In April, Okmetic's board of directors approved plans to increase the group's SOI wafer production capacity by extending the Vantaa plant. The around 30 million euro investment includes the plant extension and different kinds of production equipment. This investment, together with the on-going SOI equipment investments, more than triples the Vantaa plant's current SOI wafer production capacity. PRODUCT DEVELOPMENT In January-June, the company expensed 1.2 (1.0) million euro in product development projects. Product development costs accounted for 2.7 (2.7) percent of net sales. The product development costs have not been capitalised. Product development has been allocated to sensor wafers and crystal growing that are important to Okmetic. PERSONNEL On average, Okmetic employed 362 (341) people in January-June. At the end of the period, 349 of the company's employees worked in Finland, 37 in the US, and three in Japan. OKMETIC'S CORPORATE GOVERNANCE Okmetic Oyj's annual general meeting, which was held on 7 April 2011, adopted the financial statements for 2010 and discharged the company's management from liability. It was decided that a dividend of 0.30 euro per share would be distributed for 2010. The dividend was paid on Tuesday 19 April 2011. The annual general meeting decided also, in accordance with the proposal of the board of directors, to authorise the board of directors to decide upon its discretion on the payment of an additional dividend, should the company's financial situation permit this. The additional dividend, including any number of 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, transferring rights to the company's own shares, issuance of shares and 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, Mr. Pekka Salmi and Mr. Henri Österlund were re-elected as members of the board of directors until the end of the next annual general meeting, and Ms. Mervi Paulasto-Kröckel was elected as a new member. The board of directors elected Henri Österlund as its chairman and Tapani Järvinen as its vice chairman in its organisation meeting held immediately after the annual general meeting. Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor, with APA Mikko Nieminen having the principal responsibility. Authorisations given to the board of directors and other decisions of the annual general meeting have been notified in a stock exchange release published on 7 April 2011. REVISION OF THE COMPANY'S LONG-TERM OBJECTIVES The board of directors approved the company's revised long-term financial objectives in April. The company's aim is that organic net sales grow a minimum of 10 percent annually and that operating profit is over 10 percent of net sales. The company's previous long-term financial objectives stated that organic net sales grow a minimum of 6 percent annually and that operating profit is over 10 percent of net sales. At the same time, the company discarded other specifically defined long-term financial objectives such as a 50 percent equity ratio and consistent annual dividend distribution. BUSINESS RISKS IN THE NEAR FUTURE As the uncertainty in the world economy is increasing, the most significant factors causing uncertainty for Okmetic's business in the near future are related to the sensitivity of semiconductor wafer demand to economic fluctuations and to the rapid and strong changes in the market situation. 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 company's result is affected by the US dollar's strong currency changes against the euro. The fact that Okmetic's main production facilities are located in the relatively expensive euro zone places cost pressure for the company. Other challenges include maintaining market leadership position in the company's own 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 2010. SHARES AND SHAREHOLDERS On 30 June 2011, Okmetic Oyj's paid-up share capital, as entered in the Finnish trade register, was 11,821,250 euro. The number of shares was 17,287,500. The shares have no nominal value attached. Each share entitles its holder to one vote at general meeting. The company has one class of shares. SHARE PRICE DEVELOPMENT AND TRADING A total of 6.4 (4.9) million shares were traded between 1 January and 30 June 2011, representing 37.0 (28.8) percent of the weighted average of share total of 17.3 (17.2) million during the period. The lowest quotation of the reporting period was 5.10 (2.98) euro, and the highest 6.65 (3.85) euro, with the average being 5.95 (3.30) euro. The closing quotation for the period was 5.75 (3.64) euro. At the end of the period, the market capitalisation amounted to 99.4 (62.9) million euro. OWN SHARES In line with the decisions of the annual general meeting and the board of directors, Okmetic Oyj transferred 11,711 shares to the board members as payment of the annual remuneration on 2 May 2011. At the end of the period, the company held a total of 66,143 shares, which is approximately 0.4 percent of Okmetic's all shares and votes. CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 JUNE 2011 (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 2010 except for the effect of changes required by the adoption of the following new or revised standards and interpretations as of 1 January 2011: IAS 24 (revised), Related Party Disclosures IAS 32 (amendment), Financial Instruments: Presentation - Classification of Rights Issues IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments IFRIC 14 (amendment), Prepayments of a Minimum Funding Requirement Improvements to IFRSs, May 2010 The adoption of the aforementioned standards and interpretations has not had an effect on the figures presented from the reporting period. Okmetic has applied hedge accounting as defined in IAS 39 to the electricity derivative contracts entered into after 1 April 2011 hedging highly probable forecast cash flows associated with electricity purchases. The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges is recognised in other comprehensive income and presented in hedge reserve, which is included in "Other reserves" in equity. Such accumulated fair value changes are reclassified to the income statement in the periods when the hedged cash flow affects profit or loss. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within other operating income and expenses. From the start of 2011 Okmetic has changed the place where changes in fair values of currency derivative contracts and their realised profits and losses are presented in the statement of comprehensive income. In line with the new policy, the changes in the fair values of currency derivative contracts and their realised profits and losses are presented with the financial income and expenses. Previously these items were presented with other operating income and expenses. Okmetic has reported of the change in accounting policies on the interim report published on 27 April 2011. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1,000 euro 1 Apr- 1 Apr- 1 Jan- 1 Jan- 1 Jan- 30 Jun, 30 Jun, 30 Jun, 30 Jun, 31 Dec, 2011 2010 2011 2010 2010 Net sales 21,747 19,688 43,802 36,209 80,907 Cost of sales -17,076 -15,352 -33,015 -29,178 -62,274 Gross profit 4,670 4,336 10,786 7,031 18,633 Other income and expenses -2,064 -1,854 -5,352 -3,761 -8,212 Operating profit 2,606 2,481 5,434 3,270 10,421 Financial income and expenses -120 506 -652 636 -610 Profit before tax 2,487 2,987 4,783 3,905 9,811 Income tax 96 -1 524 108 141 Profit for the period 2,582 2,987 5,306 4,013 9,952 Other comprehensive income: Cash flow hedges -20 - -20 - - Translation differences -56 598 -259 962 624 Other comprehensive income for the period, net of tax -76 598 -279 962 624 Total comprehensive income for the period 2,506 3,585 5,027 4,975 10,576 Profit for the period attributable to: Equity holders of the parent company 2,582 2,987 5,306 4,013 9,952 Total comprehensive income attributable to: Equity holders of the parent company 2,506 3,585 5,027 4,975 10,576 Basic earnings per share, euro 0.15 0.18 0.32 0.24 0.60 Diluted earnings per share, euro 0.15 0.18 0.31 0.24 0.58 CONDENSED CONSOLIDATED BALANCE SHEET 1,000 euro 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Assets Non-current assets Property, plant and equipment 31,721 30,826 29,069 Other receivables 4,069 3,500 2,441 Total non-current assets 35,790 34,327 31,510 Current assets Inventories 10,689 9,169 9,987 Receivables 16,727 14,566 15,674 Financial assets at fair value through profit or loss - - 5,004 Cash and cash equivalents 11,792 9,127 14,043 Total current assets 39,209 32,862 44,708 Total assets 74,998 67,189 76,217 Equity and liabilities Equity Equity attributable to equity holders of the parent company Share capital 11,821 11,821 11,821 Other equity 46,832 40,394 46,420 Total equity 58,654 52,215 58,242 Liabilities Non-current liabilities 1,552 2,655 1,245 Current liabilities 14,792 12,319 16,730 Total liabilities 16,345 14,974 17,976 Total equity and liabilities 74,998 67,189 76,217 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Cash flows from operating activities: Profit before tax 4,783 3,905 9,811 Adjustments 4,706 2,342 6,795 Change in working capital -4,941 -2,250 210 Financial items -360 188 -279 Tax paid -22 106 58 Net cash from operating activities 4,166 4,291 16,594 Cash flows from investing activities: Purchases of property, plant and equipment -5,886 -89 -2,173 Investments in fixed income funds 5,016 - -5,000 Net cash used in investing activities -870 -89 -7,173 Cash flows from financing activities: Repayments of long-term borrowings - -1,500 -1,500 Payments of finance lease liabilities - -31 -39 Share issue - 1,200 1,200 Repurchase of own shares - -1,868 -1,868 Dividends paid -5,043 -834 -834 Net cash used in financing activities -5,043 -3,033 -3,041 Increase(+) / decrease (-) in cash and cash equivalents -1,747 1,168 6,381 Exchange rate changes -504 651 355 Cash and cash equivalents at the beginning of the period 14,043 7,307 7,307 Cash and cash equivalents at the end of the period 11,792 9,127 14,043 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to equity holders of parent company Share capital Share Reserve Other Retained Total pre- for in- re- earnings mium vested serves 1,000 euro unre- 1) stricted equity Balance at 31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242 Profit for the period 5,306 5,306 Other com-prehensive income, net of tax: Cash flow hedges -20 -20 Translation differences -259 -259 Total com- prehensive income for the period -279 5,306 5,027 Share based payments 428 428 Dividend distribution -5,043 -5,043 Balance at 30 Jun, 2011 11,821 20,045 1,200 760 24,828 58,654 Balance at 31 Dec, 2009 11,821 20,045 - 415 16,461 48,742 Profit for the period 4,013 4,013 Other com-prehensive income, net of tax: Translation differences 962 962 Total com- prehensive 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 1)"Other reserves" contains hedge reserve and translation differences. CHANGES IN PROPERTY, PLANT AND EQUIPMENT 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Carrying amount at the beginning of the period 29,069 33,174 33,174 Additions 6,167 208 2,232 Disposals - - -74 Depreciation -3,207 -3,415 -6,681 Exchange differences -308 859 419 Carrying amount at the end of the period 31,721 30,826 29,069 DIVIDENDS PAID In April 2011, the company distributed a dividend of 5.2 million euro of the profit accrued in 2010 (including dividends distributed for Okmetic Management Oy, a total of 0.1 million euro) representing a 0.30 euro dividend per share. 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. COMMITMENTS AND CONTINGENCIES 1,000 euro 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Loans, secured with collaterals 1,000 1,000 1,000 Collaterals 8,073 8,073 8,073 Off-balance sheet lease commitments 236 105 245 Capital commitments 3,027 977 2,190 Nominal values of derivative contracts Currency options, call 5,111 4,000 15,244 Currency options, put 2,867 - 18,034 Currency forward agreements - - - Electricity derivatives 2,553 1,912 2,038 Interest rate swaps - 5,786 - Fair values of derivative contracts Currency options, call 125 93 184 Currency options, put -15 - -595 Currency forward agreements - - - Electricity derivatives 3 -65 544 Interest rate swaps - -188 - The contract price of the derivatives has been used as the nominal value of the underlying asset. KEY FIGURES SHOWING FINANCIAL PERFORMANCE 1,000 euro 1 Jan- 1 Jan- 1 Jan- 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Net sales 43,802 36,209 80,907 Change in net sales compared to the previous year's period, % 21.0 27.6 48.8 Export and foreign operations share of net sales, % 94.4 95.9 95.8 Operating profit before depreciation (EBITDA) 8,642 6,684 17,102 % of net sales 19.7 18.5 21.1 Operating profit 5,434 3,270 10,421 % of net sales 12.4 9.0 12.9 Profit before tax 4,783 3,905 9,811 % of net sales 10.9 10.8 12.1 Return on equity, % 18.2 15.9 18.6 Return on investment, % 16.1 15.8 18.2 Non-interest-bearing liabilities 15,345 13,967 16,976 Net interest-bearing liabilities -10,792 -8,120 -18,047 Net gearing ratio, % -18.4 -15.6 -31.0 Equity ratio, % 78.3 77.9 76.6 Capital expenditure 6,167 208 2,232 % of net sales 14.1 0.6 2.8 Depreciation 3,207 3,415 6,681 Research and development expenditure 1,184 985 2,110 % of net sales 2.7 2.7 2.6 Average number of personnel during the period 362 341 345 Personnel at the end of the period 389 373 342 KEY FIGURES PER SHARE Euro 30 Jun, 30 Jun, 31 Dec, 2011 2010 2010 Basic earnings per share 0.32 0.24 0.60 Diluted earnings per share 0.31 0.24 0.58 Equity per share 3.49 3.13 3.49 Dividend per share - - 0.30 Dividends/earnings, % - - 51.7 Effective dividend yield, % - - 5.7 Price/earnings(P/E) - - 8.9 Share performance(1 Jan-) Average trading price 5.95 3.30 4.22 Lowest trading price 5.10 2.98 2.98 Highest trading price 6.65 3.85 5.70 Trading price at the end of the period 5.75 3.64 5.29 Market capitalisation at the end of the period, 1,000 euro 99,403 62,927 91,451 Trading volume (1 Jan-) Trading volume, transactions, 1,000 pcs 6,397 4,939 14,009 In relation to weighted average number of shares, % 37.0 28.8 81.4 Trading volume, 1,000 euro 38,058 16,279 59,124 The weighted average number of shares during the period under review adjusted by the share issue, 1,000 pcs 17,288 17,150 17,220 The number of shares at the end of the period adjusted by the share issue, 1,000 pcs 17,288 17,288 17,288 When calculating earnings per share (EPS) and equity, Okmetic's own shares in its possession and Okmetic's shares owned by Okmetic Management Oy are deducted from the amount of shares. QUARTERLY KEY FIGURES 1,000 euro 10-12/ 7-9/ 4-6/ 1-3/ 2011 2011 2011 2011 Net sales 21,747 22,055 Compared to previous quarter, % -1.4 -4.4 Compared to corresponding period last year, % 10.5 33.5 Operating profit 2,606 2,828 % of net sales 12.0 12.8 Profit before tax 2,487 2,296 % of net sales 11.4 10.4 Net cash flow generated from: Operating activities 5,503 -1,337 Investing activities 1,035 -1,905 Financing activities -5,043 - Increase/decrease in cash and cash equivalents 1,495 -3,243 Personnel at the end of the period 389 351 1,000 euro 10-12/ 7-9/ 4-6/ 1-3/ 2010 2010 2010 2010 Net sales 23,072 21,626 19,688 16,521 Compared to previous quarter, % 6.7 9.8 19.2 19.6 Compared to corresponding period last year, % 67.0 77.7 45.4 11.3 Operating profit 3,440 3,712 2,481 788 % of net sales 14.9 17.2 12.6 4.8 Profit before tax 2,972 2,934 2,987 918 % of net sales 12.9 13.6 15.2 5.6 Net cash flow generated from: Operating activities 6,730 5,573 1,874 2,417 Investing activities -6,536 -547 -66 -23 Financing activities -3 -5 -2,406 -627 Increase/decrease in cash and cash equivalents 191 5,021 -599 1,767 Personnel at the end of the period 342 340 373 329 MAJOR SHAREHOLDERS ON 30 JUNE 2011 Shares, Share, pcs % Ilmarinen Mutual Pension Insurance Company 1,540,729 8.9 Mandatum Life Insurance Company Limited 803,000 4.6 The State Pension Fund 600,000 3.5 Veritas Pension Insurance Company Ltd. 489,609 2.8 Varma Mutual Pension Insurance Company 477,175 2.8 Okmetic Management Oy 400,000 2.3 Etra-Invest Oy Ab 400,000 2.3 Nordea Nordic Small Cap Fund 370,660 2.1 Aktia Secura Fund 361,681 2.1 Sijoitusrahasto Taaleritehdas Arvo Markka Osake 225,100 1.3 Kaleva Mutual Insurance Company 212,700 1.2 Sijoitusrahasto Aktia Capital 181,512 1.1 EQ Pikkujättiläiset / EQ Rahastoyhtiö 146,003 0.8 Mutual Fund Evli Finnish Equity 142,700 0.8 OP-Finland Small Firms Fund 112,700 0.7 SR Arvo Finland Value 110,611 0.6 Kiilholma Antti Tapio 93,808 0.5 Virtanen Yhtiöt Oy 91,485 0.5 Stenhäll Turo 75,000 0.4 Okmetic Oyj 66,143 0.4 Nominee registered shares 2,988,911 17.3 Others 7,397,973 42.8 Total 17,287,500 100.0 DEFINITIONS OF KEY FINANCIAL FIGURES Operating profit before depreciation = Operating profit + depreciation (EBITDA) Return on equity (ROE), % = Profit/loss for the period 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 period the period x trading price at the end of the period Trading volume = Number of shares traded during the period/ ------------------------------------------ Weighted average number of shares during the period All figures of the financial tables are rounded, and consequently the sum of individual figures can deviate from the presented sum figure. The figures are unaudited. The future estimates and forecasts in this interim report are based on company management's current knowledge. Actual events and results may differ from the estimates presented here. OKMETIC OYJ Board of directors For further information, please contact: President Kai Seikku, Okmetic Oyj, tel. +358 400 200 288, email: kai.seikku@okmetic.com Senior Vice President, Finance, IT, and Communications Juha Jaatinen, Okmetic Oyj, tel. +358 9 5028 0286, email: juha.jaatinen@okmetic.com Distribution: NASDAQ OMX Helsinki Principal media www.okmetic.com OKMETIC IN BRIEF Take it higher Okmetic is a technology company which supplies tailor-made silicon wafers for sensor and semiconductor industries and sells its technological expertise to the solar cell industry. Okmetic provides its customers with solutions that boost their competitiveness and profitability. Okmetic's silicon wafers are part of a further processing chain that produces end products that improve human interaction and quality of life. Okmetic's products are based on high-tech expertise that generates added value for customers, innovative product development and an extremely efficient production process. Okmetic has a global customer base and sales network, production plants in Finland and the US and contract manufacturers in Japan and China. Okmetic's shares are listed on NASDAQ OMX Helsinki under the code OKM1V. For more information on the company, please visit our website at www.okmetic.com. [HUG#1533242] |
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