2012-04-27 07:00:00 CEST
2012-04-27 07:01:02 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1 JANUARY - 31 MARCH 2012: BOTTOM PASSED IN THE SEMICONDUCTOR CYCLE, ORDERS INCREASING AGAIN
OKMETIC OYJ STOCK EXCHANGE RELEASE 27 APRIL 2012 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 31 MARCH 2012: BOTTOM PASSED IN THE SEMICONDUCTOR
CYCLE, ORDERS INCREASING AGAIN
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
JANUARY-MARCH IN BRIEF:
* Net sales amounted to 18.9 (22.1) million euro, down 14.3%.
* Operating profit was 1.5 (2.8) million euro corresponding to 8.1% of net
sales.
* Profit for the period was 0.7 (2.7) million euro.
* Basic earnings per share was 0.04 (0.16) euro.
* Net cash flow from operations amounted to -1.0 (-1.3) million euro.
PROJECTIONS FOR THE NEAR FUTURE
The customer industries are estimated to grow moderately in Okmetic's main
product groups in 2012. The levelling of semiconductor industry's inventories,
which started in mid-2011, seems to have ended in the end of the period under
review, as anticipated. The orders of semiconductor wafers began to increase in
March. This indicates that the downward trend of around three quarters has
ended.
The development of sensor wafer demand is estimated to be somewhat more stable
in 2012 than the demand for semiconductor wafers. The growth of sensor wafer
demand seems to focus on the second half of the year, while the beginning of the
year is still a time of lower demand.
Technology sales will focus on solar crystal sales, and be fairly even until the
shipment contracts that are valid until the third quarter will be terminating.
The solar cell industry's strongly lowered price level is likely to accelerate
the consolidation in the industry. This development has no direct effects on
Okmetic's technology business.
The company retains the existing guidance, according to which the net sales and
operating profit for 2012 are estimated to exceed the level of 2011, although
they remained under the level of the comparison period in the first quarter, as
anticipated.
PRESIDENT KAI SEIKKU:"The semiconductor market which took a downward turn in summer 2011 hit the rock
bottom in January-February. The long-awaited turn for the better was evident in
March, after which the order backlog has started to grow. As predicted,
Okmetic's net sales and operating profit in the first quarter remained under the
strong level of the comparison period. Thanks to the sales efforts the company's
market share rose to a record level in the first quarter in the product groups
important to the company, which partly softened the impact of the steep market
drop on the company's operation.
The operating profit of the first quarter was lowered significantly due to a
disturbance that took place in the production chain of a gas in the USA. The gas
is used in the manufacture of epi-coated wafers. In practice, Okmetic's Allen
production plant had to be idled for almost a month. The shipments of epi wafers
during the shutdown were only a fraction of the order backlog, and the first
quarter in the US-based subsidiary was in this respect unprofitable.
The delivery disturbance that burdened the entire industry in the US was caused
by a fault in the process of the only gas supplier on the market. The fault has
since been located and fixed. The company believes it can deliver majority of
the lost orders during the rest of the year.
In the first quarter, the operating profit was also weakened by the less
advantageous product mix compared to the previous quarter and to the
corresponding quarter last year, some non-recurring expense items related to
foreign subsidiaries, and the changes in the fair value of electricity
derivatives as the price of electricity declined further. The capacity
utilisation rate was deliberately maintained partly with products of lower
margin.
Despite the several challenges, the operating profit (8.1%) in the first quarter
nearly reached the minimum level of 10 percent which is the company's long-term
objective. The factors behind the success are the business volume that has
increased in recent years and the supply chain that is more flexible than before
and continuously under development.
The clear decline in the profit for the period in relation to the comparison
period was caused not only by lower operating profit but also by a difference of
nearly one million euro in income tax entered as expenses. Along with the good
profitability development in recent years, Okmetic managed to deduct the earlier
confirmed losses from its result by the end of summer 2011. Similar to last
year, the net cash flow of the period under review was weighed down by advance
payments and working capital items. The cash flow is expected to improve in the
end of the year, the same as last year.
The demand for semiconductor wafers has clearly picked up as of March, which
predicts strong development starting from the second quarter. The demand for
sensor wafers, on the contrary, will probably reach full speed a little later,
that is, during the second half of the year. The demand for sensor wafers has
been restrained by high inventory levels and the increasing focus of sensors on
consumer electronics, exposed to economic fluctuations. In the period under
review, technology sales consisted largely of solar crystal sales."
KEY FIGURES
1,000 euro 1.1.- 1.1.- 1.1.- 1.1.-
31.3.12 31.3.11 31.12.11 31.12.10
Net sales 18,902 22,055 83,186 80,907
Operating
profit
before
depreciation
(EBITDA) 3,052 4,425 18,069 17,102
Operating
profit 1,535 2,828 11,817 10,421
% of net sales 8.1 12.8 14.2 12.9
Profit for
the period 712 2,724 10,235 9,952
Basic earnings
per share,
euro 0.04 0.16 0.61 0.60
Net cash flow
from operating
activities -996 -1,337 11,691 16,594
Net interest-
bearing
liabilities -6,071 -12,379 -10,257 -18,047
Equity ratio, % 79.2 78.9 78.9 76.6
Average number
of personnel
during the period 351 347 363 345
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2012, the sale value of sensor industry is estimated to grow 11-15 percent
compared to the sale value of 2011 (8.6-10.2 billion US dollars). One of the
fastest growing sectors is MEMS products for consumer applications such as
microphones and gyroscopes. In the next few years picoprojectors are estimated
to be a significant growth area in consumer applications. (IHS iSuppli, IC
Insights, Yole) Nowadays, silicon-on-insulator (SOI) technology is widely used
in the manufacture of these next generation products, and the share of SOI
technology is estimated to continue its growth. Okmetic is amongst the
pioneering suppliers who provide products and services based on SOI technology
to the sensor industry.
Semiconductor industry
The US dollar based sales of the semiconductor industry have started to recover
during the first quarter of the year. The estimates for the sale development in
2012 have improved and they settle now at a level of 3-7 percent of annual
growth. (IHS iSuppli, Gartner, IC Insights, VLSI Research)
The growth in demand that started in the first quarter of 2012 is expected to
accelerate in the second half of the year (IDC). The demand for semiconductors
is boosted by both strongly increasing applications, such as tablet computers,
and the uplift of developing markets (Gartner).
In the long run, the growth rate of semiconductor demand is estimated to remain
at a yearly level of 5-9 percent (IDC, IC Insights). The growth rate of discrete
and power semiconductors is estimated to slightly exceed the semiconductor
market average (IC Insights, IHS iSuppli, Yole).
Solar cell industry
The almost 10-year-long very strong 40-50 percent annual growth of new solar
energy based (Photovoltaic) power plants is moderating. On average, annual
growth of 20-30 percent is estimated for the near future. (IHS iSuppli) The use
of solar energy for electricity production is expanding to more and more
countries as the costs go down. Already over 20 countries are estimated to build
more than 100MW of capacity during 2012. (IMS Research)
In the short run, the changes in feed-in tariffs in Germany and Italy create
uncertainty in the market. Significant overproduction and structural change
throughout the industry's supply chain are predicted to continue during 2012.
Silicon wafer market
According to the statistics published in February 2012 by SMG, the group of
silicon wafer suppliers in SEMI, the surface area of wafer shipments in the
whole silicon wafer industry in 2011 decreased by three percent compared to
2010 area shipments. The transfer of the market to bigger wafer sizes along with
the technological development was stronger than average. Compared to the
previous year, a growth of three percent is estimated for 2012.
Okmetic's central customer areas in the silicon wafer market
In line with its strategy, Okmetic seeks for special areas of the entire silicon
wafer market that have greater growth rates than the market average and in which
the company has special expertise. Okmetic supplies primarily 150mm and 200mm
wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS
market grows as portable consumer products, automotive electronics, and
industrial process control increase.
In the semiconductor market, Okmetic's growth areas include discrete and power
semiconductors. The growth areas of these markets are i.a. components used in
the production of renewable energy, increasing automotive electronics, portable
consumer products, as well as different solutions related to power supply and
efficiency improvement.
SALES
In January-March, Okmetic's net sales amounted to 18.9 (22.1) million euro.
There was a decrease of 14.3 percent (growth 33.5%) for the comparison period
mainly due to the prevailing market trend. Okmetic's market share grew in the
product groups which are important to the company, and sales improved clearly
towards the end of the first quarter because of the strengthened economic
situation.
Sales per customer area
1.1.- 1.1.- 1.1.- 1.1.-
31.3.12 31.3.11 31.12.11 31.12.10
Sensors 46% 45% 46% 43%
Semiconductors 34% 33% 35% 42%
Technology 20% 22% 19% 15%
In January-March, the value of sensor wafer shipments was 14.0 percent lower
than in the corresponding period last year. Sensor wafer sales were weighed down
by the customers' bloated inventory levels in the beginning of the year. The
demand for sensor wafers is expected to pick up in the second half of the year.
The downward trend in the semiconductor industry saw a clear change at the end
of the first quarter which contributed positively to the semiconductor wafer
sales. Due to the low demand in January-February, the shipment value of the
first quarter was 10.3 percent lower than in the corresponding period last year.
In January-March, technology sales consisted mainly of solar crystal sales.
Sales per market area
1.1.- 1.1.- 1.1.- 1.1.-
31.3.12 31.3.11 31.12.11 31.12.10
North America 36% 37% 37% 43%
Europe 26% 31% 30% 25%
Asia 38% 32% 33% 32%
In the first quarter, the sales were strongest in Asia and North America. The
relative proportion of Asia of the net sales grew during the period under
review.
PROFITABILITY
January-March
In January-March, Okmetic's operating profit was 1.5 (2.8) million euro. Theoperating profit accounted for 8.1 (12.8) percent of net sales. Profit for the
period amounted to 0.7 (2.7) million euro. Basic earnings per share was 0.04
(0.16) euro. Diluted earnings per share was 0.04 (0.16).
FINANCING
The company's financial situation is good. In January-March, net cash flow from
operations amounted to -1.0 (-1.3) million euro. The cash flow from operations
was weakened by 3.9 (6.0) million euro due to changes in working capital
available to business operations.
On 31 March 2012, the company's liabilities amounted to 1.0 (1.0) million euro.
At the end of the period, cash and cash equivalents amounted to 7.2 (10.4)
million euro. On 31 March 2012, the company's cash and cash equivalents exceeded
the interest-bearing liabilities by 6.2 million euro (on 31 March 2011, cash and
cash equivalents were 12.4 million euro higher than interest-bearing
liabilities). The group has ensured the sufficiency of cash funds by increasing
the committed credit facility of 3.0 million euro to 6.0 million euro. The
credit facility was undrawn on 31 March 2012.
Return on equity amounted to 4.6 (18.3) percent. The company's equity ratio was
79.2 (78.9) percent. Equity per share was 3.69 (3.63) euro.
INVESTMENTS
In January-March, Okmetic's capital expenditure amounted to 2.6 (4.8) million
euro.
The investments concerned mainly the board's decision in April 2011 to increase
SOI wafer production capacity by extending the Vantaa plant. The around 30
million euro investment programme, to be implemented in 2011-2013, includes the
plant extension and different kinds of production equipment. Building of the
plant extension started in August 2011.
PRODUCT DEVELOPMENT
In January-March, the company expensed 0.5 (0.6) million euro in product
development projects. Product development costs accounted for 2.8 (2.7) percent
of net sales. The product development costs have not been capitalised. Product
development has been allocated to SOI wafers and high and low resistivity
wafers.
PERSONNEL
On average, Okmetic employed 351 (347) people in January-March. At the end of
the period, 311 of the company's employees worked in Finland, 36 in the US, four
in Japan, and one in Hong Kong.
OKMETIC'S CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 12 April 2012, adopted
the annual accounts and the consolidated annual accounts for 2011 and discharged
the company's management from liability. It was decided that a dividend of 0.28
euro per share would be distributed for 2011. The dividend was paid on Tuesday
24 April 2012. The annual general meeting decided also, in accordance with the
proposal of the board of directors, to authorise the board of directors to
decide upon its discretion on the payment of an additional dividend, should the
company's financial situation permit this. The additional dividend, including
all possible separate decisions on dividend payment, may amount up to a maximum
of 0.40 euro per share and 15,000,000 euro in total. Moreover, the general
meeting approved the proposal of the board of directors to authorise the board
of directors to decide on the repurchase and/or the acceptance as pledge of the
company's own shares as well as on the issuance of shares, the transfer of the
company's own shares, and the issuance of special rights entitling to shares.
It was decided that there would be five members on the company's board of
directors. Mr. Henri Österlund, Mr. Tapani Järvinen, Mr. Hannu Martola, and Ms.
Mervi Paulasto-Kröckel were re-elected as members of the board of directors
until the end of the next annual general meeting, and Mr. Mikko Puolakka was
elected as a new member. The board of directors elected Henri Österlund as its
chairman and Tapani Järvinen as its vice chairman in its organisation meeting
held immediately after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor,
with APA Mikko Nieminen having the principal responsibility.
Authorisations given to the board of directors and other decisions of the annual
general meeting have been notified in a stock exchange release published on 12
April 2012.
BUSINESS RISKS IN THE NEAR FUTURE
There have been no essential changes in the company's near future business risks
and uncertainties. Okmetic's business operations are exposed to risks which may
arise from the company's operations or changes in the business environment.
Okmetic's silicon wafer sales are targeted at the sensor and semiconductor
producers in the electronics industry. The demand for semiconductor wafers is
sensitive to economic fluctuations and changes in the market situation can be
sudden and dramatic. The demand for sensor wafers is more stable. The
proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations.
Technology sales comprise mainly crystal sales, which is predominantly affected
by the economic situation of the solar cell industry.
Okmetic's share of the global silicon wafer market is around one percent and the
market prices have a notable effect on the price development of Okmetic's
products. The company only has considerable pricing power with its own special
products. The pricing of other wafers is mainly based on global market price.
Okmetic operates globally, and therefore the company's business operations are
affected by risks due to currency fluctuations, consisting of the cash flows of
purchases and sales. A significant part of sales are conducted in US dollars.
The Japanese yen is another notable trading currency. Despite hedging, the
company remains exposed to exchange rate fluctuations.
Substantial volumes of electricity are used in Okmetic's production. Despite
hedging, the company is exposed to fluctuations in the price of electricity.
The company risks and uncertainty factors are dealt more profoundly in the
company's annual report of 2011.
SHARES AND SHAREHOLDERS
On 31 March 2012, 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.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 1.1 (3.6) million shares were traded between 1 January and 31 March
2012, representing 6.6 (20.8) percent of the weighted average of share total of
17.3 (17.3) million during the period. The lowest quotation during the period
was 4.98 (5.30) euro, and the highest 6.01 (6.65) euro, with the average being
5.63 (5.90) euro. The closing quotation for the period was 5.82 (6.55) euro. At
the end of the period, the market capitalisation amounted to 100.6 (113.2)
million euro.
OWN SHARES AND DIRECTED SHARE ISSUES
On 8 February 2012, Okmetic Oyj's board of directors announced of its decision
to transfer a total of 56,033 own shares held by the company as a part of the
company's share-based incentive scheme for the executive management group, of
which the company has given a stock exchange release on 11 February 2010. 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 on one hand in Okmetic
shares and on the other hand 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 241,543 own shares, which is
approximately 1.4 percent of Okmetic's all shares and votes.
OTHER EVENTS IN THE INTERIM PERIOD
The company Kiinteistö Oy Piitalot which was part of Okmetic group has merged
with Okmetic Oyj on 1 January 2012. Its assets and liabilities were transferred
to Okmetic Oyj.
The Helsinki Court of Appeal gave a verdict in January in which it decided not
to change the acquittal for President Kai Seikku rendered by the Helsinki
District Court on 20 December 2010 and dismissed the prosecutor's claims on
negligent abuse of insider information. The Helsinki Court of Appeal's verdict
has entered into legal force as the prosecutor did not request for leave to
appeal from the next instance. The charge was related to Seikku's actions while
he was still working for his previous employer HKScan Oyj.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 MARCH 2012 (unaudited)
ACCOUNTING POLICIES
These interim financial statements have been prepared in accordance with IAS
34, Interim Financial Reporting.
In preparing these interim financial statements, Okmetic has followed the same
accounting policies as in the financial statements for 2011 except for the
effect of changes required by the adoption of the following new or revised
standards and interpretations as of 1 January 2012:
-IFRS 7 (amendment), Financial instruments: Disclosures - Derecognition.
-IAS 12 (amendment), Income Taxes - Deferred Tax.
The adoption of the aforementioned standards and interpretations has not had an
effect on the figures presented from the reporting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Net sales 18,902 22,055 83,186
Cost of sales -14,851 -15,939 -61,876
Gross profit 4,051 6,116 21,310
Other income
and expenses -2,515 -3,288 -9,493
Operating
profit 1,535 2,828 11,817
Financial
income and
expenses -307 -532 -479
Profit before
tax 1,229 2,296 11,339
Income tax -517 428 -1,104
Profit for
the period 712 2,724 10,235
Other
comprehensive
income:
Cash flow
hedges 127 - -177
Translation
differences -106 -203 808
Other
comprehensive
income for the
period, net of
tax 21 -203 631
Total
comprehensive
income for
the period 733 2,521 10,866
Profit for
the period
attributable
to:
Equity holders
of the parent
company 712 2,724 10,235
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 733 2,521 10,866
Basic earnings
per share,
euro 0.04 0.16 0.61
Diluted
earnings per
share, euro 0.04 0.16 0.59
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Assets
Non-current assets
Intangible assets 83 - -
Property, plant and
equipment 35,847 32,065 34,887
Other receivables 3,696 4,251 3,255
Total non-current
assets 39,626 36,316 38,142
Current assets
Inventories 14,963 10,319 13,114
Receivables 16,933 17,461 15,374
Financial assets at
fair value through
profit or loss - 3,013 -
Cash and cash
equivalents 7,154 10,366 11,257
Total current assets 39,049 41,158 39,745
Total assets 78,675 77,475 77,887
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 49,914 49,199 49,151
Total equity 61,735 61,021 60,973
Liabilities
Non-current
liabilities 3,272 1,526 2,968
Current liabilities 13,669 14,927 13,946
Total liabilities 16,940 16,454 16,914
Total equity and
liabilities 78,675 77,475 77,887
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Cash flows from operating
activities:
Profit before tax 1,229 2,296 11,339
Adjustments 2,192 2,735 7,575
Change in working capital -3,878 -5,950 -6,782
Financial items 11 -419 -401
Tax paid -520 - -39
Net cash from
operating activities -966 -1,337 11,691
Cash flows from investing
activities:
Purchases of property,
plant and equipment -2,624 -3,908 -11,319
Investments in fixed
income funds - 2,003 5,016
Net cash used in investing
activities -2,624 -1,905 -6,302
Cash flows from financing
activities:
Repayments of long-term
borrowings - - -
Payments of finance
lease liabilities - - -
Share issue - - -
Repurchase of own shares - - -1,147
Dividends paid -201 - -7,331
Net cash used in financing
activities -201 - -8,478
Increase (+) /
decrease (-)in cash
and cash equivalents -3,791 -3,243 -3,089
Exchange rate changes -313 -434 304
Cash and cash
equivalents at
the beginning
of the period 11,257 14,043 14,043
Cash and cash
equivalents at
the end of the
period 7,154 10,366 11,257
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
1,000 euro Share Share Reserve Other Retained Total
capital pre- for in- re- earnings
mium vested serves
unre- 1)
stricted
equity
Balance at
31 dec, 2011 11,821 20,045 1,200 1,670 26,238 60,973
Profit for
the period 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
Balance at
31 Dec, 2010 11,821 20,045 1,200 1,039 24,137 58,242
Profit for
the period 2,724 2,724
Other com-
prehensive
income, net
of tax:
Translation
differences -203 -203
Total com-
prehensive
income for
the period -203 2,724 2,521
Share-based
payments 258 258
Balance at
31 Mar, 2011 11,821 20,045 1,200 836 27,118 61,021
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,
2012 2011 2011
Carrying amount
at the beginning
of the period 34,887 29,069 29,069
Additions 2,592 4,837 11,992
Disposals - - -
Depreciation 1,512 -1,597 -6,252
Exchange differences -120 -245 78
Carrying amount
at the end of
the period 35,847 32,065 34,887
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Loans, secured with
collaterals 1,000 1,000 1,000
Collaterals 8,073 8,073 8,073
Off-balance sheet
lease commitments 435 206 426
Capital commitments 6,199 4,226 5,424
Nominal values of
derivative contracts
Currency options,
call - 9,699 652
Currency options,
put - 5,146 652
Currency forward
agreements 154 - 154
Electricity
derivatives 2,958 1,703 2,173
Fair values of
derivative contracts
Currency options,
call - 226 0
Currency options,
put - -9 -81
Currency forward
agreements 5 - 1
Electricity
derivatives -309 -210 -330
The contract price of the derivatives has been used as the nominal value of the
underlying asset.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Net sales 18,902 22,055 83,186
Change in net sales
compared to the previous
year's period, % -14.3 33.5 2.8
Export and foreign
operations share
of net sales, % 95.1 94.6 94.4
Operating profit before
depreciation (EBITDA) 3,052 4,425 18,069
% of net sales 16.1 20.1 21.7
Operating profit 1,535 2,828 11,817
% of net sales 8.1 12.8 14.2
Profit before tax 1,229 2,296 11,339
% of net sales 6.5 10.4 13.6
Return on equity, % 4.6 18.3 17.2
Return on investment, % 7.9 15.1 18.7
Non-interest-bearing
liabilities 15,857 15,454 15,914
Net interest-bearing
liabilities -6,071 -12,379 -10,257
Net gearing ratio, % -9.8 -20.3 -16.8
Equity ratio, % 79.2 78.9 78.9
Capital expenditure 2,592 4,837 11,992
% of net sales 13.7 21.9 14.4
Depreciation 1,517 1,597 6,252
Research and development
expenditure 535 595 2,382
% of net sales 2.8 2.7 2.9
Average number of
personnel during
the period 351 347 363
Personnel at the
end of the period 352 351 350
KEY FIGURES PER SHARE
Euro 31 Mar, 31 Mar, 31 Dec,
2012 2011 2011
Basic earnings
per share 0.04 0.16 0.61
Diluted earnings
per share 0.04 0.16 0.59
Equity per share 3.69 3.63 3.68
Dividend per share - - 0.28
Dividends/earnings, % - - 45.8
Effective dividend
yield, % - - 5.7
Price/earnings(P/E) - - 8.0
Share performance (1.1.-)
Average trading price 5.63 5.90 5.48
Lowest trading price 4.98 5.30 3.50
Highest trading price 6.01 6.65 6.65
Trading price at the
end of the period 5.82 6.55 4.92
Market capitalisation
at the end of the
period, 1,000 euro 100,613 113,233 85,055
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 1,141 3,601 10,907
In relation to weighted
average number of
shares, % 6.6 20.8 63.1
Trading volume,
1,000 euro 6,422 21,242 59,650
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
When calculating earnings per share (EPS) and equity, Okmetic's own shares in
its possession and Okmetic's shares owned by Okmetic Management Oy are deducted
from the amount of shares.
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2012 2012 2012 2012
Net sales 18,902
Compared to previous
quarter, % 4.2
Compared to corresponding
period last year, % -14.3
Operating profit 1,535
% of net sales 8.1
Profit before tax 1,229
% of net sales 6.5
Net cash flow generated
from:
Operating activities -966
Investing activities -2,624
Financing activities -201
Increase/decrease in cash
and cash equivalents -3,791
Personnel at the end
of the period 352
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2011 2011
Net sales 18,134 21,250 21,747 22,055
Compared to previous
quarter, % -14.7 -2.3 -1.4 -4.4
Compared to corresponding
period last year, % -21.4 -1.7 10.5 33.5
Operating profit 2,338 4,045 2,606 2,828
% of net sales 12.9 19.0 12.0 12.8
Profit before tax 2,439 4,117 2,487 2,296
% of net sales 13.4 19.4 11.4 10.4
Net cash flow generated
from:
Operating activities 5,431 2,094 5,503 -1,337
Investing activities -4,332 -1,100 1,035 -1,905
Financing activities -2,771 -664 -5,043 -
Increase/decrease in cash
and cash equivalents -1,672 330 1,495 -3,243
Personnel at the end
of the period 350 350 389 351
MAJOR SHAREHOLDERS ON 31 MARCH 2012
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,666,601 9.6
Mandatum Life Insurance
Company Limited 810,500 4.7
The State Pension Fund 600,000 3.5
Varma Mutual Pension
Insurance Company 477,175 2.8
Veritas Pension
Insurance Company Ltd. 465,000 2.7
Okmetic Management oy 400,000 2.3
Etra-Invest Oy Ab 400,000 2.3
Nordea Nordic Small
Cap Fund 370,660 2.1
Okmetic Oyj 241,543 1.4
Sijoitusrahasto Taaleritehdas
Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance
Company 212,700 1.2
Aktia Secura Fund 201,182 1.2
Oy Ingman Finance Ab 200,051 1.2
Sijoitusrahasto Aktia Capital 140,387 0.8
EQ Pikkujättiläiset /
EQ Rahastoyhtiö 140,000 0.8
Kiilholma Antti Tapio 92,248 0.5
Stenhäll Turo 75,000 0.4
Virtanen Yhtiöt Oy 70,000 0.4
Sr Eq Technology 60,000 0.4
Sr Arvo Finland Value 56,611 0.3
Foreign investors and
nominee accounts held by
custodian banks 3,141,131 18.2
Others 7,241,611 41.9
Total 17,287,500 100.0
DEFINITIONS OF KEY FINANCIAL FIGURES
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 interim report are based on 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 Friday, 27 April
2012 at 1.00 p.m. at Helsinki World Trade Center, Aleksanterinkatu 17, second
floor, Helsinki. In the conference, Okmetic's President Kai Seikku will present
the group's development in January-March 2012 and prospects for 2012.
We ask participants to kindly give advance notice of their attendance by email
to communications@okmetic.com or by telephone to +358 9 5028 0406/Marika
Mäntymaa.
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#1606466]
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