2010-10-27 11:00:00 CEST
2010-10-27 11:00:11 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010
OKMETIC OYJ STOCK EXCHANGE RELEASE 27 OCTOBER 2010 AT 12.00 P.M.
OKMETIC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010
Unless otherwise stated, figures in parenthesis refer to the corresponding
period in the previous year.
JULY-SEPTEMBER IN BRIEF:
- The net sales amounted to 21.6 (12.2) million euro, up 77.7%.
- Operating profit was 3.9 (-0.7) million euro.
- Profit for the period was 3.8 (-1.2) million euro.
- Profit for the period was improved by 0.8 million euro due to recognition of
deferred tax assets relating to tax losses carried forward.
- Earnings per share for the period were 0.23 (-0.07) euro.
- The net cash flow from operations amounted to 5.6 (0.2) million euro.
JANUARY-SEPTEMBER IN BRIEF:
- The net sales amounted to 57.8 (40.5) million euro, up 42.6%.
- Operating profit was 7.0 (0.5) million euro.
- Profit for the period was 7.8 (-0.2) million euro.
- Profit for the period was improved by 0.8 million euro due to recognition of
deferred tax assets relating to tax losses carried forward.
- Earnings per share for the period were 0.47 (-0.01) euro.
- The net cash flow from operations amounted to 9.9 (4.5) million euro.
PROJECTIONS FOR 2010
The net sales of 2010 are estimated to be on the level of around 80 million
euro. Operating profit for the entire year is estimated to be around 12-14
percent of net sales. Silicon wafer demand is slowing down according to normal
seasonal variation in the last quarter of the year. Net sales and operating
profit estimates are based on the order intake. Reaching these estimates means
that the current positive market situation must not see any significant changes
during the last weeks of the year.
PRESIDENT KAI SEIKKU:"Despite a slight slowing down at the end of the period under review, the
semiconductor market continued to operate at a record level in the third quarter
of the year. The demand for silicon wafers continued to grow, and the price
level saw a slight increase. The sale of both sensor and semiconductor wafers
grew considerably compared to the modest levels in the corresponding period last
year.
The company's strategic shift towards semiconductor wafer contract manufacturing
was further advanced in the period under review. The volume of wafers acquired
through contract manufacturing reached a record level in July-September.
Okmetic´s long-term goal is to focus on its core competencies crystal growing
and manufacture of demanding sensor wafers. The organisational changes that took
place in the period under review as well as current investments support reaching
this goal.
In 2010, there have been strong fluctuations in currencies that are important to
Okmetic. Due to periodical overheating of the semiconductor market, Okmetic's
order volumes, like the order volumes of the entire silicon industry, are
estimated to have some overlap. As prospects for the rest of the year are
becoming clearer, uncertainty related especially to the last quarter of the year
has reduced slightly. Last week the company updated its estimate of net sales
and operating profit for 2010."
KEY FIGURES
1,000 euro Jul 1- Jul 1- Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Sept 30, Sept 30, Dec 31,
2010 2009 2010 2009 2009
Net sales 21,626 12,171 57,835 40,549 54,361
Operating profit
before
depreciation
(EBITDA) 5,547 992 12,113 5,660 7,206
Operating
profit/loss 3,891 -748 7,042 467 270
% of net sales 18.0 -6.1 12.2 1.2 0.5
Profit/loss for
the period 3,793 -1,234 7,806 -168 -513
Earnings per
share, euro 0.23 -0.07 0.47 -0.01 -0.03
Net cash flow
from operating
activities 5,573 192 9,864 4,457 6,315
Net interest-
bearing
liabilities -12,752 -2,914 -12,752 -2,914 -4,770
Average number of
personnel during
the period 358 339 347 339 337
MARKETS
Customer industries sensor, semiconductor and solar energy industries
Sensor industry
The total sensor sale value growth estimate for the entire year is 19.2 percent.
Shipments in the third quarter of 2010 are reflecting this growth rate. The
value of sensor sales in 2010 is expected to exceed the level of the previous
record year 2008. (iSuppli)
Within the sensor segment, proportionally the highest growth will be seen in
MEMS products which have high added value. Okmetic holds an established position
in this product category.
In consumer electronics, the most substantial growth will be seen in new
generation products which partly replace traditional products. A significant
number of new generation products, such as gyroscopes, silicon microphones, and
accelerometers, are based on silicon-on-insulator (SOI) technology.
Semiconductor industry
The semiconductor industry's growth, which has continued for over a year, was
still ongoing in the period under review. Invoiced sales in the semiconductor
market have exceeded the record level of 2008-2009 by 9 percent. In July-
September, the monthly sales average rose above 25 billion US dollars. (iSuppli)
Demand has been strong in all areas of semiconductor industry (IC Insights).
At the end of the third quarter the growth of semiconductor industry sales
moderated. Last summer's growth estimates for 2010 were brought down slightly
(Gartner, IC Insights). However, according to forecasts the growth rate of 2010
will rise to the level of 28-32 percent. Growth is expected to continue next
year (SIA, iSuppli).
Adjustments of semiconductor chain´s stock levels in the last quarter of 2010
will slow down the market development significantly. The stock level and the
effect of accruals at the end of the year will increase uncertainty around the
turn of the year. After this seasonal adjustment, growth is estimated to
continue. (SEMI, iSuppli)
Solar energy industry
The growth of solar cell industry has accelerated and growth estimates have been
corrected upwards during the second half of the year. The industry´s demand is
expected to even double compared to the previous year. (Solarbuzz)
Governmental decisions on subsidies have a significant impact on the solar
energy industry. This brings certain uncertainty to the future development of
the market.
Silicon wafer market
The market development of the silicon wafer industry is monitored in terms of
surface area. According to the report published in October by SMG, the group of
silicon wafer suppliers in SEMI, the volume of wafer shipments in the silicon
wafer industry in 2010 is expected to soar up to 9,142 million square inches,
which would be 39 percent higher than the shipment volume in 2009 and 5.6
percent higher than in the previous record year 2007.
The demand volume for silicon wafers follows the shipment volumes of customer
industry. The demand´s growth rate is expected to moderate, but business is
estimated to remain positive during 2011.
Okmetic
Okmetic´s sensor and semiconductor wafer sales grew over 15 percent in the third
quarter compared to the previous quarter. Okmetic has still succeeded to
increase its market share in the product areas which are important to the
company. For example, Okmetic is a forerunner in offering the sensor industry
silicon-on-insulator (SOI) wafers which are a growing trend. Okmetic's
announcement in February to invest in additional capacity for SOI production
meets the growing demand in the market.
Contract manufacturing network is being expanded and the amount of wafers
produced by contract manufacturers is increasing. The target is that at the end
of 2010 contract manufacturing covers at least 40 percent of all wafers
delivered. The customer evaluations of 200mm products have proceeded and
shipment volumes are on the rise in the second half of the year.
No new agreements on long-term silicon crystal shipments or technology sales
were made in the third quarter.
PROJECTIONS FOR THE NEAR FUTURE
Semiconductor and sensor wafer orders are estimated to slow down slightly
according to normal seasonal variation during the last quarter of the year
compared to the second and third quarters.
Crystal shipments remain at the level of the beginning of the year.
The net sales of 2010 are estimated to be on the level of around 80 million
euro. Operating profit for the entire year is estimated to be around 12-14
percent of net sales. Silicon wafer demand is slowing down according to normal
seasonal variation in the last quarter of the year. Net sales and operating
profit estimates are based on the order intake. Reaching these estimates means
that the current positive market situation must not see any significant changes
during the last weeks of the year.
SALES
In January-September, Okmetic´s net sales increased by 42.6 percent (decreased
by 22.2%) from the previous year, amounting to 57.8 million euro (40.5 million
euro). The growth of net sales was supported by globally strong demand of the
semiconductor industry. Okmetic´s market share grew in the product areas which
are important to the company.
Sales per customer area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.10 30.9.09 30.9.10 30.9.09 31.12.09
Sensors 42% 43% 43% 40% 41%
Semiconductors 45% 38% 43% 27% 31%
Technology 13% 19% 14% 33% 28%
In January-September, the value of sensor wafer sales was around 57 percent
higher than in the corresponding period last year.
The semiconductor industry´s strong economic trend affected especially the
semiconductor wafer sales. In January-September, the shipment volume of these
wafers was over two times higher than in the corresponding period in the
previous year. The global market prices for semiconductor wafers were on the
rise.
In 2010, technology sales has mainly comprised of solar crystal sales.
Sales per market area
1.7.- 1.7.- 1.1.- 1.1.- 1.1.-
30.9.10 30.9.09 30.9.10 30.9.09 31.12.09
North America 46% 38% 43% 36% 37%
Europe 25% 32% 26% 34% 33%
Asia 29% 30% 31% 30% 30%
Traditionally Okmetic has strong market positions in North America and Europe.
The proportion of North America of the total net sales grew during the period
under review.
FINANCIAL PROFITABILITY
January-September
In January-September, Okmetic´s operating profit was 7.0 million euro (0.5
million euro). The operating profit accounted for 12.2 percent (1.2%) of net
sales. The profit for the period amounted to 7.8 million euro (-0.2 million
euro). Profit for the period was improved by 0.8 million euro due to recognition
of deferred tax assets relating to tax losses carried forward. Costs incurred by
share-based incentive schemes were 0.9 million euro. Earnings per share were
0.47 euro (-0.01 euro).
July-September
The operating profit for the third quarter was 3.9 million euro (-0.7 million
euro). In the third quarter, the operating profit margin rose to 18.0 percent (-
6.1%). Profit for the third quarter amounted to 3.8 million euro (-1.2 million
euro). Profit for the period was improved by 0.8 million euro due to recognition
of deferred tax assets relating to tax losses carried forward. Earnings per
share were 0.23 euro (-0.07 euro).
FINANCING AND INVESTMENTS
The company´s financial situation is good. In January-September, the net cash
flow from operations amounted to 9.9 million euro (4.5 million euro). The
operating cash flow was decreased by 2.3 million euro (0.6 million euro) due to
an increase in working capital available to business operations.
On 30 September 2010, the company had 1.0 million euro worth of interest-bearing
loans from a banking institution. At the end of the period, cash and cash
equivalents amounted to 13.8 million euro (17.3 million euro). On 30 September
2010, the company´s cash and cash equivalents exceeded the interest-bearing
liabilities by 12.8 million euro (on 30 September 2009 cash and cash equivalents
were 2.9 million euro higher than liabilities).
Return on equity amounted to 19.9 percent (-0.5%). The company´s equity ratio
was 78.7 percent (66.6%). Equity per share was 3.35 euro (2.9 euro).
In January-September, gross investments amounted to 0.7 million euro (1.4
million euro).
PRODUCT DEVELOPMENT
In January-September, the company expensed 1.4 million euro (1.7 million euro)
in long-term product development projects. Product development costs accounted
for 2.4 percent (4.2%) of net sales. Product development costs have not been
capitalised. Product development has been allocated to sensor wafers that are
important to Okmetic.
CHANGES IN COMPANY´S EXECUTIVE MANAGEMENT GROUP
Senior Vice President, Finance, IT, and Communications Juha Jaatinen started in
his position on 16 August 2010. At the same time he became a member of the
executive management group.
Okmetic´s organisation was revised and certain job descriptions were specified
according to the company´s updated strategy on 17 September 2010. At the same
time, the structure and responsibilities of the executive management group
changed.
Anna-Riikka Vuorikari-Antikainen is in charge of the product portfolio including
product development, existing products, and the development of product
portfolio.
Jaakko Montonen is responsible for the supply chain. In addition to the
company's own production, Montonen's remit covers development of contract
manufacturing (fab lite) and sourcing.
Deputy to the President and Executive Vice President, Sales Mikko Montonen is
now responsible also for technical customer support and marketing.
In addition to human resources, Markus Virtanen is now responsible also for
quality and environmental issues.
Petri Antola, who is in charge of company's Asian sales, joined the executive
management group and is responsible for technology project sales.
Following the above mentioned changes, Okmetic's executive management group
consists of the following persons:
- Kai Seikku, President
- Mikko Montonen, Executive Vice President, Sales and Deputy to the President
- Juha Jaatinen, Senior Vice President, Finance, IT, and Communications
- Anna-Riikka Vuorikari-Antikainen, Senior Vice President, Products
- Jaakko Montonen, Senior Vice President, Supply Chain
- Markku Tilli, Senior Vice President, Research
- Markus Virtanen, Senior Vice President, Human Resources, Quality, and
Environment
- Petri Antola, Senior Vice President, Technology Projects
PERSONNEL
On average, Okmetic employed 347 people (2009: 339) in January-September. At the
end of the period, 302 of the company´s employees worked in Finland, 36 in the
US and two in Japan.
BUSINESS RISKS IN THE NEAR FUTURE
The most significant factors causing uncertainty for Okmetic´s business in the
near future are related especially to the sensitivity of semiconductor wafer
demand to economic fluctuations and to the rapid and strong changes in the
market situation. The current strong demand may create excessive orders and
stock in the market. Clearing this stock may decrease demand significantly. The
company only has considerable pricing power with its own special products. The
pricing of other wafers is mainly based on global market price. The most common
trade currency in the field is the US dollar. The company´s result is affected
by 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 place cost pressure for the company. Other challenges
include maintaining our market leadership position in our special fields,
together with meeting the demand gearing towards bigger wafer sizes.
The company risks and uncertainty factors are dealt more profoundly in the
company´s annual report of 2009.
SHARES AND SHAREHOLDERS
On 30 September 2010, Okmetic Oyj´s paid-up share capital, as entered in the
Finnish trade register, was 11,821,250 euro. The share capital is divided into
17,287,500 shares. The number of shares rose by 400,000 with the directed share
issue entered into the Finnish trade register on 4 March 2010. The shares have
no nominal value attached. Each share entitles its holder to one vote at general
meeting. The company has one class of shares.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 8.4 million shares (2.9 million shares) were traded between 1 January
and 30 September 2010, representing 48.6 percent (17.1%) of the weighted average
of share total of 17.2 million (16.9 million) during the period. The lowest
quotation of January-September was 2.98 euro (1.81 euro), and the highest 5.04
euro (2.99 euro) per share, with the average being 3.76 euro (2.40 euro). The
closing quotation for the period was 4.82 euro (2.67 euro). At the end of the
period on 30 September 2010, the market capitalisation amounted to 83.3 million
euro (45.1 million euro).
DISCLOSURE OF HOLDINGS
On 3 September 2010, the total holdings that OP-Suomi Arvo Equity Fund, a mutual
investment fund governed by OP Fund Management Company Ltd, which is a
subsidiary of OP Bank Group Central Cooperative, has in the Company lowered to
800,000 shares. This corrensponds to 4.628 percent of Okmetic's share capital
and voting rights.
Due to Okmetic´s share issue the total holdings of foreign Accendo Capital Sicav
Sif´s correspond on 4 March 2010 to 14.81 percent of Okmetic's share capital and
voting rights.
OWN SHARES
On 11 February 2010, the board of directors has decided on a purchase scheme of
the company´s own shares, based on the authorisation given at the extraordinary
general meeting on 6 November 2008. It was decided that the aggregate number of
shares repurchased will not be more than 280,000. The repurchase started on 18
February 2010 and ended on 6 April 2010. A total of 203,244 shares were
purchased, which is approximately 1.2 percent of Okmetic´s all shares and votes.
A total amount of 668,007 euro was used to purchase shares, making the average
rate for acquired shares 3.29 euro.
The repurchased shares may be used in developing the company's capital
structure, as compensation in possible corporate acquisitions or in other
business arrangements, as part of the company's incentive scheme or transferred
or cancelled in other ways.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2010
(unaudited)
ACCOUNTING POLICIES
These interim financial statements have been prepared in accordance with IAS
34, Interim Financial Reporting.
In preparing these interim financial statements, Okmetic has followed the same
accounting policies as in the financial statements for 2009 except for the
effect of changes required by the adoption of the new or revised standards and
interpretations effective in 2010. Of these the most relevant are:
-IFRS 3 (revised), Business Combinations.
-IAS 27 (revised), Consolidated and Separate Financial Statements.
The management´s view is that the adoption of the standards and interpretations
mentioned above has no significant effect on the figures presented for the
reporting period.
Okmetic Management Oy, founded and owned by Okmetic´s top management, has been
added into the consolidated financial statements due to the shareholders´
agreement signed between Okmetic Management Oy and Okmetic Oyj.
The share-based incentive schemes, which were implemented in 2010, are accounted
in accordance with IFRS 2, Share-based Payment -standard. The benefits granted
through these arrangements are measured at fair value at the grant date and
recognised as an expense over the vesting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro Jul 1- Jul 1- Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Sept 30, Sept 30, Dec 31,
2010 2009 2010 2009 2009
Net sales 21,626 12,171 57,835 40,549 54,361
Cost of sales -15,312 -10,906 -44,491 -35,281 -47,883
Gross profit 6,314 1,264 13,345 5,268 6,478
Other income and
expenses -2,423 -2,012 -6,302 -4,801 -6,208
Operating
profit/loss 3,891 -748 7,042 467 270
Financial
income and
expenses -957 -509 -203 -861 -860
Profit/loss
before tax 2,934 -1,257 6,839 -394 -590
Income tax 859 23 967 225 77
Profit/loss
for the
period 3,793 -1,234 7,806 -168 -513
Other
comprehensive
income:
Translation
differences -456 -190 506 -293 -220
Total
comprehensive
income for
the period 3,337 -1,425 8,312 -462 -733
Profit/loss for
the period
attributable
to:
Equity holders
of the parent
company 3,793 -1,234 7,806 -168 -513
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 3,337 -1,425 8,312 -462 -733
Basic and
diluted
earnings per
share, euro 0.23 -0.07 0.47 -0.01 -0.03
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro Sept 30, Sept 30, Dec 31,
2010 2009 2009
Assets
Non-current assets
Property, plant and
equipment 29,102 34,830 33,174
Other receivables 4,124 4,361 3,398
Total non-current
assets 33,226 39,191 36,572
Current assets
Inventories 9,424 7,494 7,164
Receivables 14,691 9,836 10,950
Cash and cash
equivalents 13,755 17,259 7,307
Total current
assets 37,870 34,588 25,422
Total assets 71,096 73,778 61,994
Equity and liabilities
Equity
Equity attributable to
equity holders of the
parent company
Share capital 11,821 11,821 11,821
Other equity 44,040 37,192 36,921
Total equity 55,861 49,013 48,742
Liabilities
Non-current liabilities 2,543 12,538 3,143
Current liabilities 12,692 12,228 10,109
Total liabilities 15,235 24,766 13,252
Total equity and
liabilities 71,096 73,778 61,994
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2010 2009 2009
Cash flows from operating
activities:
Profit/loss before tax 6,839 -394 -590
Adjustments 5,409 5,864 7,183
Change in working
capital -2,254 -607 289
Financial items -214 -406 -567
Tax paid 85 - -1
Net cash from operating
activities 9,864 4,457 6,315
Cash flows from investing
activities:
Proceeds from investing
activities - 641 641
Capital expenditure -636 -1,666 -1,694
Net cash used
in investing
activities -636 -1,025 -1,053
Cash flows from financing
activities:
Repayments of long-term
borrowings -1,500 -3,023 -14,823
Payments of
finance lease
liabilities -36 -96 -117
Share issue 1,200 - -
Repurchase of
own shares -1,868 - -
Dividends paid -834 -844 -844
Net cash used
in financing
activities -3,038 -3,964 -15,784
Increase (+) /
decrease (-) in
cash and cash
equivalents 6,190 -532 -10,523
Exchange rate changes 258 -184 -145
Cash and cash
equivalents at
the beginning
of the period 7,307 17,975 17,975
Cash and cash
equivalents at
the end of
the period 13,755 17,259 7,307
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Trans- Retai- Total
capi- pre- for in- lation ned equity
tal mium vested differ- earn-
1,000 euro unre- ences ings
stricted
equity
Balance
at 31 Dec,
2009 11,821 20,045 - 415 16,461 48,742
Profit
for the
period 7,806 7,806
Translation
differences 506 506
Total
comprehen-
sive income
for the
period 506 7,806 8,312
Share issue 1,200 1,200
Repurchase
of own
shares -1,868 -1,868
Share-
based
incentive
schemes 309 309
Dividend
distribution -834 -834
Balance
at 30 Sept,
2010 11,821 20,045 1,200 921 21,874 55,861
Balance
at 31 Dec,
2008 11,821 20,115 - 635 17,818 50,389
Profit/loss
for the
period -168 -168
Translation
differences -293 -293
Total
comprehen-
sive income
for the
period -293 -168 -462
Dividend
distribution -844 -844
Equity
component of
convertible
loan notes -70 -70
Balance
at 30 Sept,
2009 11,821 20,045 - 341 16,805 49,013
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2010 2009 2009
Carrying amount at the
beginning of the period 33,174 38,848 38,848
Additions 678 1,440 1,448
Disposals -2 - -
Depreciation -5,071 -5,193 -6,936
Exchange differences 323 -265 -187
Carrying amount at the
end of the period 29,102 34,830 33,174
CHANGES IN FINANCIAL LIABILITIES
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2010 2009 2009
Carrying amount at the
beginning of the period 2,538 17,389 17,389
Repayment of loans from
financial institutions -1,499 -2,020 -13,806
Repayments of
subordinated loans - -928 -928
Changes in finance
lease liabilities -36 -96 -117
Carrying amount
at the end of
the period 1,003 14,345 2,538
DIVIDENS PAID
In April 2010, the company distributed a dividend of 0.8 million euro of the
profit accrued in 2009, representing a 0.05 euro dividend per share.
In April 2009, a dividend of 0.8 million euro of the profit accrued in 2008 was
distributed, representing a 0.05 euro dividend per share.
COMMITMENTS AND CONTINGENCIES
1,000 euro Sept 30, Sept 30, Dec 31,
2010 2009 2009
Loans secured with
collaterals 1,000 12,167 2,500
Collaterals 8,073 24,964 8,073
Off-balance sheet lease
commitments 153 109 83
Capital commitments 2,354 110 111
Nominal values of
derivative contracts
Currency options,call 2,400 - -
Currency forward
agreements 1,318 - 1,385
Electricity derivatives 1,773 2,544 2,520
Interest rate swaps - 7,071 6,429
Fair values of derivative
contracts
Currency options, call 205 - -
Currency forward
agreements -4 - -4
Electricity derivatives -45 -646 -258
Interest rate swaps - -64 -49
The contract price of the derivatives has been used as the nominal value of the
underlying asset. Derivative contracts are for hedging.
RELATED PARTY TRANSACTIONS
In January-September, the compensation of top management and the executive
management group amounted to 2,088,000 euro (895,000 euro).
Okmetic Management Oy, owned by Okmetic´s top management, and one of its
founders have been granted a loan of 0.9 million euro by Okmetic Oyj.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro Jan 1- Jan 1- Jan 1-
Sept 30, Sept 30, Dec 31,
2010 2009 2009
Net sales 57,835 40,549 54,361
Change in net sales
compared to the previous
year´s period, % 42.6 -22.2 -19.9
Export and foreign
operations share of net
sales, % 95.9 95.6 95.4
Operating profit before
depreciation (EBITDA) 12,113 5,660 7,206
% of net sales 20.9 14.0 13.3
Operating profit 7,042 467 270
% of net sales 12.2 1.2 0.5
Profit/loss before tax 6,839 -394 -590
% of net sales 11.8 -1.0 -1.1
Return on equity, % 19.9 -0.5 -1.0
Return on investment, % 17.4 0.3 0.0
Non-interest-bearing
liabilities 14,232 10,421 10,715
Net interest-bearing
liabilities -12,752 -2,914 -4,770
Net gearing ratio, % -22.8 -5.9 -9.8
Equity ratio, % 78.7 66.6 78.9
Capital expenditure 678 1,440 1,448
% of net sales 1.2 3.6 2.7
Depreciation 5,071 5,193 6,936
Research and development
expenditure 1) 1,414 1,714 2,134
% of net sales 2.4 4.2 3.9
Average number of
personnel during the
period 347 339 337
Personnel at the end of
the period 340 335 327
1) Research and development expenditure has been presented in gross figures and
only long-term projects based on research program have been taken into account.
KEY FIGURES PER SHARE
Euro Sept 30, Sept 30, Dec 31,
2010 2009 2009
Earnings per
share basic
and diluted 0.47 -0.01 -0.03
Equity per share 3.35 2.90 2.89
Dividend per share - - 0.05
Dividends/earnings, % - - -164.7
Effective dividend
yield, % - - 1.6
Price/earnings(P/E) - - -105.4
Share performance
(Jan 1-)
Average trading price 3.76 2.40 2.54
Lowest trading price 2.98 1.81 1.81
Highest trading price 5.04 2.99 3.20
Trading price
at the end
of the period 4.82 2.67 3.20
Market capitalisation
at the end of the
period, 1,000 euro 83,326 45,090 54,040
Trading volume
(Jan 1-)
Trading volume,
transactions,
1,000 pcs 8,361 2,895 4,316
In relation to weighted
average number of
shares, % 48.6 17.1 25.6
Trading volume,
1,000 euro 31,466 6,939 10,957
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,197 16,888 16,888
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 16,888 16,888
When calculating earnings per share (EPS) and equity, Okmetic´s own shares in
its possession and Okmetic´s shares owned by Okmetic Management Oy are deducted
from the amount of shares.
QUARTERLY KEY FIGURES
1,000 euro 10-12/10 7-9/10 4-6/10 1-3/10
Net sales 21,626 19,688 16,521
Compared to previous
quarter % 9.8 19.2 19.6
Operating profit 3,891 2,467 684
% of net sales 18.0 12.5 4.1
Profit before tax 2,934 2,987 918
% of net sales 13.6 15.2 5.6
Net cash flow generated
from:
Operating activities 5,573 1,874 2,417
Investing activities -547 -66 -23
Financing activities -5 -2,406 -627
Increase/decrease in cash
and cash equivalents 5,021 -599 1,767
Personnel at the end of
the period 340 373 329
1,000 euro 10-12/09 7-9/09 4-6/09 1-3/09
Net sales 13,812 12,171 13,538 14,841
Compared to previous
quarter % 13.5 -10.1 -8.8 -5.8
Operating profit/loss -197 -748 688 527
% of net sales -1.4 -6.1 5.1 3.6
Profit/loss before tax -196 -1,257 46 818
% of net sales -1.4 -10.3 0.3 5.5
Net cash flow generated
from:
Operating activities 1,858 192 4,761 -496
Investing activities -28 -87 -786 -152
Financing activities -11,821 -22 -3,905 -37
Increase/decrease in cash
and cash equivalents -9,991 83 70 -685
Personnel at the end of
the period 327 335 343 338
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before depreciation = Operating profit + depreciation
(EBITDA)
Return on equity, % (ROE) = Profit/loss for the period from
continuing operations x 100/
------------------------------------------
Equity(Average for the period)
Return on investment, % (ROI) = (Profit/loss before tax + interest and
other financial expenses) x 100/
------------------------------------------
Balance sheet total - non-interest
bearing liabilities(average for the period)
Equity ratio, % = Equity x 100/
------------------------------------------
Balance sheet total - advances received
Net interest-bearing liabilities = Interest-bearing liabilities - cash and
cash equivalents
Net gearing ratio, % = (Interest-bearing liabilities - cash and
cash equivalents)x 100/
------------------------------------------
Equity
Earnings per share = Profit/loss for the period attributable
to equity holders of the parent company/
------------------------------------------
Adjusted weighted average number of
shares in issue during the period
Equity per share = Equity attributable to equity holders of
the parent company/
------------------------------------------
Adjusted number of shares at the end of
the period
Dividend per share = Dividend for the period/
------------------------------------------
Adjusted number of shares at the end of
the period
Effective dividend yield, % = Dividend per share x 100/
------------------------------------------
Trading price at the end of the period
Price/earnings ratio (P/E) = Last adjusted trading price at the end of the period/
------------------------------------------
Earnings per share
Average trading price = Total traded amount in euro/
------------------------------------------
Adjusted number of shares traded during
the period
Market capitalisation at the end of = Number of shares at the end of the 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. In the written report, the figures in parenthesis
refer to the corresponding period in the previous year.
The future estimates and forecasts in this interim report are based on company
management´s current knowledge. Actual events and results may differ from the
estimates presented here.
PRESS CONFERENCE
A press conference for the media and analysts will be held on Thursday, 28
October 2010 at 9.00 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.
We ask participants to kindly give advance notice of their attendance by email
at communications@okmetic.com or to
+358 9 5028 0406/Marika Mäntymaa by telephone.
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#1455806]
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