2010-04-28 12:40:00 CEST
2010-04-28 12:40:42 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC INTERIM REPORT 1 JANUARY - 31 MARCH 2010
OKMETIC OYJ STOCK EXCHANGE RELEASE 28 APRIL 2010 1.40 P.M.
OKMETIC INTERIM REPORT 1 JANUARY - 31 MARCH 2010
JANUARY-MARCH IN BRIEF:
- The net sales amounted to 16.5 (14.8) million euro, up 11.5%.
- Operating profit 0.7 (0.5) million euro, up 29.8%.
- Profit for the period was 1.0 (1.0) million euro.
- Earnings per share for the period were 0.06 (0.06) euro.
- The net cash flow from operations amounted to 2.4 (-0.5) million euro.
PROJECTIONS FOR 2010
The company adjusts its estimate of the net sales for the first quarter. The net
sales are now estimated to rise to 33-35 million euro (previously around 30
million euro). Operating profit and net cash flow from operating activities are
estimated to be clearly positive. The operating profit % of the net sales in the
second quarter of the year is estimated to exceed the level of the first
quarter.
PRESIDENT KAI SEIKKU:"The silicon wafer market continued their recovery started in the second quarter
of 2009. Okmetic´s key customer industries, the semiconductor and sensor
industries, reached the level of the previous wafer volume peak at the beginning
of the year.
In 2010, Okmetic profits from the slowly recovering price level and the cost
savings prepared in 2009. The wafer sales grew by a fifth from the level of the
previous quarter.
When comparing the first quarters in 2009 and 2010, the differences between
sales mixes have to be taken into consideration. A significant proportion of the
result in 2009 was from polysilicon trading and license sales but neither of
these took place in the first quarter."
KEY FIGURES
1,000 euro 1 Jan- 1 Jan- 1 Jan- 1 Jan-
31 Mar, 31 Mar, 31 Dec, 31 Dec,
2010 2009 2009 2008
Net sales 16,521 14,841 54,361 67,867
Operating profit
before
depreciation
(EBITDA) 2,384 2,241 7,206 15,517
Operating profit 684 527 270 8,476
% of net sales 4.1 3.6 0.5 12.5
Profit/loss for
the period 1,027 1,001 -513 5,825
Earnings per
share, euro 0.06 0.06 -0.03 0.34
Net cash flow
from operating
activities 2,417 -496 6,315 13,177
Net interest-
bearing
liabilities -6,795 -56 -4,770 -586
Average number of
personnel during
the period 329 341 337 364
REVIEW IN BRIEF
- The net sales in January-March amounted to 16.5 million euro (14.8 million
euro).
- Okmetic´s sensor wafer sales measured in euros grew around 17 percent from
2009. Semiconductor wafer sales experienced a strong growth compared to the
exceptionally low level of the beginning of 2009. Technology sales remained
clearly behind the level of 2009. The sales comprise solely of silicon crystal
shipments based on long-term agreements.
- Profit for the period was 1.0 million euro (1.0 million euro).
- Earnings per share in January-March were 0.06 euro (0.06 euro).
- The net cash flow from operations in January-March amounted to 2.4 million
euro (-0.5 million euro).
- At the end of the period, the company´s cash and cash equivalents exceeded the
interest-bearing liabilities by 6.8 million euro (0.1 million euro).
- M.Sc. (Econ.) Kai Seikku was appointed Okmetic´s President on 25 January
2010. He started his work at Okmetic immediately.
- On 25 January 2010, the board of directors decided on a directed share issue
of 400,000 shares to the company founded by top management. This company was
allocated a 0.8 million euro loan for the purchase of the shares.
- On 11 February 2010, the board of directors decided on executive management
group´s share-based incentive program for 2010 and 2011.
- The company has repurchased its own shares. At the end of the period, the
company had 186,744 own shares.
- On 11 February 2010, the board of directors has approved of 3.5 million euro
investment in expansion of silicon-on-insulator (SOI) wafer production.
- The net sales are estimated to rise to 33-35 million euro in the first half of
the year. Operating profit and net cash flow from operating activities are
estimated to be clearly positive. The operating profit % of the net sales in the
second quarter is estimated to exceed the level of the first quarter.
MARKETS
Customer industries sensor, semiconductor and solar energy industries
Sensor industry
The development in sensor sales has been influenced by the increased use of
micro sensors in many consumer electronics products. The sale value growth
estimate for the whole year is over 10 percent. The shipments of the first
quarter of 2010 are included in this growth rate. The value of sensor sales in
2010 is expected to reach at least the 2008 level. In terms of quantity, the
sensor shipments will rise to a record high level. (iSuppli)
Several microelectromechanical (MEMS) products are currently being developed
within the sensor segment and they have higher growth rates than other sensors.
Silicon-on-insulator (SOI) technology is a good example of a rapidly growing
sensor manufacturing technology. Okmetic is amongst the pioneering suppliers who
provide these products and services to the sensor industry.
Semiconductor industry
An increase in demand in the semiconductor industry started in the latter part
of 2009 and is continuing. Demand remained strong in the first quarter of the
year.
Monthly sales value in the first quarter was 1.5 times the monthly sales value
in the first quarter of 2009.
In 2010, sales in the semiconductor industry are generally estimated to grow
over 20 percent. Estimates have been revised upwards during the first quarter of
the year. If these estimations become reality, the value of sales in the
semiconductor industry will surpass the level of year 2008.(SIA, SEMI, IC
Insights)
Solar energy industry
Global PV industry is in the middle of rapid volume growth which started in late
2009. Annual demand in 2010 is expected to grow over 15 percent (EPIA).
The price level continues to be low. This causes cost pressures for the entire
industry and the level of new investments is estimated to stay low. Governmental
decisions on subsidies have a significant impact on the solar energy industry.
This brings certain insecurity to the development of the market.
Silicon wafer industry
The market development of the silicon wafer industry is monitored in terms of
surface area. According to the report published in February by SMG, the group of
silicon wafer suppliers in SEMI, the volume of wafer shipments in the silicon
wafer industry in the last quarter of 2009 soared up to 2,109 million square
inches, which was 17 percent higher than the shipment volume in the previous
quarter. The wafer market is estimated to have remained strong during the first
quarter of the year.
The demand volume for silicon wafers follows the shipment volumes of customer
industry, so the volumes in silicon wafer industry are also expected to continue
its recovery. Along with the increase in the semiconductor and sensor
industries, the demand in the silicon wafer market will remain strong in the
first half of 2010.
Okmetic
The sensor and semiconductor wafer sales in the first quarter have remained
strong and grown by a fifth compared to the previous quarter. Okmetic has
succeeded to increase its market share in the product areas which are important
to the company. Silicon crystal shipments based on long-term agreements and
negotiations for new technology sales contracts were continued.
PROJECTIONS FOR THE NEAR FUTURE
Semiconductor and sensor wafer shipments are estimated to continue their growth
during the second quarter of the year. As previously announced, around 12
million euro silicon mono crystal sales, which are included in technology sales,
have already been agreed with customers for year 2010.
The net sales are estimated to rise to 33-35 million euro in the first half of
the year. Operating profit and net cash flow from operating activities are
estimated to be clearly positive. The operating profit % of the net sales in the
second quarter is estimated to exceed the level of the first quarter.
EVENTS AFTER THE INTERIM REPORT PERIOD
In April, the company has prematurely repaid 1.2 million euro worth of
installments towards its long-term interest-bearing loans. After the
installments the group´s loan is 1.0 million euro.
The company is a part of electronics component value chain in which goods are
mainly transported by air freight. At the end of April, a volcano erupted in
Iceland and this affects flights. The eruption is not estimated to have a
significant impact on Okmetic´s profit-making opportunities provided that the
flight restrictions issued in April are not extended.
SALES
Okmetic´s net sales increased by 11.3 percent (5.0%) from the previous year,
amounting to 16.5 million euro (14.8 million euro). The growth of net sales was
supported by the rapid global recovery of the semiconductor industry. Okmetic´s
market share grew in the product areas which are important to the company.
Sales per customer area
1.1.- 1.1.- 1.1.- 1.1.-
31.3.10 31.3.09 31.12.09 31.12.08
Sensors 42% 38% 41% 37%
Semiconductors 42% 18% 31% 38%
Technology 16% 44% 28% 25%
The sensor wafer shipments were around 20 percent greater than in the
corresponding period last year. The proportion of sensor wafer sales of
Okmetic´s total sales grew.
General recovery in semiconductor sales had an effect especially in the sale of
semiconductor wafers. The shipment volume for these wafers about tripled
compared to the corresponding period in the previous year. The global market
price for semiconductor wafers is on the rise.
Technology sales have clearly been held back by the current economic situation.
After the major crystal sales agreements signed towards the end of last year and
to be realised in 2010, negotiations by Okmetic to be involved in new projects
have not lead to any agreements so far. Net sales were far from the figures of
the previous year.
Sales per market area
1.1.- 1.1.- 1.1.- 1.1.-
31.3.10 31.3.09 31.12.09 31.12.08
North America 40% 36% 37% 39%
Europe 29% 39% 33% 33%
Asia 31% 25% 30% 28%
Traditionally Okmetic has strong market positions in the North America and
Europe. The proportion of Asia of the total net sales continued to increase in
the beginning of 2010, reflecting the general change of focus in global economy.
PROFITABILITY
In January-March, Okmetic group´s operating profit was 0.7 million euro (0.5
million euro). The operating profit accounted for 4.1 percent (3.6%) of net
sales. The profit for the period amounted to 1.0 million euro (1.0 million
euro). Earnings per share were 0.06 euro (0.06 euro).
FINANCING
The group´s financial situation is good. The net cash flow from operations
amounted to 2.4 million euro (-0.5 million euro).
The group´s interest-bearing liabilities amounted to 2.5 million euro (17.4
million euro) at the beginning of the year.
Okmetic Oyj granted 0.9 million financing to the top management and the company
founded by the top management to the repurchase of Okmetic´s own shares.
At the end of the period, cash and cash equivalents amounted to 9.3 million euro
(17.4 million euro). On 31 March 2010, the group´s cash and cash equivalents
exceeded the interest-bearing liabilities by 6.8 million euro (on 31 March 2009
liabilities were 0.1 million higher than cash and cash equivalents).
Return on equity amounted to 8.4 percent (7.9%). The group´s equity ratio was
76.3 percent (65.4%). Equity per share was 2.97 euro (3.06 euro).
INVESTMENTS
Okmetic´s capital expenditure amounted to 0.0 million euro (0.8 million euro).
On 11 February 2010, the board of directors decided on a 3.5 million euro
equipment investment in expansion of silicon-on-insulator (SOI) wafer production
scheduled in financial year 2010. The investment reinforces Okmetic´s position
as the sensor wafer market leader.
PRODUCT DEVELOPMENT
The company expensed 0.5 million euro (0.6 million euro) in long-term product
development projects during the financial period. Product development costs
accounted for 2.9 percent (3.9%) of net sales. Product development costs have
not been capitalised.
Product development has been allocated to sensor wafers that are important to
Okmetic.
PERSONNEL
On average, Okmetic employed 329 people (2009: 338). At the end of the period,
294 of the group´s employees worked in Finland, 32 in the US and three in Japan.
The personnel incentive scheme concerning company management and clerical
workers has been revised. On 25 January 2010, as a part of the revision the
board of directors decided on a directed share issue of 400,000 shares at the
share price of three euro to the company founded by the top management. On 11
February 2010, the board of directors decided on executive management group´s
share-based incentive program for 2010 and 2011 as a part of the group´s
incentive and commitment plan. The shares potentially assigned as bonuses will
be the company´s own shares repurchased in the stock market, so that the
incentive scheme does not have a weakening impact on the number of shares. At
the same time the incentive scheme aimed at the clerical workers was revised.
OKMETIC´S CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 7 April 2010, adopted
the financial statements for 2009 and discharged the members of the board of
directors and the presidents from liability. A dividend of 0.05 euro per share
will be distributed for 2009. The dividend was paid on Monday 19 April 2010.
Moreover, the general meeting approved the proposal of the board of directors to
amend the articles of association and to authorise the board of directors to
decide on the repurchase and/or the acceptance as pledge of the company´s own
shares and as well as on the issuance of the shares.
It was decided that there would be five members on the company's board of
directors. Tapani Järvinen, Hannu Martola, Pekka Salmi and Henri Österlund were
re-elected as members of the board of directors until the end of the next annual
general meeting, and Esa Lager was elected as a new member. The board of
directors elected Henri Österlund as its chairman and Esa Lager as its deputy
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 2010.
M.Sc. (Econ.) Kai Seikku was appointed Okmetic´s President on 25 January 2010.
He started his work at Okmetic immediately.
BUSINESS RISKS IN THE NEAR FUTURE
The most significant factors causing uncertainty for Okmetic´s business are
related to the sensitivity of semiconductor wafer demand to economic
fluctuations, the rapid and strong changes in the market situation, limited
price negotiation power due to company´s small world market share, exchange rate
risk, electricity price risk, contract manufacturing in Asia and uninterrupted
flow of all materials.
The company risks and uncertainty factors are dealt more profoundly in the
company´s annual report of 2009.
SHARES AND SHAREHOLDERS
On 31 March 2010, Okmetic Oyj's paid-up share capital, as entered in the Finnish
trade register, was 11,821,250.00 euro. The share capital is divided into
17,287,500 shares. 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.
On 25 January 2010, the board of directors decided on a directed share issue of
400,000 shares to Okmetic Management Oy founded by Okmetic´s President and
Deputy to the President. The issue of shares was subscribed for in its entirety.
New shares were entered in the Finnish trade register on 4 March 2010.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 2.8 million shares (1.1 million shares) were traded between 1 January
and 31 March 2010, representing 16.3 percent (6.6%) of the weighted average of
share total of 17.0 million (16.9 million) during the period. The lowest
quotation of the period was 2.98 euro (1.81 euro), and the highest 3.51 euro per
share (2.98 euro), with the average being 3.18 euro (2.16 euro). The closing
quotation for the period was 3.41 euro (2.00 euro). At the end of the period,
the market capitalisation amounted to 59.0 million euro (33.8 million euro).
DISCLOSURE OF HOLDINGS
Okmetic Oyj has received notification on 4 March that 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´ 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.
At the end of the reporting period, the company owned 186,744 of its own shares.
This is approximately 1.2 percent of Okmetic´s all shares and votes. At this
point, a total of 610,444 euro was used to acquire shares.
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 plan or transferred or
cancelled in other ways.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 MARCH 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 as a new company into the consolidated financial statements due to the
shareholders´ agreement signed between Okmetic Management Oy and Okmetic Oyj.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro Jan 1- Jan 1- Jan 1-
Mar 31, Mar 31, Dec 31,
2010 2009 2009
Net sales 16,521 14,841 54,361
Cost of sales -13,826 -12,420 -47,883
Gross profit 2,695 2,421 6,478
Other income and
expenses -2,011 -1,894 -6,208
Operating profit/loss 684 527 270
Financial income and
expenses 234 291 -860
Profit/loss before tax 918 818 -590
Income tax 109 184 77
Profit/loss for
the period 1,027 1,001 -513
Other comprehensive income:
Translation differences 364 246 -220
Total comprehensive
income for the
period 1,390 1,247 -733
Profit/loss for the period attributable to:
Equity holders of the
parent company 1,027 1,001 -513
Total comprehensive income attributable to:
Equity holders of the
parent company 1,390 1,247 -733
Basic and diluted
earnings per
share, euro 0.06 0.06 -0.03
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro Mar 31, Mar 31, Dec 31,
2010 2009 2009
Assets
Non-current assets
Property, plant and
equipment 31,847 38,480 33,174
Other receivables 3,568 4,650 3,398
Total non-current
assets 35,414 43,130 36,572
Current assets
Inventories 7,806 8,504 7,164
Receivables 12,586 10,085 10,950
Cash and cash
equivalents 9,316 17,410 7,307
Total current assets 29,709 35,999 25,422
Total assets 65,123 79,129 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 37,700 39,815 36,921
Total equity 49,522 51,637 48,742
Liabilities
Non-current liabilities 3,668 13,854 3,143
Current liabilities 11,934 13,638 10,109
Total liabilities 15,602 27,492 13,252
Total equity and
liabilities 65,123 79,129 61,994
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
1,000 euro Jan 1- Jan 1- Jan 1-
Mar 31, Mar 31, Dec 31,
2010 2009 2009
Cash flows from operating activities:
Profit/loss before tax 918 818 -590
Adjustments 1,675 1,454 7,183
Change in working
capital -263 -2,960 289
Financial items 62 193 -567
Tax paid 26 - -1
Net cash from operating
activities 2,417 -496 6,315
Cash flows from investing activities:
Proceeds from investing
activities - 641 641
Capital expenditure -23 -793 -1,694
Net cash used
in investing
activities -23 -152 -1,053
Cash flows from financing activites:
Repayments of long-term
borrowings - - -14,823
Payments of
finance lease
liabilities -17 -37 -117
Share issue 1,200 - -
Repurchase of
own shares -1,810 - -
Dividends paid - - -844
Net cash used
in financing
activities -627 -37 -15,784
Increase(+)/
decrease(-) in
cash and cash
equivalents 1,767 -685 -10,523
Exchange rate changes 242 121 -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 9,316 17,410 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 diffe- ear-
1,000 euro unre- rences nings
stricted
equity
Balance
at 31 Dec,
2009 11,821 20,045 - 415 16,461 48,742
Profit/loss
for the
period 1,027 1,027
Translation
differences 364 364
Total
comprehensive
income for
the period 364 1,027 1,390
Share issue 1,200 1,200
Repurchase
of own
shares -1,810 -1,810
Total
trans-
actions
with owners 1,200 -1,810 -610
Balance
at 31 Mar,
2010 11,821 20,045 1,200 778 15,677 49,522
Balance
at 31 Dec,
2008 11,821 20,115 - 635 17,818 50,389
Profit/loss
for the
period 1,001 1,001
Translation
differences 246 246
Total
comprehensive
income for
the period 246 1,001 1,247
Balance
at 31 Mar,
2009 11,821 20,115 - 881 18,819 51,637
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro Jan 1- Jan 1- Jan 1-
Mar 31, Mar 31, Dec 31,
2010 2009 2009
Carrying amount at the
beginning of the period 33,174 38,848 38,848
Additions 21 1,046 1,448
Disposals - - -
Depreciation -1,699 -1,713 -6,936
Exchange differences 351 299 -187
Carrying amount at the
end of the period 31,847 38,480 33,174
CHANGES IN FINANCIAL LIABILITIES
1,000 euro Jan 1- Jan 1- Jan 1-
Mar 31, Mar 31, 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 - - -13,806
Repayments of
subordinated
loans - - -928
Changes in finance
lease
liabilities -17 -35 -117
Carrying amount
at the end of
the period 2,521 17,354 2,538
COMMITMENTS AND CONTINGENCIES
1,000 euro Mar 31, Mar 31, Dec 31,
2010 2009 2009
Loans secured
with collaterals 1,000 13,333 2,500
Collaterals 8,073 24,964 8,073
Off-balance
sheet lease
commitments 121 129 83
Capital commitments 318 259 111
Nominal values of derivative contracts
Currency
forward
agreements 707 1,952 1,385
Electricity derivatives 2,245 2,859 2,520
Interest rate swaps 6,429 7,071 6,429
Fair values of derivative contracts
Currency forward
agreements -35 73 -4
Electricity derivatives -302 -808 -258
Interest rate swaps -162 -23 -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
Key management compensation during the period under review amounted to 361,000
euro (300,000 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-
Mar 31, Mar 31, Dec 31,
2010 2009 2009
Net sales 16,521 14,841 54,361
Change in net sales
compared to the previous
year´s period, % 11.3 -12.9 -19.9
Export and foreign
operations share of net
sales, % 95.6 95.5 95.4
Operating profit before
depreciation (EBITDA) 2,384 2,241 7,206
% of net sales 14.4 15.1 13.3
Operating profit 684 527 270
% of net sales 4.1 3.6 0.5
Profit/loss before tax 918 818 -590
% of net sales 5.6 5.5 -1.1
Return on equity, % 8.4 7.9 -1.0
Return on investment, % 8.3 6.1 0.0
Non-interest-bearing
liabilities 13,081 10,138 10,715
Net interest-bearing
liabilities -6,795 -56 -4,770
Net gearing ratio % -13.7 -0.1 -9.8
Equity ratio, % 76.3 65.4 78.9
Capital expenditure 21 1,046 1,448
% of net sales 0.1 7.0 2.7
Depreciation 1,699 1,713 6,936
Research and development
expenditure 1) 487 574 2,134
% of net sales 2.9 3.9 3.9
Average number of 329 341 337
personnel during
the period
Personnel at the end of
the period 329 338 327
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 Mar 31, Mar 31, Dec 31,
2010 2009 2009
Earnings per
share basic
and diluted 0.06 0.06 -0.03
Equity per share 2.97 3.06 2.89
Dividend per share - - 0.05
Dividends/earnings, % - - -164.7
Effective dividend
yield, % - - 1.6
Price/earnings(P/E) 56.0 33.7 -105.4
Share performance
(Jan 1-)
Average trading price 3.18 2.16 2.54
Lowest trading price 2.98 1.81 1.81
Highest trading price 3.51 2.98 3.20
Trading price
at the end
of the period 3.41 2.00 3.20
Market capitalization
at the end of the
period,1,000 euro 58,950 33,775 54,040
Trading volume (Jan 1-)
Trading volume,
transactions 2,774,164 1,122,059 4,316,320
In relation to weighted
average number of
shares, % 16.3 6.6 25.6
Trading volume, euro 8,828,923 2,426,463 10,957,275
The weighted average
number of shares during
the period under review
adjusted by the share
issue 17,011,944 16,887,500 16,887,500
The number of shares at
the end of the period
adjusted by the share
issue 17,287,500 16,887,500 16,887,500
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
10-12/10 7-9/10 4-6/10 1-3/10
Net sales 16,521
Compared to previous
quarter% 19.6
Operating profit/loss 684
% of net sales 4.1
Profit/loss before tax 918
% of net sales 5.6
Net cash flow generated
from:
Operating activities 2,417
Investing activities -23
Financing activities -627
Increase/decrease in cash
and cash equivalents 1,767
Personnel at the end of
the period 329
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 -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
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 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
The company´s press conference for the media and analysts will be held on
Thursday, 29 April 2010 at 9.00 a.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 2010
and prospects for 2010.
We ask participants to kindly give advance notice of their attendance by email
at 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 9 5028 0232, email: kai.seikku@okmetic.com
Senior Vice President, Finance Esko Sipilä, Okmetic Oyj,
tel. +358 9 5028 0286, email: esko.sipila@okmetic.com
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com <http://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#1409271]
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