2007-10-30 09:30:00 CET
2007-10-30 09:30:00 CET
REGULATED INFORMATION
Okmetic Oyj - Quarterly report
OKMETIC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2007
OKMETIC OYJ STOCK EXCHANGE RELEASE 30 OCTOBER 2007 1(16) OKMETIC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2007 Okmetic is a technology Company which supplies tailor-made silicon wafers for sensor and semiconductor industries and sells its technological expertise. During the period under review, Okmetic's net sales amounted to 48.9 million euro (47.7 million euro). Operating profit was 4.8 million euro (4.9 million euro). REVIEW IN BRIEF - Net sales amounted to 48.9 million euro (47.7 million euro). - Profit amounted to 4.8 million euro (4.9 million euro). - The equity ratio strengthened, amounting to 57.1 percent (48.2%). - Net sales for the whole financial year are expected to amount to around 65 million euro and profit is expected to account for around 11 percent of net sales. KEY FIGURES -------------------------------------------------------------------------------- | 1,000 euro | 1.1.07- | 1.1.06- | 1.1.06- | 1.1.05- | 1.1.04- | | | 30.9.07 | 30.9.06 | 31.12.06 | 31.12.05 | 31.12.04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 48,862 | 47,687 | 63,694 | 49,822 | 54,524 | -------------------------------------------------------------------------------- | Operating profit/loss | 6,140 | 6,538 | 9,877 | 580 | -5,735 | -------------------------------------------------------------------------------- | % of net sales | 12.6 | 13.7 | 15.5 | 1.2 | -10.5 | -------------------------------------------------------------------------------- | Earnings per share, | 0.28 | 0.29 | 0.41 | -0.10 | -0.50 | | euro | | | | | | -------------------------------------------------------------------------------- | Net cash flow from | 3,570 | 13,082 | 17,945 | 3,125 | 3,655 | | operating activities | | | | | | -------------------------------------------------------------------------------- | Return on equity, % | 15.2 | 18.2 | 18.6 | -5.1 | -22.2 | -------------------------------------------------------------------------------- | Net gearing ratio, % | 30.6 | 55.8 | 31.3 | 99.5 | 116.9 | -------------------------------------------------------------------------------- | Equity ratio, % | 57.1 | 48.2 | 51.1 | 41.1 | 36.9 | -------------------------------------------------------------------------------- | Average number of | 362 | 357 | 360 | 359 | 446 | | personnel during the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- PROJECTIONS FOR THE NEAR FUTURE Okmetic supplies sensor wafers for a variety of applications. Volume-wise the most important market for sensor wafers is the manufacture of pressure sensors and accelerometers. Demand for these sensor types is expected to grow steadily throughout the rest of the year. In addition to automotive sensors, new increasingly advanced sensor products are being introduced onto the market all the time. Increasingly diversified sensor technology and new sensor applications will boost the market potential of Okmetic's customers. 2 The market situation within the semiconductor industry has improved slightly in recent weeks. The year 2007 is forecasted to be the sixth consecutive growth year, although growth is expected to only amount to just under five percent this time (SIA, WSTS, Gartner, IC Insights). The forecasts anticipate stronger growth next year. Demand for silicon wafers grows hand in hand with the sales figures of the customer industries. According to prevailing industry forecasts, the total volume of wafer shipments is expected to grow by nine percent in 2007 (SEMI). The growth will be most prominent in wafers with a 300 mm diameter. Demand for other wafer sizes, including those that are important to Okmetic, is expected to fall short of the overall development trend this year. Okmetic's order book for the rest of the year is nevertheless looking good. Net sales for the whole financial year are expected to amount to around 65 million euro and profit is expected to account for around 11 percent of net sales. MARKETS Worldwide demand for micro-mechanical sensors typically grows at a rate of just over ten percent per year. Sensor shipments have grown steadily this year as well. Within the semiconductor industry the overall market situation has been stable. Calculated in US dollars, semiconductor sales between January and August grew by four percent compared to the corresponding period of the previous year (WSTS, SIA). The growth in the demand for silicon wafers has mostly affected large wafer sizes this year. Demand for other wafer sizes has been subject to fluctuations in demand due to customers' end products. Okmetic has increased its market share. The demand for the Company's sensor wafers has taken an upward turn. SALES The Group's net sales amounted to 48.9 million euro (47.7 million euro). Sales per customer segments -------------------------------------------------------------------------------- | | 2007 | (2006) | -------------------------------------------------------------------------------- | | from beginning of year | (on average) | -------------------------------------------------------------------------------- | Sensors | 34% | (34 %) | -------------------------------------------------------------------------------- | Semiconductors | 56% | (59 %) | -------------------------------------------------------------------------------- | Technology | 10% | ( 7 %) | -------------------------------------------------------------------------------- 3 With regard to technology, the fact that revenues from manufacturing expertise sales are recorded in several instalments and also the significant fluctuations with respect to the volume of crystal sales cause some variation in the percentage of net sales that technology represent periodically. Okmetic's sales to the sensor market developed on target. Sensor wafers are used in the automotive, aviation and pharmaceutical industries, for example, as well as in consumer applications. As a sensor wafer supplier, Okmetic is the global market leader. Sales of semiconductor wafers have decreased slightly. Typically, semiconductor wafers are used in consumer electronics, telecommunications and automotive applications. Net sales per market area -------------------------------------------------------------------------------- | | 2007 | (2006) | -------------------------------------------------------------------------------- | | from beginning of year | (on average) | -------------------------------------------------------------------------------- | North America | 51% | (55%) | -------------------------------------------------------------------------------- | Europe | 31% | (28%) | -------------------------------------------------------------------------------- | Asia | 18% | (17%) | -------------------------------------------------------------------------------- PROFIT Okmetic Group's profit was 4.8 million euro (4.9 million euro). Earnings per share amounted to 0.28 euro (0.29 euro). Intermittent postings in technology sales revenue cause significant fluctuations in periodic results. FINANCING The Group's financial situation is good. Net cash flow from operating activities amounted to 3.6 million euro (13.1 million euro). Advance payments made with reference to long-term raw material supply agreements that were signed during the period and interest payments relating to subordinated loans that have been recorded as debt weakened the cash flow by 5.2 million euro. The Group's investment costs amounted to a total of 4.4 million euro. The largest costs resulted from the extension that has been built at the Vantaa plant as part of a technology sale agreement and completed during the period under review and from increasing the production capacity of the plant in Texas. 4 At the end of the period, cash and cash equivalents amounted to 9.8 million euro (7.5 million euro). Return on equity amounted to 15.2 percent (18.2%). The Group's equity ratio strengthened, amounting to 57.1 percent (48.2%). Shareholders' equity per share amounted to 2.58 euro (2.25 euro). PRODUCT DEVELOPMENT Product development accounted for 2.9 percent (2.7%) of Okmetic's net sales. PERSONNEL The average number of employees at Okmetic was 362 (368). At the end of the period, 310 of these were located in Finland, 45 in the US and one in Japan. BUSINESS RISKS The majority of Okmetic's sales are concluded in US dollars and a relatively small proportion in Japanese yen. Both currencies have weakened during the year. Despite hedging, the Company remains vulnerable to exchange rate fluctuations. Okmetic believes that the availability of polycrystalline silicon, the principal raw material of silicon wafers, will remain low. The Company has aimed to secure access to the raw material through long-term purchase agreements. The Parent Company's balance sheet includes 3.2 million euro's worth of shares in a Swedish company called Norstel AB, which is still under development. The development of the company has not lived up to Okmetic's expectations. For this reason, Okmetic regularly reassesses the value of its holding in Norstel AB. SHARE PRICE DEVELOPMENT AND TRADING A total of 10.4 million shares (12.6 million shares) were traded between 1 January and 30 September 2007, representing 61.7 percent (74.6%) of the share total of 16.9 million. The lowest quotation of the period was 3.00 euro (1.80 euro) and the highest was 4.67 euro per share (3.70 euro), with an average of 4.01 euro (3.00 euro). The closing quotation of the period was 3.43 euro (3.28 euro). The total market value of the share capital amounted to 57.9 million euro (55.4 million euro) at the end of the period. 5 OWN SHARES The Company has not repurchased its own shares and the Board of Directors has not been authorised to repurchase or convey the Company's own shares. OPTIONS The Company has no options in issue at the moment. BOARD OF DIRECTORS' AUTHORISATION TO INCREASE SHARE CAPITAL The Annual General Meeting held on 29 March 2007 authorised the Board of Directors to decide on new issues and other share entitlements according to the first paragraph of section 10 of the Finnish Companies Act. The aggregate number of shares issued on the basis of the authorisation may not exceed 3,377,500 shares, which represents approximately 20 percent of all the shares of the Company. The Board of Directors is authorised to decide on all the terms and conditions concerning the issue of shares and other share entitlements. The authorisation relates to the issuance of new shares. Issuance of shares and other share entitlements can be carried out as a directed issue. The authorisation is effective until the following Annual General Meeting of shareholders, however no later than 29 March 2008. Vantaa, 30 October 2007 Board of Directors 6 FINANCIAL STATEMENTS 1 JANUARY - 30 SEPTEMBER 2007 (unaudited) ACCOUNTING PRINCIPLES This Interim Report has been prepared in accordance with the IAS 34 standard. The accounting policies adopted are consistent with those followed in the preparation of the Group's annual Financial Statements for the year 2006 with the exception that Okmetic has adopted the following new or amended standards on 1 January 2007: - IFRS 7 Financial Instruments: Disclosures (effective in financial years commencing after 1 January 2007) - IAS 1 (amendment): IAS 1 Presentation of Financial Statements - Capital Disclosures (effective in financial years commencing after 1 January 2007) - IFRIC 8: Scope of IFRS 2 (effective in financial years commencing after 1 May 2006) - IFRIC 9: Reassessment of Embedded Derivatives (effective in financial years commencing after 1 June 2006) - IFRIC 10: Interim Financial Reporting and Impairment (effective in financial years commencing after 1 November 2006). The adoption has not had any significant impact on the information presented in this Interim Report. CONDENSED CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | 1,000 euro | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- | | | 30.9.07 | 30.9.06 | 30.9.07 | 30.9.06 | 31.12.06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 15,927 | 15,903 | 48,862 | 47,687 | 63,694 | -------------------------------------------------------------------------------- | Cost of sales | -11,660 | -11,585 | -37,760 | -36,728 | -48,165 | -------------------------------------------------------------------------------- | Gross profit | 4,267 | 4,318 | 11,102 | 10,959 | 15,529 | -------------------------------------------------------------------------------- | Other income and | -1,466 | -1,628 | -4,962 | -4,421 | -5,652 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating profit | 2,801 | 2,690 | 6,140 | 6,538 | 9,877 | -------------------------------------------------------------------------------- | Financial income and | -573 | -353 | -1,379 | -1,633 | -3,198 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 2,228 | 2,338 | 4,761 | 4,905 | 6,679 | -------------------------------------------------------------------------------- | Income taxes 1) | -99 | - | -5 | - | 206 | -------------------------------------------------------------------------------- | Profit for the | 2,129 | 2,338 | 4,757 | 4,905 | 6,885 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic and diluted | 0.12 | 0.14 | 0.28 | 0.29 | 0.41 | | earnings per share | | | | | | -------------------------------------------------------------------------------- 1) In addition to deferred tax assets and liabilities, the estimated income taxes for the period of 2007 include the tax loss carry-forwards of the Group companies. 7 CONDENSED CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | 1,000 euro | September 30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 45,206 | 49,042 | 47,821 | -------------------------------------------------------------------------------- | Available-for-sale financial | 678 | 2,100 | 1,502 | | assets | | | | -------------------------------------------------------------------------------- | Other receivables | 2,788 | 123 | 123 | -------------------------------------------------------------------------------- | Total non-current assets | 48,672 | 51,265 | 49,446 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 7,043 | 6,697 | 7,915 | -------------------------------------------------------------------------------- | Receivables | 10,684 | 10,444 | 9,036 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 9,826 | 7,525 | 13,184 | -------------------------------------------------------------------------------- | Total current assets | 27,553 | 24,666 | 30,135 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets held for | | 3,233 | | | sale | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 76,226 | 79,164 | 79,581 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | 11,821 | 11,821 | 11,821 | -------------------------------------------------------------------------------- | Other equity | 31,678 | 26,176 | 28,259 | -------------------------------------------------------------------------------- | Total equity | 43,499 | 37,997 | 40,080 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 21,625 | 14,783 | 21,294 | -------------------------------------------------------------------------------- | Current liabilities | 11,101 | 26,384 | 18,206 | -------------------------------------------------------------------------------- | Total liabilities | 32,726 | 41,167 | 39,501 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 76,226 | 79,164 | 79,581 | -------------------------------------------------------------------------------- 8 CONDENSED CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 | | | September 30, | September 30, | -December | | | 2007 | 2006 | 31, 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating activities: | | | -------------------------------------------------------------------------------- | Profit before taxes | 4,761 | 4,905 | 6,679 | -------------------------------------------------------------------------------- | Adjustments | 7,425 | 7,743 | 10,259 | -------------------------------------------------------------------------------- | Change in working capital | -4,717 | 1,287 | 2,652 | -------------------------------------------------------------------------------- | Interest and dividends | 306 | 111 | 172 | | received | | | | -------------------------------------------------------------------------------- | Interest paid and other | -4,144 | -965 | -1,818 | | financial items | | | | -------------------------------------------------------------------------------- | Taxes paid | -61 | - | - | -------------------------------------------------------------------------------- | Net cash from operating | 3,570 | 13,082 | 17,945 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing activities: | | | -------------------------------------------------------------------------------- | Proceeds from investing | 1,305 | 107 | 4,777 | | activities | | | | -------------------------------------------------------------------------------- | Capital expenditure | -5,330 | -529 | -1,203 | -------------------------------------------------------------------------------- | Net cash used in investing | -4,025 | -422 | 3,574 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities: | | | -------------------------------------------------------------------------------- | Payments of long-term | -20,665 | -3,987 | -6,916 | | borrowings | | | | -------------------------------------------------------------------------------- | Proceeds of long-term | 18,000 | - | 10,000 | | borrowings | | | | -------------------------------------------------------------------------------- | Payments of finance lease | -157 | -82 | -343 | | liabilities | | | | -------------------------------------------------------------------------------- | Payments of short-term | - | -5,500 | -15,500 | | borrowings | | | | -------------------------------------------------------------------------------- | Net cash used in financing | -2,822 | -9,569 | -12,759 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase (+) / decrease (-) | -3,277 | 3,091 | 8,760 | | in cash and cash equivalents | | | | -------------------------------------------------------------------------------- | Exchange rate changes | -81 | -18 | -27 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at | 13,184 | 4,452 | 4,452 | | the beginning of the period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 9,826 | 7,525 | 13,184 | | the end of the period | | | | -------------------------------------------------------------------------------- 9 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | 1,000 euro | Share | Share | Trans-l | Fair | Retained | Total | | | capita | premium | ation | value | earnings | equity | | | l | | differ- | reserve | | | | | | | ences | | | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,256 | 669 | -1,042 | 8,376 | 40,080 | | Jan 1, 2007 | | | | | | | -------------------------------------------------------------------------------- | Available-for- | | | | | | | | sale financial | | | | | | | | assets: | | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | -824 | | -824 | | gains/ | | | | | | | | losses | | | | | | | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -504 | | | -504 | | differences | | | | | | | -------------------------------------------------------------------------------- | Transfer to | | | 60 | | | 60 | | income | | | | | | | | statement | | | | | | | -------------------------------------------------------------------------------- | Equity | | -70 | | | | -70 | | component of | | | | | | | | convertible | | | | | | | | loan notes | | | | | | | -------------------------------------------------------------------------------- | Net income | - | -70 | -444 | -824 | - | -1,338 | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | 4,757 | 4,757 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Total | - | -70 | -444 | -824 | 4,757 | 3,419 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,185 | 225 | -1,866 | 13,133 | 43,499 | | September 30, | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 11,821 | 36,401 | 759 | -340 | -14,654 | 33,987 | | Jan 1, 2006 | | | | | | | -------------------------------------------------------------------------------- | Available-for- | | | | | | | | sale financial | | | | | | | | assets: | | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | -115 | | -115 | | gains/ | | | | | | | | losses | | | | | | | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -780 | | | -780 | | differences | | | | | | | -------------------------------------------------------------------------------- | Losses offset | | -16,145 | | | 16,145 | 0 | | from previous | | | | | | | | financial | | | | | | | | years | | | | | | | -------------------------------------------------------------------------------- | Net income | - | -16,145 | -780 | -115 | 16,145 | -895 | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | 4,905 | 4,905 | | for the period | | | | | | | -------------------------------------------------------------------------------- | Total | - | -16,145 | -780 | -115 | 21,051 | 4,011 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,256 | -21 | -455 | 6,397 | 37,997 | | September 30, | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- 10 CHANGES IN PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 - | | | September 30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Carrying amount at the | 47,821 | 58,629 | 58,629 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Additions | 4,446 | 526 | 1,671 | -------------------------------------------------------------------------------- | Disposals | -530 | 0 | -3,118 | -------------------------------------------------------------------------------- | Depreciation | -6,077 | -6,400 | -8,486 | -------------------------------------------------------------------------------- | Exchange differences | -453 | -594 | -875 | -------------------------------------------------------------------------------- | Transfer to non-current | - | -3,118 | - | | assets held for sale | | | | -------------------------------------------------------------------------------- | Carrying amount at the end | 45,206 | 49,042 | 47,821 | | of the period | | | | -------------------------------------------------------------------------------- CHANGES IN INTEREST-BEARING LIABILITIES -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 - | | | September30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Carrying amount at the | 25,731 | 38,279 | 38,279 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Proceeds of loans from | 17,974 | - | 9,962 | | financial institutions | | | | -------------------------------------------------------------------------------- | Repayments of loans from | -15,960 | -9,472 | -22,403 | | financial institutions | | | | -------------------------------------------------------------------------------- | Repayments of subordinated | -4,591 | - | - | | loans | | | | -------------------------------------------------------------------------------- | Changes in finance lease | -15 | -97 | -107 | | liabilities | | | | -------------------------------------------------------------------------------- | Carrying amount at the end | 23,138 | 28,710 | 25,731 | | of | | | | | the period | | | | -------------------------------------------------------------------------------- 11 COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | 1,000 euro | September 30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans secured by mortgages | 17,500 | 21,815 | 18,870 | | or pledges | | | | -------------------------------------------------------------------------------- | Mortgages | 34,046 | 40,365 | 30,610 | -------------------------------------------------------------------------------- | Other pledges | - | 8,908 | 8,908 | -------------------------------------------------------------------------------- | Off-balance sheet lease | 217 | 751 | 322 | | commitments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of derivative | | | | | contracts: | | | | -------------------------------------------------------------------------------- | Currency forward agreements | 3,000 | 4,149 | 3,355 | -------------------------------------------------------------------------------- | Interest-rate swap contracts | - | 9,000 | - | -------------------------------------------------------------------------------- | Electricity derivatives | 2,174 | 2,190 | 2,580 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivative | | | | | contracts: | | | | -------------------------------------------------------------------------------- | Currency forward agreements | 154 | 0 | 117 | -------------------------------------------------------------------------------- | Interest-rate swap contracts | - | -2 | - | -------------------------------------------------------------------------------- | Electricity derivatives | 232 | 688 | 80 | -------------------------------------------------------------------------------- The contract price of the derivatives has been used as the nominal value of the underlying asset. Derivative contracts are held for hedging. RELATED PARTY TRANSACTIONS Key management compensation during the period under review amounted to 1 014 thousand euro (886 thousand euro). 12 KEY FIGURES SHOWING FINANCIAL PERFORMANCE -------------------------------------------------------------------------------- | | January 1 - | January 1 - | January 1 - | | | September 30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 48,862 | 47,687 | 63,694 | -------------------------------------------------------------------------------- | Change in net sales compared | 2.5 | 33.1 | 27.8 | | to the previous year's | | | | | period, % | | | | -------------------------------------------------------------------------------- | Export and foreign operations | 94.3 | 95.6 | 95.7 | | share of net sales, % | | | | -------------------------------------------------------------------------------- | Operating profit | 6,140 | 6,538 | 9,877 | -------------------------------------------------------------------------------- | % of net sales | 12.6 | 13.7 | 15.5 | -------------------------------------------------------------------------------- | Profit before taxes | 4,761 | 4,905 | 6,679 | -------------------------------------------------------------------------------- | % of net sales | 9.7 | 10.3 | 10.5 | -------------------------------------------------------------------------------- | Return on equity, % | 15.2 | 18.2 | 18.6 | -------------------------------------------------------------------------------- | Return on investment, % | 12.7 | 12.3 | 14.2 | -------------------------------------------------------------------------------- | Non-interest bearing | 9,588 | 12,458 | 13,770 | | liabilities | | | | -------------------------------------------------------------------------------- | Net gearing ratio, % | 30.6 | 55.8 | 31.3 | -------------------------------------------------------------------------------- | Equity ratio, % | 57.1 | 48.2 | 51.1 | -------------------------------------------------------------------------------- | Capital expenditure | 4,446 | 526 | 1,671 | -------------------------------------------------------------------------------- | % of net sales | 9.1 | 1.1 | 2.6 | -------------------------------------------------------------------------------- | Depreciation | 6,077 | 6,401 | 8,486 | -------------------------------------------------------------------------------- | Research and development | 1,432 | 1,288 | 1,731 | | expenditure 1) | | | | -------------------------------------------------------------------------------- | % of net sales | 2.9 | 2.7 | 2.7 | -------------------------------------------------------------------------------- | Average number of personnel | 362 | 357 | 360 | | during the period | | | | -------------------------------------------------------------------------------- | Personnel at the end of the | 356 | 368 | 365 | | period | | | | -------------------------------------------------------------------------------- 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. 13 KEY FIGURES PER SHARE -------------------------------------------------------------------------------- | | September 30, | September 30, | December 31, | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | Continuing operations: | | | | -------------------------------------------------------------------------------- | Earnings per share basic and | 0.28 | 0.29 | 0.41 | | diluted, euro | | | | -------------------------------------------------------------------------------- | Equity per share, euro | 2.58 | 2.25 | 2.37 | -------------------------------------------------------------------------------- | Dividend per share, euro | 0.00 | 0.00 | 0.00 | -------------------------------------------------------------------------------- | Dividend/earnings, % | - | - | - | -------------------------------------------------------------------------------- | Price/earnings (P/E) | 12.2 | 11.3 | 9.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price development (Jan | | | | | 1 -) | | | | -------------------------------------------------------------------------------- | Average trading price | 4.01 | 3.00 | 3.11 | -------------------------------------------------------------------------------- | Lowest trading price | 3.00 | 1.80 | 1.80 | -------------------------------------------------------------------------------- | Highest trading price | 4.67 | 3.70 | 3.75 | -------------------------------------------------------------------------------- | Trading price at the end of | 3.43 | 3.28 | 3.69 | | the period | | | | -------------------------------------------------------------------------------- | Market capitalisation at the | 57,924 | 55,391 | 62,315 | | end of the period, 1,000 euro | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Trading volume (Jan 1 -) | | | | -------------------------------------------------------------------------------- | Trading volume, transactions | 10,419,055 | 12,599,223 | 16,500,162 | -------------------------------------------------------------------------------- | In relation to weighted | 61.7 | 74.6 | 97.7 | | average number of shares, % | | | | -------------------------------------------------------------------------------- | Trading volume, euro | 41,800,470 | 37,782,559 | 51,312,696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The weighted average number | 16,887,500 | 16,887,500 | 16,887,500 | | of shares during the period | | | | | under review adjusted by the | | | | | share issue | | | | -------------------------------------------------------------------------------- | The number of shares at the | 16,887,500 | 16,887,500 | 16,887,500 | | end of the period adjusted by | | | | | the share issue | | | | -------------------------------------------------------------------------------- 14 QUARTERLY KEY FIGURES -------------------------------------------------------------------------------- | | 10-12/07 | 7-9/07 | 4-6/07 | 1-3/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 15,927 | 15,613 | 17,322 | -------------------------------------------------------------------------------- | Compared to previous | | 2.0 | -9.9 | 8.2 | | quarter, % | | | | | -------------------------------------------------------------------------------- | Operating profit | | 2,801 | 662 | 2,677 | -------------------------------------------------------------------------------- | % of net sales | | 17.6 | 4.2 | 15.5 | -------------------------------------------------------------------------------- | Profit before taxes | | 2,229 | 207 | 2,326 | -------------------------------------------------------------------------------- | % of net sales | | 14.0 | 1.3 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow generated | | | | | | from: | | | | | -------------------------------------------------------------------------------- | Operating activities | | 2,357 | -414 | 1,628 | -------------------------------------------------------------------------------- | Investing activities | | -593 | -1,582 | -1,850 | -------------------------------------------------------------------------------- | Financing activities | | -58 | -3,582 | 817 | -------------------------------------------------------------------------------- | Increase/decrease in cash | | 1,706 | -5,578 | 595 | | and | | | | | cash equivalents | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel at the end of the | | 356 | 369 | 360 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 10-12/06 | 7-9/06 | 4-6/06 | 1-3/06 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 16,008 | 15,903 | 15,872 | 15,912 | -------------------------------------------------------------------------------- | Compared to previous | 0.7 | 0.2 | -0.3 | 13.7 | | quarter, % | | | | | -------------------------------------------------------------------------------- | Operating profit | 3,339 | 2,690 | 1,142 | 2,706 | -------------------------------------------------------------------------------- | % of net sales | 20.9 | 16.9 | 7.2 | 17.0 | -------------------------------------------------------------------------------- | Profit before taxes | 1,774 | 2,338 | 407 | 2,161 | -------------------------------------------------------------------------------- | % of net sales | 11.1 | 14.7 | 2.6 | 13.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow generated | | | | | | from: | | | | | -------------------------------------------------------------------------------- | Operating activities | 4,863 | 5,694 | 3,431 | 3,957 | -------------------------------------------------------------------------------- | Investing activities | 3,996 | -84 | -329 | -9 | -------------------------------------------------------------------------------- | Financing activities | -3,190 | -2,968 | -5,017 | -1,584 | -------------------------------------------------------------------------------- | Increase/decrease in cash | 5,669 | 2,641 | -1,915 | 2,364 | | and | | | | | | cash equivalents | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel at the end of the | 365 | 368 | 379 | 337 | | 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. 15 -------------------------------------------------------------------------------- | DEFINITIONS OF KEY FINANCIAL FIGURES | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | = | | Profit/loss for the period from | | (ROE) | | | continuing operations x 100 | -------------------------------------------------------------------------------- | | | | Equity (average for the period) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment, % | = | | (Profit/loss before tax + interest and | | (ROI) | | | other financial expenses) x 100 | -------------------------------------------------------------------------------- | | | | Balance sheet total - non-interest | | | | | bearing liabilities (average for the | | | | | period) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | = | | Total equity x 100 | -------------------------------------------------------------------------------- | | | | Balance sheet total - advances received | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net gearing ratio, % | = | | (Interest-bearing liabilities - cash | | | | | and cash equivalents) x 100 | -------------------------------------------------------------------------------- | | | | Equity | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | = | | Profit/loss for the period attributable | | | | | to the equity holders of the Parent | | | | | Company | -------------------------------------------------------------------------------- | | | | Adjusted weighted average number of | | | | | shares in issue during the period | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share | = | | Equity attributable to the equity | | | | | holders of the Parent Company | -------------------------------------------------------------------------------- | | | | Adjusted number of shares at the end of | | | | | the period | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Price/earnings ratio | = | | Last adjusted trading price at the end | | (P/E) | | | of the period | -------------------------------------------------------------------------------- | | | | Earnings per share | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average share price | = | | Total traded amount in euro | -------------------------------------------------------------------------------- | | | | Adjusted number of shares traded during | | | | | the period | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalisation at | = | | Number of shares at the end of the | | the end of 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 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 16 OKMETIC OYJ Antti Rasilo President For further information, please contact: President Antti Rasilo, Okmetic Oyj, Tel. +358 40 746 1351, email: antti.rasilo@okmetic.com Senior Vice President, Finance Esko Sipilä, Okmetic Oyj, Tel. +358 9 5028 0286, email: esko.sipila@okmetic.com Distribution: OMX Nordic Exchange Principal media www.okmetic.com OKMETIC IN BRIEF Take it higher Okmetic is a technology Company which supplies tailor-made silicon wafers for sensor and semiconductor industries and sells its technological expertise. Okmetic provides its customers with solutions that boost their competitiveness and profitability. Okmetic's silicon wafers are part of a further processing chain that produces end products that improve human interaction and quality of life. Okmetic's products are based on high-tech expertise that generates added value for customers, innovative product development and an extremely efficient production process. Okmetic has a global customer base and sales network, production plants in Finland and the US and contract manufacturers in Japan and China. Okmetic's shares are listed on OMX's Nordic Stock Exchange under the code OKM1V. For more information on the Company, please visit our website at www.okmetic.com.
© 2023 Nasdaq, Inc. All Rights Reserved |