2008-08-07 10:01:10 CEST
2008-08-07 10:02:00 CEST
REGULATED INFORMATION
Okmetic Oyj - Interim report (Q1 and Q3)
OKMETIC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2008
OKMETIC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2008 Okmetic is a technology company that supplies customised silicon wafers for the sensor and semiconductor industries and sells its technological expertise. During the period under review, Okmetic's net sales amounted to 34.0 million euro (32.9 million euro). Profit for the period was 4.1 million euro (2.6 million euro). Earnings per share amounted to 0.24 euro (0.16 euro). REVIEW IN BRIEF - Net sales amounted to 34.0 million euro (32.9 million euro). - Profit for the period amounted to 4.1 million euro (2.6 million euro). - Earnings per share amounted to 0.24 euro (0.16 euro). - The equity ratio strengthened, amounting to 60.1 percent (56.8%). - Periodic revenue from technology sales causes significant variations in the interim results. - Net sales for the whole financial year of 2008 are expected to amount to just over 68 million euro and operating profit is expected to account for around 13 percent of net sales. KEY FIGURES -------------------------------------------------------------------------------- | 1,000 euro | 1.1.- | 1.1.- | 1.1.- | 1.1.- | 1.1.- | | | 30.6.08 | 30.6.07 | 31.12.07 | 31.12.06 | 31.12.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 34,025 | 32,935 | 64,652 | 63,694 | 49,822 | -------------------------------------------------------------------------------- | Operating profit | 5,279 | 3,339 | 7,121 | 9,877 | 580 | -------------------------------------------------------------------------------- | % of net sales | 15.5 | 10.1 | 11.0 | 15.5 | 1.2 | -------------------------------------------------------------------------------- | Earnings per share, | 0.24 | 0.16 | 0.31 | 0.41 | -0.10 | | euro | | | | | | -------------------------------------------------------------------------------- | Net cash from | 5,776 | 1,213 | 8,305 | 17,945 | 3,125 | | operating activities | | | | | | -------------------------------------------------------------------------------- | Return on equity, % | 17.6 | 12.8 | 12.4 | 18.6 | -5.1 | -------------------------------------------------------------------------------- | Gearing, % | 13.2 | 35.8 | 19.6 | 31.3 | 99.5 | -------------------------------------------------------------------------------- | Equity ratio, % | 60.1 | 56.8 | 55.3 | 51.1 | 41.1 | -------------------------------------------------------------------------------- | Average number of | 361 | 361 | 362 | 360 | 359 | | personnel during the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- PROJECTIONS FOR THE NEAR FUTURE Okmetic supplies sensor wafers for a variety of applications. Within the automotive industry, which represents the biggest market for microsensors, the most significant growth potential can be found in angular rate sensors which are used in driving systems. New, rapidly growing consumer electronics applications include, for example, microphones based on MEMS sensor technology. Altogether, the microsensor industry is expected to grow at a rate of more than ten percent per year both in the short term and in the long term (Yole, IC Insights). The moderate market situation within the semiconductor industry is expected to continue. The annual growth estimates have been revised somewhat during the summer, and the new, slightly higher estimates now predict an annual growth of around 5 - 10 percent (IC Insights, Future Horizon, Gartner, SIA). Demand for silicon wafers grows hand in hand with the needs of the customer industries. According to prevailing industry forecasts, the total volume of wafer shipments is expected to grow by 5 - 10 percent in 2008, thanks to the growing demand for 300 mm wafers. The annual growth of demand for wafers with diameters of 100 - 200 mm, which are important to Okmetic, is expected to fall short of the overall development trend. Okmetic's order book for the rest of the year looks strong. Net sales for the whole financial year of 2008 are expected to amount to just over 68 million euro and operating profit is expected to account for around 13 percent of net sales. MARKETS Demand for micro-mechanical sensors has continued its steady growth during the first half of the year. The fastest growth rates have been recorded in consumer applications. The automotive industry continues to adopt more and more sensor solutions all the time. Within the semiconductor industry, the market situation remained moderate throughout the first half of the year. Between January and May, semiconductor sales grew by five percent compared to the corresponding period of the previous year (WSTS, SIA). At the same time, semiconductor component shipments increased by almost ten percent. The growth in the demand for silicon wafers follows the shipment volumes of the customer industries, and consequently the first half of the year saw the demand grow by almost ten percent compared to the first half of last year. The growth trend was most prominent in large wafer sizes. Demand for the wafer sizes that Okmetic manufactures has remained stable. SALES The group's net sales amounted to 34.0 million euro (32.9 million euro). Net sales per customer segment -------------------------------------------------------------------------------- | | 2008 | (2007) | | | from beginning of year | (on average) | -------------------------------------------------------------------------------- | Sensors | 35% | (34%) | -------------------------------------------------------------------------------- | Semiconductors | 39% | (56%) | -------------------------------------------------------------------------------- | Technology | 26% | (10%) | -------------------------------------------------------------------------------- Technology sales encompass not just the sale of Okmetic's technological expertise but also crystals and occasionally raw materials and surplus produce. The fact that revenues from trans-ferring manufacturing expertise are recorded in several instalments and also the significant periodic fluctuation in other technology sales cause significant variation in the percentage of net sales that technology sales represent periodically, both in terms of different customer segments and different market areas. Revenue from technology sales has been high during the first half of the current year. Okmetic's sales to the sensor market increased and developed on target. Sensor wafers are used in the automotive, aviation and medical industries, for example, as well as in consumer applications. As a sensor wafer supplier, Okmetic is the global market leader. Sales of semiconductor wafers decreased slightly due to the market situation. Typically, semiconductor wafers are used in consumer electronics as well as in telecommunications and automotive applications. A slump could be detected in the demand for semiconductor wafers during the first half of the year. Net sales per market area -------------------------------------------------------------------------------- | | 2008 | (2007) | | | from beginning of year | (on average) | -------------------------------------------------------------------------------- | North America | 38% | (48%) | -------------------------------------------------------------------------------- | Europe | 39% | (32%) | -------------------------------------------------------------------------------- | Asia | 23% | (20%) | -------------------------------------------------------------------------------- The exchange rate fluctuations of the main currencies of each market area affect the relative shares of different market areas considerably. PROFIT Okmetic group's profit was 4.1 million euro (2.6 million euro). Earnings per share amounted to 0.24 euro (0.16 euro). The group's hedging efforts generated a profit of 0.7 million euro during the period under review. Periodic revenue from technology sales causes significant variations in the interim results. Revenues from technology sales affect the figures for the first half of 2008 considerably. FINANCING AND INVESTMENTS The group's financial situation is good. Net cash flow from operating activities amounted to 5.8 million euro (1.2 million euro). The value added tax liabilities and receivables resulting from an internal business acquisition that was concluded in Finland at the turn of the year have been paid. In April, the company distributed a dividend of 31.8 percent, i.e. 1.7 million euro, of the profit accrued in 2007, representing a 0.10 euro dividend per share. The group's capital expenditure amounted to 1.2 million euro. At the end of the period, cash and cash equivalents amounted to 13.1 million euro (8.2 million euro). Return on equity amounted to 17.6 percent (12.8%). The group's equity ratio strengthen-ed, amounting to 60.1 percent (56.8%). Equity per share amounted to 2.79 euro (2.49 euro). PRODUCT DEVELOPMENT Product development accounted for 3.1 percent (2.9%) of Okmetic's net sales. PERSONNEL The average number of employees at Okmetic was 361 (361). At the end of the period, 320 of these were located in Finland, 47 in the US and three 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 significantly since the beginning of the year. Despite hedging, the company remains vulnerable to exchange rate fluctuations. The semiconductor market is cyclical by nature. The market's cyclical nature is currently affect-ing the demand for semiconductor wafers negatively. Okmetic Oyj has a 13.7-percent shareholding in a Swedish company, Norstel AB, which is currently under development. The holding involves a business risk associated with developing enterprises. The change in the value of the holding has been translated into a change in equity. SHARE PRICE DEVELOPMENT, TRADING AND NOTIFICATIONS A total of 3.9 million shares (8.4 million shares) were traded between 1 January and 30 June 2008, representing 23.1 percent (50.0%) of the share total of 16.9 million. The lowest quotation of the period was 2.20 euro (3.34 euro) and the highest was 3.14 euro per share (4.67 euro), with an average of 2.63 euro (4.06 euro). The closing quotation of the period was 2.55 euro (4.40 euro). The market capitalisation of Okmetic's shares amounted to 43.1 million euro (74.3 million euro) at the end of the period. After the period under review, Accendo Capital SICAV investment fund (Luxembourg) increased its holding of Okmetic's shares and voting rights on 14 July 2008 to 1,052,988 shares, which represents 6.24 percent of the company's share capital. 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 3 April 2008 authorised the board of directors to decide on new issues, options 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, options and other share entitlements. Issuance of shares, options and other share entitlements can be carried out as a directed issue. The authori-sation is effective until the following annual general meeting of shareholders. Vantaa, 7 August 2008 Board of directors ABRIDGED FINANCIAL STATEMENTS AND TABLES 1.1. - 30.6.2008 (unaudited) ACCOUNTING PRINCIPLES These interim financial statements have been prepared in accordance with the IAS 34 standard. In preparing these interim financial statements, Okmetic has followed the same accounting policies as in the financial statements for 2007 except for the effect of changes required by the adoption of the following new standards, interpretations or revisions to published standards adopted on 1 January 2008: IFRIC 11, IFRS 2 - Group and treasury share transactions provides guidance on whether share-based transactions involving treasury shares or involving group entities should be accounted for as equity-settled or cash-settled payment transactions in the stand-alone accounts of the parent and group companies. This interpretation does not have any impact on the group's financial statements. CONDENSED CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | 1,000 euro | 1.4.- | 1.4.- | 1.1.- | 1.1.- | 1.1.- | | | 30.6.08 | 30.6.07 | 30.6.08 | 30.6.07 | 31.12.07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 16,992 | 15,613 | 34,025 | 32,935 | 64,652 | -------------------------------------------------------------------------------- | Cost of sales | -12,943 | -13,442 | -25,514 | -26,100 | -50,967 | -------------------------------------------------------------------------------- | Gross profit | 4,049 | 2,170 | 8,511 | 6,835 | 13,685 | -------------------------------------------------------------------------------- | Other income and | -1,312 | -1,508 | -3,232 | -3,496 | -6,564 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating profit | 2,737 | 662 | 5,279 | 3,339 | 7,121 | -------------------------------------------------------------------------------- | Financial income and | -155 | -455 | -1,063 | -806 | -1,906 | | expenses | | | | | | -------------------------------------------------------------------------------- | Profit before tax | 2,582 | 207 | 4,216 | 2,533 | 5,215 | -------------------------------------------------------------------------------- | Income tax | -150 | 5 | -144 | 95 | 90 | -------------------------------------------------------------------------------- | Profit for the period | 2,432 | 212 | 4,072 | 2,627 | 5,305 | -------------------------------------------------------------------------------- | Basic and diluted | 0.14 | 0.02 | 0.24 | 0.16 | 0.31 | | earnings per share, | | | | | | | euro | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | 1,000 euro | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and | 40,639 | 47,307 | 43,355 | | equipment | | | | -------------------------------------------------------------------------------- | Available-for-sale financial | 1,821 | 1,054 | 2,431 | | assets | | | | -------------------------------------------------------------------------------- | Other receivables | 5,100 | 1,233 | 2,731 | -------------------------------------------------------------------------------- | Total non-current assets | 47,560 | 49,593 | 48,517 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 8,218 | 6,643 | 6,399 | -------------------------------------------------------------------------------- | Receivables | 10,827 | 9,635 | 14,439 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 13,127 | 8,162 | 13,308 | -------------------------------------------------------------------------------- | Total current assets | 32,172 | 24,440 | 34,147 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 79,732 | 74,033 | 82,664 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | 11,821 | 11,821 | 11,821 | -------------------------------------------------------------------------------- | Other equity | 35,258 | 30,201 | 33,828 | -------------------------------------------------------------------------------- | Total equity | 47,080 | 42,023 | 45,649 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 15,719 | 20,679 | 17,716 | -------------------------------------------------------------------------------- | Current liabilities | 16,934 | 11,332 | 19,299 | -------------------------------------------------------------------------------- | Total liabilities | 32,653 | 32,011 | 37,014 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 79,732 | 74,033 | 82,664 | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 - | | | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities: | | | | -------------------------------------------------------------------------------- | Profit before tax | 4,216 | 2,533 | 5,215 | -------------------------------------------------------------------------------- | Adjustments | 4,039 | 5,089 | 9,826 | -------------------------------------------------------------------------------- | Change in working capital | -1,748 | -2,392 | -2,235 | -------------------------------------------------------------------------------- | Interest received | 209 | 228 | 394 | -------------------------------------------------------------------------------- | Interest paid and other | -923 | -4,182 | -4,805 | | financial items | | | | -------------------------------------------------------------------------------- | Tax paid | -16 | -63 | -90 | -------------------------------------------------------------------------------- | Net cash from operating | 5,776 | 1,213 | 8,305 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities: | | | | -------------------------------------------------------------------------------- | Proceeds from investing | - | 912 | 498 | | activities | | | | -------------------------------------------------------------------------------- | Capital expenditure | -1,172 | -4,344 | -4,809 | -------------------------------------------------------------------------------- | Net cash used in investing | -1,172 | -3,432 | -4,311 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities: | | | | -------------------------------------------------------------------------------- | Repayments of long-term | -2,873 | -20,665 | -21,540 | | borrowings | | | | -------------------------------------------------------------------------------- | Proceeds of long-term | - | 18,000 | 18,000 | | borrowings | | | | -------------------------------------------------------------------------------- | Payments of finance lease | -112 | -99 | -213 | | liabilities | | | | -------------------------------------------------------------------------------- | Dividends paid | -1,689 | - | - | -------------------------------------------------------------------------------- | Net cash used in financing | -4,674 | -2,764 | -3,754 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase (+) / decrease (-) | -70 | -4,983 | 241 | | in | | | | | cash and cash | | | | | equivalents | | | | -------------------------------------------------------------------------------- | Exchange rate changes | -111 | -39 | -117 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 13,308 | 13,184 | 13,184 | | at the beginning of the | | | | | period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 13,127 | 8,162 | 13,308 | | at the end of the period | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | 1,000 euro | Share | Share | Translati | Fair | Retaine | Total | | | capita | premium | on | value | d | equity | | | l | | differenc | reserve | earning | | | | | | es | | s | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,186 | 75 | -114 | 13,682 | 45,649 | | 1 | | | | | | | | Jan 2008 | | | | | | | -------------------------------------------------------------------------------- | Available-for-s | | | | | | | | ale financial | | | | | | | | assets: | | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | -619 | | -619 | | gains/ | | | | | | | | losses | | | | | | | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -384 | | | -384 | | differences | | | | | | | -------------------------------------------------------------------------------- | Transfer to | | | 120 | | | 120 | | income | | | | | | | | statement | | | | | | | -------------------------------------------------------------------------------- | Equity | | -70 | | | | -70 | | component of | | | | | | | | convertible | | | | | | | | loan notes | | | | | | | -------------------------------------------------------------------------------- | Net income | - | -70 | -264 | -619 | - | -953 | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Profit/loss for | | | | | 4,072 | 4,072 | | the period | | | | | | | -------------------------------------------------------------------------------- | Total | - | -70 | -264 | -619 | 4,072 | 3,119 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -1,689 | -1,689 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,115 | -189 | -733 | 16,065 | 47,080 | | 30 Jun 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,256 | 669 | -1,042 | 8,376 | 40,080 | | 1 Jan 2007 | | | | | | | -------------------------------------------------------------------------------- | Available-for-s | | | | | | | | ale financial | | | | | | | | assets: | | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | -448 | | -448 | | gains/ | | | | | | | | losses | | | | | | | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -167 | | | -167 | | differences | | | | | | | -------------------------------------------------------------------------------- | Equity | | -70 | | | | -70 | | component of | | | | | | | | convertible | | | | | | | | loan notes | | | | | | | -------------------------------------------------------------------------------- | Net income | - | -70 | -167 | -448 | - | -686 | | recognised | | | | | | | | directly in | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Profit/loss for | | | | | 2,627 | 2,627 | | the period | | | | | | | -------------------------------------------------------------------------------- | Total | - | -70 | -167 | -448 | 2,627 | 1,942 | | recognised | | | | | | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Balance at | 11,821 | 20,185 | 502 | -1,491 | 11,004 | 42,023 | | 30 Jun 2007 | | | | | | | -------------------------------------------------------------------------------- CHANGES IN PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 - | | | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Carrying amount at the | 43,355 | 47,821 | 47,821 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Additions | 1,195 | 4,753 | 4,816 | -------------------------------------------------------------------------------- | Disposals | - | -1,044 | -521 | -------------------------------------------------------------------------------- | Depreciation and impairments | -3,516 | -4,059 | -8,102 | -------------------------------------------------------------------------------- | Exchange differences | -395 | -164 | -659 | -------------------------------------------------------------------------------- | Carrying amount at the | 40,639 | 47,307 | 43,355 | | end of | | | | | the period | | | | -------------------------------------------------------------------------------- CHANGES IN INTEREST-BEARING LIABILITIES -------------------------------------------------------------------------------- | 1,000 euro | January 1 - | January 1 - | January 1 - | | | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Carrying amount at the | 22,259 | 25,731 | 25,731 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Proceeds of loans from | - | 17,974 | 17,974 | | financial institutions | | | | -------------------------------------------------------------------------------- | Repayments of loans from | -1,872 | -15,962 | -16,833 | | financial institutions | | | | -------------------------------------------------------------------------------- | Repayments of subordinated | -928 | -4,591 | -4,591 | | loans | | | | -------------------------------------------------------------------------------- | Changes in finance lease | -112 | 43 | -21 | | liabilities | | | | -------------------------------------------------------------------------------- | Carrying amount at the | 19,347 | 23,194 | 22,259 | | end of | | | | | the period | | | | -------------------------------------------------------------------------------- DIVIDENDS PAID In April, the company distributed a dividend of 31.8 percent, i.e. 1.7 million euro, of the profit accrued in 2007, representing a 0.10 euro dividend per share. COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | 1,000 euro | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans secured with collaterals | 14,500 | 17,500 | 15,667 | -------------------------------------------------------------------------------- | Collaterals | 29,001 | 34,046 | 29,001 | -------------------------------------------------------------------------------- | Off-balance sheet lease | 223 | 253 | 238 | | commitments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of derivative | | | | | contracts | | | | -------------------------------------------------------------------------------- | Currency forward agreements | - | 2,000 | - | -------------------------------------------------------------------------------- | Currency options, call | 2,348 | - | 3,484 | -------------------------------------------------------------------------------- | Electricity derivatives | 1,827 | 2,388 | 2,383 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values of derivative | | | | | contracts | | | | -------------------------------------------------------------------------------- | Currency forward agreements | - | 11 | - | -------------------------------------------------------------------------------- | Currency options, call | 131 | - | 119 | -------------------------------------------------------------------------------- | Electricity derivatives | 946 | 209 | 419 | -------------------------------------------------------------------------------- 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 788,000 euro (664,000 euro). KEY FIGURES SHOWING FINANCIAL PERFORMANCE -------------------------------------------------------------------------------- | | January 1 - | January 1 - | January 1 - | | | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 34,025 | 32,935 | 64,652 | -------------------------------------------------------------------------------- | Change in net sales compared | 3.3 | 3.6 | 1.5 | | to the previous year's period, | | | | | % | | | | -------------------------------------------------------------------------------- | Export and foreign operations | 89.8 | 94.5 | 93.0 | | share of net sales, % | | | | -------------------------------------------------------------------------------- | Operating profit | 5,279 | 3,339 | 7,121 | -------------------------------------------------------------------------------- | % of net sales | 15.5 | 10.1 | 11.0 | -------------------------------------------------------------------------------- | Profit before tax | 4,216 | 2,533 | 5,215 | -------------------------------------------------------------------------------- | % of net sales | 12.4 | 7.7 | 8.1 | -------------------------------------------------------------------------------- | Return on equity, % | 17.6 | 12.8 | 12.4 | -------------------------------------------------------------------------------- | Return on investment, % | 15.4 | 10.8 | 10.8 | -------------------------------------------------------------------------------- | Non-interest bearing | 13,305 | 8,817 | 14,755 | | liabilities | | | | -------------------------------------------------------------------------------- | Gearing, % | 13.2 | 35.8 | 19.6 | -------------------------------------------------------------------------------- | Equity ratio, % | 60.1 | 56.8 | 55.3 | -------------------------------------------------------------------------------- | Capital expenditure | 1,195 | 4,753 | 4,816 | -------------------------------------------------------------------------------- | % of net sales | 3.5 | 14.4 | 7.4 | -------------------------------------------------------------------------------- | Depreciation | 3,516 | 4,059 | 8,095 | -------------------------------------------------------------------------------- | Research and development | 1,048 | 970 | 1,854 | | expenditure 1) | | | | -------------------------------------------------------------------------------- | % of net sales | 3.1 | 2.9 | 2.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of personnel | 361 | 361 | 362 | | during the period | | | | -------------------------------------------------------------------------------- | Personnel at the end of the | 370 | 369 | 357 | | 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. KEY FIGURES PER SHARE -------------------------------------------------------------------------------- | | June 30, | June 30, | December 31, | | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share basic | 0.24 | 0.16 | 0.31 | | and | | | | | diluted, euro | | | | -------------------------------------------------------------------------------- | Equity per share, euro | 2.79 | 2.49 | 2.70 | -------------------------------------------------------------------------------- | Dividend per share, euro | - | - | 0.10 | -------------------------------------------------------------------------------- | Dividend/earnings, % | - | - | 31.8 | -------------------------------------------------------------------------------- | Effective dividend yield, % | - | - | 3.3 | -------------------------------------------------------------------------------- | Price/earnings (P/E) | 10.6 | 28.3 | 9.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price development (Jan | | | | | 1-) | | | | -------------------------------------------------------------------------------- | Average trading price | 2.63 | 4.06 | 3.87 | -------------------------------------------------------------------------------- | Lowest trading price | 2.20 | 3.34 | 2.54 | -------------------------------------------------------------------------------- | Highest trading price | 3.14 | 4.67 | 4.67 | -------------------------------------------------------------------------------- | Trading price at the end of | 2.55 | 4.40 | 3.03 | | the period | | | | -------------------------------------------------------------------------------- | Market capitalisation at the | 43,063 | 74,305 | 51,169 | | end of the period, 1,000 euro | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Trading volume (Jan 1-) | | | | -------------------------------------------------------------------------------- | Trading volume, transactions | 3,898,409 | 8,441,471 | 13,175,961 | -------------------------------------------------------------------------------- | In relation to weighted | 23.1 | 50.0 | 78.0 | | average | | | | | number of shares, % | | | | -------------------------------------------------------------------------------- | Trading volume, euro | 10,249,556 | 34,266,428 | 51,002,491 | -------------------------------------------------------------------------------- | The weighted average number of | 16,887,500 | 16,887,500 | 16,887,500 | | 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 | | | | -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES -------------------------------------------------------------------------------- | | 10-12/08 | 7-9/08 | 4-6/08 | 1-3/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | | 16,992 | 17,034 | -------------------------------------------------------------------------------- | Compared to previous | | | -0.2 | 7.9 | | quarter, % | | | | | -------------------------------------------------------------------------------- | Operating profit | | | 2,737 | 2,542 | -------------------------------------------------------------------------------- | % of net sales | | | 16.1 | 14.9 | -------------------------------------------------------------------------------- | Profit before tax | | | 2,582 | 1,634 | -------------------------------------------------------------------------------- | % of net sales | | | 15.2 | 9.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow generated from: | | | | -------------------------------------------------------------------------------- | Operating activities | | | 3,495 | 2,281 | -------------------------------------------------------------------------------- | Investing activities | | | -841 | -331 | -------------------------------------------------------------------------------- | Financing activities | | | -4,616 | -58 | -------------------------------------------------------------------------------- | Increase/decrease in | | | -1,962 | 1,892 | | cash | | | | | | and cash equivalents | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel at the end of the | | | 370 | 359 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 10-12/07 | 7-9/07 | 4-6/07 | 1-3/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 15,790 | 15,927 | 15,613 | 17,322 | -------------------------------------------------------------------------------- | Compared to previous | -0.9 | 2.0 | -9.9 | 8.2 | | quarter, % | | | | | -------------------------------------------------------------------------------- | Operating profit | 981 | 2,801 | 662 | 2,677 | -------------------------------------------------------------------------------- | % of net sales | 6.2 | 17.6 | 4.2 | 15.5 | -------------------------------------------------------------------------------- | Profit before tax | 454 | 2,229 | 207 | 2,326 | -------------------------------------------------------------------------------- | % of net sales | 2.9 | 14.0 | 1.3 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow generated from: | | | | -------------------------------------------------------------------------------- | Operating activities | 4,735 | 2,357 | -414 | 1,628 | -------------------------------------------------------------------------------- | Investing activities | -285 | -593 | -1,582 | -1,850 | -------------------------------------------------------------------------------- | Financing activities | -931 | -58 | -3,582 | 817 | -------------------------------------------------------------------------------- | Increase/decrease in | 3,518 | 1,706 | -5,578 | 595 | | cash | | | | | | and cash equivalents | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel at the end of the | 357 | 356 | 369 | 360 | | period | | | | | -------------------------------------------------------------------------------- DEFINITIONS OF KEY FINANCIAL FIGURES -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % (ROE) | = | Profit/loss for the period from | | | | 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 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing, % | = | (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 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | = | Last adjusted trading price at the end of | | (P/E) | | the period | -------------------------------------------------------------------------------- | | | Earnings per share | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average trading 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 period | | the | | x | | end of the period | | 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 presented in this report are based on company management's current knowledge. Actual events and results may differ from the estimates presented here. 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 semi-conductor 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 expert-ise 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 Nordic Exchange under the code OKM1V. For more inform-ation on the company, please visit our website at www.okmetic.com.
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