INTERIM REPORT 1 JANUARY - 30 JUNE 2012: THE SALES STARTED TO GROW IN THE SECOND QUARTER, AS ANTICIPATED
Comunicato Precedente
Comunicato Successivo
OKMETIC OYJ STOCK EXCHANGE RELEASE 26 JULY 2012 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 30 JUNE 2012: THE SALES STARTED TO GROW IN THE SECOND QUARTER, AS ANTICIPATED
Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year.
APRIL-JUNE IN BRIEF:
-
Net sales amounted to 22.5 (21.7) million euro, up 3.3%.
-
Operating profit was 2.5 (2.6) million euro corresponding to 11.2% of net sales.
-
Profit for the period was 2.1 (2.6) million euro.
-
Basic earnings per share was 0.12 (0.15) euro.
-
Net cash flow from operations amounted to 2.6 (5.5) million euro.
JANUARY-JUNE IN BRIEF:
-
Net sales amounted to 41.4 (43.8) million euro, down 5.5%.
-
Operating profit was 4.0 (5.4) million euro corresponding to 9.8% of net sales.
-
Profit for the period was 2.8 (5.3) million euro.
-
Basic earnings per share was 0.17 (0.32) euro.
-
Net cash flow from operations amounted to 1.7 (4.2) million euro.
PROJECTIONS FOR THE NEAR FUTURE
The customer industries are estimated to grow moderately in Okmetic's main product groups in 2012. The demand of semiconductor industry started increasing in the beginning of the year, and this trend seems to continue in Okmetic's central customer areas in the second half of the year.
The development of sensor wafer demand is estimated to be somewhat more stable in 2012 than the demand for semiconductor wafers. The growth of sensor wafer demand seems to focus on the second half of the year.
Technology sales comprise mainly solar crystal sales. Okmetic's long-term shipment contracts have terminated and the order backlog consists of shorter-term shipments. The lowered price level throughout the solar cell industry's value chain will restrict opportunities for profitable business in the end of the year. In the second half of the year Okmetic's technology sales will clearly remain under the level of the beginning of the year.
The recent development of exchange rates and the possible development during the rest of the year, especially the strengthening of US dollar against euro, have a positive impact on Okmetic's net sales and operating profit.
The company retains the existing guidance, according to which the net sales and operating profit for 2012 are estimated to exceed the level of 2011.
PRESIDENT KAI SEIKKU:
"Okmetic's sales made a strong upturn in April-June, as anticipated. In the second quarter, the net sales rose around 19 percent compared to the first quarter of the year and exceeded also the level of the strong comparison period by 3.3 percent. In the beginning of the year, the market share has risen to a record level in the product groups important to the company.
The semiconductor wafer shipments were doing particularly well. The fab lite partner network that is important to the company's supply chain has been made to react quickly to the strengthening demand. In the current year, a significant part of Okmetic's MEMS and discrete semiconductor customers are transferring from 150mm silicon wafers to 200mm wafers. The company is increasing both its in-house and subcontracted production capacity and seeking more growth from 200mm wafers in the future.
The operation of the sales office that was established in Hong Kong in autumn 2011 and that is serving Asian markets outside Japan has started well. Asia's proportion of the net sales is growing, although the difficulties of the consumer electronics industry in Japan are reflected in the slowing down of demand on the Japanese market. Also the North American sales developed favourably in the second quarter.
Technology sales were at a good level in the first half of the year. The rest of the year will be more challenging in regard to technology sales, because multiannual shipment contracts have terminated and the market situation is difficult worldwide. Technology sales in the second half will clearly remain below the sales of the beginning of the year.
In April-June, the operating profit strengthened clearly compared to the first quarter and nearly reached the level of the comparison period. Because the profitability of business improved in the second quarter, the operating profit in the first half (9.8% of net sales) already nearly reached the minimum level of 10 percent which is the company's long-term objective.
The clear decline in the profit for the period in relation to the comparison period was caused not only by a lower level of operating profit but also by a difference of nearly 1.7 million euro in income tax entered as expenses. Along with the good profitability development in 2010-2011, Okmetic managed to deduct the earlier confirmed tax losses from its result by the end of 2011. The difference between the net cash flow of the review period and the comparison period is explained by the lower accumulated profits, taxes paid in the beginning of 2012 and increase in working capital.
The investment programme supporting Okmetic's growth strategy is proceeding according to plans. In addition to investing in the expansion of SOI wafer production, the company invests in increasing the production capacity at the Vantaa plant. The added value of crystal growing will be increased, the bottlenecks of production lines will be removed to increase the total capacity, and the production capacity of 200mm wafers will be increased. The aim is more flexible production that is capable of a sales mix of a higher added value."
KEY FIGURES
|
1,000 euro |
1.4.- |
1.4.- |
1.1.- |
1.1.- |
1.1.- |
|
|
|
|
|
|
|
|
Net sales |
22,469 |
21,747 |
41,371 |
43,802 |
83,186 |
|
Operating profit |
|
|
|
|
|
|
Operating profit |
2,505 |
2,606 |
4,041 |
5,434 |
11,817 |
|
% of net sales |
11.2 |
12.0 |
9.8 |
12.4 |
14.2 |
|
Profit for |
|
|
|
|
|
|
Basic earnings |
|
|
|
|
|
|
Net cash flow |
|
|
|
|
|
|
Net interest- |
|
|
|
|
|
|
Equity ratio, % |
73.2 |
78.3 |
73.2 |
78.3 |
78.9 |
|
Average number |
|
|
|
|
|
MARKETS
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2012, the sale value of sensor industry is estimated to grow 11-15 percent compared to the sale value of 2011 (8.6-10.2 billion US dollars). One of the fastest growing sectors is MEMS products for consumer applications such as microphones and gyroscopes. In the coming years auto focus actuators, MEMS oscillators and MEMS switches are estimated to be significant growth areas in consumer applications. (IHS iSuppli, IC Insights, Yole) Nowadays, silicon-on-insulator (SOI) technology is widely used in the manufacture of these next generation products, and the share of SOI technology is estimated to continue its growth. Okmetic is amongst the pioneering suppliers who provide products and services based on SOI technology to the sensor industry.
Semiconductor industry
The US dollar based sales of the semiconductor industry has continued to grow during the second quarter of the year, but the growth rate has been slower than anticipated, and the demand was not yet able to reach the last year's level in the beginning of the second quarter. The estimates for the sale development in 2012 have been revised downwards, and they settle now at a level of 0.2-4 percent of annual growth (IHS iSuppli, Gartner, SIA).
The strengthening of demand from the level at the end of 2011 started during the first quarter of 2012, and it is also expected to continue during the second half of 2012. In 2013, the growth rate of demand is expected to reach a level of seven percent (SIA). The demand for semiconductors is boosted by both strongly increasing applications, such as tablet computers, as well as by the uplift of PC sales (Gartner).
In the long run, the growth rate of semiconductor demand is still estimated to remain at a yearly level of 5-9 percent (IDC, IC Insights). The growth rate of semiconductors used in power management and energy efficient electronics is estimated to slightly exceed the semiconductor market average (IHS iSuppli).
Solar cell industry
The use of solar energy as a significant source of electricity production is becoming more popular worldwide. The growth of power plant installations is shifting from Europe to China, the United States, Japan and India. However, the annual market growth is estimated to moderate after an especially strong phase of growth. The significant overproduction following the market moderation continues in the short run and leads to declining prices and acceleration of the ongoing structural change in the industry.
Silicon wafer market
According to the statistics published in May 2012 by SMG, the group of silicon wafer suppliers in SEMI (a global umbrella organisation for semiconductor materials and equipment industry), the surface area of wafer shipments in the whole silicon wafer industry in the first quarter of 2012 rose by a percent compared to the shipments of the last quarter of 2011. Compared to the first quarter of 2011 the shipments decreased by 11 percent. The market is estimated to grow in 2012 compared to 2011, but the growth is estimated to be moderate.
Okmetic's central customer areas in the silicon wafer market
In line with its strategy, Okmetic seeks for special areas of the entire silicon wafer market that have greater growth rates than the market average and in which the company has special expertise. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS industry is Okmetic's central growth area. The MEMS market grows as portable consumer products, automotive electronics, and industrial process control increase.
In the semiconductor market, Okmetic's growth areas include discrete and power semiconductors. The growth areas of these markets are i.a. components used in the production of renewable energy, increasing automotive electronics, portable consumer products, as well as different solutions related to power supply and efficiency improvement.
SALES
In January-June, Okmetic's net sales amounted to 41.4 (43.8) million euro. There was a decrease of 5.5 percent (growth 21.0%) for the comparison period due to the weak economic situation. The increase in demand that began in the end of the first quarter continued in the second quarter. During the second quarter, the company's market share grew in the product groups which are important to the company, and sales improved clearly because of the strengthened economic situation.
Sales per customer area
|
|
1.4.- |
1.4.- |
1.1.- |
1.1.- |
1.1.- |
|
|
|
|
|
|
|
|
Sensors |
44% |
43% |
45% |
44% |
46% |
|
Semiconductors |
40% |
39% |
37% |
36% |
35% |
|
Technology |
16% |
18% |
18% |
20% |
19% |
In January-June, the value of sensor wafer shipments was 5.3 percent lower than in the corresponding period last year. In the beginning of the year sensor wafer sales were weighed down by the customers' bloated inventory levels. The demand for sensor wafers picked up clearly in the second quarter, and the demand is estimated to remain strong in the second half of the year.
The semiconductor industry's demand that started to strengthen in the end of the first quarter remained at a strong level in the second quarter, and had a positive influence on the semiconductor wafer sales. However, due to the weak first quarter, the value of shipments in January-June was 2.1 percent lower than in the corresponding period last year. The strong demand for semiconductor wafers is estimated to continue in the second half of the year.
In January-June, technology sales comprised mainly solar crystal sales. The value of shipments decreased by 15.7 percent in January-June compared to the corresponding period last year. There is uncertainty related to the demand for technology sales in the second half of the year caused by the industry's market trends, and the price levels have declined significantly throughout the entire value chain.
Sales per market area
|
|
1.4.- |
1.4.- |
1.1.- |
1.1.- |
1.1.- |
|
|
|
|
|
|
|
|
North America |
40% |
36% |
38% |
36% |
37% |
|
Europe |
22% |
28% |
24% |
30% |
30% |
|
Asia |
38% |
37% |
38% |
34% |
33% |
In the first half of the year, the demand was strongest in Asia and North America. The relative proportion of Asia of the net sales continued to strengthen.
PROFITABILITY
April-June
In April-June, Okmetic's operating profit was 2.5 (2.6) million euro. The operating profit accounted for 11.2 (12.0) percent of net sales. Profit for the period amounted to 2.1 (2.6) million euro. Basic earnings per share was 0.12 (0.15) euro. Diluted earnings per share was 0.12 (0.15) euro.
January-June
In January-June, Okmetic's operating profit was 4.0 (5.4) million euro. The operating profit accounted for 9.8 (12.4) percent of net sales. Profit for the period amounted to 2.8 (5.3) million euro. Basic earnings per share was 0.17 (0.32) euro. Diluted earnings per share was 0.16 (0.31) euro.
FINANCING
The company's financial situation is good. In January-June, net cash flow from operations amounted to 1.7 (4.2) million euro. The cash flow from operations was weakened by 3.7 (4.9) million euro due to changes in working capital available to business operations.
On 30 June 2012, the company's interest-bearing liabilities amounted to 6.0 (1.0) million euro.
At the end of the period, cash and cash equivalents amounted to 6.0 (11.8) million euro. On 30 June 2012, the company's cash and cash equivalents exceeded the interest-bearing liabilities by 0.1 million euro (on 30 June 2011, cash and cash equivalents were 10.8 million euro higher than interest-bearing liabilities). The group has ensured the sufficiency of cash funds by a committed credit facility of 6.0 million euro. On 30 June 2012, 3.0 million euro of the credit facility was in use.
Return on equity amounted to 9.2 (18.2) percent. The company's equity ratio was 73.2 (78.3) percent. Equity per share was 3.56 (3.49) euro.
INVESTMENTS
In January-June, Okmetic's capital expenditure amounted to 7.0 (6.2) million euro.
The investments concerned mainly the board's decision in April 2011 to increase SOI wafer production capacity by extending the Vantaa plant. The around 30 million euro investment programme, to be implemented in 2011-2013, includes the plant extension and different kinds of production equipment. Building of the plant extension started in August 2011. The investment programme is proceeding according to plans.
PRODUCT DEVELOPMENT
In January-June, the company expensed 1.1 (1.2) million euro in product development projects. Product development costs accounted for 2.8 (2.7) percent of net sales. The product development costs have not been capitalised. Product development has been allocated to SOI wafers and high and low resistivity wafers.
PERSONNEL
On average, Okmetic employed 364 (362) people in January-June. At the end of the period, Okmetic employed 390 (389) people of which 348 worked in Finland, 37 in the US, four in Japan, and one in Hong Kong.
OKMETIC'S CORPORATE GOVERNANCE
Okmetic Oyj's annual general meeting, which was held on 12 April 2012, adopted the annual accounts and the consolidated annual accounts for 2011 and discharged the company's management from liability. It was decided that a dividend of 0.28 euro per share would be distributed for 2011. The dividend was paid on Tuesday 24 April 2012. The annual general meeting decided also, in accordance with the proposal of the board of directors, to authorise the board of directors to decide upon its discretion on the payment of an additional dividend, should the company's financial situation permit this. The additional dividend, including all possible separate decisions on dividend payment, may amount up to a maximum of 0.40 euro per share and 15,000,000 euro in total. Moreover, the general meeting approved the proposal of the board of directors to authorise the board of directors to decide on the repurchase and/or the acceptance as pledge of the company's own shares as well as on the issuance of shares, the transfer of the company's own shares, and the issuance of special rights entitling to shares.
It was decided that there would be five members on the company's board of directors. Mr. Henri Österlund, Mr. Tapani Järvinen, Mr. Hannu Martola, and Ms. Mervi Paulasto-Kröckel were re-elected as members of the board of directors until the end of the next annual general meeting, and Mr. Mikko Puolakka was elected as a new member. The board of directors elected Henri Österlund as its chairman and Tapani Järvinen as its vice chairman in its organisation meeting held immediately after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor, with APA Mikko Nieminen having the principal responsibility.
Authorisations given to the board of directors and other decisions of the annual general meeting have been notified in a stock exchange release published on 12 April 2012.
BUSINESS RISKS IN THE NEAR FUTURE
There have been no significant changes in the company's near future business risks and uncertainties for now despite the ongoing euro crisis. Okmetic's business operations are exposed to risks which may arise from the company's operations or changes in the business environment.
Okmetic's silicon wafer sales are targeted at the sensor and semiconductor producers in the electronics industry. The demand for semiconductor wafers is sensitive to economic fluctuations and changes in the market situation can be sudden and dramatic. The demand for sensor wafers is more stable. The proliferation of sensors in consumer electronics applications may, however, increase the susceptibility of this market too to economic fluctuations. Technology sales comprise mainly crystal sales, which is predominantly affected by the economic situation of the solar cell industry.
Okmetic's share of the global silicon wafer market is around one percent and the market prices have a notable effect on the price development of Okmetic's products. The company only has considerable pricing power with its own special products. The pricing of other wafers is mainly based on global market price.
Okmetic operates globally, and therefore the company's business operations are affected by risks due to currency fluctuations, consisting of the cash flows of purchases and sales. A significant part of sales are conducted in US dollars. The Japanese yen is another notable trading currency. Despite hedging, the company remains exposed to exchange rate fluctuations.
Substantial volumes of electricity are used in Okmetic's production. Despite hedging, the company is exposed to fluctuations in the price of electricity.
The company risks and uncertainty factors are dealt more profoundly in the company's annual report of 2011.
SHARES AND SHAREHOLDERS
On 30 June 2012, Okmetic Oyj's paid-up share capital, as entered in the Finnish Trade Register, was 11,821,250 euro. The number of shares was 17,287,500. The shares have no nominal value attached. Each share entitles its holder to one vote at general meetings. The company has one class of shares. The company's shares are included in the Finnish book-entry securities system.
SHARE PRICE DEVELOPMENT AND TRADING
A total of 2.0 (6.4) million shares were traded between 1 January and 30 June 2012, representing 11.8 (37.0) percent of the weighted average of share total of 17.3 (17.3) million during the period. The lowest quotation during the period was 4.21 (5.10) euro, and the highest 6.01 (6.65) euro, with the average being 5.50 (5.95) euro. The closing quotation for the period was 4.75 (5.75) euro. At the end of the period, the market capitalisation amounted to 82.1 (99.4) million euro.
DIVIDENDS PAID
In April 2012, the company distributed a dividend of 4.8 million euro of the profit accrued in 2011 (including dividends distributed for Okmetic Management Oy, a total of 0.1 million euro). The dividend was 0.28 euro per share.
In April 2011, the company distributed a dividend of 5.2 million euro of the profit accrued in 2010 (including dividends distributed for Okmetic Management Oy, a total of 0.1 million euro). The dividend was 0.30 euro per share.
In December 2011, the company distributed an additional dividend of 2.5 million euro (including dividends distributed for Okmetic Management Oy, a total of 0.1 million euro). The dividend was 0.15 euro per share.
OWN SHARES AND DIRECTED SHARE ISSUES
On 8 February 2012, Okmetic Oyj's board of directors announced of its decision to transfer a total of 56,033 own shares held by the company as a part of the company's share-based incentive scheme for the executive management group.
In line with the decisions of the annual general meeting and the board of directors, Okmetic Oyj transferred 13,597 shares to the board members as payment of the annual remuneration on 10 May 2012.
At the end of the period, the company held a total of 227,946 shares, which is approximately 1.3 percent of Okmetic's all shares and votes.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 JUNE 2012 (unaudited)
ACCOUNTING POLICIES
These interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.
In preparing these interim financial statements, Okmetic has followed the same accounting policies as in the financial statements for 2011 except for the effect of changes required by the adoption of the following new or revised standards and interpretations as of 1 January 2012:
-IFRS 7 (amendment), Financial instruments: Disclosures - Derecognition.
-IAS 12 (amendment), Income Taxes - Deferred Tax.
The adoption of the aforementioned standards and interpretations has not had an effect on the figures presented from the reporting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
1,000 euro |
1 Apr- |
1 Apr- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Net sales |
22,469 |
21,747 |
41,371 |
43,802 |
83,186 |
|
Cost of sales |
-17,879 |
-17,076 |
-32,730 |
-33,015 |
-61,876 |
|
Gross profit |
4,591 |
4,670 |
8,641 |
10,786 |
21,310 |
|
Other income |
|
|
|
|
|
|
Operating |
|
|
|
|
|
|
Financial |
|
|
|
|
|
|
Profit before |
|
|
|
|
|
|
Income tax |
-668 |
96 |
-1,185 |
524 |
-1,104 |
|
Profit for |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Cash flow |
|
|
|
|
|
|
Translation |
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
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|
|
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Total |
|
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|
|
|
|
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Profit for |
|
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Equity holders |
|
|
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|
|
|
|
|
|
|
|
|
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Total |
|
|
|
|
|
|
Equity holders |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings |
|
|
|
|
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|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
|
1,000 euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets |
457 |
- |
- |
|
Property, plant and |
|
|
|
|
Other receivables |
3,513 |
4,069 |
3,255 |
|
Total non-current |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
13,668 |
10,689 |
13,114 |
|
Receivables |
18,645 |
16,727 |
15,374 |
|
Financial assets at |
|
|
|
|
Cash and cash |
|
|
|
|
Total current assets |
38,360 |
39,209 |
39,745 |
|
|
|
|
|
|
Total assets |
81,378 |
74,998 |
77,887 |
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
Equity |
|
|
|
|
Equity attributable |
|
|
|
|
Share capital |
11,821 |
11,821 |
11,821 |
|
Other equity |
47,440 |
46,832 |
49,151 |
|
Total equity |
59,262 |
58,654 |
60,973 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-current |
|
|
|
|
Current liabilities |
18,002 |
14,792 |
13,946 |
|
Total liabilities |
22,117 |
16,345 |
16,914 |
|
|
|
|
|
|
Total equity and |
|
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Cash flows from operating |
|
|
|
|
Profit before tax |
3,965 |
4,783 |
11,339 |
|
Adjustments |
2,964 |
4,706 |
7,575 |
|
Change in working capital |
-3,692 |
-4,941 |
-6,782 |
|
Financial items |
65 |
-360 |
-401 |
|
Tax paid |
-1,682 |
-22 |
-39 |
|
Net cash from |
|
|
|
|
|
|
|
|
|
Cash flows from investing |
|
|
|
|
Purchases of property, |
|
|
|
|
Investments in fixed |
|
|
|
|
Net cash used in |
|
|
|
|
|
|
|
|
|
Cash flows from financing |
|
|
|
|
Proceeds from short- |
|
|
|
|
Payments of finance |
|
|
|
|
Other items |
10 |
- |
- |
|
Repurchase of own shares |
- |
- |
-1,147 |
|
Dividends paid |
-4,661 |
-5,043 |
-7,331 |
|
Net cash used in |
|
|
|
|
|
|
|
|
|
Increase (+) / |
|
|
|
|
Exchange rate changes |
110 |
-504 |
304 |
|
Cash and cash |
|
|
|
|
Cash and cash |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
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Equity attributable to equity holders of parent company |
|||||
|
1,000 euro |
Share |
Share |
Reserve |
Other |
Retained |
Total |
|
Balance at |
|
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|
|
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Profit for |
|
|
|
|
|
|
|
Other com- |
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|
|
|
|
Cash flow |
|
|
|
|
|
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|
Translation |
|
|
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|
|
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|
Total com- |
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|
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|
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|
|
|
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Share-based |
|
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Dividend |
|
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|
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|
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Balance at |
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|
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|
|
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Balance at |
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Profit for |
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|
|
|
|
Other com- |
|
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|
|
|
|
Cash flow |
|
|
|
|
|
|
|
Translation |
|
|
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|
|
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|
Total com- |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based |
|
|
|
|
|
|
|
Dividend |
|
|
|
|
|
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|
Balance at |
|
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|
|
|
|
1)"Other reserves" contains hedge reserve and translation differences.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
Additions |
7,024 |
6,167 |
11,992 |
|
Disposals |
- |
- |
- |
|
Depreciation |
-2,961 |
-3,207 |
-6,252 |
|
Exchange differences |
97 |
-308 |
78 |
|
Carrying amount |
|
|
|
COMMITMENTS AND CONTINGENCIES
|
1,000 euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
|
|
|
|
|
Loans, secured with |
|
|
|
|
Collaterals |
8,073 |
8,073 |
8,073 |
|
Off-balance sheet |
|
|
|
|
|
|
|
|
|
Capital commitments |
6,197 |
3,027 |
5,424 |
|
|
|
|
|
|
Nominal values of |
|
|
|
|
Currency options, |
|
|
|
|
Currency options, |
|
|
|
|
Currency forward |
|
- |
|
|
Electricity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values of |
|
|
|
|
Currency options, |
|
|
|
|
Currency options, |
|
|
|
|
Currency forward |
|
|
|
|
Electricity |
|
|
|
The contract price of the derivatives has been used as the nominal value of the underlying asset.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Net sales |
41,371 |
43,802 |
83,186 |
|
Change in net sales |
|
|
|
|
Export and foreign |
|
|
|
|
Operating profit before |
|
|
|
|
% of net sales |
17.0 |
19.7 |
21.7 |
|
Operating profit |
4,041 |
5,434 |
11,817 |
|
% of net sales |
9.8 |
12.4 |
14.2 |
|
Profit before tax |
3,965 |
4,783 |
11,339 |
|
% of net sales |
9.6 |
10.9 |
13.6 |
|
Return on equity, % |
9.2 |
18.2 |
17.2 |
|
Return on investment, % |
12.5 |
16.1 |
18.7 |
|
Non-interest-bearing |
|
|
|
|
Net interest-bearing |
|
|
|
|
Net gearing ratio, % |
-0.1 |
-18.4 |
-16.8 |
|
Equity ratio, % |
73.2 |
78.3 |
78.9 |
|
Capital expenditure |
7,024 |
6,167 |
11,992 |
|
% of net sales |
17.0 |
14.1 |
14.4 |
|
Depreciation |
2,990 |
3,207 |
6,252 |
|
Research and development |
|
|
|
|
% of net sales |
2.8 |
2.7 |
2.9 |
|
|
|
|
|
|
Average number of |
|
|
|
|
Personnel at the |
|
|
|
KEY FIGURES PER SHARE
|
Euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
|
|
|
|
|
Basic earnings |
|
|
|
|
Diluted earnings |
|
|
|
|
Equity per share |
3.56 |
3.49 |
3.68 |
|
Dividend per share |
- |
- |
0.28 |
|
Dividends/earnings, % |
- |
- |
45.8 |
|
Effective dividend |
|
|
|
|
Price/earnings(P/E) |
- |
- |
8.0 |
|
|
|
|
|
|
Share performance |
|
|
|
|
Average trading price |
5.50 |
5.95 |
5.48 |
|
Lowest trading price |
4.21 |
5.10 |
3.50 |
|
Highest trading price |
6.01 |
6.65 |
6.65 |
|
Trading price at the |
|
|
|
|
Market capitalisation |
|
|
|
|
Trading volume (1 Jan-) |
|
|
|
|
Trading volume, |
|
|
|
|
In relation to weighted |
|
|
|
|
Trading volume, |
|
|
|
|
The weighted average |
|
|
|
|
The number of shares at |
|
|
|
When calculating earnings per share (EPS) and equity, Okmetic's own shares in its possession and Okmetic's shares owned by Okmetic Management Oy are deducted from the amount of shares.
QUARTERLY KEY FIGURES
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
|
|
22,469 |
18,902 |
|
Compared to previous |
|
|
|
|
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
|
|
2,505 |
1,535 |
|
% of net sales |
|
|
11.2 |
8.1 |
|
Profit before tax |
|
|
2,736 |
1,229 |
|
% of net sales |
|
|
12.2 |
6.5 |
|
|
|
|
|
|
|
Net cash flow generated |
|
|
|
|
|
Investing activities |
|
|
-2,652 |
-2,624 |
|
Financing activities |
|
|
-1,493 |
-201 |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end |
|
|
|
|
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
18,134 |
21,250 |
21,747 |
22,055 |
|
Compared to previous |
|
|
|
|
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
2,338 |
4,045 |
2,606 |
2,828 |
|
% of net sales |
12.9 |
19.0 |
12.0 |
12.8 |
|
Profit before tax |
2,439 |
4,117 |
2,487 |
2,296 |
|
% of net sales |
13.4 |
19.4 |
11.4 |
10.4 |
|
|
|
|
|
|
|
Net cash flow generated |
|
|
|
|
|
Investing activities |
-4,332 |
-1,100 |
1,035 |
-1,905 |
|
Financing activities |
-2,771 |
-664 |
-5,043 |
- |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end |
|
|
|
|
MAJOR SHAREHOLDERS ON 30 JUNE 2012
|
Shares, |
Share, |
|
|
Ilmarinen Mutual Pension |
|
|
|
Mandatum Life Insurance |
|
|
|
Oy Ingman Finance Ab |
600,500 |
3.5 |
|
The State Pension Fund |
600,000 |
3.5 |
|
Varma Mutual Pension |
|
|
|
Etra-Invest Oy Ab |
400,000 |
2.3 |
|
Okmetic Management Oy |
400,000 |
2.3 |
|
Nordea Nordic Small |
|
|
|
Veritas Pension |
|
|
|
Okmetic Oyj |
227,946 |
1.3 |
|
Sijoitusrahasto Taaleritehdas |
|
|
|
Kaleva Mutual Insurance |
|
|
|
Aktia Secura Fund |
201,182 |
1.2 |
|
EQ Pikkujättiläiset / |
|
|
|
Sijoitusrahasto Aktia Capital |
140,387 |
0.8 |
|
Kiilholma Antti Tapio |
106,772 |
0.6 |
|
Stenhäll Turo |
75,000 |
0.4 |
|
Virtanen Yhtiöt Oy |
70,000 |
0.4 |
|
Sr Eq Technology |
60,000 |
0.4 |
|
Sr Arvo Finland Value |
56,611 |
0.3 |
|
Foreign investors and |
|
|
|
Others |
7,151,058 |
41.4 |
|
Total |
17,287,500 |
100.0 |
DEFINITIONS OF KEY FINANCIAL FIGURES
|
|
|
|
|
Operating profit before depreciation (EBITDA) |
= |
Operating profit + depreciation |
|
|
|
|
|
Return on equity (ROE), % |
= |
Profit/loss for the period x 100/ |
|
|
|
Equity(Average for the period) |
|
|
|
|
|
Return on investment (ROI), % |
= |
(Profit/loss before tax + interest and other financial expenses) x 100/ |
|
|
|
Balance sheet total - non-interest bearing liabilities(average for the period) |
|
|
|
|
|
Equity ratio, % |
= |
Equity x 100/ |
|
|
|
Balance sheet total - advances received |
|
|
|
|
|
Net interest-bearing liabilities |
= |
Interest-bearing liabilities - cash and cash equivalents |
|
|
|
|
|
Net gearing ratio, % |
= |
(Interest-bearing liabilities - cash and cash equivalents) x 100/ |
|
|
|
Equity |
|
|
|
|
|
Earnings per share |
= |
Profit/loss for the period attributable to equity holders of the parent company/ |
|
|
|
Adjusted weighted average number of shares in issue during the period |
|
|
|
|
|
Equity per share |
= |
Equity attributable to equity holders of the parent company/ |
|
|
|
Adjusted number of shares at the end of the period |
|
|
|
|
|
Dividend per share |
= |
Dividend for the period/ |
|
|
|
Adjusted number of shares at the end of the period |
|
|
|
|
|
Effective dividend yield, % |
= |
Dividend per share x 100/ |
|
|
|
Trading price at the end of the period |
|
|
|
|
|
Price/earnings ratio (P/E) |
= |
Last adjusted trading price at the end of the period/ |
|
|
|
Earnings per share |
|
|
|
|
|
Average trading price |
= |
Total traded amount in euro/ |
|
|
|
Adjusted number of shares traded during the period |
|
|
|
|
|
Market capitalisation at the end of the period |
= |
Number of shares at the end of the period x trading price at the end of the period |
|
|
|
|
|
Trading volume |
= |
Number of shares traded during the period/ |
|
|
|
Weighted average number of shares during the period |
All figures of the financial tables are rounded, and consequently the sum of individual figures can deviate from the presented sum figure. The figures are unaudited.
The future estimates and forecasts in this interim report are based on company management's current knowledge. Actual events and results may differ from the estimates presented here.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku, Okmetic Oyj,
tel. +358 400 200 288, email: [email protected]
Senior Vice President, Finance, IT, and Communications
Juha Jaatinen, Okmetic Oyj, tel. +358 9 5028 0286,
email: [email protected]
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com
OKMETIC IN BRIEF
Take it higher
Okmetic is a technology company which supplies tailor-made silicon wafers for sensor and semiconductor industries and sells its technological expertise to the solar cell industry. Okmetic provides its customers with solutions that boost their competitiveness and profitability.
Okmetic's silicon wafers are part of a further processing chain that produces end products that improve human interaction and quality of life. Okmetic's products are based on high-tech expertise that generates added value for customers, innovative product development and an extremely efficient production process.
Okmetic has a global customer base and sales network, production plants in Finland and the US and contract manufacturers in Japan and China. Okmetic's shares are listed on NASDAQ OMX Helsinki under the code OKM1V. For more information on the company, please visit our website at www.okmetic.com.
Copyright Thomson Reuters
Attachment(s)
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: %s via Thomson Reuters ONE
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