Okmetic Oyj :INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2013: NON-OPERATIONAL ITEMS BURDENED OPERATING PROFIT IN THIRD QUARTER, CASH FLOW AT GOOD LEVEL
Comunicato Precedente
Comunicato Successivo
OKMETIC OYJ STOCK EXCHANGE RELEASE 24 OCTOBER 2013 AT 8.00 A.M.
INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2013: NON-OPERATIONAL ITEMS BURDENED OPERATING PROFIT IN THIRD QUARTER, CASH FLOW AT GOOD LEVEL
Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year.
JULY-SEPTEMBER IN BRIEF:
-
Net sales amounted to 18.2 (21.0) million euro, down 13.2%.
-
Silicon wafer shipments amounted to 17.8 (19.3) million euro, down 7.8%.
-
Operating profit was 1.4 (3.0) million euro, corresponding to 7.8% (14.1%) of net sales. Operating profit includes 0.6 million euro of non-operational costs.
-
Profit for the period was 0.8 (2.1) million euro.
-
Basic earnings per share was 0.05 (0.13) euro.
-
Net cash flow from operating activities amounted to 3.5 (4.2) million euro.
JANUARY-SEPTEMBER IN BRIEF:
-
Net sales amounted to 51.7 (62.4) million euro, down 17.2%.
-
Silicon wafer shipments amounted to 50.2 (53.1) million euro, down 5.5%.
-
Operating profit was 4.8 (7.0) million euro, corresponding to 9.2% (11.2%) of net sales.
-
Profit for the period was 3.4 (4.9) million euro.
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Basic earnings per share was 0.20 (0.29) euro.
-
Net cash flow from operating activities amounted to 4.8 (5.9) million euro.
Short-term outlook
In 2013, the semiconductor industry's demand is estimated to grow again, and the sensor industry is forecast to continue on its growth track. Growth estimates for semiconductors have been revised downwards during the year due to the slowing PC market as well as weakening demand for smartphones.
The demand for sensor wafers manufactured by Okmetic is estimated to continue fairly stable throughout 2013. The demand for semiconductor wafers in year 2013 will remain weaker than expected in the beginning of the year.
Okmetic strives to outgrow the market in its core business as a manufacturer of demanding silicon wafers. Technology sales, instead, have contracted significantly as a result of the plummeted price level in the solar cell industry. This causes a structural change in the company's business. In 2013, the company's business mainly consists of silicon wafer sales.
The company retains its existing guidance, according to which net sales and operating profit for 2013 are estimated to remain under the level of 2012.
PRESIDENT KAI SEIKKU:
"As anticipated, the demand for silicon wafers was higher in the third quarter than during the first half. In 2013, the silicon wafer business has been strongly two-fold. The value of shipments of sensor wafers, which are central to the company's strategy, saw an increase of 6.5 percent in January-September, compared to the corresponding period last year. By contrast, the value of semiconductor wafer shipments declined clearly from the comparison periods: the decline was 19.4 per cent in January-September and 22.8 per cent in the third quarter. The share of sensor wafers in net sales in January-September already amounted to nearly 60 percent.
During this challenging year, Okmetic has outperformed the silicon wafer industry. Customers are optimizing their inventory levels towards the end of the year, which causes slower demand in the last quarter, following the seasonal fluctuation. The semiconductor market took an upward turn in the summer, but this growth is not yet increasing the shipments of silicon wafers. The difference between the growth rates of semiconductors and silicon wafers is due to high inventory levels of wafers and improved area efficiency of circuit manufacturing. The recovering semiconductor demand is later on positive news for the silicon wafer industry as well.
Operating profit was affected by a few non-operational items in the third quarter. The negative impact of these items on operating profit was 0.6 million euro. The most significant of these items were fair value based IFRS cost entries related to a long-term incentive system and a change in the valuation of silicon crystals meant for subcontracting. Similar to the comparison period, net cash flow from operating activities (4.8 million euro) was at a good level in January-September.
The company's working capital is increased by the raw material inventory, which has grown due to the polysilicon purchasing agreements. This inventory is being released slowly as the growing of solar crystals ended and the price level declined steeply.
The soft development experienced in semiconductor wafers in particular and the forecast drop in the level of the solar business in 2013 call for an ability to see beyond the economic conditions. The current year is challenging due to the declined net sales, and the market outlook for 2014 is still uncertain. The annual contract negotiations are indicating growth for next year. In 2014, product development will introduce promising products and capabilities in the commercialisation phase for both sensor and semiconductor wafers. Other business is likely to recover next year from the low level in 2013.
In practice, demand in the silicon wafer industry has been soft since the beginning of 2011. However, many electronics applications are only at the beginning of their growth curve, and the role of technology in many areas of everyday life will considerably increase. Okmetic's promising long-term growth outlook and good market position in key customer segments remain unchanged."
KEY FIGURES
|
1,000 euro |
1 Jul- |
1 Jul- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Net sales |
18,242 |
21,017 |
51,680 |
62,388 |
83,074 |
|
Operating profit |
|
|
|
|
|
|
Operating profit |
1,423 |
2,970 |
4,768 |
7,011 |
8,018 |
|
% of net sales |
7.8 |
14.1 |
9.2 |
11.2 |
9.7 |
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Profit for |
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|
|
|
|
Basic earnings |
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|
|
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Net cash flow |
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Net interest- |
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|
|
|
|
|
Equity ratio, % |
70.5 |
72.8 |
70.5 |
72.8 |
72.2 |
|
Average number |
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|
|
|
|
MARKETS
Customer industries sensor and semiconductor industry
Sensor industry
The sales value of sensor industry is estimated to grow 6.6-12 percent in 2013. In terms of volume, the sensor shipments are likely to clearly reach a new record this year. The increasing use of micro sensors in several consumer electronics products has positively influenced sensor sales. For the next few years, the sales value of sensor industry is estimated to grow 8-13 percent annually. (IHS, Yole)
Semiconductor industry
As anticipated, the US dollar based sales of the global semiconductor industry continued to grow in the third quarter of the year. Sales in August were over six percent higher than in 2012 (SIA). Market growth is expected to continue in the fourth quarter, and the annual growth rate for the year 2013 is estimated to end up at 2.1 to 6.9 percent (WSTS, IDC, IHS, Semiconductor Intelligence). Stronger growth is expected for the following years: the growth estimates vary between 4.2 and 15 percent (WSTS, IDC, IHS, Semiconductor Intelligence).
Silicon wafer market
The annual estimated surface growth for silicon wafer shipments in 2013 is now around one percent, and in 2014 the growth is expected to accelerate to four percent level (SEMI). Based on this forecast, global silicon wafer shipments in the third quarter (in square inches) are estimated to have been approximately at the same level as in the second quarter. According to the company's own estimate, the silicon wafer market value will decrease 10-14 percent in 2013.
The key customer areas for Okmetic in the silicon wafer market
In line with its strategy, Okmetic seeks niches in the silicon wafer market, where growth exceeds market average and in which the company has special expertise. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS industry is a key growth area for Okmetic. MEMS market grows as portable consumer products, automotive electronics, and industrial process control increase.
In the semiconductor market, growth areas for Okmetic include discrete and power semiconductors. In these wafer markets, areas for growth include, among others, 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.
CHANGE IN SALES REPORTING PER CUSTOMER AREA
Okmetic changed its sales reporting per customer area as of the beginning of 2013. According to the current policy, technology sales are reported under the title Other business because of their diminished weight and varying content.
SALES
In January-September, Okmetic's net sales fell 17.2 percent from the previous year and amounted to 51.7 (62.4) million euro. The decrease was mainly due to a considerable decline in Other business sales. Sensor wafer shipments grew whereas semiconductor wafer shipments diminished from the comparison period. Okmetic's market share somewhat decreased in the product groups important to the company.
Sales per customer area
|
|
1 Jul- |
1 Jul- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Sensor wafers |
59% |
48% |
59% |
46% |
47% |
|
Semiconductor |
|
|
|
|
|
|
Other business |
3% |
10% |
3% |
15% |
15% |
In January-September, the value of sensor wafer shipments grew 6.5 percent from the corresponding period last year. The demand for sensor wafers is estimated to remain solid.
In all three quarters of 2013, semiconductor wafer sales have grown compared to the preceding quarter. However, in January-September, the value of shipments declined 19.4 percent from the comparison period last year. In the third quarter, the value of shipments fell 22.8 percent from the corresponding period in 2012.
The value of Other business shipments amounted to 1.7 (9.5) million euro in January-September. The considerable difference from the comparison period is due to the loss of solar crystal sales.
Sales per market area
|
|
1 Jul- |
1 Jul- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
North America |
43% |
39% |
41% |
39% |
37% |
|
Europe |
41% |
31% |
40% |
26% |
27% |
|
Asia |
16% |
30% |
19% |
35% |
35% |
Regionally, the sales were strongest in North America and Europe in January-September. The relative proportion of Asia of net sales considerably diminished in the reporting period. This was largely due to lower sales in Other business (Technology sales have earlier been a considerable part of sales to Asia), but also due to soft silicon wafer sales in Asia.
PROFITABILITY
July-September
In July-September, Okmetic's operating profit amounted to 1.4 (3.0) million euro, i.e. 7.8 (14.1) percent of net sales. Operating profit was reduced by non-operational items of 0.6 million euro in total. The most significant of these items were fair value based IFRS cost entries related to a long-term incentive system and a change in the valuation of silicon crystals meant for subcontracting. Profit for the period amounted to 0.8 (2.1) million euro. Basic earnings per share was 0.05 (0.13) euro. Diluted earnings per share was 0.05 (0.12) euro.
January-September
In January-September, Okmetic's operating profit amounted to 4.8 (7.0) million euro, i.e. 9.2 (11.2) percent of net sales. Profit for the period amounted to 3.4 (4.9) million euro. Basic earnings per share was 0.20 (0.29) euro. Diluted earnings per share was 0.20 (0.29) euro.
FINANCING
The company's financial situation is solid. In January-September, net cash flow from operating activities amounted to 4.8 (5.9) million euro. The changes in working capital tied up in operations weakened cash flow from operating activities by 5.0 (3.5) million euro, mainly due to increased inventory. In the third quarter, the changes in working capital improved cash flow. The reimbursement of income tax advances from 2012 improved net cash flow for January-September by 1.1 million euro.
On 30 September 2013, the company's interest-bearing liabilities amounted to 11.8 (6.2) million euro.
Okmetic announced in January that it has signed a five-year loan agreement for 10 million euro. The loan is used for the earlier announced investments and general corporate purposes. At the end of the period, the amount of the loan outstanding was nine million euro, in accordance with the amortization schedule.
At the end of the reporting period, cash and cash equivalents amounted to 5.6 (6.9) million euro. On 30 September 2013, the company's cash and cash equivalents were 6.2 million euro lower than interest-bearing liabilities (on 30 September 2012, cash and cash equivalents were 0.7 million euro higher than interest-bearing liabilities). The group has ensured liquidity with committed credit facilities of 6.0 million euro. On 30 September 2013, the committed credit facilities were fully unused.
Return on equity amounted to 7.4 (10.7) percent. The company's equity ratio was 70.5 (72.8) percent. Equity per share was 3.67 (3.71) euro.
INVESTMENTS
In January- September, Okmetic's capital expenditure amounted to 5.8 (9.8) million euro. The investments were directed to debottlenecking and automatisation of wafer production lines as well as expansion of the Vantaa plant.
PRODUCT DEVELOPMENT
In January-September, the company expensed 1.9 (1.7) million euro in product development projects, corresponding to 3.6 (2.7) percent of net sales. Product development costs were not capitalised. Emphasis in product development was on engineered products. Focus areas include broadening the SOI product family, improving capability in 200mm products as well as developing crystal growing to enhance capability in high and low resistivity products.
PERSONNEL
On average, Okmetic employed 366 (369) people in January- September. At the end of the period, Okmetic had 356 (365) employees, of which 313 worked in Finland, 38 in the US, four in Japan, and one in Hong Kong.
BUSINESS RISKS
There have been no significant changes in the company's near future business risks and uncertainties.
Okmetic's silicon wafer sales are directed to 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. Other business has in recent years been mainly crystal sales to the solar cell industry. Okmetic has existing polysilicon purchasing obligations partly until 2015. As the price level of the solar cell market has dropped, the validity of long-term polysilicon contracts typical of the industry may cause a price risk.
Okmetic's share of the global silicon wafer market is around one percent and the market prices have a notable effect on the pricing of Okmetic's products. The company has considerable pricing power only in its own special products. The pricing of other wafers is largely based on global market price.
Okmetic operates globally, and therefore the company's business operations are affected by risks related to exchange rate fluctuations, consisting of the cash flows of purchases and sales. A significant part of sales is conducted in US dollars. 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.
SHARES AND SHAREHOLDERS
On 30 September 2013, 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 to one vote at general meetings. The company has one class of shares. The company's shares are included in the Finnish book-entry system.
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SHARE PRICE PERFORMANCE AND TRADING
A total of 2.2 (2.8) million shares were traded between 1 January and 30 September 2013, representing 12.9 (16.1) percent of the weighted average of share total of 17.3 (17.3) million during the period. The lowest quotation during the period was 4.25 (4.21) euro, and the highest 5.55 (6.01) euro, with the average trading price being 4.78 (5.34) euro. The closing quotation for the period on 30 September 2013 was 5.31 (4.86) euro. At the end of the period, the market capitalisation amounted to 91.8 (84.0) million euro.
DIVIDENDS PAID
In April 2013, the company distributed a dividend of 4.3 million euro for the year 2012 (including dividends distributed to Okmetic Management Oy, a total of 0.1 million euro). The dividend was 0.25 euro per share.
Notifications of changes in holdings
On 12 March 2013 the total holdings of Oy Ingman Finance Ab (Trade Register number 2241895-0) in the company rose to 5.03 percent.
OWN SHARES AND DIRECTED SHARE ISSUES
On 12 February 2013, Okmetic Oyj's board of directors announced its decision to transfer a total of 18,540 own shares held by the company as a part of the company's share-based incentive scheme for the executive management group.
According to the decisions of the annual general meeting and the board of directors, Okmetic Oyj transferred a total of 15,283 shares to the board members as payment of the annual remuneration on 10 May 2013.
At the end of the reporting period Okmetic held 194 123 (227 946) own shares, which corresponds to approximately 1.1 (1.3) percent of Okmetic's all shares and votes.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 SEPTEMBER 2013 (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 2012 except for the effect of changes required by the adoption of certain new or revised standards and interpretations as of 1 January 2013, which have been described in financial statements 2012. The adoption of the new and revised 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 Jul- |
1 Jul- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
|
|
Net sales |
18,242 |
21,017 |
51,680 |
62,388 |
83,074 |
|
|
Cost of sales |
-14,594 |
-16,247 |
-40,536 |
-48,977 |
-65,995 |
|
|
Gross profit |
3,648 |
4,770 |
11,144 |
13,411 |
17,079 |
|
|
Other income |
|
|
|
|
|
|
|
Operating |
|
|
|
|
|
|
|
Financial |
|
|
|
|
|
|
|
Profit before |
|
|
|
|
|
|
|
Income tax |
-464 |
-775 |
-974 |
-1,960 |
-2,510 |
|
|
Profit for |
|
|
|
|
|
|
|
|
|
|
|
|
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Other |
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Cash flow |
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Translation |
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Other |
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Total |
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Profit for the |
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Equity holders |
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Total |
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Equity holders |
|
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Basic earnings |
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Diluted |
|
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CONDENSED CONSOLIDATED BALANCE SHEET
|
1,000 euro |
30 Sep, 2013 |
30 Sep, 2012 |
31 Dec, 2012 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and |
|
|
|
|
Intangible assets |
45,038 |
40,284 |
43,433 |
|
Other receivables |
2,020 |
3,332 |
3,089 |
|
Total non-current |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
17,893 |
13,930 |
13,526 |
|
Receivables |
15,432 |
19,278 |
17,796 |
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Cash and cash |
|
|
|
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Total current |
|
|
|
|
|
|
|
|
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Total assets |
86,886 |
84,325 |
85,769 |
|
|
|
|
|
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Equity and liabilities |
|
|
|
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Equity |
|
|
|
|
Equity attributable |
|
|
|
|
Share capital |
11,821 |
11,821 |
11,821 |
|
Other equity |
49,398 |
49,251 |
50,038 |
|
Total equity |
61,219 |
61,073 |
61,860 |
|
|
|
|
|
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Liabilities |
|
|
|
|
Non-current |
|
|
|
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Current liabilities |
12,863 |
18,911 |
18,595 |
|
Total liabilities |
25,667 |
23,252 |
23,909 |
|
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|
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Total equity and |
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CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Cash flows from operating |
|
|
|
|
Profit before tax |
4,369 |
6,838 |
7,600 |
|
Adjustments |
4,591 |
4,956 |
6,482 |
|
Change in working capital |
-5,000 |
-3,527 |
-1,124 |
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Financial items |
-121 |
-18 |
-47 |
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Tax paid |
972 |
-2,389 |
-3,486 |
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Net cash from |
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Cash flows from investing |
|
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Purchases of property, |
-7,784 |
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Net cash used in |
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Cash flows from financing |
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Proceeds from long- |
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Proceeds from short- |
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Payments of long- |
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Payments of short- term borrowings |
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Payments of finance |
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Other items |
10 |
10 |
10 |
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Dividends paid |
-4,170 |
-4,862 |
-4,862 |
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Net cash used in |
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Increase (+) / |
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Exchange rate changes |
-171 |
69 |
-338 |
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Cash and cash |
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Cash and cash |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Equity attributable to equity holders of parent company |
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Share |
Share |
Reserve |
Other |
Retained |
Total |
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Balance at |
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Profit for |
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Other com- |
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Cash flow |
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Translation |
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Total com- |
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Share-based |
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Dividend distribution |
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Balance at |
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Balance at |
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Profit for |
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Other com- |
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Cash flow |
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Translation |
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Total com- |
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Share-based |
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Dividend distribution |
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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- |
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Carrying amount |
|
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|
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Additions |
5,777 |
9,757 |
14,342 |
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Disposals |
-9 |
- |
- |
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Depreciation |
-4,080 |
-4,367 |
-5,739 |
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Exchange differences |
-83 |
8 |
-56 |
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Carrying amount |
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COMMITMENTS AND CONTINGENCIES
|
1,000 euro |
30 Sep,
|
30 Sep, 2012 |
31 Dec, 2012 |
|
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Loans, secured with |
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Collaterals |
17,128 |
8,073 |
8,073 |
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Off-balance sheet |
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Capital commitments |
2,112 |
6,326 |
5,499 |
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Currency forward |
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Electricity |
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Fair values of |
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Currency forward |
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Electricity |
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The contract price of the derivatives has been used as the nominal value of the underlying asset.
HIERARCHY LEVELS OF DERIVATIVE CONTRACTS MEASURED AT FAIR VALUE
|
1,000 euro |
30 Sep 2013 |
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31 Dec 2012 |
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Level |
Level |
Level |
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Level |
Level |
Level |
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Financial |
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Derivative |
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Financial |
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Derivative |
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Fair value estimation
The group's financial instruments that are measured at fair value comprise derivatives used for hedging and held for trading, and they are classified on hierarchy level 2.
Fair values of level 2 instruments are based on other data than quoted prices in active markets, but on the data from which the asset is observable, either directly (i.e. price) or indirectly (i.e. derived from the prices).
Fair value determination
The fair values of currency derivatives are determined by using mark-to-market method at the reporting date.
The fair values of electricity derivatives are determined on the basis of market quotations and contract prices of the instruments at the reporting date.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
|
1,000 euro |
1 Jan - |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Net sales |
51,680 |
62,388 |
83,074 |
|
Change in net sales |
|
|
|
|
Export and foreign |
|
|
|
|
Operating profit before |
9,024 |
11,455 |
13,864 |
|
% of net sales |
17.5 |
18.4 |
16.7 |
|
Operating profit |
4,768 |
7,011 |
8,018 |
|
% of net sales |
9.2 |
11.2 |
9.7 |
|
Profit before tax |
4,369 |
6,838 |
7,600 |
|
% of net sales |
8.5 |
11.0 |
9.1 |
|
Return on equity, % |
7.4 |
10.7 |
8.3 |
|
Return on investment, % |
8.6 |
14.2 |
11.8 |
|
Non-interest-bearing |
|
|
|
|
Net interest-bearing |
|
|
|
|
Net gearing ratio, % |
10.1 |
-1.1 |
-2.7 |
|
Equity ratio, % |
70.5 |
72.8 |
72.2 |
|
Capital expenditure |
5,777 |
9,757 |
14,342 |
|
% of net sales |
11.2 |
15.6 |
17.3 |
|
Depreciation |
4,256 |
4,444 |
5,846 |
|
Research and development |
|
|
|
|
% of net sales |
3.6 |
2.7 |
2.8 |
|
|
|
|
|
|
Average number of |
|
|
|
|
Personnel at the |
|
|
|
|
|
|
|
|
KEY FIGURES PER SHARE
|
Euro |
30 Sep |
30 Sep 2012 |
31 Dec 2012 |
|
Basic earnings |
|
|
|
|
Diluted earnings |
|
|
|
|
Equity per share |
3.67 |
3.71 |
3.72 |
|
Dividend per share |
- |
- |
0.25 |
|
Dividends/earnings, % |
- |
- |
80.6 |
|
Effective dividend |
|
|
|
|
Price/earnings(P/E) |
- |
- |
16.2 |
|
|
|
|
|
|
Share performance |
|
|
|
|
Average trading price |
4.78 |
5.34 |
5.25 |
|
Lowest trading price |
4.25 |
4.21 |
4.21 |
|
Highest trading price |
5.55 |
6.01 |
6.01 |
|
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 |
|
|
|
QUARTERLY KEY FIGURES
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
|
18,242 |
17,035 |
16,403 |
|
Compared to previous |
|
|
|
|
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
|
1,423 |
1,971 |
1,373 |
|
% of net sales |
|
7.8 |
11.6 |
8.4 |
|
Profit before tax |
|
1,280 |
1,812 |
1,277 |
|
% of net sales |
|
7.0 |
10.6 |
7.8 |
|
|
|
|
|
|
|
Net cash flow generated |
|
|
|
|
|
Investing activities |
|
-1,687 |
-1,966 |
-4,131 |
|
Financing activities |
|
-1,155 |
-7,276 |
9,904 |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end |
|
|
|
|
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
20,685 |
21,017 |
22,469 |
18,902 |
|
Compared to previous |
|
|
|
|
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
1,007 |
2,970 |
2,506 |
1,535 |
|
% of net sales |
4.9 |
14.1 |
11.2 |
8.1 |
|
Profit before tax |
762 |
2,873 |
2,736 |
1,229 |
|
% of net sales |
3.7 |
13.7 |
12.2 |
6.5 |
|
|
|
|
|
|
|
Net cash flow generated |
|
|
|
|
|
Investing activities |
-2,650 |
-3,057 |
-2,652 |
-2,624 |
|
Financing activities |
-91 |
-288 |
-1,493 |
-201 |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end |
364 |
365 |
390 |
352 |
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 future estimates and forecasts in this interim report are based on the company management's current knowledge. Actual events and results may differ from the estimates presented here.
NEWS CONFERENCE
A briefing for analysts, investors and media will take place today, on Thursday 24 October, at 8.30 am in Helsinki Stock Exchange building, Fabianinkatu 14, Helsinki (2nd floor, entrance via NASDAQ OMX's reception). The result will be presented by President Kai Seikku.
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. 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
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