Okmetic Oyj interim report 1 January - 30 June 2015: Strong development continued in the second quarter
Comunicato Precedente
Comunicato Successivo
OKMETIC OYJ INTERIM REPORT 23 JULY 2015 AT 8.00 A.M.
OKMETIC OYJ INTERIM REPORT 1 JANUARY - 30 JUNE 2015: STRONG DEVELOPMENT CONTINUED IN THE SECOND QUARTER
APRIL-JUNE IN BRIEF
-
Net sales amounted to 22.1 (18.7) million euro, up 18.0%.
-
Silicon wafer net sales growth with comparable USD exchange rate was 5.8%.
-
Sensor wafer deliveries amounted to 16.2 (11.7) million euro, up 38.0%.
-
Semiconductor wafer deliveries amounted to 7.4 (6.8) million euro, up 9.0%.
-
Operating profit was 2.9 (1.1) million euro, corresponding to 13.2% (6.1%) of net sales.
-
Profit for the period was 2.2 (0.9) million euro.
-
Basic earnings per share was 0.13 (0.05) euro.
-
Net cash flow from operations amounted to 3.7 (1.9) million euro.
JANUARY-JUNE IN BRIEF
-
Net sales amounted to 43.7 (36.1) million euro, up 21.0%.
-
Silicon wafer net sales growth with comparable USD exchange rate was 4.7%.
-
Sensor wafer deliveries amounted to 30.0 (23.0) million euro, up 30.6%.
-
Semiconductor wafer deliveries amounted to 14.3 (13.3) million euro, up 8.0%.
-
Operating profit was 5.8 (2.1) million euro, corresponding to 13.4% (5.7%) of net sales.
-
Profit for the period was 4.4 (1.5) million euro.
-
Basic earnings per share was 0.26 (0.09) euro.
-
Net cash flow from operations amounted to 4.6 (2.6) million euro.
Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous year.
SHORT-TERM OUTLOOK
The demand for semiconductors is expected to continue on growth track also in 2015, although according to most market forecasts the growth has slowed down from that seen in 2014. Growth estimates for semiconductors have lately been revised downwards due to slowdown of demand in the second quarter. The silicon wafer market is anticipated to remain slightly below the previous year's level in terms of value, with a further decline in average prices likely to be compensated by volume growth.
Demand for Okmetic's sensor wafers and other special wafers included in the sensor wafer category is expected to maintain sustained growth in 2015. The demand and price level for these wafers are more stable than those for semiconductor wafers, which are more sensitive to economic fluctuations and also come under greater price pressure. The demand is anticipated to have been strongest in the beginning of the year and, according to the normal seasonal fluctuation, probably also in the third quarter.
FINANCIAL GUIDANCE FOR 2015
The company retains its existing guidance, which was revised on 14 April 2015: Net sales and operating profit for 2015 are estimated to clearly exceed the level of 2014.
PRESIDENT KAI SEIKKU:
"The high demand in early 2015 carried over into the second quarter. Net sales were up by 18.0 percent year-on-year, and the sensor wafer business in particular saw strong growth. Following the record-high first quarter, the value of sensor wafer deliveries (16.2 million euro) reached another record in April-June, again on the back of the strengthened US dollar. The value of sensor wafer deliveries increased by as much as 38 percent against the comparison period.
The value of silicon wafer deliveries (23.1 million euro) reached an all-time high for the company in the second quarter as Other business, reported under semiconductor wafer deliveries, only amounted to 0.4 million euro. North America continued to show the strongest growth, driven by high demand and favourable exchange rate development. The market area's share of net sales increased to upwards of 45 percent in the first half of the year.
To meet the increasing demand, Okmetic needs to invest in its production capacity and capabilities, and in new products. In May, Okmetic's board of directors approved investments of 8.4 million euro at the Vantaa production plant. These investments will be targeted at the manufacture of 200 mm silicon wafers - a high-growth area for Okmetic - as well as the production and capability of more advanced SOI wafers, and they are expected to translate into production during 2016. During the first half of the year, the company also increased the number of blue-collar employees in order to remove bottlenecks.
Okmetic's operating profit before depreciation (EBITDA, 9.1 million euro, up 71%) and operating profit (5.8 million euro, up 183%) saw strong growth in the first half when compared to the same period last year. The operating profit (13.4% of net sales) was clearly above the company's long-term target of 10 percent. Costs remained at the anticipated level even with the slight increase in maintenance costs for production due to the high volumes.
Okmetic has for many years successfully fought the trend of declining prices in the silicon wafer market. To be able to divert from mainstream prices requires, above all, a continuous focus on the development and commercialisation of advanced specialty products. Sustained efforts in these areas are increasingly shifting the sales mix to higher value-added products. As an evidence of the success of this strategy, the average prices of silicon wafers delivered by Okmetic in the second quarter were up by four percent from the corresponding period last year. Sensor wafers including special wafers are key to the profitability of the company, and their share of net sales is expected to grow further."
KEY FIGURES
|
1,000 euro |
1 Apr- |
1 Apr- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Net sales |
22,068 |
18,700 |
43,680 |
36,105 |
74,104 |
|
Operating profit before depreciation (EBITDA) |
|
|
|
|
|
|
Operating profit |
2,914 |
1,137 |
5,837 |
2,065 |
6,401 |
|
% of net sales |
13.2 |
6.1 |
13.4 |
5.7 |
8.6 |
|
Profit for the period |
2,215 |
890 |
4,380 |
1,531 |
4,832 |
|
Basic earnings per share, euro |
|
|
|
|
|
|
Net cash flow from operating activities |
|
|
|
|
|
|
Net interest-bearing liabilities |
|
|
|
|
|
|
Equity ratio, % |
67.9 |
66.6 |
67.9 |
66.6 |
70.5 |
|
Average number of personnel during the period |
|
|
|
|
|
MARKETS
Customer industries sensor and semiconductor industries
Sensor industry
The sales value of sensor industry kept growing during the first half of 2015. Above all, the increasing use of mobile applications has accelerated sensor sales growth. In 2015, the sales value of sensor industry is estimated to grow by 6-11 percent, and annual growth of 7-17 percent is forecasted for the next few years. In terms of volume, sensor shipments are likely to clearly rise to a new record in 2015. (IHS, Yole, IC Insights, Semico)
Certain silicon-based microelectromechanical (MEMS) products within the sensor segment have higher sales growth than the others. The increasing amount of sensors in mobile devices has significantly accelerated the demand for e.g. pressure sensors and microphones. Silicon-on-insulator (SOI) technology is increasingly used in the manufacture of these products, among others. Okmetic is a pioneering supplier of SOI wafers for the sensor industry.
Semiconductor industry
In January-April, the semiconductor industry's sales in US dollars exceeded the comparison period of last year by seven percent, but fell short of the level in the second half of 2014. In May, semiconductor industry sales grew by five percent from May 2014. (SIA)
The semiconductor market is expected to grow 2-5 percent during 2015, and growth is expected to continue in 2016 (WSTS, Gartner, IHS). Due to seasonal fluctuation, fourth quarter is expected to be weaker than the rest of the year.
Silicon wafer market
According to the estimate published by SMG, the group of silicon wafer suppliers in SEMI (a global umbrella organisation for semiconductor materials and equipment industry), the surface area of silicon wafer shipments grew by 3.4 percent in the first quarter compared the the previous quarter and reached a quarterly record-high. SEMI has not yet published its figures for the second quarter. In 2015-2017, the surface area is estimated to grow by 3-5 percent annually (Infiniti Research, SEMI). The total value of the silicon wafer market in 2015 is expected to remain somewhat lower than in 2014.
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 150 mm and 200 mm wafers. The sensor/MEMS industry is a key growth area for Okmetic. The use of sensors and their requirement level are expected to keep growing owing to proliferation of sensor applications in the automotive industry, industrial process control and in portable devices like smart phones, cameras, game consoles, and wearable electronics. In the future, a central growth driver for the sensor industry will be the Internet of Things, which will utilise sensor-produced data in communication between devices.
In the semiconductor market, Okmetic's growth areas include wafers for the production of 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, electric cars, portable consumer products, as well as different solutions related to power supply and efficiency improvement. In these areas Okmetic has launched new products.
SALES
In January-June, Okmetic's net sales amounted to 43.7 (36.1) million euro. Net sales grew by 21.0 (8.0) percent from the corresponding period last year, especially due to strong demand for sensor wafers and strengthening of US dollar. In the second quarter, net sales increased by 18.0 percent from the same period in 2014. Okmetic's market share remained stable in the product groups important to the company.
Silicon wafer net sales growth with comparable USD exchange rate was 4.7 percent in January-June and 5.8 percent in April-June compared to the corresponding period last year.
The US dollar has strengthened significantly in relation to euro, which is why the company reports also silicon wafer net sales growth with comparable exchange rate in this interim report. In Okmetic's view, this represents better the operative development of the silicon wafer business. Unlike in the interim report for the first quarter, net sales growth with comparable USD exchange rate has been calculated without exchange rate differences in trade receivables, and containing only the company's core business, sales of silicon wafers. In April-June, the share of Other business was minor, only 0.4 million euro.
As of 1 January 2015, Okmetic reports the value of deliveries in euro amounts instead of percentage shares. In addition, Other business is reported under semiconductor wafer deliveries. These reporting changes were explained more in detail in the interim report published on 29 April 2015.
Value of deliveries per customer area
|
1,000 euro |
1 Apr- |
1 Apr- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Sensor wafers 1) |
16,167 |
11,712 |
30,042 |
23,006 |
46,119 |
|
Semiconductor wafers |
7,366 |
6,759 |
14,320 |
13,265 |
27,001 |
|
Total |
23,533 |
18,471 |
44,362 |
36,271 |
73,120 |
1) The category sensor wafers includes all high value-added special wafers.
Demand for sensor wafers was strong in the second quarter. In January-June, the value of sensor wafer deliveries grew by 30.6 percent from the comparison period last year. The continued strong growth in production and delivery volumes of the strategically important SOI wafers was particularly positive.
The value of semiconductor wafer deliveries grew by 8.0 percent in January-June from the comparison period last year.
Value of deliveries per market area
|
1,000 euro |
1 Apr- |
1 Apr- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
North America |
10,730 |
7,142 |
20,191 |
13,765 |
27,799 |
|
Europe |
7,467 |
7,476 |
14,803 |
14,614 |
29,554 |
|
Asia |
5,336 |
3,853 |
9,368 |
7,892 |
15,767 |
|
Total |
23,533 |
18,471 |
44,362 |
36,271 |
73,120 |
Both in January-June and in April-June, the value of deliveries showed strong growth in North America, especially due to continued very strong demand for sensor wafers and favourable development of the US dollar. In Europe, the demand for sensor wafers grew, but the value of semiconductor wafer deliveries decreased. In Asia, which is of strategic importance, both sensor and semiconductor wafers saw growth in demand.
PROFITABILITY
April-June
In April-June, Okmetic's operating profit amounted to 2.9 (1.1) million euro, corresponding to 13.2 (6.1) percent of net sales. Profit for the period was 2.2 (0.9) million euro. Basic earnings per share was 0.13 (0.05) euro. Diluted earnings per share was 0.13 (0.05) euro. The operating profit includes an impairment of 0.2 million euro on trade receivables from previous financial year.
January-June
Okmetic's operating profit for the first half amounted to 5.8 (2.1) million euro, corresponding to 13.4 (5.7) percent of net sales. Improvement in operating profit was due to strong sales growth in sensor wafers and SOI wafers in particular, as well as strengthening of US dollar compared to euro.
Profit for the period was 4.4 (1.5) million euro. Basic earnings per share was 0.26 (0.09) euro. Diluted earnings per share was 0.26 (0.08) euro.
FINANCING
The company's financial position is solid. In January-June, net cash flow from operations amounted to 4.6 (2.6) million euro.
The company's interest-bearing liabilities amounted to 13.1 (17.5) million euro on 30 June 2015. At the end of the period, cash and cash equivalents amounted to 9.2 (9.3) million euro. The company's net interest-bearing liabilities amounted to 3.8 (8.2) million euro. The company has ensured liquidity with committed credit facilities of 6.0 million euro. On 30 June 2015, the committed credit facilities were unused. (On 30 June 2014, 2.0 million euro of the committed credit facilities was in use.)
Return on equity was 14.0 (5.2) percent. Return on investment was 15.4 (5.7) percent. The company's equity ratio was 67.9 (66.6) percent. Equity per share amounted to 3.62 (3.52) euro.
CAPITAL EXPENDITURE
In January-June, capital expenditure amounted to 3.1 (2.0) million euro. The investments mainly focused on increasing capacity and capability for SOI and 200 mm wafers.
In May, the board of directors of Okmetic Oyj approved investments of 8.4 million euro in total at the Vantaa plant. The investments are targeted at the manufacture of 200 mm silicon wafers as well as production and capability of more advanced SOI wafers. The investments are scheduled for productional use during 2016. Okmetic published a stock exchange release concerning the investment decision on 28 May 2015.
PRODUCT DEVELOPMENT
In January-June, the company expensed 1.4 (1.2) million euro in product development projects, corresponding to 3.2 (3.5) percent of net sales. Product development costs have not been capitalised.
In the first half of 2015, focus areas in Okmetic's product development projects included process development for sophisticated C-SOI wafers, development of SOI products enabling new application areas and deployment of processes to improve productivity. The product development organisation was strengthened through recruitment of additional people for these projects.
PERSONNEL
Okmetic employed on average 392 (368) people in January-June. At the end of the period, Okmetic employed 426 (393) people, of which 377 worked in Finland, 43 in the US, five in Japan, and one in Hong Kong.
BUSINESS RISKS
There have been no significant changes in the company's near future risks and uncertainties. However, changes in macro economy may indirectly have an influence also on Okmetic's business.
Okmetic's business is confronted by risks, which may arise from the company's operations or changes in its operating environment. Risks that, if materialised, can have an adverse effect on the company's operations and valuation are described below.
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.
Okmetic has existing polysilicon purchasing obligations partly until 2016. Due to the purchasing obligations, the company's net working capital will remain at a high level relative to the size of the operation far into 2016.
Okmetic's share of the global silicon wafer market is around one percent, and market prices have a notable effect on the price development of the company's products. The company has considerable pricing power only with 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 is affected by risks due to exchange rate fluctuations, consisting of cash flows from purchases and sales. A significant part of sales are conducted in US dollars. Despite hedging of the forecasted open currency position, 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 June 2015, Okmetic Oyj's paid-up share capital, as entered in the Finnish Trade Register, was 11,821,250.00 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.
|
Major shareholders on |
||
|
Shares, |
Share, |
|
|
Ilmarinen Mutual Pension Insurance |
|
|
|
Ingman Finance Oy Ab |
900,000 |
5.2 |
|
Mandatum Life Insurance Company
|
|
|
|
The State Pension Fund |
600,000 |
3.5 |
|
Nordea Nordic Small Cap Fund |
516,677 |
3.0 |
|
Varma Mutual Pension Insurance |
|
|
|
Okmetic Oyj |
406,129 |
2.3 |
|
Etra-Invest Oy Ab |
400,000 |
2.3 |
|
Investment fund Taaleritehdas Mikro
|
|
|
|
Investment fund Taaleritehdas Arvo |
|
|
|
Foreign investors and nominee accounts
|
|
|
|
Other |
8,522,967 |
49.3 |
|
Total |
17,287,500 |
100.0 |
SHARE PRICE PERFORMANCE AND TRADING
A total of 3.4 (2.1) million shares were traded between 1 January and 30 June 2015, representing 19.9 (12.4) percent of the weighted average of share total of 17.3 (17.3) million during the period. The lowest quotation during the period was 4.80 (4.38 euro), the highest 7.70 (5.25) euro, and the average 6.19 (4.68) euro. The closing quotation of the period on 30 June 2015 was 7.05 (4.60) euro. At the end of the period, the market capitalisation amounted to 121.9 (79.5) million euro.
DIVIDENDS PAID
In April 2015, the company paid a dividend of 0.15 euro per share (2.5 million euro in total) for the year 2014. The dividend was paid on 23 April 2015. Including the dividend paid in January 2015, 0.30 euro per share, the company has paid a total of 0.45 euro dividend per share in 2015 (7.6 million in total). In 2014, the company paid no dividend.
OWN SHARES AND DIRECTED SHARE ISSUES
According to the decision of the annual general meeting, Okmetic Oyj transferred a total of 10,634 own shares to the board members as payment of the annual remuneration on 20 May 2015.
At the end of the reporting period, Okmetic held 406,129 (416,763) own shares corresponding to approximately 2.3 (2.4) percent of all Okmetic shares and votes.
OTHER EVENTS IN THE INTERIM PERIOD
An extraordinary general meeting took place on 12 January 2015. The extraordinary general meeting decided, in accordance with the proposal of the board of directors, to distribute a dividend of 0.30 euro per share (5.1 million euro in total). The payment of the dividend took place on 21 January 2015.
On 14 April 2015, Okmetic announced a revision of its guidance on net sales and operating profit for 2015. According to the current guidance, net sales and operating profit for 2015 are estimated to clearly exceed the level of 2014.
Annual general meeting on 14 April 2015
Okmetic Oyj's annual general meeting on 14 April 2015 adopted the annual accounts and the consolidated annual accounts for 2014 and discharged the company's management from liability. The annual general meeting decided to distribute a dividend of 0.15 euro per share for the financial year 2014 (2.5 million euro in total). The dividend was paid on 23 April 2015.
The general meeting decided, in accordance with the board's proposal, to authorise the board of directors to decide at its discretion on payment of dividend should the company's financial situation permit this. The additional dividend paid on the basis of the authorisation, summing up all possible separate decisions on dividend payment, may amount up to a maximum of 0.60 euro per share and 10,200,000 euro in total. The annual general meeting also ratified the board's proposal to authorise the board to decide on repurchase and/or acceptance as pledge of the company's own shares as well as on issuance of shares, transfer of the company's own shares, and issuance of special rights entitling to shares.
The annual general meeting confirmed that the company's board of directors consists of five members. Mr. Jan Lång, Mr. Hannu Martola, Mr. Mikko Puolakka and Mr. Henri Österlund were re-elected as members of the board of directors and Ms. Riitta Mynttinen was elected as a new board member until the end of the next annual general meeting. The board of directors elected Jan Lång as chairman and Henri Österlund as vice chairman in its organising meeting held immediately after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was re-elected as auditor, with APA Mikko Nieminen as principal auditor.
A stock exchange release on the decisions of the annual general meeting and authorisations given to the board of directors was published on 14 April 2015.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 30 JUNE 2015 (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 2014 except for the effect of changes required by the adoption of certain new or revised standards and interpretations as of 1 January 2015, which have been described in financial statements 2014. 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 Apr- |
1 Apr- |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
|
|
Net sales |
22,068 |
18,700 |
43,680 |
36,105 |
74,104 |
|
Cost of sales |
-16,434 |
-15,084 |
-32,312 |
-29,156 |
-58,909 |
|
Gross profit |
5,634 |
3,616 |
11,368 |
6,949 |
15,195 |
|
Other income and |
|
|
|
|
|
|
Operating profit |
2,914 |
1,137 |
5,837 |
2,065 |
6,401 |
|
Financial income and |
|
|
|
|
|
|
Profit before tax |
2,906 |
1,096 |
5,687 |
1,988 |
6,051 |
|
Income tax |
-691 |
-207 |
-1,308 |
-457 |
-1,219 |
|
Profit for the period |
2,215 |
890 |
4,380 |
1,531 |
4,832 |
|
|
|
|
|
|
|
|
Other comprehensive |
|
|
|
|
|
|
Items that may be |
|
|
|
|
|
|
Cash flow hedges |
-5 |
21 |
-7 |
1 |
-11 |
|
Translation differences |
-295 |
13 |
622 |
9 |
891 |
|
Other comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
|
|
|
Equity holders of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive |
|
|
|
|
|
|
Equity holders of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per |
|
|
|
|
|
|
Diluted earnings per |
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
|
1,000 euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
|
|
|
|
|
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
42,797 |
44,183 |
42,538 |
|
Intangible assets |
493 |
822 |
657 |
|
Other receivables |
615 |
1,031 |
794 |
|
Total non-current assets |
43,905 |
46,036 |
43,990 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
17,867 |
17,811 |
17,890 |
|
Receivables |
19,424 |
16,679 |
14,347 |
|
Cash and cash equivalents |
9,231 |
9,320 |
14,436 |
|
Total current assets |
46,521 |
43,809 |
46,672 |
|
|
|
|
|
|
Total assets |
90,426 |
89,845 |
90,662 |
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
Equity |
|
|
|
|
Equity attributable to equity |
|
|
|
|
Share capital |
11,821 |
11,821 |
11,821 |
|
Other equity |
49,337 |
47,566 |
51,805 |
|
Total equity |
61,158 |
59,387 |
63,627 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-current liabilities |
13,253 |
14,441 |
13,561 |
|
Current liabilities |
16,016 |
16,017 |
13,475 |
|
Total liabilities |
29,269 |
30,458 |
27,036 |
|
|
|
|
|
|
Total equity and liabilities |
90,426 |
89,845 |
90,662 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Cash flows from operating |
|
|
|
|
Profit before tax |
5,687 |
1,988 |
6,051 |
|
Adjustments |
3,528 |
3,308 |
6,494 |
|
Change in working capital |
-3,650 |
-2,687 |
352 |
|
Financial items |
-551 |
-111 |
-486 |
|
Tax paid |
-458 |
67 |
67 |
|
Net cash from |
|
|
|
|
|
|
|
|
|
Cash flows from investing |
|
|
|
|
Purchases of property, plant |
|
|
|
|
Proceeds from sale of property,
|
|
|
|
|
Net cash used in |
|
|
|
|
|
|
|
|
|
Cash flows from financing |
|
|
|
|
Proceeds from long-term |
|
|
|
|
Proceeds of short-term |
|
|
|
|
Payments of long-term |
|
|
|
|
Payments of short-term |
|
|
|
|
Payments of finance |
|
|
|
|
Other items |
- |
36 |
36 |
|
Dividends paid |
-7,592 |
-578 |
-578 |
|
Share issue |
- |
750 |
750 |
|
Acquisition of Okmetic |
|
|
|
|
Net cash used in |
|
|
|
|
|
|
|
|
|
Increase (+) / decrease (-) in |
|
|
|
|
Exchange rate changes |
512 |
54 |
329 |
|
Cash and cash equivalents at |
|
|
|
|
Cash and cash equivalents at |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
|
Equity attributable to equity holders of parent company |
||||
|
1,000 euro |
Share |
Share |
Reserve |
Other |
Retained |
Total |
|
|
|
|
|
|
|
|
|
Balance at |
|
|
|
|
|
|
|
Profit for |
|
|
|
|
|
|
|
Other com- |
|
|
|
|
|
|
|
Cash flow |
|
|
|
|
|
|
|
Translation |
|
|
|
|
|
|
|
Total com- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
|
|
Dividend |
|
|
|
|
|
|
|
Balance at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at |
|
|
|
|
|
|
|
Profit for |
|
|
|
|
|
|
|
Other com- |
|
|
|
|
|
|
|
Cash flow |
|
|
|
|
|
|
|
Translation |
|
|
|
|
|
|
|
Total com- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issue |
|
|
750 |
|
|
750 |
|
Share-based |
|
|
|
|
|
|
|
Acquisition of non- |
|
|
|
|
|
|
|
Balance at |
|
|
|
|
|
|
1)"Other reserves" contains hedge reserve and translation differences.
Acquisition of shares of Okmetic Management Oy is treated as acquisition of non-controlling interest. Okmetic Management Oy was merged in the parent company on 30 November 2014.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Carrying amount at the beginning |
|
|
|
|
Additions |
3,116 |
1,955 |
3,627 |
|
Disposals |
- |
- |
-520 |
|
Depreciation |
-3,099 |
-3,098 |
-6,257 |
|
Exchange differences |
242 |
32 |
393 |
|
Carrying amount at the end of |
|
|
|
COMMITMENTS AND CONTINGENCIES
|
1,000 euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
|
|
|
|
|
Loans, secured with collaterals |
7,000 |
9,000 |
7,000 |
|
Collaterals |
15,110 |
17,128 |
15,110 |
|
Off-balance sheet |
|
|
|
|
|
|
|
|
|
Capital commitments |
3,881 |
1,762 |
2,689 |
|
|
|
|
|
|
Nominal values of |
|
|
|
|
Currency options, call |
1,088 |
436 |
1,193 |
|
Currency options, put |
- |
142 |
- |
|
Currency forward agreements |
4,461 |
1,416 |
3,979 |
|
Electricity derivatives |
717 |
1,465 |
1,076 |
|
|
|
|
|
|
Fair values of |
|
|
|
|
Currency options, call |
38 |
3 |
6 |
|
Currency options, put |
- |
-4 |
- |
|
Currency forward agreements |
-10 |
-12 |
-85 |
|
Electricity derivatives |
-249 |
-294 |
-244 |
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 Jun, 2015 |
|
30 Jun, 2014 |
||||
|
Level 1 |
Level 2 |
Level 3 |
|
Level 1 |
Level 2 |
Level 3 |
|
|
Financial assets |
|
||||||
|
Derivative financial |
|
|
|
|
|
|
|
|
|
|||||||
|
Financial liabilities |
|
||||||
|
Derivative financial |
|
|
|
|
|
|
|
Fair value estimation
The group's financial instruments that are measured at fair value comprise derivatives used for hedging and held for trading.
Fair values of level 1 instruments are based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
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 or liability is observable, either directly (i.e. price) or indirectly (i.e. derived from the prices).
Electricity derivatives are classified as level 1, currency derivatives as level 2.
Fair value determination
The fair values of electricity derivatives are based on quoted market prices. The fair values of currency forwards and options are determined on the basis of market and contract prices of the agreements at the reporting date by applying commonly used valuation techniques.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
|
1,000 euro |
1 Jan- |
1 Jan- |
1 Jan- |
|
|
|
|
|
|
Net sales |
43,680 |
36,105 |
74,104 |
|
Change in net sales compared to
|
|
|
|
|
Export and foreign operations |
|
|
|
|
Operating profit before |
|
|
|
|
% of net sales |
20.8 |
14.7 |
17.5 |
|
Operating profit |
5,837 |
2,065 |
6,401 |
|
% of net sales |
13.4 |
5.7 |
8.6 |
|
Profit before tax |
5,687 |
1,988 |
6,051 |
|
% of net sales |
13.0 |
5.5 |
8.2 |
|
Return on equity, % |
14.0 |
5.2 |
8.0 |
|
Return on investment, % |
15.4 |
5.7 |
8.7 |
|
Non-interest-bearing liabilities |
16,212 |
12,978 |
13,710 |
|
Net interest-bearing liabilities |
3,826 |
8,160 |
-1,110 |
|
Net gearing ratio, % |
6.3 |
13.7 |
-1.7 |
|
Equity ratio, % |
67.9 |
66.6 |
70.5 |
|
Capital expenditure |
3,116 |
1,955 |
3,627 |
|
% of net sales |
7.1 |
5.4 |
4.9 |
|
Depreciation |
3,264 |
3,260 |
6,584 |
|
Research and development |
|
|
|
|
% of net sales |
3.2 |
3.5 |
3.3 |
|
|
|
|
|
|
Average number of personnel |
|
|
|
|
Personnel at the end of the |
|
|
|
|
|
|
|
|
KEY FIGURES PER SHARE
|
Euro |
30 Jun, |
30 Jun, |
31 Dec, |
|
Basic earnings |
|
|
|
|
Diluted earnings per share |
0.26 |
0.08 |
0.29 |
|
Equity per share |
3.62 |
3.52 |
3.77 |
|
Dividend per share 1) |
- |
- |
0.45 |
|
Dividends/earnings, % |
- |
- |
155.2 |
|
Effective dividend yield, % |
- |
- |
9.3 |
|
Price/earnings(P/E) |
- |
- |
16.8 |
|
|
|
|
|
|
Share performance (1 Jan-) |
|
|
|
|
Average trading price |
6.19 |
4.68 |
4.68 |
|
Lowest trading price |
4.80 |
4.38 |
4.28 |
|
Highest trading price |
7.70 |
5.25 |
5.25 |
|
Trading price at the |
|
|
|
|
Market capitalisation at the |
|
|
|
|
|
|
|
|
|
Trading volume (1 Jan-) |
|
|
|
|
Trading volume, |
|
|
|
|
In relation to weighted |
|
|
|
|
Trading volume, 1,000 euro |
21,319 |
10,050 |
17,704 |
|
The weighted average number |
|
|
|
|
The number of shares at the |
|
|
|
When calculating equity per share, Okmetic's own shares and the Okmetic shares owned by Okmetic Management Oy are deducted from the total number of shares. Okmetic Management Oy was merged in the parent company on 30 November 2014.
1) The figure for 2014 contains the dividend distributed in January 2015, 0.30 euro per share and the dividend distributed in April 2015, 0.15 euro per share.
QUARTERLY KEY FIGURES
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
|
|
22,068 |
21,612 |
|
Compared to previous quarter % |
|
|
2.1 |
15.7 |
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
|
|
2,914 |
2,923 |
|
% of net sales |
|
|
13.2 |
13.5 |
|
Profit before tax |
|
|
2,906 |
2,781 |
|
% of net sales |
|
|
13.2 |
12.9 |
|
|
|
|
|
|
|
Net cash flow generated from: |
|
|
|
|
|
Investing activities |
|
|
-625 |
-1,740 |
|
Financing activities |
|
|
-2,687 |
-5,221 |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end of the period |
|
|
426 |
375 |
|
1,000 euro |
10-12/ |
7-9/ |
4-6/ |
1-3/ |
|
|
|
|
|
|
|
Net sales |
18,679 |
19,320 |
18,700 |
17,405 |
|
Compared to previous quarter % |
-3.3 |
3.3 |
7.4 |
3.4 |
|
Compared to corresponding |
|
|
|
|
|
Operating profit |
1,579 |
2,757 |
1,137 |
928 |
|
% of net sales |
8.5 |
14.3 |
6.1 |
5.3 |
|
Profit before tax |
1,257 |
2,806 |
1,096 |
892 |
|
% of net sales |
6.7 |
14.5 |
5.9 |
5.1 |
|
|
|
|
|
|
|
Net cash flow generated from: |
|
|
|
|
|
Investing activities |
-996 |
261 |
-1,263 |
-1,637 |
|
Financing activities |
-1,180 |
-3,157 |
4,859 |
-472 |
|
Increase/decrease in cash |
|
|
|
|
|
|
|
|
|
|
|
Personnel at the end of the period |
367 |
363 |
393 |
354 |
DEFINITIONS OF KEY FINANCIAL FIGURES
|
|
|
|
|
Value of deliveries |
= |
Net sales excluding currency exchange rate differences in accounts receivable and including inventory shipped to customers on consignment during the period, for which no net sales are recognised at the time of shipping. |
|
|
|
|
|
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 financial statements release are based on the company management's current knowledge. Actual events and results may differ from the estimates presented here.
INTERIM REPORT 1 JANUARY- 30 SEPTEMBER 2015
Okmetic will publish its third quarter results on 22 October 2015.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku, Okmetic Oyj,
tel. +358 5028 0232, email: [email protected]
Senior Vice President, Finance, IT and Communications Juha Jaatinen, Okmetic Oyj,
tel. +358 9 5028 0286, email: [email protected]
Okmetic is a technology company which supplies tailor-made silicon wafers for sensor and semiconductor industries. 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 Helsinki under the code OKM1V. For more information on the company, please visit our website at www.okmetic.com.
Copyright GlobeNewswire
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Source: %s via Globenewswire
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