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.
* 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-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2013 2012 2013 2012 2012
Net sales 18,242 21,017 51,680 62,388 83,074
Operating profit
before
depreciation
(EBITDA) 2,921 4,424 9,024 11,455 13,864
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
Profit for
the period 816 2,098 3,395 4,878 5,089
Basic earnings
per share,
euro 0.05 0.13 0.20 0.29 0.31
Net cash flow
from operating
activities 3,481 4,209 4,811 5,859 9,425
Net interest-
bearing
liabilities 6,196 -693 6,196 -693 -1,688
Equity ratio, % 70.5 72.8 70.5 72.8 72.2
Average number
of personnel
during the period 369 381 366 369 368
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-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2013 2012 2013 2012 2012
Sensor wafers 59% 48% 59% 46% 47%
Semiconductor
wafers 38% 42% 38% 39% 38%
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-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2013 2012 2013 2012 2012
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.
Major shareholders on
30 September 2013
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,549,985 9.0
Oy Ingman Finance Ab 870,000 5.0
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Nordea Nordic Small
Cap Fund 528,810 3.1
Varma Mutual Pension
Insurance Company 477,175 2.8
Etra-Invest Oy Ab 400,000 2.3
Okmetic Management Oy 400,000 2.3
Investment Fund
Taaleritehdas Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance Company 212,700 1.2
Foreign investors and
nominee accounts held by
custodian banks 2,905,068 16.8
Other 8,318,662 48.1
Total 17,287,500 100.0
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-
30 Sep, 30 Sep, 30 Sep, 30 Sep, 31 Dec,
2013 2012 2013 2012 2012
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
and expenses -2,225 -1,800 -6,376 -6,401 -9,061
Operating
profit 1,423 2,970 4,768 7,011 8,018
Financial
income and
expenses -143 -97 -399 -173 -418
Profit before
tax 1,280 2,873 4,369 6,838 7,600
Income tax -464 -775 -974 -1,960 -2,510
Profit for
the period 816 2,098 3,395 4,878 5,089
Other
comprehensive
income:
Cash flow
hedges 100 45 -17 120 128
Translation
differences -323 -339 -27 -382 76
Other
comprehensive
income for the
period, net of
tax -224 -294 -44 -263 204
Total
comprehensive
income for
the period 591 1,804 3,351 4,615 5,293
Profit for the
period
attributable
to:
Equity holders
of the parent
company 816 2,098 3,395 4,878 5,089
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 591 1,804 3,351 4,615 5,293
Basic earnings
per share,
euro 0.05 0.13 0.20 0.29 0.31
Diluted
earnings per
share, euro 0.05 0.12 0.20 0.29 0.30
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 30 Sep, 2013 30 Sep, 2012 31 Dec, 2012
Non-current assets
Property, plant and
equipment 888 631 636
Intangible assets 45,038 40,284 43,433
Other receivables 2,020 3,332 3,089
Total non-current
assets 47,945 44,247 47,159
Current assets
Inventories 17,893 13,930 13,526
Receivables 15,432 19,278 17,796
Cash and cash
equivalents 5,617 6,870 7,288
Total current
assets 38,941 40,078 38,610
Total assets 86,886 84,325 85,769
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 49,398 49,251 50,038
Total equity 61,219 61,073 61,860
Liabilities
Non-current
liabilities 12,804 4,341 5,314
Current liabilities 12,863 18,911 18,595
Total liabilities 25,667 23,252 23,909
Total equity and
liabilities 86,886 84,325 85,769
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep, 13 30 Sep, 12 31 Dec, 12
Cash flows from operating
activities:
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
Financial items -121 -18 -47
Tax paid 972 -2,389 -3,486
Net cash from
operating activities 4,811 5,859 9,425
Cash flows from investing
activities:
Purchases of property,
plant and equipment -7,784 -8,333 -10,983
Net cash used in
investing activities -7,784 -8,333 -10,983
Cash flows from financing
activities:
Proceeds from long-
term borrowings 10,000 - -
Proceeds from short-
term borrowings 24 3,023 3,043
Payments of long-
term borrowings -1,000 - -
Payments of short-
term borrowings -3,043 - -
Payments of finance
lease liabilities -349 -153 -264
Other items 10 10 10
Dividends paid -4,170 -4,862 -4,862
Net cash used in
financing activities 1,473 -1,982 -2,072
Increase (+) /
decrease (-) in cash
and cash equivalents -1,500 -4,456 -3,631
Exchange rate changes -171 69 -338
Cash and cash
equivalents at
the beginning
of the period 7,288 11,257 11,257
Cash and cash
equivalents at
the end of the
period 5,617 6,870 7,288
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Other Retained Total
capital pre- for in- re- earnings
mium vested serves
1,000 euro unre- 1)
stricted
equity
Balance at
31 Dec, 2012 11,821 20,045 1,200 1,874 26,919 61,860
Profit for
the period 3,395 3,395
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -17 -17
Translation
differences -27 -27
Total com-
prehensive
income for
the period -44 3,395 3,351
Share-based
payments 178 178
Dividend distribution
-4,170 -4,170
Balance at
30 Jun, 2013 11,821 20,045 1,200 1,830 26,323 61,219
Balance at
31 Dec, 2011 11,821 20,045 1,200 1,670 26,238 60,973
Profit for
the period 4,878 4,878
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 120 120
Translation
differences -382 -382
Total com-
prehensive
income for
the period -263 4,878 4,615
Share-based
payments 145 145
Dividend distribution
-4,661 -4,661
Balance at
31 Mar, 2012 11,821 20,045 1,200 1,407 26,599 61,073
1)"Other reserves" contains hedge reserve and translation differences.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan- 1 Jan-
30 Sep,13 30 Sep,12 31 Dec,12
Carrying amount
at the beginning
of the period 43,433 34,887 34,887
Additions 5,777 9,757 14,342
Disposals -9 - -
Depreciation -4,080 -4,367 -5,739
Exchange differences -83 8 -56
Carrying amount
at the end of
the period 45,038 40,284 43,433
COMMITMENTS AND CONTINGENCIES
1,000 euro 30 Sep, 30 Sep, 2012 31 Dec, 2012
2013
Loans, secured with
collaterals 10,000 1,000 1,000
Collaterals 17,128 8,073 8,073
Off-balance sheet
lease commitments 380 592 451
Capital commitments 2,112 6,326 5,499
Nominal values of
derivative contracts
Currency forward
agreements 903 789 1,462
Electricity
derivatives 2,117 2,780 2,489
Fair values of
derivative contracts
Currency forward
agreements 15 16 21
Electricity
derivatives -173 -253 -227
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 31 Dec 2012
Level Level Level Level Level Level
1 2 3 1 2 3
Financial
assets
Derivative
financial
instruments - 38 - - 67 -
Financial
liabilities
Derivative
financial
instruments - 196 - - 274 -
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-
30 Sep,13 30 Sep,12 31 Dec,12
Net sales 51,680 62,388 83,074
Change in net sales
compared to the previous
year's period, % -17.2 -4.1 -0.1
Export and foreign
operations share
of net sales, % 91.2 94.7 94.4
Operating profit before 9,024 11,455 13,864
depreciation (EBITDA)
% 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
liabilities 13,855 17,075 18,309
Net interest-bearing
liabilities 6,196 -693 -1,688
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
expenditure 1,876 1,664 2,331
% of net sales 3.6 2.7 2.8
Average number of
personnel during
the period 366 369 368
Personnel at the
end of the period 356 365 364
KEY FIGURES PER SHARE
Euro 30 Sep 30 Sep 2012 31 Dec 2012
2013
Basic earnings
per share 0.20 0.29 0.31
Diluted earnings
per share 0.20 0.29 0.30
Equity per share 3.67 3.71 3.72
Dividend per share - - 0.25
Dividends/earnings, % - - 80.6
Effective dividend
yield, % - - 5.0
Price/earnings(P/E) - - 16.2
Share performance
(1.1.-)
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
end of the period 5.31 4.86 5.02
Market capitalisation
at the end of the
period, 1,000 euro 91,797 84,017 86,783
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 2,223 2,784 3,330
In relation to weighted
average number of
shares, % 12.9 16.1 19.3
Trading volume,
1,000 euro 10,620 14,869 17,496
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
The number of shares at
the end of the period
adjusted by the share
issue, 1,000 pcs 17,288 17,288 17,288
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2013 2013 2013 2013
Net sales 18,242 17,035 16,403
Compared to previous
quarter, % 7.1 3.9 -20.7
Compared to corresponding
period last year, % -13.2 -24.2 -13.2
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
from:
Operating activities 3,481 519 811
Investing activities -1,687 -1,966 -4,131
Financing activities -1,155 -7,276 9,904
Increase/decrease in cash
and cash equivalents 639 -8,724 6,585
Personnel at the end
of the period 356 379 354
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2012 2012 2012 2012
Net sales 20,685 21,017 22,469 18,902
Compared to previous
quarter, % -1.6 -6.5 18.9 4.2
Compared to corresponding
period last year, % 14.1 -1.1 3.3 -14.3
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
from:
Operating activities 3,565 4,209 2,616 -966
Investing activities -2,650 -3,057 -2,652 -2,624
Financing activities -91 -288 -1,493 -201
Increase/decrease in cash
and cash equivalents 825 864 -1,529 -3,791
Personnel at the end 364 365 390 352
of the period
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before = Operating profit + depreciation
depreciation (EBITDA)
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 = Number of shares at the end of the
the period period x trading price at the end of the
period
Trading volume = Number of shares traded during the
period/
-----------------------------------------
Weighted average number of shares during
the period
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 (2(nd) 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: kai.seikku@okmetic.com
Senior Vice President, Finance, IT, and Communications
Juha Jaatinen, Okmetic Oyj, tel. +358 9 5028 0286,
email: juha.jaatinen@okmetic.com
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.
[HUG#1737696]
Okmetic Oyj :INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2013: NON-OPERATIONAL ITEMS BURDENED OPERATING PROFIT IN THIRD QUARTER, CASH FLOW AT GOOD LEVEL
| Source: Okmetic Oyj
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