Post on 20-Sep-2020
27.4.2012 1(17)
Unless otherwise stated, figures in parenthesis refer to the corresponding period in the previous
year.
- Net sales amounted to 18.9 (22.1) million euro, down 14.3%.
- Operating profit was 1.5 (2.8) million euro corresponding to 8.1% of net sales.
- Profit for the period was 0.7 (2.7) million euro.
- Basic earnings per share was 0.04 (0.16) euro.
- Net cash flow from operations amounted to -1.0 (-1.3) million euro.
The customer industries are estimated to grow moderately in Okmetic’s main product groups in
2012. The levelling of semiconductor industry’s inventories, which started in mid-2011, seems
to have ended in the end of the period under review, as anticipated. The orders of
semiconductor wafers began to increase in March. This indicates that the downward trend of
around three quarters has ended.
The development of sensor wafer demand is estimated to be somewhat more stable in 2012
than the demand for semiconductor wafers. The growth of sensor wafer demand seems to
focus on the second half of the year, while the beginning of the year is still a time of lower
demand.
Technology sales will focus on solar crystal sales, and be fairly even until the shipment
contracts that are valid until the third quarter will be terminating. The solar cell industry’s
strongly lowered price level is likely to accelerate the consolidation in the industry. This
development has no direct effects on Okmetic’s technology business.
The company retains the existing guidance, according to which the net sales and operating
profit for 2012 are estimated to exceed the level of 2011, although they remained under the
level of the comparison period in the first quarter, as anticipated.
”The semiconductor market which took a downward turn in summer 2011 hit the rock bottom
in January-February. The long-awaited turn for the better was evident in March, after which the
order backlog has started to grow. As predicted, Okmetic’s net sales and operating profit in the
first quarter remained under the strong level of the comparison period. Thanks to the sales
efforts the company's market share rose to a record level in the first quarter in the product
groups important to the company, which partly softened the impact of the steep market drop on
the company’s operation.
The operating profit of the first quarter was lowered significantly due to a disturbance that took
place in the production chain of a gas in the USA. The gas is used in the manufacture of epi-
coated wafers. In practice, Okmetic's Allen production plant had to be idled for almost a month.
The shipments of epi wafers during the shutdown were only a fraction of the order backlog, and
the first quarter in the US-based subsidiary was in this respect unprofitable.
2(17)
The delivery disturbance that burdened the entire industry in the US was caused by a fault in the
process of the only gas supplier on the market. The fault has since been located and fixed. The
company believes it can deliver majority of the lost orders during the rest of the year.
In the first quarter, the operating profit was also weakened by the less advantageous product
mix compared to the previous quarter and to the corresponding quarter last year, some non-
recurring expense items related to foreign subsidiaries, and the changes in the fair value of
electricity derivatives as the price of electricity declined further. The capacity utilisation rate was
deliberately maintained partly with products of lower margin.
Despite the several challenges, the operating profit (8.1%) in the first quarter nearly reached the
minimum level of 10 percent which is the company’s long-term objective. The factors behind the
success are the business volume that has increased in recent years and the supply chain that is
more flexible than before and continuously under development.
The clear decline in the profit for the period in relation to the comparison period was caused not
only by lower operating profit but also by a difference of nearly one million euro in income tax
entered as expenses. Along with the good profitability development in recent years, Okmetic
managed to deduct the earlier confirmed losses from its result by the end of summer 2011.
Similar to last year, the net cash flow of the period under review was weighed down by advance
payments and working capital items. The cash flow is expected to improve in the end of the
year, the same as last year.
The demand for semiconductor wafers has clearly picked up as of March, which predicts strong
development starting from the second quarter. The demand for sensor wafers, on the contrary,
will probably reach full speed a little later, that is, during the second half of the year. The
demand for sensor wafers has been restrained by high inventory levels and the increasing focus
of sensors on consumer electronics, exposed to economic fluctuations. In the period under
review, technology sales consisted largely of solar crystal sales.”
1,000 euro 1.1.-31.3.12 1.1.-31.3.11 1.1.-31.12.11 1.1.-31.12.10
Net sales 18,902 22,055 83,186 80,907
Operating profit
before depreciation
(EBITDA)
3,052
4,425
18,069
17,102
Operating profit 1,535 2,828 11,817 10,421
% of net sales 8.1 12.8 14.2 12.9
Profit for the period 712 2,724 10,235 9,952
Basic earnings
per share, euro
0.04
0.16
0.61
0.60
Net cash flow from
operating activities
-996
-1,337
11,691
16,594
Net interest-
bearing liabilities
-6,071
-12,379
-10,257
-18,047
Equity ratio, % 79.2 78.9 78.9 76.6
Average number
of personnel
during the period
351
347
363
345
3(17)
Customer industries sensor, semiconductor, and solar cell industries
Sensor industry
In 2012, the sale value of sensor industry is estimated to grow 11-15 percent compared to the
sale value of 2011 (8.6-10.2 billion US dollars). One of the fastest growing sectors is MEMS
products for consumer applications such as microphones and gyroscopes. In the next few years
picoprojectors are estimated to be a significant growth area in consumer applications. (IHS
iSuppli, IC Insights, Yole) Nowadays, silicon-on-insulator (SOI) technology is widely used in the
manufacture of these next generation products, and the share of SOI technology is estimated to
continue its growth. Okmetic is amongst the pioneering suppliers who provide products and
services based on SOI technology to the sensor industry.
Semiconductor industry
The US dollar based sales of the semiconductor industry have started to recover during the first
quarter of the year. The estimates for the sale development in 2012 have improved and they
settle now at a level of 3-7 percent of annual growth. (IHS iSuppli, Gartner, IC Insights, VLSI
Research)
The growth in demand that started in the first quarter of 2012 is expected to accelerate in the
second half of the year (IDC). The demand for semiconductors is boosted by both strongly
increasing applications, such as tablet computers, and the uplift of developing markets (Gartner).
In the long run, the growth rate of semiconductor demand is estimated to remain at a yearly
level of 5-9 percent (IDC, IC Insights). The growth rate of discrete and power semiconductors is
estimated to slightly exceed the semiconductor market average (IC Insights, IHS iSuppli, Yole).
Solar cell industry
The almost 10-year-long very strong 40-50 percent annual growth of new solar energy based
(Photovoltaic) power plants is moderating. On average, annual growth of 20-30 percent is
estimated for the near future. (IHS iSuppli) The use of solar energy for electricity production is
expanding to more and more countries as the costs go down. Already over 20 countries are
estimated to build more than 100MW of capacity during 2012. (IMS Research)
In the short run, the changes in feed-in tariffs in Germany and Italy create uncertainty in the
market. Significant overproduction and structural change throughout the industry’s supply chain
are predicted to continue during 2012.
Silicon wafer market
According to the statistics published in February 2012 by SMG, the group of silicon wafer
suppliers in SEMI, the surface area of wafer shipments in the whole silicon wafer industry in
2011 decreased by three percent compared to 2010 area shipments. The transfer of the market
to bigger wafer sizes along with the technological development was stronger than average.
Compared to the previous year, a growth of three percent is estimated for 2012.
4(17)
Okmetic’s central customer areas in the silicon wafer market
In line with its strategy, Okmetic seeks for special areas of the entire silicon wafer market that
have greater growth rates than the market average and in which the company has special
expertise. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS industry is
Okmetic’s central growth area. The MEMS market grows as portable consumer products,
automotive electronics, and industrial process control increase.
In the semiconductor market, Okmetic’s growth areas include discrete and power
semiconductors. The growth areas of these markets are i.a. components used in the production
of renewable energy, increasing automotive electronics, portable consumer products, as well as
different solutions related to power supply and efficiency improvement.
In January-March, Okmetic’s net sales amounted to 18.9 (22.1) million euro. There was a
decrease of 14.3 percent (growth 33.5%) for the comparison period mainly due to the prevailing
market trend. Okmetic’s market share grew in the product groups which are important to the
company, and sales improved clearly towards the end of the first quarter because of the
strengthened economic situation.
Sales per customer area
1.1.-31.3.12 1.1.-31.3.11 1.1.-31.12.11 1.1.-31.12.10
Sensors 46% 45% 46% 43%
Semiconductors 34% 33% 35% 42%
Technology 20% 22% 19% 15%
In January-March, the value of sensor wafer shipments was 14.0 percent lower than in the
corresponding period last year. Sensor wafer sales were weighed down by the customers’
bloated inventory levels in the beginning of the year. The demand for sensor wafers is expected
to pick up in the second half of the year.
The downward trend in the semiconductor industry saw a clear change at the end of the first
quarter which contributed positively to the semiconductor wafer sales. Due to the low demand
in January-February, the shipment value of the first quarter was 10.3 percent lower than in the
corresponding period last year.
In January-March, technology sales consisted mainly of solar crystal sales.
Sales per market area
1.1.-31.3.12 1.1.-31.3.11 1.1.-31.12.11 1.1.-31.12.10
North America 36% 37% 37% 43%
Europe 26% 31% 30% 25%
Asia 38% 32% 33% 32%
In the first quarter, the sales were strongest in Asia and North America. The relative proportion
of Asia of the net sales grew during the period under review.
5(17)
January-March
In January-March, Okmetic’s operating profit was 1.5 (2.8) million euro. The operating profit
accounted for 8.1 (12.8) percent of net sales. Profit for the period amounted to 0.7 (2.7) million
euro. Basic earnings per share was 0.04 (0.16) euro. Diluted earnings per share was 0.04
(0.16).
The company’s financial situation is good. In January-March, net cash flow from operations
amounted to -1.0 (-1.3) million euro. The cash flow from operations was weakened by 3.9 (6.0)
million euro due to changes in working capital available to business operations.
On 31 March 2012, the company’s liabilities amounted to 1.0 (1.0) million euro.
At the end of the period, cash and cash equivalents amounted to 7.2 (10.4) million euro. On 31
March 2012, the company’s cash and cash equivalents exceeded the interest-bearing liabilities
by 6.2 million euro (on 31 March 2011, cash and cash equivalents were 12.4 million euro higher
than interest-bearing liabilities). The group has ensured the sufficiency of cash funds by
increasing the committed credit facility of 3.0 million euro to 6.0 million euro. The credit facility
was undrawn on 31 March 2012.
Return on equity amounted to 4.6 (18.3) percent. The company’s equity ratio was 79.2 (78.9)
percent. Equity per share was 3.69 (3.63) euro.
In January-March, Okmetic’s capital expenditure amounted to 2.6 (4.8) million euro.
The investments concerned mainly the board’s decision in April 2011 to increase SOI wafer
production capacity by extending the Vantaa plant. The around 30 million euro investment
programme, to be implemented in 2011-2013, includes the plant extension and different kinds
of production equipment. Building of the plant extension started in August 2011.
In January-March, the company expensed 0.5 (0.6) million euro in product development
projects. Product development costs accounted for 2.8 (2.7) percent of net sales. The product
development costs have not been capitalised. Product development has been allocated to SOI
wafers and high and low resistivity wafers.
On average, Okmetic employed 351 (347) people in January-March. At the end of the period,
311 of the company’s employees worked in Finland, 36 in the US, four in Japan, and one in
Hong Kong.
6(17)
Okmetic Oyj’s annual general meeting, which was held on 12 April 2012, adopted the annual
accounts and the consolidated annual accounts for 2011 and discharged the company’s
management from liability. It was decided that a dividend of 0.28 euro per share would be
distributed for 2011. The dividend was paid on Tuesday 24 April 2012. The annual general
meeting decided also, in accordance with the proposal of the board of directors, to authorise the
board of directors to decide upon its discretion on the payment of an additional dividend, should
the company’s financial situation permit this. The additional dividend, including all possible
separate decisions on dividend payment, may amount up to a maximum of 0.40 euro per share
and 15,000,000 euro in total. Moreover, the general meeting approved the proposal of the
board of directors to authorise the board of directors to decide on the repurchase and/or the
acceptance as pledge of the company’s own shares as well as on the issuance of shares, the
transfer of the company’s own shares, and the issuance of special rights entitling to shares.
It was decided that there would be five members on the company’s board of directors. Mr. Henri
Österlund, Mr. Tapani Järvinen, Mr. Hannu Martola, and Ms. Mervi Paulasto-Kröckel were re-
elected as members of the board of directors until the end of the next annual general meeting,
and Mr. Mikko Puolakka was elected as a new member. The board of directors elected Henri
Österlund as its chairman and Tapani Järvinen as its vice chairman in its organisation meeting
held immediately after the annual general meeting.
Authorised Public Accountant PricewaterhouseCoopers Oy was elected as auditor, with APA
Mikko Nieminen having the principal responsibility.
Authorisations given to the board of directors and other decisions of the annual general meeting
have been notified in a stock exchange release published on 12 April 2012.
There have been no essential changes in the company’s near future business risks and
uncertainties. Okmetic's business operations are exposed to risks which may arise from the
company's operations or changes in the business environment.
Okmetic’s silicon wafer sales are targeted at the sensor and semiconductor producers in the
electronics industry. The demand for semiconductor wafers is sensitive to economic fluctuations
and changes in the market situation can be sudden and dramatic. The demand for sensor wafers
is more stable. The proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations. Technology sales
comprise mainly crystal sales, which is predominantly affected by the economic situation of the
solar cell industry.
Okmetic’s share of the global silicon wafer market is around one percent and the market prices
have a notable effect on the price development of Okmetic’s products. The company only has
considerable pricing power with its own special products. The pricing of other wafers is mainly
based on global market price.
Okmetic operates globally, and therefore the company's business operations are affected by
risks due to currency fluctuations, consisting of the cash flows of purchases and sales. A
significant part of sales are conducted in US dollars. The Japanese yen is another notable
trading currency. Despite hedging, the company remains exposed to exchange rate fluctuations.
7(17)
Substantial volumes of electricity are used in Okmetic’s production. Despite hedging, the
company is exposed to fluctuations in the price of electricity.
The company risks and uncertainty factors are dealt more profoundly in the company’s annual
report of 2011.
On 31 March 2012, 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.
A total of 1.1 (3.6) million shares were traded between 1 January and 31 March 2012,
representing 6.6 (20.8) percent of the weighted average of share total of 17.3 (17.3) million
during the period. The lowest quotation during the period was 4.98 (5.30) euro, and the highest
6.01 (6.65) euro, with the average being 5.63 (5.90) euro. The closing quotation for the period
was 5.82 (6.55) euro. At the end of the period, the market capitalisation amounted to 100.6
(113.2) million euro.
On 8 February 2012, Okmetic Oyj’s board of directors announced of its decision to transfer a
total of 56,033 own shares held by the company as a part of the company’s share-based
incentive scheme for the executive management group, of which the company has given a stock
exchange release on 11 February 2010. All the shares were issued to the members of the
executive management group in deviation from the shareholders’ pre-emptive rights (directed
share issue).
The rewards of the share reward programme were paid on one hand in Okmetic shares and on
the other hand in a monetary amount covering taxes. The directed share issue without payment
was executed in full as there was no consideration related to the issue.
At the end of the reporting period Okmetic held 241,543 own shares, which is approximately
1.4 percent of Okmetic’s all shares and votes.
The company Kiinteistö Oy Piitalot which was part of Okmetic group has merged with Okmetic
Oyj on 1 January 2012. Its assets and liabilities were transferred to Okmetic Oyj.
The Helsinki Court of Appeal gave a verdict in January in which it decided not to change the
acquittal for President Kai Seikku rendered by the Helsinki District Court on 20 December 2010
and dismissed the prosecutor’s claims on negligent abuse of insider information. The Helsinki
Court of Appeal’s verdict has entered into legal force as the prosecutor did not request for leave
to appeal from the next instance. The charge was related to Seikku’s actions while he was still
working for his previous employer HKScan Oyj.
8(17)
These interim financial statements have been prepared in accordance with IAS 34, Interim
Financial Reporting.
In preparing these interim financial statements, Okmetic has followed the same accounting
policies as in the financial statements for 2011 except for the effect of changes required by the
adoption of the following new or revised standards and interpretations as of 1 January 2012:
-IFRS 7 (amendment), Financial instruments: Disclosures – Derecognition.
-IAS 12 (amendment), Income Taxes – Deferred Tax.
The adoption of the aforementioned standards and interpretations has not had an effect on the
figures presented from the reporting period.
1,000 euro 1 Jan-31 Mar,
2012
1 Jan-31 Mar,
2011
1 Jan-31 Dec,
2011
Net sales 18,902 22,055 83,186
Cost of sales -14,851 -15,939 -61,876
Gross profit 4,051 6,116 21,310
Other income and expenses -2,515 -3,288 -9,493
Operating profit 1,535 2,828 11,817
Financial income and expenses -307 -532 -479
Profit before tax 1,229 2,296 11,339
Income tax -517 428 -1,104
Profit for the period 712 2,724 10,235
Other comprehensive income:
Cash flow hedges 127 - -177
Translation differences -106 -203 808
Other comprehensive income for
the period, net of tax
21
-203
631
Total comprehensive
income for the period
733
2,521
10,866
Profit for the period
attributable to:
Equity holders of the parent
company
712
2,724
10,235
Total comprehensive
income attributable to:
9(17)
Equity holders of the parent
company
733
2,521
10,866
Basic earnings per share, euro 0.04 0.16 0.61
Diluted earnings per share, euro 0.04 0.16 0.59
1,000 euro 31 Mar, 2012 31 Mar, 2011 31 Dec, 2011
Assets
Non-current assets
Intangible assets 83 - -
Property, plant and equipment
35,847
32,065
34,887
Other receivables 3,696 4,251 3,255
Total non-current assets
39,626
36,316
38,142
Current assets
Inventories 14,963 10,319 13,114
Receivables 16,933 17,461 15,374
Financial assets at fair value
through profit or loss
-
3,013
-
Cash and cash equivalents 7,154 10,366 11,257
Total current assets 39,049 41,158 39,745
Total assets 78,675 77,475 77,887
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821 11,821
Other equity 49,914 49,199 49,151
Total equity 61,735 61,021 60,973
Liabilities
Non-current liabilities 3,272 1,526 2,968
Current liabilities 13,669 14,927 13,946
Total liabilities 16,940 16,454 16,914
Total equity and liabilities 78,675 77,475 77,887
10(17)
1,000 euro 1 Jan-31 Mar,
2012
1 Jan-31 Mar,
2011
1 Jan-31 Dec,
2011
Cash flows from operating activities:
Profit before tax 1,229 2,296 11,339
Adjustments 2,192 2,735 7,575
Change in working capital -3,878 -5,950 -6,782
Financial items 11 -419 -401
Tax paid -520 - -39
Net cash from operating activities -966 -1,337 11,691
Cash flows from investing activities:
Purchases of property, plant and
equipment
-2,624
-3,908
-11,319
Investments in fixed income funds - 2,003 5,016
Net cash used in investing activities -2,624 -1,905 -6,302
Cash flows from financing activities:
Repayments of long-term borrowings - - -
Payments of finance lease liabilities - - -
Share issue - - -
Repurchase of own shares - - -1,147
Dividends paid -201 - -7,331
Net cash used in financing activities -201 - -8,478
Increase (+) / decrease (-)in cash
and cash equivalents
-3,791
-3,243
-3,089
Exchange rate changes -313 -434 304
Cash and cash equivalents at the
beginning of the period
11,257
14,043
14,043
Cash and cash equivalents at the end of
the period
7,154
10,366
11,257
11(17)
Equity attributable to equity holders of parent company
1,000 euro Share
capital
Share
premium
Reserve
for invested
unrestricted
equity
Other
reserves
1)
Retained
earnings
Total
Balance at
31 Dec, 2011
11,821
20,045
1,200
1,670
26,238
60,973
Profit for the
period
712
712
Other com-
prehensive
income, net
of tax:
Cash flow
hedges
127
127
Translation
differences
-106
-106
Total com-
prehensive
income for
the period
21
712
733
Share-based
payments
29
29
Balance at
31 Mar, 2012
11,821
20,045
1,200
1,691
26,977
61,735
Balance at
31 Dec, 2010
11,821
20,045
1,200
1,039
24,137
58,242
Profit for
the period
2,724
2,724
Other com-
prehensive
income, net
of tax:
Translation
differences
-203
-203
Total com-
prehensive
income for
the period
-203
2,724
2,521
Share-based
payments
258
258
Balance at
31 Mar, 2011
11,821
20,045
1,200
836
27,118
61,021
1)”Other reserves” contains hedge reserve and translation differences.
12(17)
1,000 euro
1 Jan-31 Mar,
2012
1 Jan-31 Mar,
2011
1 Jan-31 Dec,
2011
Carrying amount at the beginning
of the period
34,887
29,069
29,069
Additions 2,592 4,837 11,992
Disposals - - -
Depreciation 1,512 -1,597 -6,252
Exchange differences -120 -245 78
Carrying amount at the end of
the period
35,847
32,065
34,887
1,000 euro 31 Mar,
2012
31 Mar,
2011
31 Dec,
2011
Loans, secured with
collaterals
1,000
1,000
1,000
Collaterals 8,073 8,073 8,073
Off-balance sheet
lease commitments
435
206
426
Capital commitments 6,199 4,226 5,424
Nominal values of
derivative contracts
Currency options, call - 9,699 652
Currency options, put - 5,146 652
Currency forward agreements 154 - 154
Electricity derivatives 2,958 1,703 2,173
Fair values of
derivative contracts
Currency options, call - 226 0
Currency options, put - -9 -81
Currency forward agreements 5 - 1
Electricity derivatives -309 -210 -330
The contract price of the derivatives has been used as the nominal value of the underlying asset.
13(17)
1,000 euro 1 Jan-31 Mar,
2012
1 Jan-31 Mar,
2011
1 Jan-31 Dec,
2011
Net sales 18,902 22,055 83,186
Change in net sales compared to the
previous year’s period, %
-14.3
33.5
2.8
Export and foreign operations share
of net sales, %
95.1
94.6
94.4
Operating profit before
depreciation (EBITDA)
3,052
4,425
18,069
% of net sales 16.1 20.1 21.7
Operating profit 1,535 2,828 11,817
% of net sales 8.1 12.8 14.2
Profit before tax 1,229 2,296 11,339
% of net sales 6.5 10.4 13.6
Return on equity, % 4.6 18.3 17.2
Return on investment, % 7.9 15.1 18.7
Non-interest-bearing liabilities 15,857 15,454 15,914
Net interest-bearing liabilities -6,071 -12,379 -10,257
Net gearing ratio, % -9.8 -20.3 -16.8
Equity ratio, % 79.2 78.9 78.9
Capital expenditure 2,592 4,837 11,992
% of net sales 13.7 21.9 14.4
Depreciation 1,517 1,597 6,252
Research and development
expenditure
535
595
2,382
% of net sales 2.8 2.7 2.9
Average number of personnel during
the period
351
347
363
Personnel at the
end of the period
352
351
350
Euro 31 Mar, 2012 31 Mar, 2011 31 Dec, 2011
Basic earnings per share 0.04 0.16 0.61
Diluted earnings per share 0.04 0.16 0.59
Equity per share 3.69 3.63 3.68
Dividend per share - - 0.28
Dividends/earnings, % - - 45.8
Effective dividend yield, % - - 5.7
Price/earnings(P/E) - - 8.0
Share performance (1.1.-)
Average trading price 5.63 5.90 5.48
Lowest trading price 4.98 5.30 3.50
14(17)
Highest trading price
6.01
6.65
6.65
Trading price at the
end of the period
5.82
6.55
4.92
Market capitalization at the end of
the period, 1,000 euro
100,613
113,233
85,055
Trading volume (1 Jan-)
Trading volume, transactions, 1,000
pcs
1,141
3,601
10,907
In relation to weighted average
number of shares, %
6.6
20.8
63.1
Trading volume, 1,000 euro 6,422 21,242 59,650
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
When calculating earnings per share (EPS) and equity, Okmetic’s own shares in its possession
and Okmetic’s shares owned by Okmetic Management Oy are deducted from the amount of
shares.
1,000 euro 10-12/
2012
7-9/
2012
4-6/
2012
1-3/
2012
Net sales 18,902
Compared to previous quarter, % 4.2
Compared to corresponding
period last year, %
-14.3
Operating profit 1,535
% of net sales 8.1
Profit before tax 1,229
% of net sales 6.5
Net cash flow generated from:
Operating activities
-966
Investing activities -2,624
Financing activities -201
Increase/decrease in cash and cash
equivalents
-3,791
Personnel at the end of the period 352
15(17)
1,000 euro 10-12/
2011
7-9/
2011
4-6/
2011
1-3/
2011
Net sales 18,134 21,250 21,747 22,055
Compared to previous
quarter, %
-14.7
-2.3
-1.4
-4.4
Compared to corresponding
period last year, %
-21.4
-1.7
10.5
33.5
Operating profit 2,338 4,045 2,606 2,828
% of net sales 12.9 19.0 12.0 12.8
Profit before tax 2,439 4,117 2,487 2,296
% of net sales 13.4 19.4 11.4 10.4
Net cash flow generated from:
Operating activities
5,431
2,094
5,503
-1,337
Investing activities -4,332 -1,100 1,035 -1,905
Financing activities -2,771 -664 -5,043 -
Increase/decrease in cash and cash
equivalents
-1,672
330
1,495
-3,243
Personnel at the end of the period 350 350 389 351
Shares, pcs Share, %
Ilmarinen Mutual Pension Insurance Company 1,666,601 9.6
Mandatum Life Insurance Company Limited 810,500 4.7
The State Pension Fund 600,000 3.5
Varma Mutual Pension Insurance Company 477,175 2.8
Veritas Pension Insurance Company Ltd. 465,000 2.7
Okmetic Management oy 400,000 2.3
Etra-Invest Oy Ab 400,000 2.3
Nordea Nordic Small Cap Fund 370,660 2.1
Okmetic Oyj 241,543 1.4
Sijoitusrahasto Taaleritehdas Arvo Markka Osake 225,100 1.3
Kaleva Mutual Insurance Company 212,700 1.2
Aktia Secura Fund 201,182 1.2
Oy Ingman Finance Ab 200,051 1.2
Sijoitusrahasto Aktia Capital 140,387 0.8
EQ Pikkujättiläiset / EQ Rahastoyhtiö 140,000 0.8
Kiilholma Antti Tapio 92,248 0.5
Stenhäll Turo 75,000 0.4
Virtanen Yhtiöt Oy 70,000 0.4
Sr Eq Technology 60,000 0.4
Sr Arvo Finland Value 56,611 0.3
Foreign investors and nominee accounts held by
custodian banks
3,141,131
18.2
Others 7,241,611 41.9
Total 17,287,500 100.0
16(17)
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
17(17)
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 company management’s
current knowledge. Actual events and results may differ from the estimates presented here.
A press conference for the media and analysts will be held on Friday, 27 April 2012 at 1.00
p.m. at Helsinki World Trade Center, Aleksanterinkatu 17, second floor, Helsinki. In the
conference, Okmetic’s President Kai Seikku will present the group’s development in January-
March 2012 and prospects for 2012.
We ask participants to kindly give advance notice of their attendance by email to
communications@okmetic.com or by telephone to +358 9 5028 0406/Marika Mäntymaa.
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
Take it higher
Okmetic is a technology company which supplies tailor-made silicon wafers for sensor and
semiconductor industries and sells its technological expertise to the solar cell industry. Okmetic
provides its customers with solutions that boost their competitiveness and profitability.
Okmetic’s silicon wafers are part of a further processing chain that produces end products that
improve human interaction and quality of life. Okmetic’s products are based on high-tech
expertise that generates added value for customers, innovative product development and an
extremely efficient production process.
Okmetic has a global customer base and sales network, production plants in Finland and the US
and contract manufacturers in Japan and China. Okmetic’s shares are listed on NASDAQ OMX
Helsinki under the code OKM1V. For more information on the company, please visit our website
at www.okmetic.com.