Annual general meeting 7 April 2010 - Okmetic · Annual general meeting 7 April 2010 President´s...

Annual general meeting7 April 2010

President´s review

Kai Seikku

President´s review 7 April 2010

/ Kai Seikku / 7 April 20102

Okmetic in brief

Okmetic 2009

Financial statements 2009

Outlook for 2010


Okmetic supplies tailor-made silicon wafers for

sensor and semiconductor industries. In addition,

we sell our technological expertise.

Our silicon wafers are part of a further processing

chain that produces end products that improve

human interaction and the quality of life.

Okmetic is the world’s leading supplier of sensor

wafers and an esteemed technological partner.

Net sales for 2009: 54.4 million euro

Operating profit: 0.5 % of net sales

Number of personnel (31 Dec 2009): 327

Okmetic in brief

From silicon wafers to electronic components


Silicon wafersSensors

Semiconductors

Okmetic Okmetic’s customer

End products

Okmetic ´s business


Wafer

manufact.

Crystal

growth

Sensor industry

Semic. industry

Solar energy

industry

Sensor wafers

Semic. wafers

TechnologyOkmetic

know-how

Product areas Customers

One business segment – three product areas

Okmetic comprises one business segment – Okmetic group.

The company has three product areas that intertwine

synergetically.

Areas benefit from the same core expertise, crystal growth,

and use the same human and production resources.



Okmetic worldwide

Finland

Vantaa plant

EU sales

Asia sales

Group headquarters

Texas, USA

Allen plant

US sales

Japan, Tokyo

Japan sales

Contract manufacturing

China

Contract manufacturing

EU USA Asia

Sales representatives China, Korea, Taiwan, USA

Production


Vantaa plant, Finland

Crystal growth

Sensor wafers

Demanding semiconductor wafers

Advanced wafers (SOI)

Allen plant, Texas, USA

Value adding wafers (EPI)

Contract manufacturing, Japan and China

Semiconductor wafers


Okmetic 2009

Okmetic´s customer industries and silicon wafer industry in 2009


Customer industries 2009

The shipments in the sensor industry increased in volume by 10 percent,

but the sales value in US dollars decreased by 8.6 percent (iSuppli).

At the beginning of 2009, the semiconductor industry experienced its

strongest fall in demand so far (IC Insights).

The strong growth in the solar energy industry came to an end

(Solarbuzz).

Silicon wafer industry 2009

At the beginning of 2009, the shipment volumes of silicon wafers

decreased. Over the last part of the year, the silicon wafer markets are

estimated to have returned to the average level of 2008 (SEMI).

Silicon wafer shipments worldwide (SEMI)

11 / Kai Seikku / 7 April 2010

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Global semiconductor billings 2000-2009


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Three months floating average (SIA)

Division of sales by market area and customer group


2009 2008

North America 37% 39%

Europe 33% 33%

Asia 30% 28%

2009 2008

Sensor wafers 41% 37%

Semic. wafers 31% 38%

Technology 28% 25%

Okmetic in 2009


Sensor wafers

Sensor wafer sales remained slightly

behind the previous year´s level.

Semiconductor wafers

The shipment volumes and sales prices of

semiconductor wafers continued to drop

in line with the previous year. The sales

continued to increase after the low point in the first quarter of 2009.

Technology

Technology sales remained slightly behind the 2008 level. The

company agreed on two significant sales contracts for year 2010,

which total to 12 million euro.

Okmetic managed to increase its market share


Financial statements 2009

Comments on the 2009 financial statements

Challenging year

Net sales 54.4 million euro (2008: 67.9 mill. euro).

Operating profit 0.3 million euro (2008: 8.5 mill. euro).

Earnings per share -0.03 euro (2008: 0.34 euro).

Equity ratio strenghened to 78.9 percent (2008: 62.8%).

Net cash flow from operating activities 6.3 million euro

(2008: 13.2 mill. euro).

On 31 Dec 2009, the group´s cash and cash equivalents exceeded

interest-bearing liabilities by 4.8 million euro ( On 31 Dec 2008

liabilities 0.6 million euro higher than cash and cash equivalents).

Proposal for a dividend from 2009: 0.05 euro per share

(2008: 0.05 euro per share).


Key figures


1,000 euro

2009 2008 2007

Net sales 54,361 67,867 64,652

Operating profit before

depreciation (EBITDA) 7,206 15,517 15,216

Operating profit 270 8,476 7,121

% of net sales 0.5 12.5 11.0

Profit for the period -513 5,825 5,305

Earnings per share, euro -0.03 0.34 0.31

Net cash flow from operating

activities 6,315 13,177 8,305

Net interest-bearing liabilities -4,770 -586 8,952

Average number of personnel

during the period 337 364 362


Net sales by product area 2008-2009

18


Net sales, operating profit and net cashflow from operating activities 2008-2009

19


Quarterly profit development 2009

20

1-3/09 4-6/09 7-9/09 10-12/09 2009

Net sales 14,841 13,538 12,171 13,812 54,361

Gross margin 2,421 1,583 1,264 1,210 6,478

% of net sales 16.3 11.7 10.4 8.8 11.9

Operating loss/profit 527 688 -748 -197 270

% of net sales 3.6 5.1 -6.1 0.0 0.0

Profit / loss before taxes 818 46 -1,257 -196 -590

% of net sales 5.5 0.3 -10.3 0.0 0.0

Consolidated balance sheet, 1,000 euro


31 Dec 2009 31 Dec 2008

Assets

Non-current assets

Property, plant and

equipment 33,174.1 38,848.5

Other receivables 3,398.4 4,619.4

Total non-current assets 36,572.5 43,467.9

Current assets

Inventories 7,164.4 10,752.6

Trade and other receivables 10,950.0 9,289.2

Cash and cash equivalents 7,307.4 17,974.6

Total current assets 25,421.7 38,016.4

Total assets 61,994.2 81,484.3

Consolidated balance sheet, 1,000 euro


31 Dec 2009 31 Dec 2008

Equity and liabilities

Total equity 48,741.7 50,389.0

Liabilities

Non-current liabilities

Borrowings 1,899.0 12,519.2

Deferred tax liabilities 78.0 158.0

Other liabilities 1,166.1 1,350.0

3,143.0 14,027.2

Current liabilities

Borrowings 638.8 4,869.7

Trade and other

payables 9,470.7 12,198.5

10,109.4 17,068.2

Total liabilities 13,252.4 31,095.3

Total equity and liabilities 61,994.2 81,484.3


Outlook for 2010

Projections for the near future

Customer industries

Silicon based sensor sales are estimated to

grow over 10 percent in 2010 (IC Insights).

In terms of quantity, the sensor shipments

will rise to a record high level (iSuppli).

Total sales of semiconductors are estimated

to grow over 20 percent in 2010. If these

estimations become reality, the sales in the

semiconductor industry will surpass last

year´s level. (Gartner, IC Insights, Semico Research)

Global PV industry is in the middle of rapid volume growth which started

in late 2009. Annual demand in 2010 is expected to grow over 15%.

(EPIA)


Market for MEMS by Devices, 2006-2013


Projections for the near future

Silicon wafer industry

The demand volume for silicon wafers

follows the shipment volumes of customer

industry, so the volumes in silicon wafer

industry are also expected to continue to

recover.

Along with the increase in the

semiconductor and sensor industries,

demand in the silicon wafer market will

most likely remain at good level in the first-

half of 2010.


Guidance for 2010

Net sales for the first half of 2010 are expected to

amount to around 30 million euro.

Operating profit is estimated to be clearly positive.

Net cash flow from operating activities is expected to

be clearly positive.


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