OKMETIC OYJ STOCK EXCHANGE RELEASE 27 FEBRUARY 2008
OKMETIC'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2007
Okmetic is a technology company that supplies customised silicon wafers for the
sensor and semiconductor industries and sells its technological expertise. Net
sales for the financial year amounted to 64.7 million euro (63.7 million euro).
Operating profit amounted to 5.3 million euro (6.9 million euro).
REVIEW IN BRIEF
- Net sales amounted to 64.7 million euro (63.7 million euro).
- Profit amounted to 5.3 million euro (6.9 million euro).
- Okmetic's equity ratio strengthened, amounting to 55.2 percent
(50.4%).
- Net sales for the first half of 2008 are expected to amount to
approximately 34 million euro and profit is expected to account
for around 10 percent of net sales.
KEY FIGURES
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| 1,000 euro | 1.1.07- | 1.1.06- | 1.1.05- |
| | 31.12.07 | 31.12.06 | 31.12.05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 64,652 | 63,694 | 49,822 |
--------------------------------------------------------------------------------
| Operating profit | 7,121 | 9,877 | 580 |
--------------------------------------------------------------------------------
| % of net sales | 11.0 | 15.5 | 1.2 |
--------------------------------------------------------------------------------
| Earnings per share, euro | 0.31 | 0.41 | -0.10 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 8,305 | 17,945 | 3,125 |
| activities | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 12.4 | 18.6 | -5.1 |
--------------------------------------------------------------------------------
| Net gearing ratio, % | 19.6 | 31.3 | 99.5 |
--------------------------------------------------------------------------------
| Equity ratio, % | 55.2 | 50.4 | 41.1 |
--------------------------------------------------------------------------------
| Average number of personnel | 362 | 360 | 359 |
| during the period | | | |
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PROJECTIONS FOR THE NEAR FUTURE
The sensor industry typically grows by around 10 percent per year. Forecasts for
the year 2008 are mostly consistent with the long-term average. The most
important sensor products for Okmetic's customers include pressure sensors and
accelerometers. The latter group also includes angle speed sensors, which are
rapidly becoming more popular. In addition to these conventional sensor
segments, various microelectromechanical products are emerging, the demand for
which is expected to clearly outperform the overall growth pace of the industry.
Examples of rapidly growing areas of sensor technology include
Silicon-On-Insulator (SOI) technology in which Okmetic is a pioneer.
The semiconductor industry is expected to grow by around ten percent in 2008
measured in both US dollars and shipment volumes (SIA, WSTS, Gartner, IC
Insights, Future Horizon). Regional differences in the demand for electronic
products will not significantly affect overall demand but disruptions in the
world economy will cause fluctuations in product stock levels, therefore
temporarily slowing down growth. Fluctuations in the prices of semiconductors
have in recent years been the greatest in product groups that are based on 300
mm wafers. As regards the product segments of Okmetic's customers, the mean sale
prices of semiconductors are expected to remain relatively stable.
According to forecasts in the silicon wafer industry, the total volume of wafer
shipments will grow by around ten percent in 2008. Growth will be particularly
prominent in 300 mm wafers. The market growth of the smaller wafer sizes is
expected to be modest.
Demand for Okmetic's silicon wafers is expected to grow in line with the
shipment volumes of its customer industry. Net sales for the first half of 2008
are expected to amount to approximately 34 million euro and profit is expected
to account for around 10 percent of net sales.
MARKETS
The year 2007 was marked by steady growth in Okmetic's customer industry,
electronics. Sensor sales grew by nine percent compared to the previous year.
Shipment volumes of semiconductors increased by around ten percent. However,
fierce competition caused semiconductor prices to drop in several product groups
and dollar-denominated semiconductor sales eventually only grew by three
percent. (SIA, WSTS)
Silicon wafer shipment volumes grew by eight percent. Growth was most prominent
in the large, 300 mm wafers. The shipment volumes of smaller, 100-200 mm wafers,
which are important to Okmetic, fell short of the previous year's figures.
Growth in the wafer market also varied from one market area to the next. (SEMI)
SALES
Okmetic's net sales increased by 1.5 percent (27.8%) from the previous year,
amounting to 64.7 million euro (63.7 million euro). Net sales grew modestly,
partially due to the unusually high increase in net sales the previous year.
Moreover, the majority of the company's net sales comprise the US dollar, which
is Okmetic's main trading currency, the average exchange of which dropped by 9.1
percent compared to the euro during the year. The company's share of its
customers' wafer sourcing continued to increase. Demand for polycrystalline
silicon, which is the principal raw material of Okmetic's products, exceeded
supply and prices grew extremely sharply. Leading wafer manufacturers
concentrated more on larger wafer sizes with 200 mm and 300 mm diameters
partially for this reason, which also helped Okmetic to increase its net sales
in the 100-150 mm wafers in which the company specialises, despite the overall
decline of shipment volumes and sale prices of these wafers.
Sales per customer segment
--------------------------------------------------------------------------------
| | 2007 | (2006) |
--------------------------------------------------------------------------------
| Sensors | 34% | (34%) |
--------------------------------------------------------------------------------
| Semiconductors | 56% | (59%) |
--------------------------------------------------------------------------------
| Technology | 10% | (7%) |
--------------------------------------------------------------------------------
Revenues recognised from a major technology transfer project began to cause a
clear variation in the percentages of sales per customer segment in 2007.
Okmetic's performance in the sensor market developed according to objectives.
Sensor wafers are used in the automotive, aeronautical and pharmaceutical
industries, for example, as well as in consumer applications.
The decline of the percentage of semiconductor sales was the result of a slight
decrease in euro-denominated mean prices. The most typical uses of semiconductor
wafers include consumer electronics, information technology, telecommunications
and the automotive industry.
Technology sales comprise the sales of both manufacturing technology and
crystals.
Net sales per market area
--------------------------------------------------------------------------------
| | 2007 | (2006) |
--------------------------------------------------------------------------------
| North America | 48% | (55%) |
--------------------------------------------------------------------------------
| Europe | 32% | (28%) |
--------------------------------------------------------------------------------
| Asia | 20% | (17%) |
--------------------------------------------------------------------------------
The weakening exchange rates of the US dollar and Japanese yen against the euro
had a significant effect on the way net sales were distributed between different
market areas.
PROFITABILITY
In 2007, Okmetic group recorded a profit of 5.3 million euro (6.9 million euro).
Earnings per share were 0.31 euro (0.41 euro).
The company implemented development measures in its organisational structure and
production during 2007. Contract manufacturing was made a permanent part of the
company's production. The effects of these development measures as well as those
implemented in previous years are partially hidden as regards the key figures
due to the strong decline in the value of the US dollar and the increasing
prices of polycrystalline silicon. The figures for 2007 are nevertheless boosted
by revenue from the company's first technology transfer project. The figures for
2006 importantly reflected the sale of the company's decommissioned plant in
Espoo and the plant's old machinery, which generated a profit of just over one
million euro.
Okmetic Oyj's loan to Okmetic Inc., which was originally recorded as a net
investment, has resulted in a loss due to exchange differences. This loss has
been recorded in the translation differences under equity. At the beginning of
2007, the remaining loss was 1.4 million euro. The loan has been recorded as a
normal liability since 2006. As a result, 0.1 million euro of the exchange loss,
which corresponds to the loan repayment, has been recorded under financial
expenses. The remaining 1.3 million euro of the exchange loss will be expensed
according to the same principle in the future, proportioned to the loan
repayments.
Towards the end of the year, the board of directors devised the following
long-term goals for the group: organic growth of net sales to average at least
six percent per annum, profit to account for more than 10 percent of net sales,
the equity ratio to average 50 percent and the company to be able to pay out
consistent annual dividends.
FINANCING
The group's financial situation is good. The net cash flow from operations
amounted to 8.3 million euro (17.9 million euro). The cash flow was compromised
by 3.5 million euro worth of interest payments associated with the company's
subordinated loan that were overdue from previous years and were settled in June
2007. The figures for 2006 were boosted by a high level of prepayments received.
The company renegotiated a financial arrangement in June and centralised its
custom more and more to a single bank. The renegotiations also led to the
abolishing of the special restrictions on repayments of subordinated loans. As a
result, the company made a total of 4.7 million euro worth of loan repayments
during the year thus clearing all overdue interest and loan repayments on its
subordinated loans.
At the end of the year, cash and cash equivalents amounted to 13.3 million euro
(13.2 million euro). Return on equity amounted to 12.4 percent (18.6%). The
group's equity ratio strengthened and amounted to 55.2 percent (50.4%).
Shareholders' equity per share was 2.70 euro (2.37 euro).
INVESTMENTS
In summer 2006, Okmetic signed an agreement on selling its crystal growth
technology to NorSun AS, a Norwegian solar energy enterprise. As stated in the
agreement, Okmetic has now increased its crystal growth capacity at its plant in
Vantaa, Finland. NorSun funded the additional production machinery, and Okmetic
paid for the building work required for extending the plant. Okmetic then began
to grow crystals for NorSun. The total value of the investment is around 10
million euro, of which Okmetic bears around 2.7 million euro. Of this, 0.3
million euro became payable in 2006. Okmetic completed its share of the
investment project in the summer of 2007. The other 2.4 million euro of the
group's gross investments of 4.8 million euro in 2007 were usual replacement
investments.
Okmetic's Finnish plant, machinery and equipment were signed over to its
property management company Kiinteistö Oy Piitalot at the turn of the year.
PRODUCT DEVELOPMENT
Product development accounted for 2.9 percent of Okmetic's net sales (2.7%).
Okmetic engaged in several strategic research projects with clients, research
institutes and other partners and participated both in national technology
programmes funded by Tekes, the leading Finnish funding agency for technology
and innovation, and international EU-funded programmes. Several new products and
new versions of existing products were developed and introduced during the year.
The development of new SOI versions continued in sensor wafers, and preparations
for the shift of demand towards 200 mm wafers got under way. Yields were
improved and the consumption of raw materials was curbed through developing
production machinery and internal processes and practices.
PERSONNEL
The group's objectives for personnel development and staff welfare are set out
in Okmetic's strategy. The personnel's know-how is Okmetic's strength as well as
a precondition for the realisation of the company's strategy and success in the
long term. Performance reviews take place regularly.
In 2007, the average number of personnel at Okmetic was 362 (2006: 360 and 2005:
359).
At the end of the year, 308 of the group's employees were based in Finland, 47
in the US and two in Japan.
Twenty-nine percent of the personnel were women and seventy-one percent were
men. Clerical workers accounted for 35 percent of the personnel and manual
workers for 65 percent. The average age of the personnel was 40 and the average
length of employment was eight years.
Okmetic systematically develops the skills of all its personnel groups as well
as their operating procedures and occupational welfare. On average, each
employee spent 4.4 (2.5) days in training. Training events organised for
clerical workers focused on the adoption of the Lean Six Sigma methodology and
on brand development. The company also launched a two-year retraining programme
through which those who want to can obtain a basic qualification in chemical
technology. The training programme is available to all manual workers.
The remuneration of Okmetic's employees is based on the level of difficulty of
the tasks of each personnel group. Wages and salaries amounted to 18.1 million
euro (2006: 17.6 million euro and 2005: 15.7 million euro). The group's parent
company complies with the collective labour agreements of the Technology
Industries of Finland.
All employee groups at Okmetic are eligible for an incentive scheme. Monthly
targets are set for the manual workers' productivity, and the resulting bonuses
are awarded once a month. Clerical workers are subject to a profit-sharing
scheme, which is based on annual targets relating to profitability, finance and
development of the company's operations. As a result of the group's financial
performance in 2007, around 75 percent of the maximum profit-sharing bonus of
between 4 and 22 percent will be payable. Operative targets are set individually
from managerial level upwards. The group achieved around 80 percent of the
eight-percent maximum as regards operative targets.
ENVIRONMENTAL ISSUES
At Okmetic, environmental issues are inherent in the very construction of the
plants. The company has been awarded the ISO9001:2000, TS16949 and ISO14001
quality and environmental certificates. The most notable subcontractors and
suppliers also have ISO9001:2000 and ISO14001 certification.
Okmetic has identified the use of silicon material as a significant
environmental issue. The volumes of emissions and waste are not significant, and
environmental costs do not impinge on Okmetic's business. Thanks to development
projects carried out during 2007, Okmetic has managed to make its use of silicon
material more efficient thus reducing environmental loading.
Okmetic has identified the environmental risks relating to its business and
taken measures to control them. The company continuously follows the evolution
of environmental laws and requirements and adjusts its business accordingly.
Okmetic also abides by the new EU chemicals legislation (REACH). No serious
environmental non-conformances were recorded at Okmetic's plants in 2007.
Acceptable emission limit values were exceeded on two occasions in relation to
waste water treatment. The excess values were only slightly over the acceptable
limits and corrective measures were implemented expediently. Okmetic's plants
are not subject to emission trading.
Okmetic does not publish a separate environmental report in addition to the
annual report.
The key figures on environmental protection at the Vantaa plant in 2007 are as
follows:
Energy consumption (GWh): electricity 25.7 (25.2), district heating 2.2 (3.2)
Water consumption (tm3): water 490 (480), waste water 430 (450)
Waste volumes (t): hazardous waste 290 (220), landfill waste 63 (65), recycled
waste 180 (140).
BUSINESS RISKS
The group's silicon wafer sales are targeted at the sensor and semiconductor
industries. 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.
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 majority of sales are conducted in US dollars. Despite hedging,
the company is vulnerable to exchange rate fluctuations.
Okmetic is the market leader in sensor wafers and they account for a significant
proportion of the company's sales. Maintaining the market leader position and
continuing to develop sensor wafers in collaboration with clients require larger
than average investment from Okmetic.
Demand for polycrystalline silicon, the raw material of silicon wafers, has been
exceeding supply since 2006, reducing its availability and increasing its price.
Okmetic expects availability to remain low in 2008 and the price to stay high.
Okmetic has secured access to the raw material through long-term purchase
agreements.
Great volumes of electricity are used in Okmetic's production. Despite hedging,
the company is also vulnerable to fluctuations in the price of electricity. The
production process also consumes a lot of water, but its availability and price
are not expected to cause a problem to business. The success of the sales
strategy hinges on trouble-free contract manufacturing.
At the end of the year, the group's interest-bearing liabilities amounted to
22.3 million euro (25.7 million euro). Unpaid subordinated loans amounted to 1.9
million euro (6.6 million euro) at the end of the year. Loans from financial
institutions amounted to 20.0 million euro at the end of the year (19.1 million
euro). Loan repayments amounted to a total of 3.6 million euro in 2007 (12.4
million euro). Interest rate fluctuations have an impact on the company's
financial performance.
Okmetic's production activities are capital-intensive, and also
labour-intensive. Some of the processes are highly technical and the raw
materials are subject to special permits. Any downtime in production represents
a significant risk to both profitability and the availability of finance.
Okmetic aims to protect itself against these risks by regularly inspecting its
production plants together with the relevant officials and its insurance
provider and by organising emergency drills to prepare for accidents. The
company has extensive, regularly revised accident insurance cover.
OKMETIC OYJ'S SHARES AND SHAREHOLDERS
Okmetic Oyj's fully paid share capital as recorded in the trade register was
11,821,250.00 euro on 31 December 2007. The share capital is divided into
16,887,500 shares. The equivalent carrying amount of each share is 0.7 euro.
Each share entitles its holder to one vote at the general meeting of
shareholders. The company has one class of shares. The ownership of the
company's shares is registered in the Finnish book-entry securities system.
Major shareholders on 31 Dec 2007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Shares, pcs | Share, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Outokumpu Oyj | 2,705,000 | 16.0 |
--------------------------------------------------------------------------------
| OP-Suomi Arvo Equity Fund | 1,061,950 | 6.3 |
--------------------------------------------------------------------------------
| Sampo Life Insurance Company | 800,000 | 4.7 |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension | 749,300 | 4.4 |
| Insurance Company | | |
--------------------------------------------------------------------------------
| FIM Fenno Equity Fund | 535,000 | 3.2 |
--------------------------------------------------------------------------------
| Etra-Invest Oy Ab | 500,000 | 3.0 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance | 457,175 | 2.7 |
| Company | | |
--------------------------------------------------------------------------------
| SR Arvo Finland Value Equity | 379,600 | 2.3 |
| Fund | | |
--------------------------------------------------------------------------------
| Finnish Industrial Investment | 320,750 | 1.9 |
| Ltd. | | |
--------------------------------------------------------------------------------
| Evli Nordic TMT | 260,000 | 1.5 |
--------------------------------------------------------------------------------
| Nominee accounts held by | 3,826,848 | 22.7 |
| custodian banks | | |
--------------------------------------------------------------------------------
| Others | 5,291,877 | 31.3 |
--------------------------------------------------------------------------------
| Total | 16,887,500 | 100.0 |
--------------------------------------------------------------------------------
Shareholders by group on 31 Dec 2007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders groups | Quantity | Shares, pcs | Share, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Enterprises | 163 | 4,758,994 | 28.2 |
--------------------------------------------------------------------------------
| Financial and insurance | 15 | 2,535,655 | 15.0 |
| institutions | | | |
--------------------------------------------------------------------------------
| Public organisations | 5 | 1,263,568 | 7.5 |
--------------------------------------------------------------------------------
| Non-profit organisations | 12 | 821,349 | 4.9 |
--------------------------------------------------------------------------------
| Households | 2,585 | 3,132,526 | 18.5 |
--------------------------------------------------------------------------------
| Foreign investors | 27 | 4,375,408 | 25.9 |
--------------------------------------------------------------------------------
| Total | 2,807 | 16,887,500 | 100.0 |
--------------------------------------------------------------------------------
Distribution of shareholdings on 31 Dec 2007
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares, pcs | Number of | % of | Shares, pcs | % of share |
| |shareholders |shareholders | | capital |
| | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-100 | 328 | 11.7 | 27,238 | 0.2 |
--------------------------------------------------------------------------------
| 101-500 | 1,229 | 43.8 | 373,096 | 2.2 |
--------------------------------------------------------------------------------
| 501-1,000 | 526 | 18.7 | 452,166 | 2.7 |
--------------------------------------------------------------------------------
| 1,001-10,000 | 639 | 22.8 | 1,958,558 | 11.6 |
--------------------------------------------------------------------------------
| 10,001-100,000 | 67 | 2.4 | 1,889,985 | 11.2 |
--------------------------------------------------------------------------------
| 100,001-1,000,000 | 15 | 0.5 | 5,972,123 | 35.4 |
--------------------------------------------------------------------------------
| Over 1,000,000 | 3 | 0.1 | 6,214,334 | 36.8 |
--------------------------------------------------------------------------------
| Total | 2,807 | 100.0 | 16,887,500 | 100.0 |
--------------------------------------------------------------------------------
SHARE PRICE DEVELOPMENT AND TRADING
A total of 13.2 million shares (16.5 million shares) were traded between 1
January and 31 December 2007, representing 78.0 percent (97.7%) of the share
total of 16.9 million. The lowest quotation of the year was 2.54 euro (1.80
euro) and the highest 4.67 euro per share (3.75 euro per share), with the
average being 3.87 euro (3.11 euro). The closing quotation for the year was 3.03
euro (3.69 euro). At the end of the year, the market value of the entire share
capital amounted to 51.2 million euro (62.3 million euro).
Okmetic is listed on the Small Cap list of OMX Nordic Exchange under the trading
code OKM1V. According to the Global Industry Classification Standard (GICS),
which OMX Nordic Exchange uses, Okmetic Oyj is listed under the Information
Technology sector. The company's website can be found at www.okmetic.com.
OWN SHARES
The company has not repurchased its own shares and the board of directors has
not been authorised to repurchase or convey the company's own shares.
AUTHORISATION OF THE BOARD OF DIRECTORS TO INCREASE SHARE CAPITAL
On 27 February 2008 the board of directors decided to propose at the annual
general meeting to be held on Thursday, 3 April 2008 that the board of directors
be granted the authority to decide on new issues, stock options and other share
entitlements according to the first paragraph of section 10 of the Finnish
Companies Act as follows:
The aggregate number of shares issued on the basis of the authorisation may not
exceed 3,377,500 shares, which represents approximately 20 percent of all the
shares of the company.
The board of directors is authorised to decide on all the terms and conditions
concerning the issue of shares and other share entitlements. The authorisation
relates to the issuance of new shares. Issuance of shares and other share
entitlements can be carried out as a directed issue.
The authorisation is effective until the following annual general meeting of
shareholders.
The board of directors was granted similar authorisations at the annual general
meetings held on 11 March 2006 and 29 March 2007. The board had not taken
advantage of its powers by 27 February 2008.
CONVERTIBLE BONDS AND OPTION PROGRAMMES
Okmetic has no convertible bonds or option programmes at the moment.
EVENTS AFTER THE END OF THE FINANCIAL YEAR
The board of directors' proposals for the annual general meeting scheduled for
Thursday, 3 April 2008 are as follows:
The board's proposal regarding its own powers to decide on new issues, stock
options and other share entitlements is presented under Authorisation of the
board of directors to increase share capital.
Mr Tapio Jämsä, M.Sc. (Technology), was appointed Senior Vice President,
Sourcing, and a member of Okmetic's executive management group as of 1 March
2008. The post of senior vice president, sourcing, is a new one at Okmetic and
encompasses responsibilities for purchases and contract manufacturing.
MANAGEMENT AND AUDITOR
In 2007, Okmetic's board of directors was made up of Mikko J. Aro as the
chairman, Karri Kaitue as the deputy chairman and Esa Lager, Pekka Paasikivi and
Pekka Salmi as members of the board.
Antti Rasilo, M.Sc. (Technology) has been acting as the president of Okmetic Oyj
since 1 January 2003. In addition to the president, the group's executive
management group has, since 1 January 2008, comprised Tapio Jämsä, Senior Vice
President, Sourcing (as of 1 March 2008); Jaakko Montonen, Senior Vice
President, Production; Mikko Montonen, deputy to the president, and Executive
Vice President, Sales; Esko Sipilä, Senior Vice President, Finance; Markku
Tilli, Senior Vice President, Research; Markus Virtanen, Senior Vice President,
Human Resources; and Anna-Riikka Vuorikari-Antikainen, Senior Vice President,
Product Development.
The company's auditors are PricewaterhouseCoopers Oy, Authorised Public
Accountants, with Markku Marjomaa, Authorised Public Accountant, acting as the
principal auditor.
THE BOARD OF DIRECTORS' PROPOSAL REGARDING MEASURES CONCERNING RETAINED EARNINGS
According to the financial statements dated 31 December 2007, the parent
company's distributable earnings amount to 10,634,686.67 euro. No significant
changes have taken place in the company's financial position after the end of
the financial year.
The board of directors' proposal for the annual general meeting is that Okmetic
Oyj pay a dividend of 0.10 euro per share for 2007, which, based on the number
of shares registered on 27 February 2008, amounts to 1,688,750.00 euro.
Vantaa, 27 February 2008
Board of directors
FINANCIAL STATEMENTS 1 JANUARY - 31 DECEMBER 2007 (unaudited)
ACCOUNTING PRINCIPLES
These financial statements have been prepared in accordance with the recognition
and measurement principles of the International Financial Reporting Standards
(IFRS).
Okmetic has adopted the following new or amended standards on 1 January 2007:
- IFRS 7 Financial Instruments: Disclosures (effective in financial
years commencing after 1 January 2007)
- IAS 1 (amendment): IAS 1 Presentation of Financial Statements -
Capital Disclosures (effective in financial years commencing after
1 January 2007)
- IFRIC 8: Scope of IFRS 2 (effective in financial years commencing
after 1 May 2006)
- IFRIC 9: Reassessment of Embedded Derivatives (effective in
financial years commencing after 1 June 2006)
- IFRIC 10: Interim Financial Reporting and Impairment (effective in
financial years commencing after 1 November 2006).
The adoption has not had any significant impact on the information presented in
these financial statements.
CONDENSED CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| 1,000 euro | 1.10.- | 1.10.- | 1.1.- | 1.1.- |
| | 31.12.07 | 31.12.06 | 31.12.07 | 31.12.06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 15,790 | 16,008 | 64,652 | 63,694 |
--------------------------------------------------------------------------------
| Cost of sales | -13,207 | -11,437 | -50,967 | -48,165 |
--------------------------------------------------------------------------------
| Gross profit | 2,583 | 4,570 | 13,685 | 15,529 |
--------------------------------------------------------------------------------
| Other income and | -1,602 | -1,231 | -6,564 | -5,652 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Operating profit | 981 | 3,339 | 7,121 | 9,877 |
--------------------------------------------------------------------------------
| Financial income and | -527 | -1,565 | -1,906 | -3,198 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 454 | 1,774 | 5,215 | 6,679 |
--------------------------------------------------------------------------------
| Income taxes 1) | 95 | 206 | 90 | 206 |
--------------------------------------------------------------------------------
| Profit for the period | 548 | 1,980 | 5,305 | 6,885 |
--------------------------------------------------------------------------------
| Basic and diluted | 0.03 | 0.12 | 0.31 | 0.41 |
| earnings per share | | | | |
--------------------------------------------------------------------------------
1) In addition to deferred tax assets and liabilities, the estimated income
taxes for the period of 2007 include the tax loss carry-forwards of the group
companies.
CONDENSED CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| 1,000 euro | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 43,355 | 47,821 |
--------------------------------------------------------------------------------
| Available-for-sale financial assets | 2,431 | 1,502 |
--------------------------------------------------------------------------------
| Other receivables | 2,731 | 123 |
--------------------------------------------------------------------------------
| Total non-current assets | 48,517 | 49,446 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Inventories | 6,399 | 7,915 |
--------------------------------------------------------------------------------
| Receivables | 14,439 | 9,036 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 13,308 | 13,184 |
--------------------------------------------------------------------------------
| Total current assets | 34,147 | 30,135 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 82,664 | 79,581 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Share capital | 11,821 | 11,821 |
--------------------------------------------------------------------------------
| Other equity | 33,828 | 28,259 |
--------------------------------------------------------------------------------
| Total equity | 45,649 | 40,080 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 17,716 | 21,294 |
--------------------------------------------------------------------------------
| Current liabilities | 19,299 | 18,206 |
--------------------------------------------------------------------------------
| Total liabilities | 37,014 | 39,501 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 82,664 | 79,581 |
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| 1,000 euro | January 1 - | January 1 - |
| | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from operating activities: |
--------------------------------------------------------------------------------
| Profit before taxes | 5,215 | 6,679 |
--------------------------------------------------------------------------------
| Adjustments | 9,826 | 10,259 |
--------------------------------------------------------------------------------
| Change in working capital | -2,235 | 2,652 |
--------------------------------------------------------------------------------
| Interest and dividends received | 394 | 172 |
--------------------------------------------------------------------------------
| Interest paid and other | -4,805 | -1,818 |
| financial | | |
| items | | |
--------------------------------------------------------------------------------
| Taxes paid | -90 | - |
--------------------------------------------------------------------------------
| Net cash from operating activities | 8,305 | 17,945 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing activities: |
--------------------------------------------------------------------------------
| Proceeds from investing activities | 498 | 4,777 |
--------------------------------------------------------------------------------
| Capital expenditure | -4,809 | -1,203 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | -4,311 | 3,574 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities: |
--------------------------------------------------------------------------------
| Payments of long-term borrowings | -21,540 | -6,916 |
--------------------------------------------------------------------------------
| Proceeds from long-term borrowings | 18,000 | 10,000 |
--------------------------------------------------------------------------------
| Payments of finance lease liabilities | -213 | -343 |
--------------------------------------------------------------------------------
| Payments of short-term borrowings | - | -15,500 |
--------------------------------------------------------------------------------
| Net cash used in financing activities | -3,754 | -12,759 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) in cash and | 241 | 8,760 |
| cash equivalents | | |
--------------------------------------------------------------------------------
| Exchange rate changes | -117 | -27 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 13,184 | 4,452 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 13,308 | 13,184 |
| end of the period | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
| 1,000 euro | Share | Share | Trans- | Fair | Retained | Total |
| | capital | premium | lation | value | earn- | equity |
| | | | differ- | reserve | igns | |
| | | | ences | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,256 | 669 | -1,042 | 8,376 | 40,080 |
| 1 Jan 2007 | | | | | | |
--------------------------------------------------------------------------------
| Available- | | | | | | |
| for-sale | | | | | | |
| financial | | | | | | |
| assets: | | | | | | |
--------------------------------------------------------------------------------
| Fair value | | | | 929 | | 929 |
| gains/ | | | | | | |
| losses | | | | | | |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -712 | | | -712 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | 117 | | | 117 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Equity | | -70 | | | | -70 |
| component of | | | | | | |
| convertible | | | | | | |
| loan notes | | | | | | |
--------------------------------------------------------------------------------
| Net income | - | -70 | -595 | 929 | - | 264 |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | | | | | 5,305 | 5,305 |
| for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Total | - | -70 | -595 | 929 | 5,305 | 5,569 |
| recognised | | | | | | |
| income and | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,186 | 75 | -114 | 13,682 | 45,649 |
| 31 Dec 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance at | 11,821 | 36,401 | 759 | -340 | -14,655 | 33,987 |
| 1 Jan 2006 | | | | | | |
--------------------------------------------------------------------------------
| Available- | | | | | | |
| for-sale | | | | | | |
| financial | | | | | | |
| assets: | | | | | | |
--------------------------------------------------------------------------------
| Fair value | | | | -691 | | -691 |
| gains/ | | | | | | |
| losses | | | | | | |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | | -15 | | -15 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Taxes on | | | | 4 | | 4 |
| Fair value | | | | | | |
| gains/ | | | | | | |
| losses | | | | | | |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -595 | | | -595 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | 505 | | | 505 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Losses | | -16,145 | | | 16,145 | 0 |
| offset from | | | | | | |
| previous | | | | | | |
| financial | | | | | | |
| years | | | | | | |
--------------------------------------------------------------------------------
| Net income | - | -16,145 | -90 | -702 | 16,145 | -792 |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | | | | | 6,885 | 6,885 |
| for the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Total | - | -16,145 | -90 | -702 | 23,031 | 6,094 |
| recognised | | | | | | |
| income and | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,256 | 669 | -1,042 | 8,376 | 40,080 |
| 31 Dec 2006 | | | | | | |
--------------------------------------------------------------------------------
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
--------------------------------------------------------------------------------
| 1,000 euro | January 1 - | January 1 - |
| | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount at the beginning | 47,821 | 58,629 |
| of the period | | |
--------------------------------------------------------------------------------
| Additions | 4,816 | 1,671 |
--------------------------------------------------------------------------------
| Disposals | -521 | -3,118 |
--------------------------------------------------------------------------------
| Depreciation and impairments | -8,102 | -8,486 |
--------------------------------------------------------------------------------
| Exchange differences | -659 | -875 |
--------------------------------------------------------------------------------
| Carrying amount at the end of | 43,355 | 47,821 |
| the period | | |
--------------------------------------------------------------------------------
CHANGES IN INTEREST-BEARING LIABILITES
--------------------------------------------------------------------------------
| 1,000 euro | January 1 - | January 1 - |
| | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount at the beginning | 25,731 | 38,279 |
| of the period | | |
--------------------------------------------------------------------------------
| Proceeds of loans from financial | 17,974 | 9,962 |
| institutions | | |
--------------------------------------------------------------------------------
| Repayments of loans from financial | -16,833 | -22,403 |
| institutions | | |
--------------------------------------------------------------------------------
| Repayments of subordinated loans | -4,591 | - |
--------------------------------------------------------------------------------
| Changes in finance lease liabilities | -21 | -107 |
--------------------------------------------------------------------------------
| Carrying amount at the end of | 22,259 | 25,731 |
| the period | | |
--------------------------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------
| 1,000 euro | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loans secured by mortgages | 15,667 | 18,870 |
| or pledges | | |
--------------------------------------------------------------------------------
| Mortgages | 29,001 | 30,610 |
--------------------------------------------------------------------------------
| Other pledges | - | 8,908 |
--------------------------------------------------------------------------------
| Off-balance sheet lease commitments | 238 | 322 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values of derivative contracts |
--------------------------------------------------------------------------------
| Currency forward agreements | - | 3,355 |
--------------------------------------------------------------------------------
| Currency options, call | 3,484 | - |
--------------------------------------------------------------------------------
| Electricity derivatives | 2,383 | 2,580 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values of derivative contracts |
--------------------------------------------------------------------------------
| Currency forward agreements | - | 117 |
--------------------------------------------------------------------------------
| Currency options, call | 119 | - |
--------------------------------------------------------------------------------
| Electricity derivatives | 419 | 80 |
--------------------------------------------------------------------------------
The contract price of the derivatives has been used as the nominal value of the
underlying asset. Derivative contracts are held for hedging.
RELATED PARTY TRANSACTIONS
Key management compensation during the period under review amounted to 1,425
thousand euro (1,326 thousand euro).
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
--------------------------------------------------------------------------------
| | January 1 - | January 1 - |
| | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 64,652 | 63,694 |
--------------------------------------------------------------------------------
| Change in net sales compared to | 1.5 | 27.8 |
| the previous year's period, % | | |
--------------------------------------------------------------------------------
| Export and foreign operations | 93.0 | 95.7 |
| share of net sales, % | | |
--------------------------------------------------------------------------------
| Operating profit | 7,121 | 9,877 |
--------------------------------------------------------------------------------
| % of net sales | 11.0 | 15.5 |
--------------------------------------------------------------------------------
| Profit before taxes | 5,215 | 6,679 |
--------------------------------------------------------------------------------
| % of net sales | 8.1 | 10.5 |
--------------------------------------------------------------------------------
| Return on equity, % | 12.4 | 18.6 |
--------------------------------------------------------------------------------
| Return on investment, % | 10.8 | 14.2 |
--------------------------------------------------------------------------------
| Non-interest bearing liabilities | 14,755 | 13,770 |
--------------------------------------------------------------------------------
| Net gearing ratio, % | 19.6 | 31.3 |
--------------------------------------------------------------------------------
| Equity ratio, % | 55.2 | 50.4 |
--------------------------------------------------------------------------------
| Capital expenditure | 4,816 | 1,671 |
--------------------------------------------------------------------------------
| % of net sales | 7.4 | 2.6 |
--------------------------------------------------------------------------------
| Depreciation | 8,095 | 8,486 |
--------------------------------------------------------------------------------
| Research and development | 1,854 | 1,731 |
| expenditure 1) | | |
--------------------------------------------------------------------------------
| % of net sales | 2.9 | 2.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of personnel | 362 | 360 |
| during the period | | |
--------------------------------------------------------------------------------
| Personnel at the end of the period | 357 | 365 |
--------------------------------------------------------------------------------
1) Research and development expenditure has been presented in gross figures and
only long-term projects based on research program have been taken into account.
KEY FIGURES PER SHARE
--------------------------------------------------------------------------------
| | December 31, | December 31, |
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share basic and | 0.31 | 0.41 |
| diluted, euro | | |
--------------------------------------------------------------------------------
| Equity per share, euro | 2.70 | 2.37 |
--------------------------------------------------------------------------------
| Dividend per share, euro | 0.10 | - |
--------------------------------------------------------------------------------
| Dividend/earnings, % | 31.8 | - |
--------------------------------------------------------------------------------
| Price/earnings (P/E) | 9.6 | 9.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price development (Jan 1 -) | | |
--------------------------------------------------------------------------------
| Average trading price | 3.87 | 3.11 |
--------------------------------------------------------------------------------
| Lowest trading price | 2.54 | 1.80 |
--------------------------------------------------------------------------------
| Highest trading price | 4.67 | 3.75 |
--------------------------------------------------------------------------------
| Trading price at the end | 3.03 | 3.69 |
| of the period | | |
--------------------------------------------------------------------------------
| Market capitalisation at the end | 51,169 | 62,315 |
| of the period, 1,000 euro | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading volume (Jan 1 -) | | |
--------------------------------------------------------------------------------
| Trading volume, transactions | 13,175,961 | 16,500,162 |
--------------------------------------------------------------------------------
| In relation to weighted average number | 78.0 | 97.7 |
| of shares, % | | |
--------------------------------------------------------------------------------
| Trading volume, euro | 51,002,491 | 51,312,696 |
--------------------------------------------------------------------------------
| The weighted average number of shares | 16,887,500 | 16,887,500 |
| during the period under review adjusted | | |
| by the share issue | | |
--------------------------------------------------------------------------------
| The number of shares at the end of the | 16,887,500 | 16,887,500 |
| period adjusted by the share issue | | |
--------------------------------------------------------------------------------
QUARTERLY KEY FIGURES FROM CONTINUING OPERATIONS
--------------------------------------------------------------------------------
| | 10-12/07 | 7-9/07 | 4-6/07 | 1-3/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 15,790 | 15,927 | 15,613 | 17,322 |
--------------------------------------------------------------------------------
| Compared to previous | -0.9 | 2.0 | -9.9 | 8.2 |
| quarter, % | | | | |
--------------------------------------------------------------------------------
| Operating profit | 981 | 2,801 | 662 | 2,677 |
--------------------------------------------------------------------------------
| % of net sales | 6.2 | 17.6 | 4.2 | 15.5 |
--------------------------------------------------------------------------------
| Profit before taxes | 454 | 2,229 | 207 | 2,326 |
--------------------------------------------------------------------------------
| % of net sales | 2.9 | 14.0 | 1.3 | 13.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow generated from: |
--------------------------------------------------------------------------------
| Operating activities | 4,735 | 2,357 | -414 | 1,628 |
--------------------------------------------------------------------------------
| Investing activities | -285 | -593 | -1,582 | -1,850 |
--------------------------------------------------------------------------------
| Financing activities | -931 | -58 | -3,582 | 817 |
--------------------------------------------------------------------------------
| Increase/decrease in cash | 3,518 | 1,706 | -5,578 | 595 |
| and cash equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of | 357 | 356 | 369 | 360 |
| the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 10-12/06 | 7-9/06 | 4-6/06 | 1-3/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 16,008 | 15,903 | 15,872 | 15,912 |
--------------------------------------------------------------------------------
| Compared to previous | 0.7 | 0.2 | -0.3 | 13.7 |
| quarter, % | | | | |
--------------------------------------------------------------------------------
| Operating profit | 3,339 | 2,690 | 1,142 | 2,706 |
--------------------------------------------------------------------------------
| % of net sales | 20.9 | 16.9 | 7.2 | 17.0 |
--------------------------------------------------------------------------------
| Profit before taxes | 1,774 | 2,338 | 407 | 2,161 |
--------------------------------------------------------------------------------
| % of net sales | 11.1 | 14.7 | 2.6 | 13.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow generated from: |
--------------------------------------------------------------------------------
| Operating activities | 4,863 | 5,694 | 3,431 | 3,957 |
--------------------------------------------------------------------------------
| Investing activities | 3,996 | -84 | -329 | -9 |
--------------------------------------------------------------------------------
| Financing activities | -3,190 | -2,968 | -5,017 | -1,584 |
--------------------------------------------------------------------------------
| Increase/decrease in cash | 5,669 | 2,641 | -1,915 | 2,364 |
| and cash equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of | 365 | 368 | 379 | 337 |
| 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 figures are unaudited. In the written report, the figures in parenthesis
refer to the corresponding period in the previous year.
DEFINITIONS OF KEY FINANCIAL FIGURES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % (ROE) | = | Profit/loss for the period from |
| | | continuing operations 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, % | = | Total equity x 100 |
--------------------------------------------------------------------------------
| | | Balance sheet total |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net gearing ratio, % | = | (Interest-bearing liabilities - cash |
| | | and cash equivalents) |
| | | x 100 |
--------------------------------------------------------------------------------
| | | Equity |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | = | Profit/loss for the period |
| | | attributable to the equity holders of |
| | | the parent company |
--------------------------------------------------------------------------------
| | | Adjusted weighted average number of |
| | | shares in issue during the period |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share | = | Equity attributable to the 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 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | = | Number of shares at the end of the |
| end of 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 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OKMETIC OYJ
Antti Rasilo
President
For further information, please contact:
President Antti Rasilo, Okmetic Oyj,
tel. +358 40 746 1351, email: antti.rasilo@okmetic.com
Senior Vice President Esko Sipilä, Okmetic Oyj,
tel. +358 9 5028 0286, email: esko.sipila@okmetic.com
Distribution:
OMX Nordic Exchange
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 OMX's Nordic Stock Exchange under the code OKM1V.
For more information on the Company, please visit our renewed website at
www.okmetic.com.
