OKMETIC OYJ FINANCIAL STATEMENTS RELEASE 13 FEBRUARY 2015 AT 8.00 A.M.
FINANCIAL STATEMENTS OF OKMETIC OYJ FOR 1 JANUARY-31 DECEMBER 2014: STRONG AND
PROFITABLE GROWTH IN CORE BUSINESS
OCTOBER-DECEMBER IN BRIEF:
* Net sales amounted to 18.7 (16.8) million euro, up 10.9%.
* Silicon wafer deliveries amounted to 17.6 (16.2) million euro, up 8.7%.
* Operating profit was 1.6 (0.3) million euro corresponding to 8.5% (1.6%) of
net sales.
* Profit for the period was 1.1 (0.4) million euro.
* Basic earnings per share was 0.06 (0.03) euro.
* Net cash flow from operations amounted to 6.3 (4.9) million euro.
JANUARY-DECEMBER IN BRIEF:
* Net sales amounted to 74.1 (68.5) million euro, up 8.2%.
* Silicon wafer delieveries amounted to 70.5 (66.4) million euro, up 6.2%.
* Operating profit was 6.4 (5.0) million euro corresponding to 8.6% (7.3%) of
net sales.
* Profit for the period was 4.8 (3.8) million euro.
* Basic earnings per share was 0.29 (0.23) euro.
* Net cash flow from operations amounted to 12.5 (9.7) million euro.
* The board of directors proposes to the annual general meeting that a
dividend of 0.15 euro per share will be paid for the financial year 2014, in
addition to the dividend of 0.30 euro per share already paid in January
2015.
The financial statement figures presented in this report are derived from the
unaudited financial statements of the company. Unless otherwise stated, figures
in parenthesis refer to the corresponding period in the previous year.
SHORT-TERM OUTLOOK
The demand for semiconductors is expected to remain on a growth track in 2015,
although most market forecasts suggest a slower growth rate than that seen in
2014. The silicon wafer market is anticipated to remain at the previous year's
level in terms of value, with a further decline in average prices likely to be
compensated by volume growth.
Demand for Okmetic's sensor and special wafers is expected to maintain sustained
growth in 2015. The demand and price level for these wafers seem to be more
stable than those for semiconductor wafers, which are traditionally more
sensitive to economic fluctuations and also come under greater price pressure.
According to the normal seasonal fluctuation, the demand for semiconductor
wafers is anticipated to be strongest in the second and third quarters.
FINANCIAL GUIDANCE FOR 2015
In 2015, net sales and operating profit are estimated to exceed the level of
2014.
PRESIDENT KAI SEIKKU:
"Okmetic's results for 2014 were on target. Net sales (74.1 million euro) grew
by 8.2 percent, clearly outperforming the industry as a whole (growth 1.2%).
Okmetic was able to increase the average prices of its delivered silicon wafers
by approximately six percent, despite a drop of slightly over 10 percent in the
average price level in the silicon wafer market. This rise in company's average
prices can be attributed to a carefully managed shift in the product mix to
higher value-added wafers and to a larger wafer size. This development is based
on Okmetic's long-term strategy, which is supported by investments made in
2010-2014 and those still in the pipeline.
Operating expenses grew at a slower rate than net sales. This improved the
company's sales margin, operating profit before depreciation (EBITDA), and
operating profit both in absolute and relative terms. Operating profit grew by
27 percent to 6.4 million euro, accounting for 8.6 percent of net sales. This
falls slightly short of the long-term operating profit target of 10 percent, but
the company is moving in the right direction. The solar business, a very
profitable part of Okmetic's business in 2007-2012, saw a steep decline in
volume in late 2012. The current upward trend in Okmetic's profitability is
being driven by the core business of silicon wafer manufacture and sales.
Considering silicon wafer business, profitability is now at its highest level in
more than a decade.
Meanwhile, return on equity was burdened by relatively high working capital.
This is largely due to surplus polysilicon from long-term binding polysilicon
purchasing contracts. Growing of solar crystals from own raw material ended in
2012 in order to adjust to changes in the market. Okmetic is now into the final
period of its polysilicon contract, with the last shipment of surplus
polysilicon scheduled for spring 2016. A gradual release of the extra
polysilicon inventory would reduce the current level of working capital
(approximately 27 million euro) by approximately one-third.
Demand in the last quarter was, to some extent, stronger than expected by the
market or by Okmetic. This can be attributed to the strong performance of some
of the players in the mobile phone market at the end of the year. This positive
development in the market was reflected in Okmetic's result development towards
year-end, and net cash flow from operating activities, in particular.
The value of deliveries in sensor wafers and other high value-added products in
this category surged by 13.5 percent. This brought their share in the total
value of deliveries to 63 percent in 2014. The healthiest growth was seen in
Europe and, in particular, Asia. Okmetic gained significant new customers in
2014, which will hopefully contribute to growth already in 2015. The long-term
growth prospects for the sensor industry are very promising. The company is
working to leverage these growth opportunities through looking closely at its
strategic product development and technology choices.
Okmetic stands to benefit from the strengthening of the US dollar. While it is
difficult to anticipate the effects of exchange rate fluctuations and the
volatile macroeconomic environment, Okmetic seems well placed to reach its long-
term objectives in 2015."
KEY FIGURES
1,000 euro 1 Oct- 1 Oct- 1 Jan- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec, 31 Dec,
2014 2013 2014 2013 2012
Net sales 18,679 16,837 74,104 68,516 83,074
Operating
profit
before
depreciation
(EBITDA) 3,240 1,881 12,985 10,905 13,864
Operating
profit 1,579 263 6,401 5,031 8,018
% of net sales 8.5 1.6 8.6 7.3 9.7
Profit for
the period 1,083 447 4,832 3,842 5,089
Basic earnings
per share,
euro 0.06 0.03 0.29 0.23 0.31
Net cash flow
from operating
activities 6,270 4,915 12,478 9,726 9,425
Net interest-
bearing
liabilities -1,110 6,530 -1,110 6,530 -1,688
Equity ratio, % 70.5 68.2 70,5 68.2 72.2
Average number
of personnel
during the period 365 355 370 363 368
MARKETS
Customer industries sensor and semiconductor industries
Sensor industry
According to different estimates, the sales value of sensor industry increased
by 6-12 percent in 2014 compared to the previous year. Sensor sales growth has
been accelerated especially by the increasing use of mobile applications. In
2015, the sales value of sensor industry is estimated to grow by 6-11 percent,
and annual growth of 7-13 percent is forecasted for the next few years. In terms
of volume, sensor shipments are likely to clearly rise to a new record in 2015.
(IHS, Yole)
Certain silicon-based microelectromechanical (MEMS) products within the sensor
segment have higher sales growth than the others. The increasing amount of
sensors in mobile devices has significantly accelerated the demand of e.g.
pressure sensors and microphones. Silicon-on-insulator (SOI) technology is
increasingly used in the manufacture of these products, among others. Okmetic is
a pioneering supplier of SOI wafers for the sensor industry.
Semiconductor industry
In the last quarter of 2014, semiconductor industry's sales in US dollars
continued to grow exceeding the level of corresponding period in 2013 by nine
percent (SIA). Annual sales in 2014 reached a new record. The estimates settle
between 339-353 billion US dollars, corresponding to an annual growth of 6-7
percent (WSTS, SIA, IHS).
The semiconductor market is forecasted to grow 3-8 percent in 2015, and the
growth is anticipated to continue in 2016 (WSTS, Gartner, IHS, IC Insights).
Silicon wafer market
According to the estimate published by SMG, the group of silicon wafer suppliers
in SEMI (a global umbrella organisation for semiconductor materials and
equipment industry), the surface area of silicon wafer shipments grew 11 percent
in 2014 and reached a record-high level. In the fourth quarter, shipments were
2 percent lower than in the third quarter, but almost 15 percent higher than in
the fourth quarter of 2013 (in surface area). In years 2015-2017, surface area
is estimated to grow around 3-5 percent annually (Infiniti Research, SEMI). The
long decrease in total value of the silicon wafer market in US dollars ended,
and the market grew by 1.2 percent.
The key customer areas for Okmetic in the silicon wafer market
In line with its strategy, Okmetic seeks niches in the silicon wafer market,
where growth exceeds market average and in which the company has special
expertise. Okmetic supplies primarily 150mm and 200mm wafers. The sensor/MEMS
industry is a key growth area for Okmetic. MEMS market grows as portable
consumer products, automotive electronics, and industrial process control
increase.
In the semiconductor market, Okmetic's growth areas include wafers for
production of discrete and power semiconductors. In these wafer markets, areas
for growth include, among others, components used in the production of renewable
energy, increasing automotive electronics, electric cars, portable consumer
products, as well as different solutions related to power supply and efficiency
improvement.
SALES
In 2014, Okmetic's net sales increased by 8.2 percent (down 17.5 %) from the
previous year amounting to 74.1 (68.5) million euro. Value of sensor wafer
deliveries grew by 13.5 percent, while value of semiconductor wafer deliveries
decreased by 5.2 percent. Value of Other business deliveries amounted to 2.6
(2.4) million euro in 2014.
Value of deliveries per customer area
1 Oct- 1 Oct- 1 Jan- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec, 31 Dec,
2014 2013 2014 2013 2012
Sensor wafers 65% 60% 63% 59% 47%
Semiconductor wafers 31% 35% 33% 37% 38%
Other business 4% 5% 4% 4% 15%
The demand for sensor wafers was strong in 2014 and grew compared to 2013. The
strong growth in production and delivery volumes of the strategically important
SOI wafers compared to the corresponding period a year ago was particularly
positive. The use of sensors and their requirement level are expected to
continue growing. Sensor applications are increasing in the automotive industry
and in portable devices like smart phones, cameras, game consoles, and wearable
electronics, such as smart watches.
Value of deliveries of Okmetic's semiconductor wafers decreased in 2014. The
third quarter was the best in terms of delivery value, which is typical of the
industry.
Other business sales were at the previous year's level in 2014. The declined
price level in the solar cell industry did not enable profitable growing of
solar crystals.
Value of deliveries per market area
1 Oct- 1 Oct- 1 Jan- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec, 31 Dec,
2014 2013 2014 2013 2012
North America 39% 44% 38% 42% 37%
Europe 39% 42% 40% 40% 27%
Asia 22% 14% 22% 18% 35%
Okmetic's value of deliveries grew strongly also in Asia, which is Okmetic's
smallest market region. Also in Europe, Okmetic's value of deliveries saw strong
growth in 2014, thanks to good demand for sensor wafers, although the European
share of total value of deliveries stayed at the previous year's level. On the
other hand, North American sales somewhat decreased.
The demand for sensor wafers grew in all market areas in 2014. Value of
deliveries rose especially in Asia, but significantly also in Europe. The demand
for semiconductor wafers grew in Asia from the comparison period a year ago, but
decreased in Europe and North America.
PROFITABILITY
October-December
In October-December, Okmetic's operating profit was 1.6 (0.3) million euro and
accounted for 8.5 (1.6) percent of net sales. Profit for the period was 1.1
(0.4) million euro. Basic earnings per share was 0.06 (0.03) euro. Diluted
earnings per share was 0.06 (0.03) euro.
January-December
In January-December, Okmetic's operating profit was 6.4 (5.0) million euro and
accounted for 8.6 (7.3) percent of net sales. Improvement in operating profit
was due to strong growth in sales as well as successful management of fixed
costs, which grew clearly at a slower rate than sales. Operating profit improved
by 1.4 million euro from the comparison period, although depreciations were 0.7
million euro higher. Profit for the period was 4.8 (3.8) million euro.
Basic earnings per share was 0.29 (0.23) euro. Diluted earnings per share was
0.29 (0.22) euro.
FINANCING
The company's financial situation is solid. In 2014, net cash flow from
operations amounted to 12.5 (9.7) million euro. Especially in the fourth quarter
the net cash generated from operating activities was good, totalling 6.3 (4.9)
million euro.
On 31 December 2014, the company's interest-bearing liabilities amounted to
13.3 (11.7) million euro.
Okmetic is one of the issuer companies in a multi-issuer bond totalling 70
million euro and guaranteed by Garantia Insurance Company Ltd. Okmetic's
allocated amount of the bond is five million euro.
The maturity of this guaranteed, fixed rate (coupon at 1.85%), bullet multi-
issuer bond is five years. Bond was issued on 18 June 2014. In December, the
company paid back its one-million-euro credit facility, which had a maturity of
three years.
At the end of 2014, cash and cash equivalents amounted to 14.4 (5.2) million
euro. On 31 December 2014, the company's net interest-bearing liabilities
amounted to -1.1 (6.5) million euro. The group has ensured liquidity with
committed credit facilities of 6.0 million euro. On 31 December 2014, the
committed credit facilities were unused.
Return on equity amounted to 8.0 (6.4) percent. At the end of the year, the
company's equity ratio was 70.5 (68.2) percent. Equity per share was 3.77 (3.43)
euro.
INVESTMENTS
In 2014, Okmetic's capital expenditure amounted to 3.6 (7.6) million euro. The
investments were directed mainly to the performance and capacity increases for
SOI and 200mm wafers. In addition to this, investments were made in
debottlenecking, automatisation and equipment renewal in wafer production.
PRODUCT DEVELOPMENT
In 2014, the company expensed 2.5 (2.8) million euro in product development
projects. Product development costs accounted for 3.3 (4.1) percent of net sales
and were not capitalised.
During 2014, Okmetic continued to increase its production capacity and
performance in 200mm wafers. Development work with High Voltage SOI wafers and
with the incorporation of Through Silicon Vias (TSV) in C-SOI wafers continued.
Another major focus of Okmetic's development efforts in 2014 was a new, highly
advanced SOI process. In 2014, significant advances were also made in the
development of silicon for radio frequency (RF) applications, with improvements
in both crystal growing and wafer manufacture.
In 2014, Okmetic continued its long-term research of silicon material with
universities and research institutions in Finland and abroad, and participated
also in several national and EU-funded technology projects. Successful
collaboration, among others, with VTT Technical Research Centre of Finland,
Aalto University, Institute of Microelectronics in Singapore and, and different
units of the Fraunhofer Institute in Germany continued in 2014. Okmetic also
participated actively in member events of sensor and semiconductor associations.
In Finland, Okmetic continued its involvement in the MemsCat cluster, of which
the company is a founding member.
CORPORATE SOCIAL RESPONSIBILITY
Okmetic has voluntarily adopted The Electronic Industry Citizenship Coalition
(EICC®) Code of Conduct. Okmetic's corporate social responsibility policy is
formulated based on this guidance.
Okmetic encourages its subcontractors to social responsibility and requires them
to agree with the principles of corporate social responsibility policy.
Okmetic's suppliers are informed about the principles and requirements of the
corporate social responsibility policy. With suppliers and customers, Okmetic
operates in accordance with the ethical principles of the corporate social
responsibility policy.
Okmetic's corporate social responsibility policy covers human resources,
occupational health and safety, the environment, business ethics, and management
system.
PERSONNEL
Competent, motivated and content personnel is a prerequisite for Okmetic's
growth and success. This is described in the company values as well as in the
human resources and quality policies of the company.
On average, Okmetic employed 370 (363) people in 2014. At the end of the year,
Okmetic employed 367 (355) people of which 321 worked in Finland, 40 in the US,
five in Japan, and one in Hong Kong.
Women accounted for 27 (26) percent and men 73 (74) percent of the personnel.
White-collar employees accounted for 37 (38) percent and blue-collar employees
for 63 (62) percent of the personnel. The average age of Okmetic's employees was
44 (44) years and the average length of employment was 11.7 (11.6) years.
Throughout the organization, salaries and bonuses are based on the level of
skills required in each position. In 2014, salaries and bonuses amounted to
21.7 (20.3) million euro including 0.3 (0.2) million euro expenses of the share
reward schemes. 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. The
possible production bonuses for blue-collar employees are paid monthly according
to the achievement of set targets. White-collar employees are subject to a
profit-sharing scheme, which is based on annual targets set by the board of
directors relating to the group's profitability, financial situation, and
operative performance. In 2014, Okmetic arranged on average 2.2 (1.9) training
days per employee.
HEALTH AND SAFETY
In 2014, the number of accidents at work dropped by 11 percent (grew by 36%)
from the previous year. Workplace-related injury frequency in 2014 was 7.2
(5.5). Workplace-related injury frequency is measured as the number of accidents
resulting in three or more days of absence, divided by the number of hours
worked (in millions).
The number of sickness absences was down from the previous year. The number of
working days lost due to sickness or injury in 2014 amounted to 3.2 (3.5)
percent of total hours worked. Okmetic's disability pension contribution
category in 2014 was 4 (4). In 2015, the category is 1.
ENVIRONMENTAL ISSUES
Okmetic recognises the environmental risks associated with its operations. The
company devises both a universal risk management plan and plans for individual
processes. Ecologically sustainable operations support Okmetic's competitiveness
and profitability.
Measures devised for eliminating environmental risks are integrated to Okmetic's
operational processes. Environmental considerations are factored into the
development of products and operations in line with continuous improvement
principles. Planning of preventive measures is a fundamental part of
environmental risk management.
Okmetic's environmental programme had three objectives in 2014: to save silicon
material through the use of a new wire saw, to make more efficient use of
polysilicon in crystal growing, and to enhance communication about Okmetic's
performance in corporate responsibility. Results in the first two areas have
been promising, and the work is set to continue in the 2015 environmental
programme. The third objective was achieved according to plan.
Okmetic follows the chemical regulations of the European Union (REACH) and all
Okmetic's products meet the requirements set in the RoHS-directive.
Okmetic has ISO 9001:2008, TS 16949:2009, and ISO 14001:2004 certified quality
and environmental systems both at Vantaa and Allen plants. Okmetic expects its
most important subcontractors and suppliers to comply with the ISO 9001 and ISO
14001 certifications.
Okmetic had no major environmental non-conformities in 2014. Okmetic's
environmental management methods were found to match the high requirement level
of international customer companies. The company is not subject to emissions
trading regulations.
The company has assessed its consumption of energy, use of polysilicon, amount
of acid waste as well as consumption of water and chemicals to have a
significant environmental impact. The development of these factors is monitored
regularly.
The key figures related to environmental protection at the Vantaa plant in 2014
are as follows:
2014 2013
Energy consumption (GWh)
* Electricity 30.5 28.5
* District heating 4.7 5.1
Water consumption (tm3)
* Water 575 590
* Waste water 486 496
Waste volumes (tn)
* Hazardous waste 265 254
* Ordinary waste 371 368
All waste can be recycled. No landfill waste is produced.
BUSINESS RISKS
There have been no significant changes in the company's near future business
risks and uncertainties. However, the picture of macro economy, which has become
more unclear, may indirectly have an influence also on Okmetic's business.
Okmetic's business is confronted by risks, which may arise from the company's
operations or changes in its operating environment. Risks that, if materialized,
can have an adverse effect on the company's operations and valuation are
described below.
Okmetic's silicon wafer sales are targeted at the sensor and semiconductor
producers in the electronics industry. The demand for semiconductor wafers is
sensitive to economic fluctuations, and changes in the market situation can be
sudden and dramatic. The demand for sensor wafers is more stable. The
proliferation of sensors in consumer electronics applications may, however,
increase the susceptibility of this market too to economic fluctuations. Other
business sales have in the previous years mainly consisted of selling solar
materials to the solar cell industry. Okmetic has existing polysilicon
purchasing obligations partly until 2016. Since the price level of the solar
cell market has dropped, the validity of long-term polysilicon purchase
contracts typical of the industry may cause a price risk.
Okmetic's share of the global silicon wafer market is around one percent, and
the market prices have a notable effect on the price development of Okmetic's
products. The company has considerable pricing power only in its own special
products. The pricing of other wafers is largely based on global market price.
Okmetic operates globally, and therefore the company's business is affected by
risks due to exchange rate fluctuations, consisting of cash flows from purchases
and sales. A significant part of sales is conducted in US dollars. Despite
hedging of the forecasted open currency position, the company remains exposed to
exchange rate fluctuations.
Substantial amounts of electricity are used in Okmetic's production. Despite
hedging, the company is exposed to fluctuations in the price of electricity.
SHARES AND SHAREHOLDERS
On 31 December 2014, 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 to
one vote at general meetings. The company has one class of shares. The company's
shares are included in the Finnish book-entry system.
Major shareholders
on 31 December 2014
Shares, Share,
pcs %
Ilmarinen Mutual Pension
Insurance Company 1,004,985 5.8
Oy Ingman Finance Ab 900,000 5.2
Mandatum Life Insurance
Company Limited 800,000 4.6
The State Pension Fund 600,000 3.5
Nordea Nordic Small
Cap Fund 528,810 3.1
Varma Mutual Pension
Insurance Company 477,175 2.8
Okmetic Oyj *) 416,763 2.4
Etra-Invest Oy Ab 400,000 2.3
Investment Fund
Taaleritehdas Arvo
Markka Osake 300,100 1.7
Taaleritehdas Mikro Markka 230,000 1.3
Foreign investors and
nominee accounts held by
custodian banks 2,836,589 16.4
Other 8,793,078 50.9
Total 17,287,500 100.0
Shareholders by group
on 31 Dec 2014
Shares, Share,
pcs %
Corporations 3,373,168 19.5
Financial and insurance
institutions 1,942,960 11.2
Public organisations 2,085,368 12.1
Non-profit organisations 221,449 1.3
Households 6,827,966 39.5
Foreign investors and
nominee accounts held by
custodian banks 2,836,589 16.4
Total 17,287,500 100.0
Distribution of shareholdings
on 31 Dec 2014
% of
Shares, Number of % of Shares, share
pcs shareholders shareholders pcs capital
1-100 1,403 17.4 98,907 0.6
101-500 3,695 45.7 1,084,664 6.3
501-1,000 1,513 18.7 1,243,136 7.2
1,001-5,000 1,258 15.6 2,612,129 15.1
5,001-10,000 109 1.3 777,599 4.5
10,001-50,000 87 1.1 1,969,989 11.4
50,001-100,000 5 0.1 349,520 2.0
100,001-500,000 9 0.1 2,553,208 14.8
500,001- 6 0.1 6,598,348 38.2
Total 8,085 100.0 17,287,500 100.0
SHARE PRICE DEVELOPMENT AND TRADING
A total of 3.8 (3.4) million shares were traded between 1 January and 31
December 2014, representing 21.9 (19.6) percent of the weighted average of share
total of 17.3 (17.3) million during the period. The lowest quotation of the
reporting period was 4.28 (4.25) euro, and the highest 5.25 (5.66) euro, with
the average being 4.68 (4.92) euro. The closing quotation for the period was
4.83 (4.82) euro. At the end of the period, market capitalisation amounted to
83.5 (83.3) million euro.
Okmetic is listed on the Small Cap list of Nasdaq Helsinki under the trading
code OKM1V. According to the International Classification Benchmark (ICB) of the
exchange, Okmetic Oyj is listed under the Technology Industry.
DIVIDENDS PAID
During 2014, there were no dividend payments.
In April 2013, the company distributed a dividend of 4.3 million euro for the
year 2012 (including dividends distributed to Okmetic Management Oy, a total of
0.1 million euro). The dividend was 0.25 euro per share.
In December 2013, the company distributed an additional dividend of 3.2 million
euro (including dividends distributed to Okmetic Management Oy, a total of 0.1
million euro). The dividend was 0.19 euro per share.
AUTHORISATION OF THE BOARD OF DIRECTORS TO DECIDE ON THE REPURCHASE AND/OR
ACCEPTANCE AS PLEDGE OF THE COMPANY'S OWN SHARES
On 9 April 2014, the annual general meeting authorised the board of directors to
decide on the repurchase and/or acceptance as pledge of the company's own shares
in one or more tranches as follows:
The aggregate number of shares repurchased and/or accepted as pledge shall not
exceed 1,728,750 shares, which represents approximately 10 percent of all the
shares of the company. The company and its subsidiaries together cannot at any
time own and/or hold as pledge more than 10 percent of all the company's
registered shares.
Only unrestricted equity can be used to repurchase the company's own shares
under the authorisation. Own shares can be repurchased at a price determined by
public trading on the day of repurchase or at another market-based price.
The board of directors decides on the method of repurchasing and/or accepting as
pledge of the company's own shares as well as the other terms and conditions.
Shares can be repurchased otherwise than in the shareholders' proportional
holding of shares (directed repurchase). The authorisation cancels the
authorisation given by the annual general meeting on 10 April 2013 to the board
of directors to decide on the repurchase and/or acceptance as a pledge of the
company's own shares. The authorisation is effective until the next annual
general meeting, however, no longer than until 9 October 2015.
AUTHORISATION OF THE BOARD OF DIRECTORS TO DECIDE ON THE ISSUANCE OF SHARES, THE
TRANSFER OF THE COMPANY'S OWN SHARES AS WELL AS THE ISSUANCE OF SPECIAL RIGHTS
ENTITLING TO SHARES
On 9 April 2014, the annual general meeting authorised the board of directors to
decide on the issuance of shares, the transfer of the company's own shares, and
the issuance of special rights entitling to shares according to Chapter 10,
Section 1 of the Finnish Companies Act in one or more tranches as follows:
The aggregate number of shares issued or transferred on the basis of the
authorisation may not exceed 2,593,125 shares.
The board of directors decides on all the terms and conditions of the issuance
of shares, the transfer of the company's own shares, and the issuance of special
rights entitling to shares according to Chapter 10, Section 1 of the Finnish
Companies Act. The authorisation concerns both the issuance of new shares as
well as the transfer of the company's own shares. The issuance of shares, the
transfer of the company's own shares, and the issuance of special rights
entitling to shares according to Chapter 10, Section 1 of the Finnish Companies
Act may be carried out in deviation from the shareholders' pre-emptive rights
(directed issue).
The authorisation cancels the authorisation given by the annual general meeting
on 10 April 2013 to the board of directors to decide on the issuance of shares,
the transfer of the company's own shares as well as the issuance of special
rights entitling to shares. The authorisation is effective until the next annual
general meeting, however, no longer than until 9 October 2015.
OWN SHARES AND DIRECTED SHARE ISSUES
On 15 January 2014, the board of directors decided to dissolve the ownership
arrangement of Okmetic Management Oy, owned by President Kai Seikku and Deputy
to the President of that time, Mikko Montonen, with an arrangement in which
Okmetic Oyj acquired the entire share capital of Okmetic Management Oy. Also
400,000 shares of Okmetic Oyj were transferred to the group via Okmetic
Management Oy, as well as a loan receivable of Okmetic Oyj from Okmetic
Management Oy. There were no shareholders of Okmetic Management Oy in the board
of directors of Okmetic Oyj. The value of the arrangement for the part of shares
owned by Okmetic Management Oy was determined using the average trading price
weighted by trading volume of the company's share in Nasdaq Helsinki on 16
January 2014, 4.9969 euro.
On 16 January 2014, Okmetic Oyj transferred in total 150,000 own shares held by
the company to President Kai Seikku (140,000 shares) and then Deputy to the
President Mikko Montonen (10,000 shares). Subscription price per share was
determined using the average trading price of the company's share weighted by
trading volume in Nasdaq Helsinki on 16 January 2014, which was 4.9969 euro.
Total value of the deal was 749,535 euro. The decision to transfer company's own
shares is based on existing authorization of the board of directors given by the
Annual General Meeting on 10 April 2013.
On 13 February 2014, Okmetic Oyj's board of directors announced of its decision
to transfer a total of 11,919 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 gave a stock exchange release on 12 February 2013. 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 in Okmetic shares and in a monetary amount
covering taxes.
According to the decision of the annual general meeting, Okmetic Oyj transferred
a total of 15,441 shares to the board members as payment of the annual
remuneration on 9 May 2014.
At the end of the year, the company held a total of 416,763 (194,123) own
shares, which is approximately 2.4 (1.1) percent of Okmetic's all shares and
votes.
OTHER EVENTS DURING THE FINANCIAL YEAR
Mikko Montonen, Executive Vice President, Customers and Markets, Deputy to the
President, resigned from Okmetic on 26 February 2014 to assume a new position
with another company. Mr. Montonen's management responsibilities at Okmetic
ended on 6 April 2014.
Anna-Riikka Vuorikari-Antikainen, earlier Senior Vice President, Products, was
appointed Senior Vice President, Customers and Markets from 7 April 2014. Ms.
Vuorikari-Antikainen is also responsible for customer support.
Atte Haapalinna, earlier Senior Vice President, Customer Support, was appointed
Senior Vice President, Products from 7 April 2014.
In connection with its Capital Markets Day on 26 September 2014, Okmetic
modified its long-term targets slightly as:
- Organic growth of sensor wafer business at 10 percent per annum or more
- Operating profit to account for 10 percent of net sales or more
This implies no explicit growth target for sales of other type of wafers.
Okmetic Management Oy and Okmetic Invest Oy were merged in parent company on 30
November 2014.
EVENTS AFTER THE END OF THE FINANCIAL YEAR
The extraordinary general meeting of Okmetic Oyj was held on 12 January 2015.
The general meeting decided, in accordance with the proposal of the board of
directors, to distribute a dividend of 0.30 euro per share (in total
5,061,221.10 euro). The dividend was paid to shareholders who were registered in
the shareholders' register maintained by Euroclear Finland Ltd. on the dividend
record date, 14 January 2015. The dividend payment took place on 21 January
2015.
As of 1 January 2015, Other business sales is reported as part of semiconductor
sales due to the significantly diminished role of Other business.
NOTIFICATION OF CHANGES IN HOLDINGS
The company did not receive notifications of changes in holdings during 2014.
STOCK OPTION PLANS
Based on the authorisation given by the Annual General Meeting on 10 April
2013, Okmetic's board of directors decided on 17 December 2013 to grant stock
options to the key managers of Okmetic.
As a precondition for being eligible to receive the stock options, the key
managers are required to invest in Okmetic shares. According to the investment
requirement, the key managers are required to hold in the aggregate 262,600
Okmetic shares to be eligible to receive all of the stock options.
The stock options shall, in deviation from the shareholders' pre-emptive
subscription right, be offered to the key managers of Okmetic. The maximum total
number of stock options offered is 870,000, which entitle participants to
subscribe for a maximum number of 870,000 Okmetic shares (4.8% of the company's
shares on a fully diluted basis). Each stock option entitles participants to
subscribe for one share. The shares subscribed with the stock options may either
be new shares issued by the company or existing shares held by the company. Of
the stock options, 320,000 shall be marked with the symbol 2013 A and 550,000
with the symbol 2013 B. The stock options shall be issued free of charge.
The share subscription price for the stock options 2013 A shall be euro 5.75 and
for the stock options 2013 B euro 6.00. Future dividends and capital repayments
from the invested unrestricted equity reserve distributed before the share
subscription shall be deducted from the share subscription price.
The share subscription period for 25 percent of the stock options 2013 A and
2013 B will commence on or about 1 February 2016 and for 75 percent of the stock
options 2013 A and 2013 B on or about 1 February 2017. The share subscription
period for all the stock options ends on 31 March 2018.
There is, for the company and in the interest of all the company's shareholders,
a substantial financial ground to grant the stock options in deviation from the
shareholders' pre-emptive subscription right, since the stock options are
intended to align the interests of the shareholders and the key managers and to
form a part of the incentive and commitment program of the key managers. The
purpose of the arrangement is to encourage the key managers to invest in the
company's shares and to work on a long-term basis to increase the company's
share value.
Should an award holder's employment in a group company terminate prior to the
share subscription period, his or her stock option awards will be forfeited. A
failure to fulfil the investment requirements set forth by the board of
directors will result in the forfeiture of stock option awards.
By 31 December 2014, the total number of stock options issued to the key
managers at Okmetic was 604,250. In keeping with the investment requirement,
members of the key management personnel hold in the aggregate 192,900 Okmetic
shares pursuant to the Stock Option Plan.
MANAGEMENT AND AUDITOR
In 2014, Okmetic's board of directors comprised Henri Österlund as the chairman,
Jan Lång as the vice chairman as of 9 April, Tapani Järvinen as the vice
chairman until 9 April, and members of the board Hannu Martola, Mervi Paulasto-
Kröckel and Mikko Puolakka.
Okmetic Oyj's president is Kai Seikku. In addition to the president, the group's
executive management group includes: Atte Haapalinna, Senior Vice President,
Products (as of 7 April, during 1 January - 6 April Mr. Haapalinna was
responsible for technical customer support); Juha Jaatinen, Senior Vice
President, Finance, IT and Communications; Jaakko Montonen, Senior Vice
President, Supply Chain; Markus Virtanen, Senior Vice President, Human
Resources, Quality and Environment; and Anna-Riikka Vuorikari-Antikainen, Senior
Vice President, Customers and Markets (as of 7 April, during 1 January - 6 April
Ms. Vuorikari-Antikainen was responsible for Products). Ms. Vuorikari-Antikainen
is also responsible for technical customer support.
During 2014, members of the executive management group included also Mikko
Montonen, Executive Vice President, Customers and Markets and Deputy to the
President until 6 April and Petri Antola, Senior Vice President, Technology
Projects and Solar Materials until 18 December.
The company's auditor is PricewaterhouseCoopers Oy, Authorised Public
Accountants, with Mikko Nieminen, Authorised Public Accountant, acting as the
principal auditor.
THE BOARD OF DIRECTORS' PROPOSAL REGARDING THE USE OF DISTRIBUTABLE FUNDS
According to the financial statements dated on 31 December 2014, the parent
company's distributable earnings amount to 18,455,636.07 euro. No significant
changes have taken place in the company's financial position after the end of
the financial year.
The board of directors of Okmetic Oyj proposes to the annual general meeting
that the company will distribute a dividend of 0.15 euro per share (in total
2.5 million euro) for the financial year 2014 in addition to the dividend of
0.30 euro per share already paid in January 2015. The board of directors' view
is that the company's strong balance sheet enables dividend distribution of
0.45 euro per share (in total 7.6 million euro) during the beginning of 2015.
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 DECEMBER 2014
(unaudited)
ACCOUNTING POLICIES
This financial statements release has been prepared in accordance with IAS 34,
Interim Financial Reporting.
In preparing this financial statements release, Okmetic has followed the same
accounting policies as in the financial statements for 2013 except for the
effect of changes required by the adoption of the new or revised IFRS standards
and IFRIC interpretations as of 1 January 2014, which have been described in
financial statements 2013. The adoption of the aforementioned standards and
interpretations has not had an effect on the figures presented from the
reporting period.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1,000 euro 1 Oct- 1 Oct- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec,
2014 2013 2014 2013
Net sales 18,679 16,837 74,104 68,516
Cost of sales -14,811 -14,382 -58,909 -54,918
Gross profit 3,868 2,455 15,195 13,598
Other income
and expenses -2,289 -2,191 -8,794 -8,567
Operating
profit 1,579 263 6,401 5,031
Financial
income and
expenses -322 -231 -350 -630
Profit before
tax 1,257 32 6,051 4,401
Income tax -174 415 -1,219 -559
Profit for
the period 1,083 447 4,832 3,842
Other
comprehensive
income:
Items that may be
reclassified to profit or
loss in subsequent
periods
Cash flow
hedges -28 -41 -11 -58
Translation
differences 325 -33 891 -60
Other
comprehensive
income for the
period, net of
tax 296 -74 880 -118
Total
comprehensive
income for
the period 1,379 373 5,712 3,724
Profit for the
period
attributable
to:
Equity holders
of the parent
company 1,083 447 4,832 3,842
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company 1,379 373 5,712 3,724
Basic earnings
per share,
euro 0.06 0.03 0.29 0.23
Diluted
earnings per
share, euro 0.06 0.03 0.29 0.22
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Dec, 31 Dec,
2014 2013
Assets
Non-current assets
Property, plant and
equipment 42,538 45,295
Intangible assets 657 897
Other receivables 794 1,419
Total non-current
assets 43,990 47,611
Current assets
Inventories 17,890 16,634
Receivables 14,347 14,572
Cash and cash
equivalents 14,436 5,214
Total current
assets 46,672 36,420
Total assets 90,662 84,031
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821
Other equity 51,805 45,451
Total equity 63,627 57,273
Liabilities
Non-current
liabilities 13,561 10,533
Current liabilities 13,475 16,226
Total liabilities 27,036 26,759
Total equity and
liabilities 90,662 84,031
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2014 2013
Cash flows from operating
activities:
Profit before tax 6,051 4,401
Adjustments 6,494 6,566
Change in working capital 352 -2,091
Financial items -486 -126
Tax paid 67 976
Net cash from
operating activities 12,478 9,726
Cash flows from investing
activities:
Purchases of property,
plant and equipment -4,345 -9,089
Proceeds from sale of property,
plant and equipment 710 -
Net cash used in
investing activities -3,635 -9,089
Cash flows from financing
activities:
Proceeds from long-term
borrowings 5,000 10,000
Proceeds from short-
term borrowings 4,000 1,024
Payments of long-term
borrowings -3,000 -1,000
Payments of short-term
borrowings -4,024 -4,043
Payments of finance
lease liabilities -595 -478
Other items 36 10
Dividends paid -578 -6,763
Capital repayment - -1,169
Share issue 750 -
Acquisition of Okmetic
Management Oy's
share capital -1,539 -
Net cash used in
financing activities 50 -2,419
Increase (+) /
decrease (-) in cash
and cash equivalents 8,893 -1,782
Exchange rate changes 329 -292
Cash and cash
equivalents at
the beginning
of the period 5,214 7,288
Cash and cash
equivalents at
the end of the
period 14,436 5,214
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of parent company
Share Share Reserve Other Retained Total
capital pre- for in- re- earnings
mium vested serves
1,000 euro unre- 1)
stricted
equity
Balance at
31 Dec, 2013 11,821 20,045 3 1,756 23,647 57,273
Profit for
the period 4,832 4,832
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -11 -11
Translation
differences 891 891
Total com-
prehensive
income for
the period 880 4,832 5,712
Share issue 750 750
Share-based
payments 249 249
Acquisition of
non-controlling
interest -357 -357
Balance at
31 Dec, 2014 11,821 20,045 753 2,636 28,372 63,627
Balance at
31 Dec, 2012 11,821 20,045 1,200 1,874 26,919 61,860
Profit for
the period 3,842 3,842
Other com-
prehensive
income, net
of tax:
Cash flow
hedges -58 -58
Translation -60 -60
differences
Total com-
prehensive
income for
the period -118 3,842 3,724
Share-based
payments 199 199
Dividend
distribution -7,341 -7,341
Capital repayment
-1,197 28 -1,169
Balance at
31 Dec, 2013 11,821 20,045 3 1,756 23,647 57,273
1)"Other reserves" contains hedge reserve and translation differences.
Acquisition of shares of Okmetic Management Oy is treated as acquisition of non-
controlling interest. Okmetic Management Oy was merged in parent company on 30
November 2014.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2014 2013
Carrying amount
at the beginning
of the period 45,295 43,433
Additions 3,627 7,648
Disposals -520 -9
Depreciation -6,257 -5,623
Exchange differences 393 -154
Carrying amount
at the end of
the period 42,538 45,295
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Dec, 31 Dec,
2014 2013
Loans, secured with
collaterals 7,000 10,000
Collaterals 15,110 17,128
Off-balance sheet
lease commitments 308 395
Capital commitments 2,689 1,910
Nominal values of
derivative contracts
Currency forward
agreements 1,193 948
Currency options,
call - 182
Currency options,
put 3,979 1,144
Electricity
derivatives 1,076 1,847
Fair values of
derivative contracts
Currency forward
agreements 6 12
Currency options,
call - -1
Currency options,
put -85 20
Electricity
derivatives -244 -350
The contract price of the derivatives has been used as the nominal value of the
underlying asset.
HIERARCHY LEVELS OF DERIVATIVE CONTRACTS MEASURED AT FAIR VALUE
1,000 euro 31 Dec 2014 31 Dec 2013
Level Level Level Level Level Level
1 2 3 1 2 3
Financial
assets
Derivative
financial
instruments - 6 - 91 31 -
Financial
liabilities
Derivative
financial
instruments 244 85 - 441 - -
Fair value estimation
The group's financial instruments that are measured at fair value comprise
derivatives used for hedging and held for trading.
Fair values of level 1 instruments are based on quoted prices (unadjusted) in
active markets for identical assets or liabilities.
Fair values of level 2 instruments are based on other data than quoted prices in
active markets, but on the data from which the asset is observable, either
directly (i.e. price) or indirectly (i.e. derived from the prices).
Electricity derivatives are classified as level 1, currency derivatives as level
2.
Fair value determination
The fair value of electricity derivatives is based on quoted market prices. The
fair value of currency forwards and options is determined on the basis of market
and contract prices of the agreements at the reporting date by applying commonly
used valuation techniques.
RELATED PARTY TRANSACTIONS
In January-December, the key management compensation of the executive management
group and board of directors amounted to 1,877,931 (1,730,787) euro. The
compensation includes share-based payments and the board of directors'
remuneration paid as shares, 450,120 (310,559) euro.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2014 2013
Net sales 74,104 68,516
Change in net sales
compared to the previous
year's period, % 8.2 -17.5
Export and foreign
operations share
of net sales, % 90.7 91.8
Operating profit before
depreciation (EBITDA) 12,985 10,905
% of net sales 17.5 15.9
Operating profit 6,401 5,031
% of net sales 8.6 7.3
Profit before tax 6,051 4,401
% of net sales 8.2 6.4
Return on equity, % 8.0 6.4
Return on investment, % 8.7 6.7
Non-interest-bearing
liabilities 13,710 15,014
Net interest-bearing
liabilities -1,110 6,530
Net gearing ratio, % -1.7 11.4
Equity ratio, % 70.5 68.2
Capital expenditure 3,627 7,648
% of net sales 4.9 11.2
Depreciation 6,584 5,874
Research and development
expenditure 2,472 2,779
% of net sales 3.3 4.1
Average number of
personnel during
the period 370 363
Personnel at the
end of the period 367 355
KEY FIGURES PER SHARE
When calculating equity per share, Okmetic's own shares and the Okmetic shares
owned by Okmetic Management Oy are deducted from the total number of shares.
Okmetic Management Oy was merged in parent company on 30 November 2014.
Euro 31 Dec, 31 Dec,
2014 2013
Basic earnings
per share 0.29 0.23
Diluted earnings
per share 0.29 0.22
Equity per share 3.77 3.43
Capital repayment
per share - 0.07
Dividend per share 0.45 1) -
Dividends/earnings, % 155.2 -
Effective dividend
yield, % 9.3 -
Price/earnings(P/E) 16.8 20.9
Share performance
(1 Jan-)
Average trading price 4.68 4.92
Lowest trading price 4.28 4.25
Highest trading price 5.25 5.66
Trading price at the
end of the period 4.83 4.82
Market capitalisation
at the end of the
period, 1,000 euro 83,499 83,326
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 3,778 3,382
In relation to weighted
average number of
shares, % 21.9 19.6
Trading volume,
1,000 euro 17,704 16,647
The weighted average
number of shares during
the period under review
adjusted by the share
issue, 1,000 pcs 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
1) The figure for 2014 contains the dividend distributed in January 2015, 0.30
euro per share as well as the board of directors' proposition, 0.15 euro per
share.
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2014 2014 2014 2014
Net sales 18,679 19,320 18,700 17,405
Compared to previous
quarter % -3.3 3.3 7.4 3.4
Compared to corresponding
period last year, % 10.9 5.9 9.8 6.1
Operating profit 1,579 2,757 1,137 928
% of net sales 8.5 14.3 6.1 5.3
Profit before tax 1,257 2,806 1,096 892
% of net sales 6.7 14.5 5.9 5.1
Net cash flow generated
from:
Operating activities 6,270 3,644 1,932 632
Investing activities -996 261 -1,263 -1,637
Financing activities -1,180 -3,157 4,859 -472
Increase/decrease in cash
and cash equivalents 4,093 748 5,528 -1,477
Personnel at the end
of the period 367 363 393 354
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2013 2013 2013 2013
Net sales 16,837 18,242 17,035 16,403
Compared to previous
quarter, % -7.7 7.1 3.9 -20.7
Compared to corresponding
period last year, % -18.6 -13.2 -24.2 -13.2
Operating profit 263 1,423 1,971 1,373
% of net sales 1.6 7.8 11.6 8.4
Profit before tax 32 1,280 1,812 1,277
% of net sales 0.2 7.0 10.6 7.8
Net cash flow generated
from:
Operating activities 4,915 3,481 519 811
Investing activities -1,304 -1,687 -1,966 -4,131
Financing activities -3,892 -1,155 -7,276 9,904
Increase/decrease in cash
and cash equivalents -281 639 -8,724 6,585
Personnel at the end
of the period 355 356 379 354
DEFINITIONS OF KEY FINANCIAL FIGURES
Operating profit before = Operating profit + depreciation
depreciation (EBITDA)
Return on equity (ROE), % = Profit/loss for the period x 100/
-----------------------------------------
Equity(average for the period)
Return on investment (ROI), % = (Profit/loss before tax + interest and
other financial expenses) x 100/
-----------------------------------------
Balance sheet total - non-interest
bearing liabilities(average for the
period)
Equity ratio, % = Equity x 100/
-----------------------------------------
Balance sheet total - advances received
Net interest-bearing liabilities = Interest-bearing liabilities - cash and
cash equivalents
Net gearing ratio, % = (Interest-bearing liabilities - cash and
cash equivalents) x 100/
-----------------------------------------
Equity
Earnings per share = Profit/loss for the period attributable
to equity holders of the parent
company/
-----------------------------------------
Adjusted weighted average number of
shares in issue during the period
Equity per share = Equity attributable to equity holders of
the parent company/
-----------------------------------------
Adjusted number of shares at the end of
the period
Dividend per share = Dividend for the period/
-----------------------------------------
Adjusted number of shares at the end of
the period
Effective dividend yield, % = Dividend per share x 100/
-----------------------------------------
Trading price at the end of the period
Price/earnings ratio (P/E) = Last adjusted trading price at the end
of the period/
-----------------------------------------
Earnings per share
Average trading price = Total traded amount in euro/
-----------------------------------------
Adjusted number of shares traded during
the period
Market capitalisation at the end of = Number of shares at the end of the
the period period x trading price at the end of the
period
Trading volume = Number of shares traded during the
period/
-----------------------------------------
Weighted average number of shares during
the period
All figures of the financial tables are rounded, and consequently the sum of
individual figures can deviate from the presented sum figure.
The future estimates and forecasts in this financial statements release are
based on the company management's current knowledge. Actual events and results
may differ from the estimates presented here.
NEWS CONFERENCE
A briefing for analysts, investors and media will take place on Friday, 13
February 2015 at 8.15 a.m. Finnish time in Helsinki Stock Exchange building,
Fabianinkatu 14, Helsinki, (entrance via Nasdaq Helsinki's reception, 2nd
floor). In the event, Okmetic's President Kai Seikku will present the group's
performance in 2014 and prospects for 2015.
FINANCIAL REPORTING IN 2015
Okmetic will publish the financial statements, board of directors' report and
auditor's report for 2014 as well as a separate corporate governance statement
on its website www.okmetic.com at latest on 24 March 2015.
Interim report 1-3/2015 (Q1) 29 April 2015
Interim report 1-6/2015 (Q2) 23 July 2015
Interim report 1-9/2015 (Q3) 22 October 2015
Annual general meeting will tentatively be held on 14 April 2015.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku, Okmetic Oyj,
tel. +358 9 5028 0232, 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
Okmetic is a technology company which supplies tailor-made silicon wafers for
sensor and semiconductor industries. Okmetic provides its customers with
solutions that boost their competitiveness and profitability.
Okmetic's silicon wafers are part of a further processing chain that produces
end products that improve human interaction and quality of life. Okmetic's
products are based on high-tech expertise that generates added value for
customers, innovative product development and an extremely efficient production
process.
Okmetic has a global customer base and sales network, production plants in
Finland and the US and contract manufacturers in Japan and China. Okmetic's
shares are listed on Nasdaq Helsinki under the code OKM1V. For more information
on the company, please visit our website at www.okmetic.com.
[HUG#1894245]
FINANCIAL STATEMENTS OF OKMETIC OYJ FOR 1 JANUARY-31 DECEMBER 2014: STRONG AND PROFITABLE GROWTH IN CORE BUSINESS
| Source: Okmetic Oyj
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