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2007-05-03 09:09:14 CEST 2007-05-03 09:09:14 CEST REGULATED INFORMATION Okmetic Oyj - Quarterly reportOKMETIC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2007OKMETIC OYJ STOCK EXCHANGE RELEASE 3 MAY 2007 1(17) OKMETIC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2007 Okmetic is a technology company which manufactures and processes high- quality silicon wafers for sensor and semiconductor industries worldwide. The Company also sells technology. During the period under review, Okmetic's net sales amounted to 17.3 million euro (15.9 million euro). Operating profit was 2.4 million euro (2.2 million euro). REVIEW IN BRIEF - Net sales amounted to 17.3 million euro (15.9 million euro). The figure includes 1.0 million euro worth of technology sales to NorSun, a Norwegian solar energy company. - Sales of Okmetic's silicon wafers has been strong. - Profit amounted to 2.4 million euro (2.2 million euro). - The equity ratio strengthened, amounting to 51.2 percent (43.2%). - Net sales and operating profit for the next quarter are expected to come in at a level similar to that of the corresponding period of the previous year. The quarter is expected to turn out to be the most modest of the year. - The agreement between Okmetic and NorSun regarding the sale of crystal growth technology was signed. - The Annual General Meeting held on 29 March 2007 adopted the Financial Statements of Okmetic Oyj and the Group and discharged the members of the Board of Directors and the President from personal liability. No dividends will be distributed for the financial year 2006. The Annual General Meeting adopted the Board of Directors' proposals regarding amendments to the Articles of Association and the Board's powers to decide on increasing share capital. - Etra-Invest Oy's holding in Okmetic shrank to 4.29 percent of the shares. - At the end of April, the Company paid out 1.9 million euro worth of interest on subordinated loans. KEY FIGURES 1,000 euro 1.1.- 1.1.- 1.1-- 1.1.- 1.1.- 31.3.07 31.3.06 31.12.06 31.12.05 31.12.04 Net sales 17,322 15,912 63,694 49,822 54,524 Operating profit/loss 2,677 2,706 9,877 580 -5,735 % of net sales 15.5 17.0 15.5 1.2 -10.5 Earnings per share, euro 0.14 0.13 0.41 -0.10 -0.50 Net cash flow from operating activities 1,628 3,957 17,945 3,125 3,655 Return on equity, % 23.5 24.8 18.6 -5.1 -22.2 Gearing, % 30.5 83.6 31.3 99.5 116.9 Equity ratio, % 51.2 43.2 51.1 41.1 36.9 Average number of personnel during the period 360 335 360 359 446 PROJECTIONS FOR THE NEAR FUTURE A significant proportion of Okmetic's sensor wafers are sold to pressure sensor and accelerometer manufacturers. The demand for inertia sensors, which are a type of accelerometer, is expected to increase by around ten percent in 2007. In addition to the automotive industry, the use of inertia sensors is expected to increase strongly in portable devices and consumer electronics. 2 Stock level revisions in the semiconductor industry are expected to continue during the second quarter but it is anticipated that the phase will pass before the autumn. The latest forecasts for the annual growth rate are in the region of 2 - 8 percent (IC Insights, In-Stat, Semico Research). The volume of equipment orders placed by semiconductor factories in recent months also supports the belief that strong growth will continue. Demand for silicon wafers is growing in line with the shipment forecasts published by the customer industries. According to the prevailing expectations, the total volume of wafer shipments will increase by between 5 and 10 percent during 2007. The growth will affect large wafer sizes in particular. Demand for the wafer sizes that are important to Okmetic is expected to remain at the previous year's level. Estimates suggest that the potential slight decrease in shipment volumes will be balanced out by strengthening prices. Net sales and operating profit for the next quarter are expected to come in at a level similar to that of the corresponding period of the previous year. The fact that Okmetic's customers are reducing their stock levels will have a bearing on the development of net sales. The period is expected to turn out to be the most modest of the year. EVENTS AFTER THE PERIOD Etra-Invest Oy's holding of Okmetic's shares and votes has decreased to 725,000 shares, which corresponds to 4.29 percent of the Company's share capital. The trade took place on 10 April 2007. At the end of April, the Company paid 1.9 million euro worth of overdue interest on subordinated loans from previous years. MARKETS Demand for sensors has remained stable. New applications are being launched on the sensor market all the time. In the automotive industry demand for silicon wafers typically grows at a steadier pace than in the semiconductor industry. This general trend also held good in Okmetic's shipment volumes to its sensor customers during the first months of the year. The semiconductor industry is currently undergoing a period of stock level revisions. Pressure relating to price levels has been particularly evident in the shipments of memory and processor circuits. As a result, the average growth in semiconductor sales during January and February only amounted to a few percent of the level of the corresponding period of the previous year. (WSTS, SIA, IC Insights) As forecasted, silicon wafer shipments increased significantly during the first quarter compared to the corresponding period of the previous year. The growth was inconsistent as regards different wafer types, however. SALES The Group's net sales amounted to 17.3 million euro (15.9 million euro). Comparable net sales amounted to 16.3 million euro. 3 Sales per customer segments 2007 (2006) from beginning of year (on average) Sensors 32% (34%) Semiconductors 58% (59%) Technology 10% (7%) Okmetic's sensor business progressed in line with the set targets. Sensor wafers are used in the automotive, aviation and pharmaceutical industries, for example, as well as in consumer applications. Thanks to the positive economic trend that currently dominates the semiconductor market, semiconductor sales grew at a faster pace than sensor sales. Increases in the price level strengthened the positive development of semiconductor sales. Typically, semiconductor wafers are used in consumer electronics, computers, telecommunications and automotive applications. The growth in technology sales is attributable to the 1.0 million euro income item that was recorded during the period under review. Technology sales comprise both manufacturing technology and crystal sales. Net sales per market area 2007 (2006) from beginning of year (on average) North America 53% (55%) Europe 32% (28%) Asia 15% (17%) PROFIT Okmetic Group's profit was 2.4 million euro (2.2 million euro). Earnings per share amounted to 0.14 euro (0.13 euro). FINANCING The Group's financial situation is good. Net cash flow from operating activities amounted to 1.6 million euro (4.0 million euro). An extraordinary advance payment that was made with reference to a new long-term raw material supply agreement during the period weakened the cash flow. In addition, a 1.0 million euro advance payment of revenues originating from technology sales was already recorded in 2006. As agreed at the end of the previous year, the Company took out a 1.0 million euro loan at the start of 2007 to replace a 2.0 million euro loan that was taken out to finance polysilicon stocks and paid back at the end of last year. Out of the total of 1.9 million euro investment-related payments, the Group's biggest payments related to the extension which is being built at the Vantaa plant in connection with the technology sale agreement with NorSun. At the end of the period, cash and cash equivalents amounted to 13.8 million euro (6.8 million euro). Return on equity amounted to 23.5 percent (24.8%). The Group's equity ratio strengthened, amounting to 51.2 percent (43.2%). Shareholders' equity per share amounted to 2.49 euro (2.12 euro). 4 PRODUCT DEVELOPMENT Product development accounted for 2.7 percent (2.3%) of Okmetic's net sales. The development of new wafer versions continued in relation to sensor wafers, as did the preparations for the customer industry's adoption of 200 mm wafers. A significant proportion of development resources were targeted at process development with the aim of improving yields and reducing the consumption of raw materials. PERSONNEL The average number of employees at Okmetic was 360 (335). At the end of the period, 313 of these were located in Finland, 45 in the US and two in Japan. The increase in the number of personnel is due to escalated production volumes and investments in sensor wafers. BUSINESS RISKS The majority of Okmetic's sales are concluded in US dollars and a small proportion in Japanese yen. Both currencies weakened during the first months of the year. Despite hedging, the Company remains vulnerable to exchange rate fluctuations. Just over half of Okmetic's sales are to customers operating in the semiconductor industry, which is known for its sensitivity to economic fluctuations. Okmetic believes that the availability of polycrystalline silicon, the principal raw material of silicon wafers, will remain low and that the increase in prices will continue. The Company has aimed to secure access to the raw material through long-term purchase agreements. The availability of polysilicon may suffer as the industry that relies on it as a raw material becomes increasingly multifaceted. This would lead to more and more of Okmetic's assets being tied to ensuring access to polycrystalline silicon. SHARE PRICE DEVELOPMENT AND TRADING A total of 3.2 million shares (3.2 million shares) were traded between 1 January and 31 March 2007, representing 18.9 percent (18.9%) of the share total of 16.9 million. The lowest quotation of the period was 3.34 euro (1.80 euro) and the highest was 4.38 euro per share (2.85 euro), with an average of 3.88 euro (2.30 euro). The closing quotation of the period was 3.85 euro (2.69 euro). The total market value of the share capital amounted to 65.0 million euro (45.4 million euro) at the end of the period. 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. OPTIONS Okmetic's option classes were merged into a single class and renamed 2000 A/B on 2 May 2003. Each warrant entitles its holder to subscribe for one share in the Company. In consequence of subscriptions, the Company's share capital may increase by a maximum of 554,800 new shares, i.e. by no more than 388,360 euro. These shares would then account for 3.2 percent of the entire share capital. 5 The subscription period for shares under the warrants ends on 31 May 2007. The subscription price for the shares is 7.00 euro each. No warrants had been converted to shares by 31 March 2007. BOARD OF DIRECTORS' AUTHORISATION TO INCREASE SHARE CAPITAL The Annual General Meeting held on 29 March 2007 authorised the Board of Directors to decide on new issues and other share entitlements according to the first paragraph of section 10 of the Finnish Companies Act. 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, however no later than 29 March 2008. DECISIONS OF OKMETIC OYJ'S ANNUAL GENERAL MEETING AND COMPOSITION OF THE BOARD OF DIRECTORS Okmetic Oyj's Annual General Meeting, which was held on 29 March 2007, adopted the Financial Statements for 2006, which also include the Consolidated Financial Statements, and discharged the members of the Board of Directors and the President from personal liability. No dividends will be distributed for the financial year 2006. The number of members of the Board of Directors was set at five. Mikko J. Aro, Karri Kaitue, Esa Lager, Pekka Paasikivi and Pekka Salmi were re-elected as members of the Board of Directors until the next Annual General Meeting. In its initial meeting held immediately after the Annual General Meeting, the Board appointed Mikko J. Aro as the Chairman and Karri Kaitue as the Vice Chairman. The Annual General Meeting set the annual remuneration of the members of the Board as follows: Chairman 34,800 euro, Vice Chairman 26,100 euro and other members 17,400 euro. PricewaterhouseCoopers Oy, Authorised Public Accountants, were appointed auditors with Markku Marjomaa, Authorised Public Accountant, acting as the principal auditor. The auditors will be remunerated against an invoice. Okmetic's Board of Directors was authorised to decide on new issues and other share entitlements according to the first paragraph of section 10 of the Finnish Companies Act as described above. The Annual General Meeting adopted the Board of Directors' proposal regarding amendments to the Articles of Association. The proposed amendments are mainly due to the new Finnish Companies Act, which entered into force on 1 September 2006, and are mostly of a technical nature. The main content of the proposed amendments is as follows: - Section 3 concerning the minimum and maximum share capital of the Company is removed as redundant. - The first paragraph of section 4 concerning the absence of par value of the shares is removed as redundant. - Section 5 concerning the record date procedure of the book-entry system is removed as redundant. 6 - Section 8 concerning the right to sign in the name of the Company is amended to correspond to the wording of the Companies Act. - Section 12 concerning the invitations to General Meetings is amended to the effect that the invitation can be delivered no earlier than three months prior to the General Meeting instead of the current two months. - Section 13 concerning the Annual General Meeting of Shareholders is amended to correspond to the amended legislation. - The numbering of the sections in the Articles of Association is amended to correspond to the above. The Articles of Association are enclosed. Vantaa, 3 May 2007 Board of Directors 7 FINANCIAL STATEMENTS JANUARY 1 - MARCH 31 2007 (unaudited) ACCOUNTING PRINCIPLES This Interim Report has been drafted in accordance with the recognition and measurement principles of IFRS, although not all of the requirements of IAS 34 have been observed and instead the report presents a so-called concise financial table. The accounting policies adopted are consistent with those followed in the preparation of the Group's annual Financial Statements for the year 2006 with the exception that 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 this Interim Report. CONDENSED CONSOLIDATED INCOME STATEMENT 1,000 euro 1.1.- 1.1.- 1.1.- 31.3.07 31.3.06 31.12.06 Net sales 17,322 15,912 63,694 Cost of sales -12,658 -12,012 -48,165 Gross profit 4,665 3,900 15,529 Other income and expenses -1,988 -1,194 -5,652 Operating profit/loss 2,677 2,706 9,877 Financial income and expenses -351 -545 -3,198 Profit/loss before taxes 2,326 2,161 6,679 Income taxes 1) 90 - 206 Profit/loss for the period 2,416 2,161 6,885 Basic and diluted earnings per share 0.14 0.13 0.41 1) The estimated income taxes for the period of 2007 include the tax loss carry-forwards of the Group companies. 8 CONDENSED CONSOLIDATED BALANCE SHEET 1,000 euro March 31, March 31, December 31, 2007 2006 2006 Assets Non-current assets Property, plant and equipment 47,927 56,316 47,821 Available-for-sale financial assets 1,159 2,109 1,502 Other receivables 1,233 238 123 Total non-current assets 50,319 58,663 49,446 Current assets Inventories 7,930 7,161 7,915 Receivables 10,224 10,496 9,036 Cash and cash equivalents 13,767 6,810 13,184 Total current assets 31,921 24,466 30,135 Total assets 82,240 83,130 79,581 Equity and liabilities Equity Share capital 11,821 11,821 11,821 Other equity 30,250 23,937 28,259 Total equity 42,071 35,759 40,080 Liabilities Non-current liabilities 22,168 16,224 21,294 Current liabilities 18,001 31,146 18,206 Total liabilities 40,169 47,371 39,501 Total equity and liabilities 82,240 83,130 79,581 9 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1,000 euro January 1- January 1- January 1- March 31, March 31, December 31, 2007 2006 2006 Cash flows from operating activities: Profit/loss before taxes 2,326 2,161 6,679 Adjustments 2,589 2,267 10,259 Change in working capital -3,227 -239 2,652 Interest and dividends received 103 30 172 Interest paid and other financial items -103 -263 -1,818 Taxes paid -60 - - Net cash from operating activities 1,628 3,957 17,945 Cash flows from investing activities: Proceeds from investing activities 60 92 4,777 Capital expenditure -1,910 -101 -1,203 Net cash used in investing activities -1,850 -9 3,574 Cash flows from financing activities: Payments of long- term borrowings -135 -490 -6,916 Proceeds of long- term borrowings 1,000 - 10,000 Payments of finance lease liabilities -48 -94 -343 Payments of short- term borrowings - -1,000 -15,500 Net cash used in financing activities 817 -1,584 -12,759 Increase (+) / decrease (-) in cash and cash equivalents 595 2,364 8,760 Exchange rate changes -12 -7 -27 Cash and cash equivalents at the beginning of the period 13,184 4,452 4,452 Cash and cash equivalents at the end of the period 13,767 6,810 13,184 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1,000 euro Share Share Trans- Fair Re- Total capital premium lation value tained equity diffe- reserve earnings rences Balance at Jan 1, 2007 11,821 20,256 669 -1,042 8,376 40,081 Available-for-sale financial assets: Fair value gains/ losses recognised directly in equity -343 -343 Translation differences -82 -82 Net income recognised directly in equity - - -82 -343 - -425 Profit/loss for the period 2,416 2,416 Total recognised income and expenses - - -82 -343 2,416 1,990 Balance at March 31, 2007 11,821 20,256 587 -1,385 10,792 42,071 Balance at Jan 1, 2006 11,821 36,401 759 -340 -14,655 33,987 Available-for-sale financial assets: Fair value gains/ losses recognised directly in equity -105 -105 Translation differences -284 -284 Net income recognised directly in equity - - -284 -105 - -388 Profit/loss for the period 2,161 2,161 Total recognised income and expenses - - -284 -105 2,161 1,773 Balance at March 31, 2006 11,821 36,401 475 -445 -12,494 35,759 11 COMMITMENTS AND CONTINGENCIES 1,000 euro March 31, March 31, December 31, 2007 2006 2006 Loans secured by mortgages or pledges 19,735 29,623 18,870 Mortgages 25,565 44,233 30,610 Other pledges 8,908 8,908 8,908 Off-balance sheet lease commitments 287 786 322 Nominal values of derivative contracts Currency forward agreements 789 3,353 3,355 Interest-rate swap contracts - 9,210 - Electricity derivatives 2,610 1,595 2,580 Fair values of derivative contracts Currency forward agreements 39 57 117 Interest-rate swap contracts - -3 - Electricity derivatives -41 578 80 The contract price of the derivatives has been used as the nominal value of the underlying asset. Derivative contracts are held for hedging. 12 KEY FIGURES SHOWING FINANCIAL PERFORMANCE January 1- January 1- January 1- March 31, March 31, December 31, 2007 2006 2006 Net sales 17,322 15,912 63,694 Change in net sales compared to the previous year's period, % 8.9 28.5 27.8 Export and foreign operations share of net sales, % 94.9 95.2 95.7 Operating profit/loss 2,677 2,706 9,877 % of net sales 15.5 17.0 15.5 Profit/loss before taxes 2,326 2,161 6,679 % of net sales 13.4 13.6 10.5 Return on equity, % 23.5 24.8 18.6 Return on investment, % 16.6 14.9 14.2 Non-interest bearing liabilities 13,584 10,676 13,770 Gearing, % 30.5 83.6 31.3 Equity ratio, % 51.2 43.2 51.1 Capital expenditure 2,453 101 1,671 % of net sales 14.2 0.6 2.6 Depreciations 2,038 2,133 8,486 Research and development expenditure 1) 466 362 1,731 % of net sales 2.7 2.3 2.7 Average number of personnel during the period 360 335 360 Personnel at the end of the period 360 337 365 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. 13 KEY FIGURES PER SHARE March 31, March 31, December 31, 2007 2006 2006 Earnings per share basic and diluted, euro 0.14 0.13 0.41 Equity per share, euro 2.49 2.12 2.37 Dividend per share, euro 0.00 0.00 0.00 Dividend/earnings, % - - - Price/earnings (P/E) 28.0 21.0 9.3 Share price development (Jan 1 -) Average trading price 3.88 2.30 3.11 Lowest trading price 3.34 1.80 1.80 Highest trading price 4.38 2.85 3.75 Trading price at the end of the period 3.85 2.69 3.69 Market capitalisation at the end of the period, 1,000 euro 65,017 45,427 62,315 Trading volume (Jan 1 -) Trading volume, transactions 3,193,947 3,184,264 16,500,162 In relation to weighted average number of shares, % 18.9 18.9 97.7 Trading volume, euro 12,400,841 7,288,531 51,312,696 The weighted average number of shares during the period under review adjusted by the share issue 16,887,500 16,887,500 16,887,500 The number of shares at the end of the period adjusted by the share issue 16,887,500 16,887,500 16,887,500 Adjusted average number of shares during the period including the dilution due to convertible loans and options 16,887,500 16,887,500 16,887,500 Adjusted average number of shares at the end of the period including the dilution due to convertible loans and options 16,887,500 16,887,500 16,887,500 14 QUARTERLY KEY FIGURES 10-12/2007 7-9/2007 4-6/2007 1-3/2007 Net sales 17,322 Compared to previous quarter, % 8.2 Operating profit/loss 2,677 % of net sales 15.5 Profit/loss before taxes 2,326 % of net sales 13.4 Net cash flow generated from: Operating activities 1,628 Investing activities -1,850 Financing activities 817 Increase/decrease in cash and cash equivalents 595 Personnel at the end of the period 360 10-12/2006 7-9/2006 4-6/2006 1-3/2006 Net sales 16,008 15,903 15,872 15,912 Compared to previous quarter, % 0.7 0.2 -0.3 13.7 Operating profit/loss 3,339 2,690 1,142 2,706 % of net sales 20.9 16.9 7.2 17.0 Profit/loss 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 and cash equivalents 5,669 2,641 -1,915 2,364 Personnel at the end of the period 365 368 379 337 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. OKMETIC OYJ Antti Rasilo President 15 For further information, please contact: President Antti Rasilo, Okmetic Oyj, Tel. +358 9 5028 0232, email: antti.rasilo@okmetic.com Senior Vice President, Finance Esko Sipilä, Okmetic Oyj, Tel. +358 9 5028 0286, email: esko.sipila@okmetic.com Appendix ARTICLES OF ASSOCIATION OF OKMETIC OYJ 1 Trade name and domicile of the Company The trade name of the Company is Okmetic Oyj and its domicile is Vantaa. 2 Objects of the Company The objects of the Company are product development, production and trade of materials in the electronics industry both in Finland and abroad as well as consulting, service and design activities relating to the above operations and materials used in the field of business. Within the objects of the Company, the Company may establish domestic or foreign corporations, obtain their shares, give collaterals and pledge its property. 3 Number of shares and book-entry system The minimum number of shares is nine million (9,000,000) and the maximum number is thirty-six million (36,000,000). The shares of the Company have been entered into the book-entry system. 4 Board of Directors The Board of Directors shall be responsible for the management of the Company and shall consist of at least three (3) and at the most eight (8) members. Additionally, at the most eight (8) deputy members may be elected to the Board of Directors. The term of office of the members of the Board of Directors shall expire at the end of the Annual General Meeting of Shareholders following the election. The Board of Directors shall have a quorum when more than half of its members are present. 5 President and Vice President The Board of Directors shall elect a President and a Vice President for the Company and decide on their remuneration. 6 Representation Authorised to represent the Company are the Chairman of the Board of Directors jointly with another member of the Board of Directors, the President severally, and the persons authorised by the Board of Directors to represent the Company. 16 7 Auditor The Company shall have one auditor. The auditor must be an auditor or an auditing entity approved by the Finnish Central Chamber of Commerce. The term of office of the auditor shall expire at the end of the Annual General Meeting of Shareholders following the election. 8 Financial period The financial period of the Company shall be a calendar year. 9 Time and place of the Annual General Meeting of Shareholders Shareholders shall meet annually at the Annual General Meeting of Shareholders that shall be held at the latest on June 30th. The Annual General Meeting of Shareholders may be held also in Helsinki or in Espoo. 10 Notice of the General Meeting The Board of Directors shall convene the General Meeting. The notice shall be delivered to each shareholder registered in the shareholders' register no earlier than 3 months and no later than 17 days in advance of the General Meeting by publishing the notice in one or more newspapers with wide circulation area selected by the Board of Directors or by delivering the notice by registered mail or by handing the notice to the shareholder against receipt. The shareholder must, in order to be able to participate at the General Meeting, give an advance notice of participation to the Company at the latest on the date specified in the notice of the General Meeting, which shall not be earlier than ten days prior to the meeting. 11 Annual General Meeting At the Meeting shall be presented: 1 the annual accounts and the annual report, and 2 the auditors report, decided upon: 3 the adoption of the annual accounts, 4 measures to which the profit of the adopted annual accounts may give rise and upon the date of distribution of the dividend, 5 the granting of discharge from liability to the Board members and the President, 6 the remuneration of the members of the Board of Directors and the Auditor, 7 the number of members of the Board of Directors, 8 other issues mentioned in the notice of the General Meeting, 17 elected: 9 the members of the Board of Directors, 10 the auditor of the Company. Distribution: Helsinki Exchanges Principal media IN BRIEF Okmetic - take it higher Okmetic is a technology Company that manufactures and carries out further processing on high-quality silicon wafers for the sensor and semiconductor industries. The Company also sells technology. Okmetic's wafers are part of a further processing chain, which produces end products that improve human interaction and quality of life. Okmetic's products are based on innovative product development, an efficient production process and a strong partner network. The Company offers its customers solutions that enhance their competitiveness and profitability. Okmetic has plants in Vantaa, Finland and in Allen, Texas in North America. The Company is quoted on the Helsinki Stock Exchange (Nordic Small Cap list: OKM1V). More information about the Company can be found at www.okmetic.com. |
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