2007-05-03 09:09:14 CEST
2007-05-03 09:09:14 CEST
REGULATED INFORMATION
Okmetic Oyj - Quarterly report
OKMETIC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2007
OKMETIC 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.
© 2023 Nasdaq, Inc. All Rights Reserved |