2016-02-04 07:00:41 CET
2016-02-04 07:00:41 CET
REGULATED INFORMATION
Okmetic Oyj - Financial Statement Release
Financial statements of Okmetic Oyj for 1 January - 31 December 2015: Strong financial year, net sales on a record level
OKMETIC OYJ FINANCIAL STATEMENTS RELEASE 4 FEBRUARY 2016 AT 8.00 A.M.
FINANCIAL STATEMENTS OF OKMETIC OYJ FOR 1 JANUARY-31 DECEMBER 2015: STRONG
FINANCIAL YEAR, NET SALES ON A RECORD LEVEL
OCTOBER-DECEMBER IN BRIEF:
* Net sales amounted to 20.0 (18.7) million euro, up 7.3 (10.9) %.
* Sensor wafer deliveries amounted to 11.8 (11.9) million euro, down 0.6 (up
16.8) %.
* Semiconductor wafer deliveries amounted to 7.6 (6.5) million euro, up 17.8
(down 5.4) %.
* Operating profit without non-recurring costs was 1.6 million euro
corresponding to 8.0% of net sales.
* Operating profit/loss was -1.7 (1.6) million euro, corresponding to -8.3
(8.5) % of net sales. Operating loss includes non-recurring restructuring
costs of 3.3 million euro related to the US-based epi plant wind-down
announced on 9 December 2015.
* Profit/loss for the period was -2.2 (1.1) million euro.
* Basic earnings per share was -0.13 (0.06) euro.
* Net cash flow from operations amounted to 5.4 (6.3) million euro.
JANUARY-DECEMBER IN BRIEF:
* Net sales amounted to 84.5 (74.1) million euro, up 14.1 (8.2) %.
* Sensor wafer deliveries amounted to 54.9 (46.1) million euro, up 18.9 (13.5)
%.
* Semiconductor wafer deliveries amounted to 29.6 (27.0) million euro, up 9.6
(down 4.2) %.
* Operating profit without non-recurring costs was 11.0 million euro
corresponding to 13.0% of net sales.
* Operating profit was 7.7 (6.4) million euro corresponding to 9.1 (8.6) % of
net sales. Operating profit includes non-recurring restructuring costs of
3.3 million euro related to the US-based epi plant wind-down announced on 9
December 2015.
* Profit for the period was 4.8 (4.8) million euro.
* Basic earnings per share was 0.29 (0.29) euro.
* Net cash flow from operations amounted to 14.7 (12.5) million euro.
* The board of directors proposes to the annual general meeting that a
dividend of 0.45 euro per share will be paid for the financial year 2015
(total of 7.6 million euro).
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 of the previous year.
SHORT-TERM OUTLOOK
Demand for Okmetic's advanced sensor wafers is expected to remain on a growth
track in 2016. Sensor wafers have more stable demand and prices than
semiconductor wafers or silicon wafers used in the manufacture of discrete
semiconductors and analog circuits (Discrete & Analog, D&A), and they are also
traditionally less sensitive to economic fluctuations. D&A wafers replaced
semiconductor wafers as one of Okmetic's two customer segments at the beginning
of 2016. The D&A market is anticipated to see moderate growth in 2016, with
different applications for the Internet of Things serving as the major growth
drivers.
The market slowed in December 2015 and is quieter than usual in early 2016,
particularly due to forecasts of lacklustre smartphone sales and the ensuing
inventory adjustments across the entire value chain. Demand is expected to pick
up again from the second quarter onwards.
FINANCIAL GUIDANCE FOR 2016
In 2016, net sales and operating profit without non-recurring costs are
estimated to exceed the level of 2015.
PRESIDENT KAI SEIKKU:
"Okmetic exceeded its targets in the financial year 2015. Net sales (84.5
million euro) reached a record high, driven by commercial success and positive
exchange rate movements. Despite a drop of over eight percent in the average
price level in the silicon wafer market, Okmetic was able to increase the
average prices of its own silicon wafers by 10 percent. This spike in average
prices was enabled by a long-term development work aimed at a shift in the
product mix towards high-performance wafers and a larger wafer size. The total
surface area of wafer deliveries was practically the same, but the average
prices were approximately 40 percent higher than in 2010. This is a unique
development in the silicon wafer industry and also testament to the fact that
Okmetic's chosen strategy clearly sets it apart from other companies in the
industry.
Key operating expenses grew at a slower rate than net sales. This improved the
company's sales margin as well as EBITDA and operating profit without non-
recurring restructuring costs. Operating profit without non-recurring costs
improved by over 70 percent to 11.0 million euro, corresponding to 13.0 percent
of net sales. Net cash flow from operating activities (14.7 million euro) was
very strong. In relation to the wind-down of the EPI plant in Allen, Texas, 3.3
million euro was entered as non-recurring restructuring costs for the final
quarter. The wind-down of the plant by the end of 2016 is a logical step in the
company's strategy to focus on the manufacture of high-performance silicon
wafers. The measure will help the company improve its sales margin and cut down
fixed costs, with the effects expected to be seen from 2017 onwards.
Sensor wafer deliveries saw strong growth (18.9 percent) in 2015. Semiconductor
wafers also showed strong growth (9.6 percent), but, in relative terms, the
growth was slower than in sensor wafers. The North American market area gained
further momentum on the back of strong sensor wafer sales and favourable
exchange rate movements. The market area's share of all deliveries increased to
45 percent. Sales in Asia were up, driven by semiconductor wafers in particular.
In Europe, sensor wafer sales increased slightly, but due to the slowing demand
for semiconductor wafers, the market area did not reach the level of the
previous year.
The semiconductor market and the demand for silicon wafers decelerated notably
in the second quarter. Volumes of Okmetic's deliveries remained high up until
November when customers began to reduce their inventory levels. The
semiconductor industry experienced a major wave of consolidation over the period
under review. Mergers and acquisitions activity rose to a record high level in
terms of value, representing an almost nine-fold increase on the five-year
average. Further consolidation is expected in 2016, fundamentally reshaping the
industry.
In the period under review, Okmetic took measures to release working capital.
These measures are expected to lower working capital from financial years 2016
to 2017 onwards, with the freed-up capital enabling investments to support the
growth strategy and helping the company to maintain its strong financial
position."
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,
2015 2014 2015 2014 2013
Net sales 20,040 18,679 84,540 74,104 68,516
Operating
profit
before
depreciation
(EBITDA) 849 3,240 15,115 12,985 10,905
Operating profit without
non-recurring
restructuring costs 1,595 1,579 10,972 6,401 5,031
% of net sales 8.0 8.5 13.0 8.6 7.3
Operating
profit/loss -1,660 1,579 7,718 6,401 5,031
% of net sales -8.3 8.5 9.1 8.6 7.3
Profit/loss for
the period -2,212 1,083 4,832 4,832 3,842
Basic earnings
per share, euro -0.13 0.06 0.29 0.29 0.23
Net cash flow
from operating
activities 5,399 6,270 14,716 12,478 9,726
Net interest-
bearing
liabilities 2,283 -1,110 2,283 -1,110 6,530
Equity ratio, % 64.0 70.5 64.0 70.5 68.2
Average number
of personnel
during the period 386 365 394 370 363
MARKETS
Semiconductor industry
Sales in the semiconductor industry took a downward turn in the third quarter of
2015. The industry's sales for the first eight months of 2015 were, however,
nearly four percent higher than in the corresponding period last year (SIA).
While the final quarter is estimated to have been weaker than the rest of the
year, estimates put market growth for the whole year 2015 at approximately one
percent compared to the previous year (IC Insights, SIA, VLSI, WSTS). The
slowing down of the semiconductor market in late 2015 resulted from seasonal
fluctuations, exchange rate effects, stagnant smartphone and tablet markets as
well as developments in world economy, and China in particular, that are
affecting the automotive industry and consumption in general.
Growth for 2016 is projected at an average of three percent in terms of value,
with sales estimated at around 341 billion US dollars (VLSI, WSTS).
Sensor industry
In 2015, the sales value in the sensor industry is estimated to have grown by
slightly below 10 percent, and an annual growth rate of more than 10 percent is
expected for the next few years. In terms of volume, sensor deliveries are
likely to clearly rise to a record level in 2016. The sensor wafer sales have
been spurred by the proliferation of mobile devices in particular. (IHS, Yole
Développement)
Certain silicon-based microelectromechanical (MEMS) products within the sensor
segment have higher sales growth than the others. As a result of the increasing
amount of sensors in mobile devices, the demand for e.g. pressure sensors and
microphones has surged. 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.
Discrete semiconductor and analog circuits industries (Discrete & Analog)
The discrete semiconductor market is estimated to grow around one percent in
2016 and around four percents in 2017. Analog circuits market is estimated to
grow around three percents in 2016 and around four percents in 2017. (WSTS)
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 by eight
percent in the first half of the year compared to the corresponding period in
2014 and were at a record-high level. According to the company's own estimate,
the silicon wafer market declined slightly in the last quarter of the year due
to seasonal fluctuation in the semiconductor market. An annual growth of 1-3
percent in surface area is estimated for the silicon wafer market for the years
2015-2017 (SEMI).
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. The company supplies primarily 150 mm and 200 mm wafers.
The sensor/MEMS industry has been a key growth area for Okmetic for a long time.
The use of sensors and their requirement level are expected to keep growing
owing to proliferation of sensor applications in the automotive industry,
industrial process control and in portable devices like smartphones, cameras,
game consoles, and wearable electronics. In the future, a central growth driver
for the sensor industry will be the Internet of Things, which will utilise
sensor-produced data in communication between devices.
In the semiconductor market, growth areas include wafers for the production of
discrete and power semiconductors as well as analog circuits. 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. Okmetic has launched new products for
these areas.
SALES
In 2015, net sales grew by 14.1 (8.2) percent from the previous year and
amounted to 84.5 (74.1) million euro. The value of sensor wafer deliveries grew
by 18.9 (13.5) percent and the value of semiconductor wafers grew by 9.6
(declined by 4.2) percent.
Growth of silicon wafer net sales (97% of the company's net sales) with
comparable US dollar exchange rate was 2.8 percent in January-December and 1.0
percent in October-December compared to the corresponding period last year.
Value of deliveries per customer area
1,000 euro 1 Oct- 1 Oct- 1 Jan- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec, 31 Dec,
2015 2014 2015 2014 2013
Sensor wafers 1) 11,817 11,888 54,857 46,119 40,647
Semiconductor wafers 7,617 6,464 29,601 27,001 28,193
Total 19,434 18,352 84,458 73,120 68,840
1) The category sensor wafers includes all high value-added special wafers.
Demand for sensor wafers continued to be strong in 2015 and saw growth compared
to 2014. Compared to 2014, the strong growth in production and delivery volumes
of the strategically important SOI wafers was particularly positive.
The value of semiconductor wafer deliveries grew in 2015. In terms of value of
deliveries the third quarter of the year was the best for semiconductor wafers,
typical for the industry.
Value of deliveries per market area
1,000 euro 1 Oct- 1 Oct- 1 Jan- 1 Jan- 1 Jan-
31 Dec, 31 Dec, 31 Dec, 31 Dec, 31 Dec,
2015 2014 2015 2014 2013
North America 8,787 7,123 38,366 27,799 28,716
Europe 6,605 7,128 28,275 29,554 27,663
Asia 4,042 4,101 17,817 15,767 12,461
Total 19,434 18,352 84,458 73,120 68,840
In 2015, the value of deliveries showed strong growth in North America due to
increased demand and favourable US dollar exchange rate development. In Europe,
the value of deliveries decreased compared to the corresponding period last
year. In Asia, which is of strategic importance, the value of deliveries grew
from 2014.
As of financial year started on 1 January 2016, the company will report the net
sales of its new customer segments, Sensor wafers and Discrete&Analog wafers
(D&A wafers), as well as net sales of its market areas instead of value of
deliveries.
PROFITABILITY
October-December
Operating profit/loss was -1.7 (1.6) million euro corresponding to -8.3 (8.5)
percent of net sales. In October-December, operating profit without non-
recurring restructuring costs related to the wind-down of US-based epi plant was
1.6 million euro corresponding to 8.0 percent of net sales.
The non-recurring restructuring costs related to the wind-down of epi plant
totaling to 3.3 million euro had an effect on the group result in the final
quarter of the year. The non-recurring restructuring costs consisted of the
following payments: impairment of inventories 1.5 million euro, impairment of
property, plant and equipment 0.9 million euro and costs related to termination
of employments 0.9 million euro.
Profit/loss for the period was -2.2 (1.1) million euro. Basic earnings per share
was -0.13 (0.06) euro. Diluted earnings per share was -0.13 (0.06) euro.
January-December
Operating profit amounted to 7.7 (6.4) million euro, corresponding to 9.1 (8.6)
percent of net sales. In January-December, operating profit without non-
recurring costs related to the wind-down of epi plant was 11.0 million euro
corresponding to 13.0 percent of net sales. Operating profit was improved due to
strong sales growth in high-performance wafers and SOI wafers in particular, as
well as strengthening of US dollar compared to euro. Profit for the period was
4.8 (4.8) million euro. Basic earnings per share was 0.29 (0.29) euro. Diluted
earnings per share was 0.28 (0.29) euro.
FINANCING
The company's financial position is solid. In 2015, net cash flow from
operations amounted to 14.7 (12.5) million euro. Especially in the last quarter
of the year, the net cash flow from operations, 5.4 (6.3) million euro, was yet
again good as in the corresponding period last year.
The company's interest-bearing liabilities amounted to 11.8 (13.3) million euro
on 31 December 2015. At the end of the period, cash and cash equivalents
amounted to 9.5 (14.4) million euro. The company's net interest-bearing
liabilities amounted to 2.3 (-1.1) million euro on 31 December 2015. The company
has ensured liquidity with credit facilities of 6.0 million euro. On 31 December
2015, the credit facilities were fully unused (as well as on 31 December 2014).
Return on equity was 8.0 (8.0) percent. Return on investment was 10.4 (8.7)
percent. The company's equity ratio was 64.0 (70.5) percent. Equity per share
amounted to 3.41 (3.77) euro.
CAPITAL EXPENDITURE
In 2015, capital expenditure amounted to 10.8 (3.6) million euro. The
investments focused mainly on increasing capacity and capability of SOI and 200
mm wafers.
In May, the board of directors of Okmetic Oyj approved investments of 8.4
million euro in total in the Vantaa plant. The investments are targeted at the
manufacture of 200 mm silicon wafers as well as production and capability of
more advanced SOI wafers. The investments are scheduled for productional use
during 2016. Okmetic published a stock exchange release concerning the
investment decision on 28 May 2015.
PRODUCT DEVELOPMENT
In 2015, the company expensed 2.6 (2.5) million euro in product development
projects, corresponding to 3.1 (3.3) percent of net sales. Product development
costs have not been capitalised.
During 2015, the company continued to further improve the performance of its
wafers, with a focus on 200 mm wafers. A majority of development work was
targeted at the growing product area of specialty wafers, such as High Voltage
SOI; the C-SOI wafer concept, which is constantly being enhanced; the further
development of Through Silicon Vias (TSV) in wafers; and the improvement of the
crystal growing and wafer process for silicon used in radio frequency (RF)
applications. The year also saw Okmetic introduce a new, highly advanced SOI
process to its customers. This process, which is being further developed,
enables a significant reduction in the layer thickness tolerance of BSOI wafers.
SOI wafers are used in the manufacture of advanced MEMS sensors and power
management circuits.
In 2015, long-term research into silicon material with Finnish and international
universities and research institutions continued. The company also participated
in a number of national and EU-funded technology projects.
CORPORATE SOCIAL RESPONSIBILITY
Okmetic has voluntarily adopted The Electronic Industry Citizenship Coalition
(EICC®) Code of Conduct. The company's corporate social responsibility policy is
formulated based on this guidance.
The company encourages its subcontractors to social responsibility and requires
them to agree with the principles of corporate social responsibility policy.
The company's key 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.
The company'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 394 (370) people in 2015. At the end of the year,
Okmetic employed 387 (367) people of which 338 worked in Finland, 43 in the US,
five in Japan, and one in Hong Kong. Women accounted for 26 (27) percent and men
74 (73) percent of the personnel. White-collar employees accounted for 39 (37)
percent and blue-collar employees for 61 (63) percent of the personnel. The
average age of employees was 44 (44) years and the average length of employment
was 11.7 (11.7) years.
Throughout the organisation, salaries and bonuses are based on the level of
skills required in each position. In 2015, salaries and bonuses amounted to
24.6 (21.7) million euro including 0.9 (-) million euro costs related to
termination of employments due to the wind-down of US-based epi plant. 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 2015, Okmetic arranged on average 4.3 (2.2) training
days per employee.
HEALTH AND SAFETY
In 2015, the number of accidents at work dropped by 24 percent (dropped by 11%)
from the previous year. Work place -related injury frequency in 2015 was 6.8
(7.2). Work place -related injury frequency is measured as the number of work
place -related injuries per million working hours that cause a sickness leave of
longer than three days.
The number of sickness absences was up from the previous year. The number of
working days lost due to sickness or injury in 2015 amounted to 3.6 (3.2)
percent of total hours worked. Okmetic's disability pension contribution
category in 2015 was 1 (4). In 2016, 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 competitiveness and
profitability.
Measures devised for eliminating environmental risks are integrated to
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.
In the area of environmental management, the company ran several projects
targeted at more efficient use of polysilicon, which in turn will reduce the use
of raw materials. As a first step to improve the management of chemical data,
Okmetic will in 2016 transfer all safety data sheets to the new document
management system to guarantee easy access for everyone.
The company 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 2015. 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 2015 are as follows:
2015 2014
Energy consumption (GWh)
* Electricity 35.4 30.5
* District heating 2.9 4.7
Water consumption (tm(3))
* Water 629 575
* Waste water 519 486
Waste volumes (tn)
* Hazardous waste 278 265
* Ordinary waste 450 371
All waste can be recycled. No landfill waste is produced.
SHORT-TERM RISKS
There have been no significant changes in the company's near future risks and
uncertainties. However, changes in macro economy may indirectly have an
influence also on Okmetic's business.
Business is confronted by risks, which may arise from the company's operations
or changes in its operating environment. Risks that, if materialised, can have
an adverse effect on the company's operations and valuation are described below.
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. In addition, the
consolidation of customer companies might be a risk for the company's wafer
sales.
An estimate of the costs related to the wind-down of the US-based epi plant has
been entered in the financial statements of 2015. The actual costs may, however,
vary slightly from the estimate.
The company has existing polysilicon purchasing obligations partly until 2016.
Due to the purchasing obligations, the company's net working capital will remain
at a high level relative to the size of the operation far into 2016.
Okmetic's share of the global silicon wafer market is around one percent, and
market prices have a notable effect on the price development of the company's
products. The company has considerable pricing power only with 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 volumes 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 2015, 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 31 Dec, 2015
Shares, Share,
pcs %
Ilmarinen Mutual Pension Insurance
Company 1,004,985 5.81
Oy Ingman Finance Ab 900,000 5.21
Mandatum Life Insurance
Company Ltd. 800,000 4.63
The State Pension Fund 600,000 3.47
Nordea Nordic Small Cap Fund 565,820 3.27
Varma Mutual Pension Insurance
Company 477,175 2.76
Okmetic Oyj 406,129 2.35
Oy Etra Invest Ab 400,000 2.31
Taaleritehdas Mikro Markka Fund 229,456 1.33
Kaleva Mutual Insurance Company 212,700 1.23
10 largest owners total 5,596,265 32.37
Nominee registered 3,232,165 18.70
Other 8,459,070 48.93
Total 17,287,500 100.00
Shareholders by group on 31 Dec, 2015
Shares, Share,
pcs %
Private companies 3,084,906 17.84
Financial and insurance institutions 5,070,665 29.33
Public sector organisations 2,082,160 12.04
Households 6,777,358 39.20
Non-profit organisations 224,488 1.30
Foreign investors 47,923 0.28
Total 17,287,500 100.00
Nominee registered 3,232,165 18.70
Distribution of shareholdings on 31 Dec, 2015
% of
Shares, Number of % of Shares, share
pcs shareholders shareholders pcs capital
1-100 1,522 18.68 103,276 0.60
101-500 3,711 45.54 1,070,026 6.19
501-1,000 1,437 17.64 1,172,533 6.78
1,001-5,000 1,256 15.41 2,655,654 15.36
5,001-10,000 126 1.55 906,916 5.25
10,001-50,000 74 0.91 1,560,365 9.03
50,001-100,000 7 0.09 508,759 2.94
100,001-500,000 9 0.11 2,549,994 14.75
500,001- 6 0.07 6,759,977 39.10
Total 8,148 100.00 17,287,500 100.00
SHARE PERFORMANCE AND TRADING
A total of 5.2 (3.8) million shares were traded between 1 January and 31
December 2015, representing 29.8 (21.9) 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 4.80 (4.28) euro, and the highest 7.70 (5.25) euro, with
the average being 6.48 (4.68) euro. The closing quotation for the period was
7.24 (4.83) euro. At the end of the period, market capitalisation amounted to
125.2 (83.5) million euro.
Okmetic is listed on the Small Cap list of Nasdaq Helsinki Ltd 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
In January 2015, the company distributed a dividend of 0.30 euro per share
(total of 5.1 million euro) based on a decision of the extraordinary general
meeting. In April 2015, the company distributed a dividend of 0.15 euro per
share (total of 2.5 million euro) for the year 2014. In December 2015, the
company distributed an additional dividend of 0.25 euro per share (total of 4.2
million euro) based on the authorisation given by the annual general meeting.
The company has distributed a total of 0.70 euro per share as dividends in 2015
(total of 11.8 million euro). During 2014 no dividends were distributed.
AUTHORISATIONS OF THE BOARD OF DIRECTORS
Authorisation of the board of directors to resolve on the distribution of
additional dividend
The annual general meeting, held on 14 April 2015, authorised the board of
directors to decide at its discretion on the payment of dividends should the
company's financial situation permit this. The additional dividend paid on the
basis of the authorisation, summing up all possible separate decidions on
dividend payment, may amount up to a maximum of 0.60 euro per share and
10,200,000 euro in total. In December 2015, the company distributed an
additional dividend of 0.25 euro per share (total of 4.2 million euro) based on
this authorisation.
Authorisation of the board of directors to decide on the repurchase and/or
acceptance as pledge of the company's own shares
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 864,375 shares, which represent
approximately five 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 other market-based price. The board of directors has not used
this authorisation.
Authorisation of the board of directors to decide on issuance of shares,
transfer of the company's own shares and issuance of special rights entitling to
shares
The annual general meeting authorised the board of directors to decide on
issuance of shares, transfer of the company's own shares and issuance of special
rights entitling to shares according to Chapter 10, Secion 1 of the Finnish
Limited Liability 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 has not
used this authorisation.
The decisions of the annual general meeting and the authorisations of the board
of directors are represented in a stock exchange release published on 14 April
2015.
OWN SHARES AND DIRECTED SHARE ISSUES
According to the decision of the annual general meeting held on 14 April 2015,
Okmetic Oyj transferred a total of 10,634 shares to the board members as payment
of the annual remuneration on 20 May 2015.
At the end of the year, the company held a total of 406,129 (416,763) own
shares, which is approximately 2.3 (2.4) percent of Okmetic's all shares and
votes.
OTHER EVENTS DURING THE FINANCIAL YEAR
The company announced of the renewal of its customer segmentation and of its new
long-term financial targets in its Capital Markets Day held on 2 October 2015.
The new customer segments are Sensor wafers and Discrete&Analog wafers (D&A
wafers). The change in customer segmentation facilitates the company's
positioning in the semiconductor industry's value chain and better reflects the
company's business focus. The Sensor wafer segment includes silicon wafers used
for MEMS and other sensor applications. The D&A wafer segment consists of high
resistivity wafers and High Voltage SOI wafers included in Sensor wafer category
until the end of 2015 as well as of other semiconductor wafers. As a result of
these changes, Okmetic has two growing customer segments that are equal in size.
New customer segmentation is applied in financial reporting as of the financial
year started on 1 January 2016. At the same time, the company will start
reporting net sales of the two customer segments instead of the value of
deliveries.
Following the changes in customer segmentation, Okmetic updated its long-term
financial targets. As of 1 January 2016, they are as follows:
- Organic growth of net sales 5-10 percent per annum (before organic growth of
sensor wafer business at 10 percent per annum or more)
- Operating profit 10-15 percent of net sales (before operating profit 10
percent of net sales or more)
On 9 December 2015, Okmetic announced that it has decided to phase out of its
epitaxial deposition business and close down its Allen plant located in the
United States that is focused on epitaxial deposition of silicon wafers. The
facility will be wound down gradually by the end of 2016. The closure of the
unit, which has become unprofitable, will improve the company's operating profit
and cash flow after the wind-down, and will also free up capital for other key
strategic projects. In 2014, the net sales of the Allen facility amounted to
11.1 million euro.
The closure of the plant will affect 39 employees. The company will support them
with redundancy packages and help them find new employment. The closure will not
affect the organisation of US sales and customer support, which will continue at
its present strength. Okmetic will continue to invest strongly in its growth and
presence in the North American market.
NOTIFICATIONS OF CHANGES IN HOLDINGS
The company did not receive notifications of changes in holdings during 2015.
SHARE OPTION PLAN
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 share
options to the key managers of Okmetic. In addition to the executive management
group, key managers include also other managers of Okmetic.
As a precondition for being eligible to receive the share options, the key
managers were required to invest in Okmetic shares. According to the investment
requirement, the key managers were required to hold in the aggregate 262,600
Okmetic shares to be eligible to receive all of the share options.
The share options were, in deviation from the shareholders' pre-emptive
subscription right, offered to the key managers of Okmetic. The maximum total
number of share options offered was 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 share option entitles participants to
subscribe for one share. The shares subscribed with the share options may either
be new shares issued by the company or existing shares held by the company. Of
the share options, 320,000 were marked with the symbol 2013 A and 550,000 with
the symbol 2013 B. The share options were issued free of charge.
The share subscription price for the share options 2013 A is 5.75 euro and for
the share options 2013 B 6.00 euro. Possible dividends and capital repayments
from the invested unrestricted equity reserve distributed before the share
subscription shall be deducted from the share subscription price. At the end of
2015, the subscription price for the share options 2013 A was 4.98 euro and for
the share options 2013 B 5.23 euro.
The share subscription period for 25 percent of the share options 2013 A and
2013 B (A1 and B1) will commence on 5 February 2016 and for 75 percent of the
share options 2013 A and 2013 B (A2 and B2) on or about 1 February 2017. The
share subscription period for all the share options ends on 31 March 2018.
Should an award holder's employment in a group company terminate prior to the
share subscription period, his or her share 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 share option awards. On 17 December
2015, the board of directors decided that share investment requirement is no
longer valid as of 5 February 2016 when the share subscription period begins.
On 31 December 2015, the total number of share options issued to the key
managers at Okmetic was 610,000 (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 share option plan. A total of 97.9
(137.8) thousand euro was accrued as share option related cost in the financial
statements for 2015.
MANAGEMENT AND AUDITOR
In 2015, Okmetic's board of directors comprised Jan Lång as vice chairman until
14 April and as chairman as of 14 April, Henri Österlund as chairman until 14
April and as vice chairman as of 14 April, and members of the board Hannu
Martola, Mikko Puolakka, Mervi Paulasto-Kröckel (until 14 April) and Riitta
Mynttinen (as of 14 April).
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; 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. Ms.
Vuorikari-Antikainen is also responsible for technical customer support.
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 2015, the parent
company's distributable earnings amount to 14,665,302.18 euro. No significant
changes have taken place in the company's financial position after the end of
the financial year.
The board of directors proposes to the annual general meeting that a dividend of
0.45 euro per share will be paid for the financial year 2015 (total of 7.6
million euro).
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 DECEMBER 2015
(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 2014 except for the
effect of changes required by the adoption of the new or revised IFRS standards
and IFRIC interpretations as of 1 January 2015, which have been described in
financial statements 2014. 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,
2015 2014 2015 2014
Net sales 20,040 18,679 84,540 74,104
Cost of sales -18,996 -14,811 -65,759 -58,909
Gross profit 1,044 3,868 18,781 15,195
Other income
and expenses -2,704 -2,289 -11,063 -8,794
Operating
profit/loss -1,660 1,579 7,718 6,401
Financial
income and
expenses -156 -322 -370 -350
Profit/loss
before tax -1,816 1,257 7,348 6,051
Income tax -396 -174 -2,516 -1,219
Profit/loss for
the period -2,212 1,083 4,832 4,832
Other
comprehensive
income:
Items that may be
reclassified to profit or
loss in subsequent
periods
Cash flow hedges 24 -28 20 -11
Translation
differences 143 325 759 891
Other
comprehensive
income for the
period, net of
tax 167 296 779 880
Total
comprehensive
income for
the period -2,045 1,379 5,612 5,712
Profit/loss for the
period
attributable
to:
Equity holders
of the parent
company -2,212 1,083 4,832 4,832
Total
comprehensive
income
attributable
to:
Equity holders
of the parent
company -2,045 1,379 5,612 5,712
Basic earnings
per share,
euro -0.13 0.06 0.29 0.29
Diluted
earnings per
share, euro -0.13 0.06 0.28 0.29
CONDENSED CONSOLIDATED BALANCE SHEET
1,000 euro 31 Dec, 31 Dec,
2015 2014
Assets
Non-current assets
Property, plant and
equipment 46,532 42,538
Intangible assets 329 657
Other receivables 164 794
Total non-current
assets 47,025 43,990
Current assets
Inventories 17,477 17,890
Receivables 16,156 14,347
Cash and cash
equivalents 9,468 14,436
Total current
assets 43,101 46,672
Total assets 90,127 90,662
Equity and liabilities
Equity
Equity attributable
to equity holders of
the parent company
Share capital 11,821 11,821
Other equity 45,787 51,805
Total equity 57,608 63,627
Liabilities
Non-current
liabilities 12,004 13,561
Current liabilities 20,514 13,475
Total liabilities 32,519 27,036
Total equity and
liabilities 90,127 90,662
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2015 2014
Cash flows from operating
activities:
Profit before tax 7,348 6,051
Adjustments 8,082 6,494
Change in working capital 1,102 352
Financial items -655 -486
Tax paid -1,161 67
Net cash from
operating activities 14,716 12,478
Cash flows from investing
activities:
Purchases of property,
plant and equipment -7,579 -4,345
Proceeds from sale of property,
plant and equipment - 710
Net cash used in
investing activities -7,579 -3,635
Cash flows from financing
activities:
Proceeds from long-term
borrowings 1,000 5,000
Proceeds from short-
term borrowings - 4,000
Payments of long-term
borrowings -2,000 -3,000
Payments of short-term
borrowings - -4,024
Payments of finance
lease liabilities -641 -595
Other items - 36
Dividends paid -11,193 -578
Share issue - 750
Acquisition of Okmetic
Management Oy's
share capital - -1,539
Net cash used in
financing activities -12,834 50
Increase (+) /
decrease (-) in cash
and cash equivalents -5,698 8,893
Exchange rate changes 730 329
Cash and cash
equivalents at
the beginning
of the period 14,436 5,214
Cash and cash
equivalents at
the end of the
period 9,468 14,436
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, 2014 11,821 20,045 753 2,636 28,372 63,627
Profit for
the period 4,832 4,832
Other com-
prehensive
income, net
of tax:
Cash flow
hedges 20 20
Translation
differences 759 759
Total com-
prehensive
income for
the period 779 4,832 5,612
Share-based
payments 182 182
Dividend
distribution -11,812 -11,812
Balance at
31 Dec, 2015 11,821 20,045 753 3,415 21,574 57,608
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 891 891
differences
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
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 the parent company on
30 November 2014.
RESTRUCTURING COSTS
Restructuring costs related to the wind-down of the US-based epi plant - the
impact on the group's income statement 1 January-31 December 2015
1,000 euro Without Restructuring Total
restructuring costs
costs
Net sales 84,540 - 84,540
Cost of sales -62,887 -2,872 -65,759
Gross profit 21,653 -2,872 18,781
Other income
and expenses -10,681 -382 -11,063
Operating profit 10,972 -3,255 7,718
Breakdown of restructuring costs
1,000 euro 1 Jan-
31 Dec,
2015
Impairment of inventories -1,481
Impairment of property, plant
and equipment -872
Costs related to termination of
employments -901
Total -3,255
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2015 2014
Carrying amount at the beginning
of the period 42,538 45,295
Additions 10,834 3,627
Disposals -65 -520
Depreciation and impairment
losses -7,070 -6,257
Exchange differences 296 393
Carrying amount at the end of
the period 46,532 42,538
COMMITMENTS AND CONTINGENCIES
1,000 euro 31 Dec, 31 Dec,
2015 2014
Loans, secured with collaterals 6,000 7,000
Collaterals 15,110 15,110
Off-balance sheet
lease commitments 244 308
Capital commitments 5,336 2,689
Nominal values of
derivative contracts
Currency options, call 528 1,193
Currency forward agreements 5,268 3,979
Electricity derivatives 351 1,076
Fair values of
derivative contracts
Currency options, call 1 6
Currency forward agreements -93 -85
Electricity derivatives -185 -244
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, 2015 31 Dec, 2014
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial assets
Derivative financial
instruments - 20 - - 6 -
Financial liabilities
Derivative financial
instruments 185 112 - 244 85 -
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 or liability 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 values of electricity derivatives are based on quoted market prices.
The fair values of currency forwards and options are 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 1,621,496 (1,877,931) euro. The
compensation includes share-based payments and the board of directors'
remuneration paid as shares, 242,312 (450,120) euro.
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
1,000 euro 1 Jan- 1 Jan-
31 Dec, 31 Dec,
2015 2014
Net sales 84,540 74,104
Change in net sales
compared to the previous
year's period, % 14.1 8.2
Export and foreign
operations share
of net sales, % 91.5 90.7
Operating profit before
depreciation (EBITDA) 15,115 12,985
% of net sales 17.9 17.5
Operating profit 7,718 6,401
% of net sales 9.1 8.6
Profit before tax 7,348 6,051
% of net sales 8.7 8.2
Return on equity, % 8.0 8.0
Return on investment, % 10.4 8.7
Non-interest-bearing
liabilities 20,768 13,710
Net interest-bearing
liabilities 2,283 -1,110
Net gearing ratio, % 4.0 -1.7
Equity ratio, % 64.0 70.5
Capital expenditure 10,834 3,627
% of net sales 12.8 4.9
Depreciation and impairment
losses 7,397 6,584
Research and development
expenditure 2,580 2,472
% of net sales 3.1 3.3
Average number of
personnel during
the period 394 370
Personnel at the
end of the period 387 367
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
Euro 31 Dec, 31 Dec,
2015 2014
Basic earnings per share 0.29 0.29
Diluted earnings per share 0.28 0.29
Equity per share 3.41 3.77
Dividend per share 1) 0.45 0.70
Dividends/earnings, % 155.2 241.4
Effective dividend yield, % 6.2 14.5
Price/earnings(P/E) 25.3 16.8
Share performance (1 Jan-)
Average trading price 6.48 4.68
Lowest trading price 4.80 4.28
Highest trading price 7.70 5.25
Trading price at the
end of the period 7.24 4.83
Market capitalisation at the
end of the period, 1,000 euro 125,162 83,499
Trading volume (1 Jan-)
Trading volume,
transactions, 1,000 pcs 5,153 3,778
In relation to weighted
average number of shares, % 29.8 21.9
Trading volume, 1,000 euro 33,386 17,704
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
When calculating earnings per share and equity per share, Okmetic's own shares
are deducted from the total number of shares.
1) The figure for 2014 contains the dividend distributed in January 2015, 0.30
euro per share; the dividend distributed in April 2015, 0.15 euro per share; and
the dividend distributed in December, 0.25 euro per share. The board of
directors proposes to the annual general meeting that a dividend of 0.45 euro
per share will be paid for the financial year 2015 (total of 7.6 million euro).
QUARTERLY KEY FIGURES
1,000 euro 10-12/ 7-9/ 4-6/ 1-3/
2015 2015 2015 2015
Net sales 20,040 20,820 22,068 21,612
Compared to previous quarter % -3.7 -5.7 2.1 15.7
Compared to corresponding
period last year, % 7.3 7.8 18.0 24.2
Operating profit/loss -1,660 3,540 2,914 2,923
% of net sales -8.3 17.0 13.2 13.5
Profit/loss before tax -1,816 3,477 2,906 2,781
% of net sales -9.1 16.7 13.2 12.9
Net cash flow generated from:
Operating activities 5,399 4,761 3,660 896
Investing activities -3,301 -1,913 -625 -1,740
Financing activities -3,767 -1,159 -2,687 -5,221
Increase/decrease in cash
and cash equivalents -1,669 1,688 348 -6,064
Personnel at the end of the period 387 384 426 375
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
DEFINITIONS OF KEY FINANCIAL FIGURES
Value of deliveries = Net sales excluding currency exchange rate
differences in accounts receivable and
including inventory shipped to customers
on consignment during the period, for
which no net sales are recognised at the
time of shipping.
Operating profit before = Operating profit + depreciation +
depreciation (EBITDA) impairment losses
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 the = Number of shares at the end of the
period period x trading price at the end
of the period
Trading volume = Number of shares traded during the
period/
------------------------------------
Weighted average number of shares
during the period
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.
FINANCIAL STATEMENTS BRIEFING
A briefing for analysts, investors and media takes place on Thursday, 4 February
2016, at 8.30 a.m. in Helsinki Stock Exchange building, Fabianinkatu 14a,
Helsinki (2nd floor, entrance via Nasdaq's reception). In the event, Okmetic's
President Kai Seikku will present the group's performance in 2015 and prospects
for 2016.
FINANCIAL REPORTING IN 2016
Okmetic will publish the financial statements, board of directors' report and
auditor's report for 2015 as well as a separate corporate governance statement
on its website www.okmetic.com at latest on 17 March 2016.
Interim report 1-3/2016 (Q1) 21 April 2016
Interim report 1-6/2016 (Q2) 22 July 2016
Interim report 1-9/2016 (Q3) 27 October 2016
Annual general meeting will be held tentatively on 7 April 2016.
OKMETIC OYJ
Board of directors
For further information, please contact:
President Kai Seikku
tel. +358 9 5028 0232, email: kai.seikku@okmetic.com
Senior Vice President, Finance, IT and Communications Juha Jaatinen
tel. +358 9 5028 0286, email: juha.jaatinen@okmetic.com
Okmetic supplies tailored, high value-added silicon wafers to be used in the
manufacture of sensors as well as discrete semiconductors and analog circuits.
Okmetic's strategic objective is profitable growth driven by a product portfolio
designed to meet customers' current and future technology needs. The core of the
company's operations is being genuinely close to the customers and understanding
their needs and processes.
Okmetic's global sales network, extensive portfolio of high value-added
products, in-depth knowledge of crystal growing, long-term product development
projects, as well as efficient and flexible production create prerequisites for
achieving the strategic targets. The company's headquarters is located in
Finland, where the majority of the company's silicon wafers is manufactured. In
addition to in-house manufacture, Okmetic has contract manufacturing in Japan
and China. Okmetic's shares are listed on Nasdaq Helsinki Ltd under the code
OKM1V. For more information on the company, please visit our website at
www.okmetic.com.
[HUG#1983552]
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