OKMETIC OYJ STOCK EXCHANGE RELEASE 11 FEBRUARY 2009 AT 4.30 P.M.
OKMETIC´S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2008
Okmetic is a technology company that supplies customised silicon wafers for the
sensor and semiconductor industries and sells its technological expertise. Net
sales for the financial year amounted to 67.9 million euro (64.7 million euro).
Profit for the period amounted to 5.8 million euro (5.3 million euro). Earnings
per share were 0.34 euro (0.31 euro).
REVIEW IN BRIEF
- Net sales amounted to 67.9 million euro (64.7 million euro).
- Profit for the period amounted to 5.8 million euro (5.3 million euro).
- Earnings per share were 0.34 euro (0.31 euro).
- Okmetic´s equity ratio strengthened, amounting to 62.8 percent (55.3 %).
- The net cash flow from operations amounted to 13.2 million euro (8.3 million
euro).
- On 31 December 2008, the group´s cash and cash equivalents exceeded the
interest-bearing liabilities by 0.6 million euro (On 31 December 2007
liabilities 9.0 million euro higher than cash and cash equivalents).
- Net sales for the first half of 2009 are expected to amount to considerably
less than in 2008. The uncertainty that currently dominates the global economy
and the prevailing trend towards lower stock levels amongst semiconductor
customers in particular are making business projections more challenging. The
company is expecting to make a slight profit thanks to cost-cutting measures.
Cash flow from operating activities is estimated to be clearly positive.
- The company plans to temporarily lay off 240 people in Finland for a fixed
period of between one to six weeks between February and June 2009, and will also
adjust other costs to the prevailing market situation.
KEY FIGURES
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| 1,000 euro | 1.1.-31.12.08 | 1.1.- | 1.1.- |
| | | 31.12.07 | 31.12.06 |
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| Net sales | 67,867 | 64,652 | 63,694 |
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| Operating profit | 8,476 | 7,121 | 9,877 |
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| % of net sales | 12.5 | 11.0 | 15.5 |
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| Earnings per share, euro | 0.34 | 0.31 | 0.41 |
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| Net cash flow from operating | 13,177 | 8,305 | 17,945 |
| activities | | | |
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| Return on equity, % | 12.1 | 12.4 | 18.6 |
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| Net gearing ratio, % | -1.2 | 19.6 | 31.3 |
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| Equity ratio, % | 62.8 | 55.3 | 51.1 |
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| Average number of personnel | 364 | 362 | 360 |
| during the period | | | |
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MARKETS
The year 2008 was marked by below-average growth in Okmetic's customer industry,
electronics. The market became particularly cautious towards the end of the last
quarter of the year. The clearly weakened financial trend affected customers'
business activities.
In 2008, the increase in the sales of silicon-based sensors remained below the
long-term average of 10 - 20 percent (SIA, IC Insights, Yole). Growth was
concentrated on accelerometers, in particular, which are used in cars and mobile
telephones as well as other consumer applications.
Semiconductor shipment volumes increased during the year under review, although
net sales within the semiconductor industry did not increase due to dropping
sale prices (WSTS/SIA,IC Insights).
Demand for silicon wafers follows the shipment volumes of the customer
industries, and the trend of companies lowering their stock levels during the
last quarter of the year clearly reflected on wafer shipment volumes as well.
The total volume of silicon wafers shipped during 2008 was similar to the
previous year's figure.
The global shipment volumes of the wafer sizes that Okmetic produces were
slightly lower in 2008 than in 2007.
PROJECTIONS FOR THE NEAR FUTURE
Forecasts for 2009 are marked by uncertainty and cautiousness. Due to the weak
financial forecasts for the first months of the year, the electronics industry
is trying to minimise stock levels. Okmetic is keeping a close eye on the
behaviour of its customers throughout the production chain. The objective is to
be able to react quickly as soon as growth resumes.
The silicon-based sensor industry benefits from steadier growth than the
semiconductor industry. Overall, the early months of 2009 are nevertheless
likely to see the sensor shipment volumes falling short of the figures recorded
during the same period last year. However, several microelectromechanical
products are currently being developed within the sensor segment, and demand for
these is also expected to grow in 2009. Silicon-on-insulator (SOI) technology is
a good example of a rapidly growing new sensor manufacturing technology. Okmetic
is amongst the pioneering suppliers who provide these products and services to
the sensor industry.
Semiconductor sales are believed to drop considerably in 2009. Forecasts have
been revised frequently in recent months, and it is not possible to form a clear
picture especially as regards the latter part of the year. During the first half
of the year, semiconductors are expected to be in low demand overall.
Global demand for silicon wafers is also expected to drop from last year's
shipment volumes over the next few months. The decrease affects semiconductor
wafers in particular, and will comprise all wafer sizes.
Okmetic is believed to still have the capacity to strengthen its market
leadership in sensor wafers, the demand for which is expected to hold up better
than that for semiconductor wafers.
Net sales for the first half of 2009 are expected to amount to considerably less
than in 2008. The uncertainty that currently dominates the global economy and
the prevailing trend towards lower stock levels amongst semiconductor customers
in particular are making business projections more challenging. The company is
expecting to make a slight profit thanks to cost-cutting measures. Cash flow
from operating activities is estimated to be clearly positive.
EVENTS AFTER THE END OF THE FINANCIAL YEAR
Board of directors´ proposals at the annual general meeting to be held on
Thursday, 2 April 2009:
The board's proposal regarding its own powers to decide on new issues, stock
options and other share entitlements is presented under Authorisation of the
board of directors to increase share capital.
Okmetic Oyj opened negotiations for adjusting staff levels in Finland according
to Finnish law in January. The objective of the negotiations was to ensure
continued profitability in the prevailing weaker market situation within the
semiconductor industry in particular by cutting staff costs and fixed costs.
After the personnel negotiations, the employer decided it will implement
fixed-term temporary layoffs. The layoffs will affect 240 people out of the
total 320 Okmetic employees in Finland. The layoffs began on 9 February 2009 and
will take place between February and June. The layoffs are administered in
one-week periods. The duration of the layoffs per employee will vary from one to
six weeks.
At a group level, efforts are also made to minimise other costs where possible,
and to reduce the labour costs of 40 employees working in foreign subsidiaries
to accommodate the current market situation.
SALES
Okmetic's net sales grew by 5.0 percent (1.5%) from the previous year, amounting
to 67.9 million euro (64.7 million euro). The company therefore did not quite
meet its long-term growth objective of six percent. The modest growth in net
sales was partially due to the overall weakening of the market situation towards
the end of the year. In addition, the majority of the company's net sales are
made in the US dollar, the main trading currency in the industry, the average
rate of which dropped by 7.3 percent compared to the euro during the year. The
company's share of its customers' wafer sourcing continued to increase.
Sales per customer area
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| | 2008 | (2007) |
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| Sensors | 37% | (34%) |
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| Semiconductors | 38% | (56%) |
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| Technology | 25% | (10%) |
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Okmetic's performance in the sensor market developed according to objectives.
The use of sensors is expected to continue its increase. Sensor applications are
rapidly becoming more popular in cameras and other consumer electronics
products, for example, in addition to the automotive industry and other
traditional applications.
The drop in the share of semiconductor sales is due to the weak market
situation. The shipment volumes and sale prices of these wafers continued to
drop overall, in line with the previous year. The most typical uses of
semiconductor wafers include consumer electronics, information technology,
telecommunications and the automotive industry.
Technology sales comprise not just manufacturing technology but also crystal
sales and occasional polysilicon recycling. Okmetic saw the first revenue from a
major technology sales project in 2007. The project initially progressed ahead
of schedule, which is why the majority of the revenue was accumulated during
2008. The fluctuations in sales volumes, which are due to the nature of
technology sales, cause significant variation in the percentage of sales that
technology transfer represents per customer area and market area.
Net sales per market area
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| | 2008 | (2007) |
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| North America | 39% | (48%) |
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| Europe | 33% | (32%) |
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| Asia | 28% | (20%) |
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Asia's share of sales has developed according to plan thanks to strategic
investments. The weakening exchange rate of the US dollar against the euro had a
significant effect on the way net sales were distributed between different
market areas.
PFOFITABILITY
In 2008, Okmetic group recorded a profit of 5.8 million euro (5.3 million euro).
Earnings per share amounted to 0.34 euro (0.31 euro).
The company's profits suffered from the strong decrease in the value of the US
dollar during the year and the increasing prices of polysilicon, the principal
raw material, similarly to the previous year.
Income from Okmetic's first ever technology project and silicon recycling
boosted profits in 2008 significantly. In addition, the sale of an old machine
decommissioned from the Vantaa plant towards the end of the year boosted profits
by 0.5 million euro.
The annual profits of the Okmetic group and Okmetic Oyj were compromised by the
impairment of the shares of Norstel AB, a Swedish company in which Okmetic Oyj
has invested, as 2.5 million euro and 3.2 million euro respectively were
recorded as value adjustments in financial expenses at the end of the year. The
holding had been initially accounted for as available-for-sale investments and
the change in fair value had been accounted for in the fair value reserve of
equity. The decision had no bearing on the operating profit or cash flow.
Okmetic Oyj's loan to Okmetic Inc, which was originally recorded as a net
investment, generated a loss for the group due to the exchange loss entered in
translation differences under equity. At the beginning of 2008, the remaining
loss amounted to 1.3 million euro (1.4 million euro). The loan has been recorded
as a regular liability since 2006. Financial expenses for 2008 include 0.2
million euro of the exchange loss, which represents a loan repayment. The
remaining 1.1 million euro of the exchange loss will be expensed according to
the same principle in the future, proportioned to the loan repayments.
The group's operating profit accounted for 12.5 percent of net sales. This is in
line with the long-term goal of 10.0% set by the board of directors.
FINANCING
The group´s financial situation is good. The net cash flow from operations
amounted to 13.2 million euro (8.3 million euro). In 2007 the cash flow was
compromised by 3.5 million euro worth of interest payments associated with the
company´s subordinated loans that were overdue from previous years as well as
3.8 million euro worth of subordinated loan repayments.
The group´s interest-bearing liabilities amounted to 17.4 million euro at the
end of the year (22.3 million euro). Subordinated loans accounted for 0.9
million euro of these at the end of the year (1.9 million euro).
At the end of the year, cash and cash equivalents amounted to 18.0 million euro
(13.3 million euro). On 31 December 2008, the group´s cash and cash equivalents
exceeded the interest-bearing liabilities by 0.6 million euro (on 31 December
2007 liabilities were 9.0 million higher than cash and cash equivalents).
Return on equity amounted to 12.1 percent (12.4%). The group´s equity ratio
strengthened, amounting to 62.8 percent (55.3%). The company exceeded the 50
percent financial objective set for the group´s equity ratio. Equity per share
was 2.98 euro (2.70 euro).
INVESTMENTS
In 2008, Okmetic´s capital expenditure amounted to 2.6 million euro (4.8 million
euro). The majority of the capital expenditure focused on increasing the
company's sensor wafer production capacity and on regular maintenance.
PRODUCT DEVELOPMENT
The company invested 2.3 million euro (1.9 million euro) in long-term product
development projects in 2008. Product development accounted for 3.3 (2.9%)
percent of net sales. Okmetic engaged in several strategic research projects
with customers, research institutes and other partners and participated both in
national technology programmes funded by Tekes, the leading Finnish funding
agency for technology and innovation, and international EU-funded programmes.
New products and new versions of existing products were developed and introduced
during the year. The development of new SOI versions continued in sensor wafers,
and preparations for the shift of demand towards 200 mm wafers continued. Both
Okmetic's own and its customers' yields improved and the consumption of raw
materials dropped thanks to efforts to develop production machinery and internal
processes and practices.
PERSONNEL
The group's objectives for personnel development and staff well-being are set
out in Okmetic's strategy. The personnel's expertise and well-being are
Okmetic's strengths as well as preconditions for the realisation of the
company's strategy and success in the long term. The company conducts regular
one-on-one development discussions in order to monitor how well goals are being
met.
On average, Okmetic employed 364 people in 2008 (2007: 362 and 2006: 360).
At the end of the year, 324 of the group's employees worked in Finland, 36 in
the US and three in Japan.
Twenty-nine percent (29%) of the personnel were women and seventy-one percent
(71%) were men. Clerical workers accounted for 36 (35) percent of the personnel
and manual workers for 64 (65) percent. The average age of Okmetic's employees
was 41 (40) and the average length of employment was 8.5 (8.1) years.
On average, each employee spent 4.8 (4.4) days in training. Courses organised
for clerical workers focused on management and leadership skills. The two-year
training programme, which was launched during the previous year, continued at
the Vantaa plant. The course is open for all manual workers and results in a
vocational qualification in chemical engineering.
As regards staff well-being, the focus was on physical fitness, ergonomics and
people management.
Salaries and bonuses are based on the level of skills required in each position
throughout the organisation. Salaries and bonuses amounted to 18.0 million euro
(2007: 18.1 million euro and 2006: 17.6 million euro). The group's parent
company complies with the collective labour agreements of the Technology
Industries of Finland.
All employee groups at Okmetic are eligible for an incentive scheme. Monthly
targets are set for the manual workers' productivity, and the resulting bonuses
are paid once a month. Clerical workers are paid bonuses according to annual
targets relating to the group's profitability, financial situation and operative
performance. The bonuses payable for meeting the group's financial targets
account for 4 - 22 percent of the employees' annual income, at the most,
depending on the personnel group. Operative targets are set individually from
managerial level upwards. Any bonuses paid as a result of meeting these can
account for no more than eight percent of the managers' annual income.
ENVIRONMENTAL ISSUES
Okmetic takes good care of its environmental responsibilities. The company has
investigated the environmental risks associated with its business and devised
both a universal risk management plan and plans for individual processes.
Ecologically sustainable operations boost Okmetic's competitiveness and
profitability.
Measures devised for eliminating environmental risks are built into Okmetic's
operational processes. Environmental considerations are also factored into the
further development of products and business in line with continuous improvement
principles. Planning preventive measures is fundamental to managing
environmental risks.
Okmetic keeps an eye on developments in environmental legislation both in
Finland and internationally, and adjusts its business to meet the latest
regulations. For example, Okmetic follows the chemicals regulations of the
European Union (REACH).
Okmetic has ISO 9001:2000, TS 16949 and ISO 14001 certified quality and
environmental systems, and the company's plants have been built with
environmental considerations in mind. Okmetic's most important subcontractors
and suppliers are also ISO 9001:2000 and ISO 14001 certified.
Okmetic recognises that the use of silicon material has an important
environmental impact. The company does not produce essential volumes of
emissions or waste, and the resulting costs are not significant from a business
point of view. On a day-to-day level, Okmetic strives to use materials, water
and electricity as efficiently as possible. The company also strives to recycle
its silicon material.
Okmetic had no major environmental non-conformities in 2008. The acceptable
emission limit values set for waste water treatment were exceeded on three
occasions. In these instances the recorded values were nevertheless only just
over the acceptable limits and corrective measures were implemented expediently.
Okmetic's environmental management system was found to meet the requirements of
the company's demanding international customers. The company is not subject to
emissions trading regulations.
The key figures on environmental protection at the Vantaa plant in 2008 are as
follows:
Energy consumption (GWh): electricity 28.6 (25.7), district heating 2.2 (2.2)
Water consumption (tm3): water 520 (490), waste water 450 (430)
Waste volumes (t): hazardous waste 230 (290), landfill waste 57 (63), recycled
waste 190 (180).
Okmetic does not publish a separate environmental report in addition to the
annual report.
BUSINESS RISKS
The group's silicon wafer sales are targeted at the sensor and semiconductor
industries. The demand for semiconductor wafers is sensitive to economic
fluctuations and changes in the market situation can be sudden and dramatic. The
demand for sensor wafers is more stable. Periodic revenue from technology sales
causes significant variations in the interim results. The success of the sales
strategy hinges on trouble-free contract manufacturing.
Okmetic's share of the global silicon wafer market is around one percent and the
market prices have a notable effect on the price development of Okmetic's
products. The majority of sales are conducted in US dollars. The Japanese yen is
another notable trading currency. Despite hedging, the company remains
vulnerable to exchange rate fluctuations.
Great volumes of electricity are used in Okmetic's production. Despite hedging,
the company is also vulnerable to fluctuations in the price of electricity.
SHARES AND SHAREHOLDERS
On 31 December 2008, Okmetic Oyj's paid-up share capital, as entered in the
Finnish trade register, was 11,821,250.00 euro. The share capital is divided
into 16,887,500 shares. The shares have no nominal value attached. Each share
entitles its holder to one vote at general meetings. The company has one class
of shares. The company's shares are included in the Finnish book-entry
securities system.
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| Major shareholders on 31 Dec 2008 | | |
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| | Shares, pcs | Share, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Outokumpu Oyj | 2,705,000 | 16.0 |
--------------------------------------------------------------------------------
| OP-Suomi Arvo Equity Fund | 1,185,401 | 7.0 |
--------------------------------------------------------------------------------
| Ilmarinen Mutual Pension Insurance Company | 1,149,300 | 6.8 |
--------------------------------------------------------------------------------
| Mandatum Life Insurance Company | 800,000 | 4.7 |
--------------------------------------------------------------------------------
| Etra-Invest Oy Ab | 500,000 | 3.2 |
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| FIM Fenno Equity Fund | 487,349 | 2.9 |
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| Varma Mutul Pension Insurance Company | 477,175 | 2.8 |
--------------------------------------------------------------------------------
| Arvo Finland Value Equity Fund | 400,000 | 2.4 |
--------------------------------------------------------------------------------
| Finnish Industrial Investment Ltd. | 320,750 | 1.9 |
--------------------------------------------------------------------------------
| Op-Ilmasto Investment Fund | 218,000 | 1.3 |
--------------------------------------------------------------------------------
| Foreign shares and nominee accounts | 4,146,410 | 24.6 |
| held by | | |
| custodian banks | | |
--------------------------------------------------------------------------------
| Others | 4,498,115 | 26.6 |
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| Total | 16,887,500 | 100.0 |
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| Shareholders by group on | | | |
| 31 | | | |
| Dec 2008 | | | |
--------------------------------------------------------------------------------
| Shareholders groups | Quantity | Shares, pcs | Share, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Enterprises | 195 | 4,294,437 | 25.4 |
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| Financial and insurance | 18 | 2,630,910 | 15.6 |
| institutions | | | |
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| Public organisations | 3 | 1,642,475 | 9.7 |
--------------------------------------------------------------------------------
| Non-profit organisations | 11 | 797,129 | 4.7 |
--------------------------------------------------------------------------------
| Households | 2,771 | 3,376,139 | 20.0 |
--------------------------------------------------------------------------------
| Foreign investors and nominee | 27 | 4,146,410 | 24.6 |
| accounts held by custodian | | | |
| banks | | | |
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| Total | 3,025 | 16,887,500 | 100.0 |
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| Distribution of shareholdings on | | | |
| 31 Dec 2008 | | | |
--------------------------------------------------------------------------------
| Shares, pcs | Number of | % of | Shares, | % of share |
| | shareholder | shareholders | pcs | capital |
| | s | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-100 | 362 | 12.0 | 28,955 | 0.2 |
--------------------------------------------------------------------------------
| 101-500 | 1,246 | 41.2 | 384,024 | 2.3 |
--------------------------------------------------------------------------------
| 501-1 000 | 598 | 19.8 | 514,620 | 3.0 |
--------------------------------------------------------------------------------
| 1 001-10 000 | 735 | 24.3 | 2,181,905 | 12.9 |
--------------------------------------------------------------------------------
| 10 001-100 000 | 70 | 2.3 | 1,690,777 | 10.0 |
--------------------------------------------------------------------------------
| 100 001-1 000 000 | 10 | 0.3 | 3,675,477 | 21.8 |
--------------------------------------------------------------------------------
| Over 1 000 000 | 4 | 0.1 | 8,411,742 | 49.8 |
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| Total | 3,025 | 100.0 | 16,887,500 | 100.0 |
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SHARE PRICE DEVELOPMENT AND TRADING
A total of 8.4 million shares (13.2 million shares) were traded between 1
January and 31 December 2008, representing 49.5 percent (78.0%) of the share
total of 16.9 million. The lowest quotation of the year was 2.15 euro (2.54
euro) and the highest 3.14 euro per share (4.67 euro per share), with the
average being 2.63 euro (3.87 euro). The closing quotation for the year was 2.40
euro (3.03 euro). At the end of the year, the market capitalisation amounted to
40.5 million euro (51.2 million euro).
Okmetic is listed on the Small Cap list of NASDAQ OMX Helsinki Ltd under the
trading code OKM1V. According to the Global Industry Classification Standard
(GICS), which the exchange uses, Okmetic Oyj is listed under the Information
Technology sector. The company´s website can be found at www.okmetic.com.
OWN SHARES
The company has not repurchased any of its own shares.
The board of directors' authorisation to decide on repurchasing the company's
own shares
The shareholders participating in the extraordinary general meeting held on 6
November 2008 accepted the board of directors' proposal regarding the board's
authorisation to repurchase the company's own shares as follows:
The aggregate number of shares repurchased on the basis of the authorisation
cannot exceed 1,688,750 shares, which represents 10 percent of all the shares of
the company. The company and its subsidiaries together cannot at any time own
more than 10 percent of all of the company's registered shares.
Only unrestricted shareholders' equity can be used to repurchase the company's
own shares under the authorisation. Own shares can be repurchased at a price
determined by public trading on the day of repurchase or at another market-based
price.
The board of directors decides the method of repurchasing the company's own
shares as well as the other terms and conditions. Derivatives, for example, can
be used in the repurchase. Shares can be repurchased independently of the
shareholders' proportional share holdings (private placement). The authorisation
will remain in force until the annual general meeting of spring 2010 and in any
case not past 6 May 2010.
The board of directors' authorisation to decide on transferring rights to the
company's own shares
The shareholders participating in the extraordinary general meeting held on 6
November 2008 accepted the board of directors' proposal regarding the board's
authorisation to transfer rights to the company's own shares as follows:
The aggregate number of rights transferred on the basis of the authorisation
cannot exceed 1,688,750 shares, which represents 10 percent of all the shares of
the company.
The board of directors has the authority to decide on all the terms and
conditions of the share issues. The authorisation is limited to transferring
rights to the company's own shares as held by the company. The share issue can
be carried out as a private placement. The board of directors can also cancel
any shares it has repurchased. The authorisation will remain in force until
further notice, although in any case not past 30 June 2013. Moreover, the
authorisation cannot override the authorisation granted at the annual general
meeting of 3 April 2008 regarding share issues.
Authorisation of the board of directors to increase share capital
On 11 February 2009, the board of directors decided to propose at the annual
general meeting to be held on Thursday 2 April 2009 that the board be granted
the authority to decide on new issues, stock options and other share
entitlements according to the first paragraph of section 10 of the Finnish
Companies Act as follows:
The aggregate number of shares issued on the basis of the authorisation cannot
exceed 3,377,500 shares, which represents approximately 20 percent of all the
shares of the company.
The board of directors has the authority to decide on all the terms and
conditions concerning the issue of shares and other share entitlements. The
authorisation relates to the issuance of new shares. Issuance of shares and
other share entitlements can be carried out as a directed issue.
The authorisation is effective until the following annual general meeting of
shareholders.
The board of directors was granted similar authorisations at the annual general
meetings held on 29 March 2007 and 3 April 2008. The board had not taken
advantage of its authorisations by 11 February 2009.
CONVERTIBLE BONDS AND OPTION PROGRAMMES
Okmetic has no convertible bonds or option programmes at the moment.
MANAGEMENT AND AUDITOR
In 2008, Okmetic´s board of directors was made up of Mikko J. Aro as the
chairman, Karri Kaitue as the deputy chairman, and Tapani Järvinen, Jarmo Niemi,
Pekka Salmi and Henri Österlund (as of 6 November 2008) as members of the board.
Antti Rasilo, M.Sc. (Technology) has been acting as the president of Okmetic Oyj
since 1 January 2003. In addition to the president, the group´s executive
management group comprises Tapio Jämsä, Senior Vice President, Sourcing; Jaakko
Montonen, Senior Vice President, Production; Mikko Montonen, Executive Vice
President, Sales and deputy to the president; Esko Sipilä, Senior Vice
President, Finance; Markku Tilli, Senior Vice President, Research; Markus
Virtanen, Senior Vice President, Human Resources; and Anna-Riikka
Vuorikari-Antikainen, Senior Vice President, Product Development.
The company´s auditors are PricewaterhouseCoopers Oy, Authorised Public
Accountants, with Markku Marjomaa, Authorised Public Accountant, acting as the
principal auditor.
THE BOARD OF DIRECTORS´ PROPOSAL REGARADING DIVIDEND DISTRIBUTION
According to the financial statements dated 31 December 2008, the parent
company´s distributable earnings amount to 15,559,346.96 euro. No significant
changes have taken place in the company´s financial position after the end of
the financial year.
The board of directors of Okmetic Oyj propose to the annual general meeting that
Okmetic Oyj pay a dividend of 0.05 euro per share for 2008, which, based on the
number of shares registered on 11 February 2009, amounts to 844 375,00 euro.
Vantaa, 11 February 2009
Board of directors
CONDENSED FINANCIAL STATEMENTS AND TABLES 1 JANUARY - 31 DECEMBER 2008
(unaudited)
ACCOUNTING PRINCIPLES
The report on Annual Financial Statements has been prepared in accordance with
IAS 34, Interim Financial Reporting, as adopted EU.
In preparing these financial statements, Okmetic has followed the same
accounting policies as in the financial statements for 2007 except that the
company has adopted the following revised standards issued during 2008:
IAS 39(Amendment) and IFRS 7(Amendment), reclassification of financial assets.
Following the amendment, certain financial assets can be classified as something
other than assets held for trading or sale if certain criteria are met. When
this is the case, additional information must be provided on the arrangement in
the financial statements. The amendment took effect on 1 July 2008. The group
did not take advantage of the provisions of the amendment during the financial
period.
CONDENSED CONSOLIDATED INCOME STATEMENT
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| 1,000 euro | 1.10.- | 1.10.- | 1.1.- | 1.1.- |
| | 31.12.08 | 31.12.07 | 31.12.08 | 31.12.07 |
--------------------------------------------------------------------------------
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| Net sales | 15,751 | 15,790 | 67,867 | 64,652 |
--------------------------------------------------------------------------------
| Cost of sales | -11,545 | -13,207 | -50,687 | -50,967 |
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| Gross profit | 4,206 | 2,583 | 17,180 | 13,685 |
--------------------------------------------------------------------------------
| Other income and expenses | -3,097 | -1,602 | -8,704 | -6,564 |
--------------------------------------------------------------------------------
| Operating profit | 1,108 | 981 | 8,476 | 7,121 |
--------------------------------------------------------------------------------
| Financial income and | -2,432 | -527 | -2,900 | -1,906 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Profit before tax | -1,323 | 454 | 5,576 | 5,215 |
--------------------------------------------------------------------------------
| Income tax | 206 | 95 | 248 | 90 |
--------------------------------------------------------------------------------
| Profit for the period | -1,117 | 548 | 5,825 | 5,305 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | -1,117 | 548 | 5,825 | 5,305 |
| parent company | | | | |
--------------------------------------------------------------------------------
| Basic and diluted | -0.07 | 0.03 | 0.34 | 0.31 |
| earnings per share, euro | | | | |
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CONDENSED CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
| 1,000 euro | December 31, | December 31, |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
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| Assets | | |
--------------------------------------------------------------------------------
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| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 38,848 | 43,355 |
--------------------------------------------------------------------------------
| Available-for-sale financial assets | 0 | 2,431 |
--------------------------------------------------------------------------------
| Other receivables | 4,619 | 2,731 |
--------------------------------------------------------------------------------
| Total non-current assets | 43,468 | 48,517 |
--------------------------------------------------------------------------------
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| Current assets | | |
--------------------------------------------------------------------------------
| Inventories | 10,753 | 6,399 |
--------------------------------------------------------------------------------
| Receivables | 9,289 | 14,439 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 17,975 | 13,308 |
--------------------------------------------------------------------------------
| Total current assets | 38,016 | 34,147 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 81,484 | 82,664 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders | | |
| of the parent company | | |
--------------------------------------------------------------------------------
| Share capital | 11,821 | 11,821 |
--------------------------------------------------------------------------------
| Other equity | 38,568 | 33,828 |
--------------------------------------------------------------------------------
| Total equity | 50,389 | 45,649 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 14,027 | 17,716 |
--------------------------------------------------------------------------------
| Current liabilities | 17,068 | 19,299 |
--------------------------------------------------------------------------------
| Total liabilities | 31,095 | 37,014 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 81,484 | 82,664 |
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| 1,000 euro | January 1- | January 1- |
| | December 31, | December 31, |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from operating activities: | | |
--------------------------------------------------------------------------------
| Profit before tax | 5,576 | 5,215 |
--------------------------------------------------------------------------------
| Adjustments | 11,272 | 9,826 |
--------------------------------------------------------------------------------
| Change in working capital | -2,935 | -2,235 |
--------------------------------------------------------------------------------
| Interest received | 424 | 394 |
--------------------------------------------------------------------------------
| Interest paid and other financial | -1,135 | -4,805 |
| items | | |
--------------------------------------------------------------------------------
| Tax paid | -26 | -90 |
--------------------------------------------------------------------------------
| Net cash from operating activities | 13,177 | 8,305 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing activities: | | |
--------------------------------------------------------------------------------
| Proceeds from investing activities | 469 | 498 |
--------------------------------------------------------------------------------
| Capital expenditure | -2,646 | -4 809 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | -2,177 | -4 311 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities: | | |
--------------------------------------------------------------------------------
| Repayments of long-term borrowings | -4,748 | -21,540 |
--------------------------------------------------------------------------------
| Proceeds from long-term borrowings | - | 18,000 |
--------------------------------------------------------------------------------
| Payments of finance lease liabilities | -198 | -213 |
--------------------------------------------------------------------------------
| Dividends paid | -1,689 | - |
--------------------------------------------------------------------------------
| Net cash used in financing activities | -6,634 | -3,754 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (+) / decrease (-) | 4,365 | 241 |
| in cash and cash equivalents | | |
| | | |
--------------------------------------------------------------------------------
| Exchange rate changes | 301 | -117 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 13,308 | 13,184 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 17,975 | 13,308 |
| of the period | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
| | Equity attributable to equity holders of parent company |
--------------------------------------------------------------------------------
| 1,000 euro | Share | Share | Trans-l | Fair | Retained | Total |
| | capital | premium | ation | value | earnings | equity |
| | | | differ- | reserve | | |
| | | | ences | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,185 | 75 | -114 | 13,682 | 45,649 |
| 31 Dec 2007 | | | | | | |
--------------------------------------------------------------------------------
| Available-f | | | | -2,441 | | -2,441 |
| or-sale | | | | | | |
| financial | | | | | | |
| assets: | | | | | | |
| Fair value | | | | | | |
| gains/losse | | | | | | |
| s | | | | | | |
| recognised | | | | | | |
| directly in | | | | | | |
| equity, net | | | | | | |
| of tax | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | | 2,554 | | 2,554 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 320 | | | 320 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | 240 | | | 240 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Equity | | -70 | | | | -70 |
| component | | | | | | |
| of | | | | | | |
| convertible | | | | | | |
| loan notes | | | | | | |
--------------------------------------------------------------------------------
| Net income | - | -70 | 560 | 114 | - | 603 |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | | 5,825 | 5,825 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Total | - | -70 | 560 | 114 | 5,825 | 6,428 |
| recognised | | | | | | |
| income and | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | -1,689 | -1,689 |
| distributio | | | | | | |
| n | | | | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,115 | 635 | 0 | 17,818 | 50,389 |
| 31 | | | | | | |
| Dec 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,256 | 669 | -1,042 | 8,376 | 40,080 |
| 31 Dec | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Available-f | | | | | | |
| or-sale | | | | | | |
| financial | | | | | | |
| assets: | | | | | | |
--------------------------------------------------------------------------------
| Fair value | | | | 929 | | 929 |
| gains/losse | | | | | | |
| s | | | | | | |
| recognized | | | | | | |
| directly in | | | | | | |
| equity, net | | | | | | |
| of tax | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -712 | | | -712 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Transfer to | | | 117 | | | 117 |
| income | | | | | | |
| statement | | | | | | |
--------------------------------------------------------------------------------
| Equity | | -70 | | | | -70 |
| component | | | | | | |
| of | | | | | | |
| convertible | | | | | | |
| loan notes | | | | | | |
--------------------------------------------------------------------------------
| Net income | - | -70 | -595 | 929 | - | 264 |
| recognised | | | | | | |
| directly in | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | | 5,305 | 5,305 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Total | - | -70 | -595 | 929 | 5,305 | 5,569 |
| recognised | | | | | | |
| income and | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Balance at | 11,821 | 20,185 | 75 | -114 | 13,682 | 45,649 |
| 31 | | | | | | |
| Dec 2007 | | | | | | |
--------------------------------------------------------------------------------
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
--------------------------------------------------------------------------------
| 1,000 euro | January 1 - | January 1- |
| | December 31, | December 31, 2007 |
| | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount at the beginning | 43,355 | 47,821 |
| of | | |
| the period | | |
--------------------------------------------------------------------------------
| Additions | 2,773 | 4,816 |
--------------------------------------------------------------------------------
| Disposals | -537 | -521 |
--------------------------------------------------------------------------------
| Depreciation and impairments | -7,041 | -8,102 |
--------------------------------------------------------------------------------
| Exchange differences | 298 | -659 |
--------------------------------------------------------------------------------
| Carrying amount at the end | 38,848 | 43,355 |
| of the | | |
| period | | |
--------------------------------------------------------------------------------
CHANGES IN FINANCIAL LIABILITIES
--------------------------------------------------------------------------------
| 1,000 euro | January 1 - | January 1- |
| | December 31, | December 31, |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Carrying amount at the beginning | 22,259 | 25,731 |
| of | | |
| the period | | |
--------------------------------------------------------------------------------
| Proceeds of loans from financial | 999 | 17,974 |
| institutions | | |
--------------------------------------------------------------------------------
| Repayments of loans from financial | -4,744 | -16,833 |
| institutions | | |
--------------------------------------------------------------------------------
| Repayments of subordinated loans | -928 | -4,591 |
--------------------------------------------------------------------------------
| Changes in finance lease liabilities | -198 | -21 |
--------------------------------------------------------------------------------
| Carrying amount at the end | 17,389 | 22,259 |
| of the | | |
| period | | |
--------------------------------------------------------------------------------
DIVIDENDS PAID
In April, the company distributed a dividend of 31.8 percent, i.e. 1.7 million
euro, of the profit accrued in 2007, representing a 0.10 euro dividend per
share.
COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------
| 1,000 euro | December 31, | December 31, 2007 |
| | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loans secured with collaterals | 13,333 | 15,667 |
--------------------------------------------------------------------------------
| Collaterals | 24,964 | 29,001 |
--------------------------------------------------------------------------------
| Off-balance sheet lease commitments | 165 | 238 |
--------------------------------------------------------------------------------
| Capital commitments | 574 | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values of derivative | | |
| contracts | | |
--------------------------------------------------------------------------------
| Currency options, call | - | 3,484 |
--------------------------------------------------------------------------------
| Electricity derivatives | 2,961 | 2,383 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair values of derivative contracts | | |
--------------------------------------------------------------------------------
| Currency options, call | - | 119 |
--------------------------------------------------------------------------------
| Electricity derivatives | -540 | 419 |
--------------------------------------------------------------------------------
The contract price of the derivatives has been used as the nominal value of the
underlying asset. Derivative contracts are for hedging.
RELATED PARTY TRANSACTIONS
Key management compensation during the period under review amounted to 1,506
thousand euro (1,425 thousand euro).
KEY FIGURES SHOWING FINANCIAL PERFORMANCE
--------------------------------------------------------------------------------
| | January 1 - | January 1 - |
| | December 31, | December 31, |
| | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 67,867 | 64,652 |
--------------------------------------------------------------------------------
| Change in net sales compared to | 5.0 | 1.5 |
| the | | |
| previous year´s period, % | | |
--------------------------------------------------------------------------------
| Export and foreign operations share | 95.6 | 93.0 |
| of net sales, % | | |
--------------------------------------------------------------------------------
| Operating profit | 8,476 | 7,121 |
--------------------------------------------------------------------------------
| % of net sales | 12.5 | 11.0 |
--------------------------------------------------------------------------------
| Profit before tax | 5,576 | 5,215 |
--------------------------------------------------------------------------------
| % of net sales | 8.2 | 8.1 |
--------------------------------------------------------------------------------
| Return on equity, % | 12.1 | 12.4 |
--------------------------------------------------------------------------------
| Return on investment, % | 9.9 | 10.8 |
--------------------------------------------------------------------------------
| Non-interest bearing liabilities | 13,707 | 14,755 |
--------------------------------------------------------------------------------
| Net gearing ratio, % | -1.2 | 19.6 |
--------------------------------------------------------------------------------
| Equity ratio, % | 62.8 | 55.3 |
--------------------------------------------------------------------------------
| Capital expenditure | 2,773 | 4,816 |
--------------------------------------------------------------------------------
| % of net sales | 4.1 | 7.4 |
--------------------------------------------------------------------------------
| Depreciation | 7,041 | 8,095 |
--------------------------------------------------------------------------------
| Research and development expenditure | 2,261 | 1,854 |
| 1) | | |
--------------------------------------------------------------------------------
| % of net sales | 3.3 | 2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of personnel | 364 | 362 |
| during | | |
| the period | | |
--------------------------------------------------------------------------------
| Personnel at the end of the period | 363 | 357 |
--------------------------------------------------------------------------------
1) Research and development expenditure has been presented in gross figures and
only long-term projects based on research program have been taken into account.
KEY FIGURES PER SHARE
--------------------------------------------------------------------------------
| | December 31, | December 31, 2007 |
| | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share basic and | 0.34 | 0.31 |
| diluted, euro | | |
--------------------------------------------------------------------------------
| Equity per share, euro | 2.98 | 2.70 |
--------------------------------------------------------------------------------
| Dividend per share, euro | 0.05 | 0.10 |
--------------------------------------------------------------------------------
| Dividend/earnings, % | 14.5 | 31.8 |
--------------------------------------------------------------------------------
| Effective dividend yield, % | 2.1 | 3.3 |
--------------------------------------------------------------------------------
| Price/earnings (P/E) | 7.0 | 9.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price development (Jan 1-) | | |
--------------------------------------------------------------------------------
| Average trading price | 2.63 | 3.87 |
--------------------------------------------------------------------------------
| Lowest trading price | 2.15 | 2.54 |
--------------------------------------------------------------------------------
| Highest trading price | 3.14 | 4.67 |
--------------------------------------------------------------------------------
| Trading price at the end of the | 2.40 | 3.03 |
| period | | |
--------------------------------------------------------------------------------
| Market capitalisation at the end | 40,530 | 51,169 |
| of | | |
| the period, 1,000 euro | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading volume (Jan 1-) | | |
--------------------------------------------------------------------------------
| Trading volume, transactions | 8,355,374 | 13,175,961 |
--------------------------------------------------------------------------------
| In relation to weighted average | 49.5 | 78.0 |
| number of shares, % | | |
--------------------------------------------------------------------------------
| Trading volume, euro | 22,002,739 | 51,002,491 |
--------------------------------------------------------------------------------
| The weighted average number of shares | 16,887,500 | 16,887,500 |
| during the period under review | | |
| adjusted by the share issue | | |
--------------------------------------------------------------------------------
| The number of shares at the end of | 16,887,500 | 16,887,500 |
| the period adjusted by the share | | |
| issue | | |
--------------------------------------------------------------------------------
QUARTERLY KEY FIGURES
--------------------------------------------------------------------------------
| | 10-12/08 | 7-9/08 | 4-6/08 | 1-3/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 15,751 | 18,090 | 16,992 | 17,034 |
--------------------------------------------------------------------------------
| Compared to previous quarter, | -12.9 | 6.5 | -0.2 | 7.9 |
| % | | | | |
--------------------------------------------------------------------------------
| Operating profit | 1,108 | 2,089 | 2,737 | 2,542 |
--------------------------------------------------------------------------------
| % of net sales | 7.0 | 11.5 | 16.1 | 14.9 |
--------------------------------------------------------------------------------
| Profit before tax | -1,323 | 2,683 | 2,582 | 1,634 |
--------------------------------------------------------------------------------
| % of net sales | -8.4 | 14.8 | 15.2 | 9.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow generated from: | 2,878 | 4,522 | 3,495 | 2,281 |
| Operating activities | | | | |
--------------------------------------------------------------------------------
| Investing activities | -716 | -289 | -841 | -331 |
--------------------------------------------------------------------------------
| Financing activities | -1,912 | -48 | -4,616 | -58 |
--------------------------------------------------------------------------------
| Increase/decrease in cash and | 250 | 4,185 | -1,962 | 1,892 |
| cash equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of | 363 | 361 | 370 | 359 |
| the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 10-12/07 | 7-9/07 | 4-6/07 | 1-3/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 15,790 | 15,927 | 15,613 | 17,322 |
--------------------------------------------------------------------------------
| Compared to previous quarter, | -0.9 | 2.0 | -9.9 | 8.2 |
| % | | | | |
--------------------------------------------------------------------------------
| Operating profit | 981 | 2,801 | 662 | 2,677 |
--------------------------------------------------------------------------------
| % of net sales | 6.2 | 17.6 | 4.2 | 15.5 |
--------------------------------------------------------------------------------
| Profit before tax | 454 | 2,229 | 207 | 2,326 |
--------------------------------------------------------------------------------
| % of net sales | 2.9 | 14.0 | 1.3 | 13.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow generated from: | 4,735 | 2,357 | -414 | 1,628 |
| Operating activities | | | | |
--------------------------------------------------------------------------------
| Investing activities | -285 | -593 | -1,582 | -1,850 |
--------------------------------------------------------------------------------
| Financing activities | -931 | -58 | -3,582 | 817 |
--------------------------------------------------------------------------------
| Increase/decrease in cash and | 3,518 | 1,706 | -5,578 | 595 |
| cash equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at the end of | 357 | 356 | 369 | 360 |
| the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
DEFINITIONS OF KEY FINANCIAL FIGURES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % (ROE) | = | Profit/loss for the period from |
| | | continuing operations x 100 |
--------------------------------------------------------------------------------
| | | Equity (average for the period) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment, % (ROI) | = | (Profit/loss before tax + interest |
| | | and other financial expenses) x 100 |
--------------------------------------------------------------------------------
| | | Balance sheet total - non-interest |
| | | bearing liabilities (average for the |
| | | period) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, % | = | Total equity x 100 |
--------------------------------------------------------------------------------
| | | Balance sheet total - advances |
| | | received |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing, % | = | (Interest-bearing liabilities - cash |
| | | and cash equivalents) x 100 |
--------------------------------------------------------------------------------
| | | Equity |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | = | Profit/loss for the period |
| | | attributable to the equity holders |
| | | of the parent company |
--------------------------------------------------------------------------------
| | | Adjusted weighted average number of |
| | | shares in issue during the period |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share | = | Equity attributable to the equity |
| | | holders of the parent company |
--------------------------------------------------------------------------------
| | | Adjusted number of shares at the end |
| | | of the period |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Dividend per share | = | Dividend for the period |
--------------------------------------------------------------------------------
| | | Adjusted number of shares at the end |
| | | of the period |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | = | Number of shares at the end of the |
| end of the period | | period x trading price at the end of |
| | | the period |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading volume | = | Number of shares traded during the |
| | | period |
--------------------------------------------------------------------------------
| | | Weighted average number of shares |
| | | during the period |
--------------------------------------------------------------------------------
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.
The future estimates and forecasts in this financial statements bulletin are
based on company management´s current knowledge. Actual events and results may
differ from the estimates presented here.
OKMETIC OYJ
Mikko Montonen
Deputy to the President
For further information, please contact:
Executive Vice President, Sales, Mikko Montonen, Okmetic Oyj,
tel. +358 9 5028 0362, email: mikko.montonen@okmetic.com
Senior Vice President Esko Sipilä, Okmetic Oyj,
tel. +358 9 5028 0286, email: esko.sipila@okmetic.com
Distribution:
NASDAQ OMX Helsinki
Principal media
www.okmetic.com
OKMETIC IN BRIEF
Take it higher
Okmetic is a technology company which supplies tailor-made silicon wafers for
sensor and semiconductor industries and sells its technological expertise.
Okmetic provides its customers with solutions that boost their competitiveness
and profitability.
Okmetic's silicon wafers are part of a further processing chain that produces
end products that improve human interaction and quality of life. Okmetic's
products are based on high-tech expertise that generates added value for
customers, innovative product development and an extremely efficient production
process.
Okmetic has a global customer base and sales network, production plants in
Finland and the US and contract manufacturers in Japan and China.
Okmetic's shares are listed on NASDAQ OMX Helsinki under the code OKM1V. For
more information on the company, please visit our website at www.okmetic.com.
