2015-08-10 08:45:00 CEST
2015-08-10 08:45:04 CEST
REGULATED INFORMATION
Scanfil Oyj - Interim report (Q1 and Q3)
SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 JUNE 2015
SCANFIL PLC INTERIM REPORT 10 AUGUST 2015 9.45
A.M.
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2015
April - June
- Turnover totalled EUR 52.8 million (Q2 2014: 60.6), down 12.9%
- Operating profit EUR 2.3 million (5.2), 4.3% (8.6%) of turnover,
excluding non-recurring items EUR 3.0 million, 5.8% of turnover
- Profit was EUR 1.7 million (4.3)
- Earnings per share amounted EUR 0.03 (0.07)
January - June
- Turnover totalled to EUR 98.8 million (1-6 2014: 108.2), down 8.7%
- Operating profit EUR 5.0 million (7.8), 5.0% (7.2%) of turnover,
excluding non-recurring items EUR 5.8 million, 5.9% of turnover
- Profit for the review period was EUR 4.4 million (6.0)
- Earnings per share were EUR 0.08 (0.10)
Scanfil is changing its estimate on the development of turnover and operating
profit in 2015. The new estimate includes the effect of PartnerTech AB on the
second half of the year. Scanfil now estimates that its turnover for 2015 will
be EUR 350-365 million. Its operating profit before non-recurring items for
2015 is estimated to be EUR 14-18 million.
Scanfil's previous estimate was as follows: Scanfil expects its turnover to
increase by 2-8% in 2015. This growth in turnover will come in the second half
of the year. The company is expecting its turnover to decrease slightly in the
first half of the year, and particularly in the second quarter, compared to
2014. Its operating profit before non-recurring items for 2015 is expected to
be EUR 13-17 million.
Petteri Jokitalo, CEO of Scanfil plc:"The turnover for the first two quarters, especially the second quarter, fell
short of the year before, as was expected. Reasons for this include the demand
of one major customer which will, unlike earlier years, focus on the second
half of the year. Volume deliveries to the customer in question are already
about to commence and there are clear signs of a more general recovery in
demand.
In spite of declining sales, we succeeded in maintaining our operating profit
at a satisfactory level, for which Scanfil's employees are to thank.
Our offer to purchase PartnerTech shares succeeded, and we purchased 98.6% of
the shares during the term of the offer. With regard to the remaining shares,
we are commencing the compulsory acquisition process.
By uniting our forces with PartnerTech, we will significantly expand our global
customer base, plant network and service portfolio. The companies' strategies
are aligned and the purchase will provide us with access to the US market and
allow us to expand into the extremely interesting Guangzhou technology hub area
in China, among other things. We believe that the merger will rapidly benefit
our customers, employees and shareholders.
The takeover and integration process has already begun, and it will continue
during the second half of the year. Our aim is to integrate the companies,
realise the synergy benefits and improve the profitability of the purchased
businesses to a sustainable level over the next two years.
We will be a leading EMS contract manufacturer in the Nordic countries and a
significant EMS company on a global scale. The combined turnover of the current
businesses of the companies for 2014 amounted to approximately EUR 460 million,
and the companies had about 3,000 employees.”
BUSINESS TRENDS
Scanfil's turnover decreased during the first quarter from the year before and
stood at EUR 98.8 million, showing a decrease of 8.7%.
Turnover increased particularly in the Medtech, Life Science and Environmental
Measurement business group, mainly because of the acquisition of Schaltex Gmbh
on 1 April 2014. Demand developed favourably in the Energy and Automation
business group, but fell slightly short of expectations. In the
Networks-business group, customer demand decreased overall year-on-year and was
clearly lower than expected.
The decrease in sales of the Urban Applications group was expected due to the
demand of a significant customer being postponed to the second half of the
year. All in all, however, the actual demand in this business group was
stronger than expected.
Turnover was divided between different customer groups as follows:
EUR million H1/2015 H1/2014 change % of turnover
MedTech, Life Science,
Environmental Measurement 9.9 5.5 80.0 % 10.0 %
Networks 18.3 23.5 - 22.0 % 18.5 %
Energy and Automation 31.6 30.3 4.3 % 32.0 %
Urban Applications 36.4 46.6 - 22.0 % 36.8 %
Others 2.6 2.3 11.3 % 2.6 %
Total 98.8 108.2 - 8.7 %
The company took the decision to make significant equipment investments related
to the manufacture of sheet metal mechanics at the Sievi plant. The new
equipment represents state-of-the-art technology and will improve the
competitiveness of the Sievi plant through increased efficiency and expanding
service ability. The total value of the investments is approximately EUR 2.2
million, and they will be made by the end of the year.
On 25 May 2015 Scanfil Oyj announced a recommended cash offer to the
shareholders in PartnerTech AB to tender all shares in PartnerTech to Scanfil
for SEK 35 per share.
On 25 June 2015 Scanfil Oyj announced that all conditions for completion of the
offer mentioned above have been fulfilled and the offer was therefore declared
unconditional. During the acceptance period 12 317 373 shares have been
tendered in the offer, corresponding to 97.3 percent of the shares and the
voting rights in PartnerTech. At the same time Scanfil announced, that the
acceptance period has been extended until and including 9 July 2015. Scanfil
announced on 13 July 2015 that the shares tendered in the public offer by the
end of the extension of the acceptance period on 9 July 2015 amounted to
12,487,738, corresponding to 98.6 percent of the shares and votes in
PartnerTech. Scanfil decided not to further extend the acceptance period and
does not intend to acquire shares in PartnerTech outside the compulsory
acquisition process.
The acquisition date of PartnerTech Ab was 2 July 2015, and the acquired
holding was at that time 97.3% of the equity shares and voting rights. The
goodwill from the acquisition primarily comprises customer relationships and
expected synergies from the merger of Scanfil Group and PartnerTech Ab
businesses. The fair value of the PartnerTech shares on the acquisition date
amounted to EUR 46.4 million. The preparation of the acquisition cost
calculation and allocation of the purchase price is still underway at the time
of publishing the interim report. The Group's consolidated turnover for
January-June 2015 would have amounted to EUR 238.6 million and profit to EUR
2.2 million, had the merger taken place on 1 January 2015.
Scanfil has signed a financing agreement with Nordea Bank Finland Plc to
finance the acquisition of PartnerTech Ab.
PartnerTech is a Swedish global contract manufacturer and supplier of
aftermarket services operating in a number of markets and in a number of
geographies. In January - June 2015 PartnerTech´s net sales amounted to SEK
1,304 million, its operating profit to SEK -8 million, the net income to SEK
-17 million, balance sheet total was SEK 1,302 million and equity SEK 400
million.
FINANCIAL DEVELOPMENT
The Group's turnover for January - June was EUR 98.8 (108.2) million. The
breakdown of turnover by regional segment was as follows: Europe 58% (61%) and
Asia 42% (39%).
Operating profit for the Group during the review period was EUR 5.0 (7.8)
million, representing 5.0% (7.2%) of turnover. The operating profit includes
EUR 0.9 million of non-recurring expenses related to the acquisition of
PartnerTech Ab. Operating profit excluding non-recurring items was EUR 5.8
million, representing 5.9% of turnover. Non-recurring expenses related to the
acquisition of Schaltex Systems GmbH recorded the previous year amounted to EUR
0.2 million.
Earnings for the review period amounted to EUR 4.4 (6.0) million. Earnings per
share were EUR 0.08 (0.10) and return on investment was 11.0% (16.0%).
Turnover amounted to EUR 52.8 (60.6) million in April-June and operating profit
for the second quarter was EUR 2.3 (5.2) million, or 4.3% (8.6%) of turnover.
Non-recurring expenses of EUR 0.8 million were recorded in the second quarter.
Operating profit for April-June excluding non-recurring items was EUR 3.0
million, representing 5.8% of turnover. Profit for the quarter was EUR 1.7
(4.3) million.
Scanfil EMS Oy sold its 40% holding in associated company Greenpoint Oy on 15
June 2015. A write-down was recorded for the shares in the 2013 financial
statements. The effect of the acquisition on the earnings for the period under
review was EUR 0.1 million.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position. The consolidated balance sheet
totalled EUR 141.9 (133.4) million. Liabilities amounted to EUR 42.2 (50.4)
million, EUR 35.3 (34.5) million of which were non-interest-bearing and EUR 7.0
(15.9) million interest-bearing. The equity ratio was 70.1% (62.2%) and gearing
-12.7% (-0.0%). The equity per share was EUR 1.72 (1.44). Liquid cash assets
totalled EUR 19.7 (15.9) million.
Net cash flow from operating activities for the review period January-June was
EUR 8.3 (1.6) million. The change in net working capital during the period
amounted to EUR 1.9 (-6.3) million. Cash flow from investments was EUR -2.6
million (-6.9). Cash flow from financing was EUR -6.4 (-6.7) million, including
dividends, loan instalments and the use of a bank credit facility.
Gross investments in fixed assets in January-June totalled EUR 2.5 (7.0)
million, which is 2.6% (6.5%) of turnover. The investments were mainly
acquisitions of machines and equipment; the investments for the previous year
include the acquisition cost of Schaltex Systems GmbH shares, amounting to EUR
5.8 million. Depreciations were EUR 2.6 (2.1) million.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting authorized on 8 April 2015 the Board of Directors to
decide on the acquisition of the Company's own shares, share issues and other
special rights entitling their holders to shares in accordance with the Board
of Directors' proposal.
The Board of Directors' proposals to the Annual General Meeting are available
on the company website at www.scanfil.com.
The Board of Directors has no existing authorisations to issue convertible
bonds with warrants.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 3.38 and the lowest
EUR 2.41, the closing price for the period standing at EUR 2.57. A total of
2,991,545 shares were traded during the period, corresponding to 5.1% of the
total number of shares. The market value of the shares on 30 June 2015 was EUR
148.4 million.
PERSONNEL
Scanfil Group's personnel averaged 1,798 (1,754) employees during the review
period. At the end of the period, the Group employed 1,800 (1,802) people, of
whom 236 (247) worked in the company's Finnish units and 1,564 (1,555) in the
company's units outside Finland. In all, 87% (86%) of the Group's personnel
were employed by subsidiaries outside Finland on 30 June 2015.
EVENTS AFTER THE REVIEW PERIOD
The acquisition of PartnerTech Ab shares was a significant event after the
review period. It is described in more detail in the CEO's review and under
Business Trends.
On 13 July 2015, Scanfil published summons to an Extraordinary General Meeting
to be held on 20 August 2015 at 10:00 a.m. at the company's head office.
FUTURE PROSPECTS
Scanfil is changing its estimate of the development of turnover and operating
profit in 2015. The new estimate includes the effect of PartnerTech AB during
the second half of the year. Scanfil now estimates that its turnover for 2015
will be EUR 350-365 million. Its operating profit before non-recurring items
for 2015 is estimated to be EUR 14-18 million.
Scanfil's previous estimate was as follows: Scanfil expects its turnover to
increase by 2-8% in 2015. This growth in turnover will come in the second half
of the year. The company is expecting its turnover to decrease slightly in the
first half of the year, and particularly in the second quarter, compared to
2014. Its operating profit before non-recurring items for 2015 is expected to
be EUR 13-17 million.
Turnover for 2014 was EUR 214.5 million and operating profit EUR 16.2 million.
OPERATIONAL RISKS AND UNCERTAINTIES
A weakening of the global economy and a decrease in the international demand
for capital goods could have a negative effect on the development of the
business operations of Scanfil's customers and could subsequently reduce demand
in the contract manufacturing market. In addition, Scanfil is exposed to risks
resulting from exchange rate fluctuations in its business operations.
Scanfil's business operations have expanded in terms of the plant network,
customer base and geographical regions with the acquisition of PartnerTech.
However, the essential functions are the same as before. No new significant
risks have been identified in conjunction with the acquisition of PartnerTech,
and no essential changes have taken place in the risks related to Scanfil's
business during the year. The company's risks and risk management are
described in greater detail on the company's website under Corporate Governance
and in the notes to the consolidated financial statements.
ACCOUNTING PRINCIPLES
The interim report has been prepared in accordance with the IAS 34 Interim
Financial Reporting standard, applying the following accounting policies with
the financial statements for 2014.
All figures in the financial report have been rounded and consequently the sum
of the individual figures can deviate from the sum figure. The figures are
unaudited.
Consolidated Income Statement
EUR million
4 - 6 4 - 6 1 - 6 1 - 6 1 - 12
2015 2014 2015 2014 2014
Turnover 52.8 60.6 98.8 108.2 214.5
Other operating income -0.1 0.1 0.2 0.1 0.3
Changes in inventories of finished goods
and work in progress -0.9 1.1 1.5 1.6 -0.2
Expenses -48.2 -55.5 -92.8 -100.0 -193.8
Depreciation -1.3 -1.0 -2.6 -2.1 -4.6
Operating profit 2.3 5.2 5.0 7.8 16.2
Financial income and expenses -0.0 0.0 0.6 -0.3 -0.3
Profit before taxes 2.3 5.2 5.6 7.5 15.9
Income taxes -0.6 -0.9 -1.2 -1.5 -3.6
Net profit for the period 1.7 4.3 4.4 6.0 12.3
Attributable to:
Equity holders of the parent 1.7 4.3 4.4 6.0 12.3
Earnings per share for profit attributable
to
shareholders of the parent:
undiluted and diluted
earnings per share ( EUR) 0.03 0.07 0.08 0.10 0.21
Consolidated Statement of Comprehensive Income
EUR million
4 - 6 4 - 6 1 - 6 1 - 6 1 - 12
2015 2014 2015 2014 2014
Net profit for the period 1.7 4.3 4.4 6.0 12.3
Items that may later be recognized in
profit or loss
Translation differences -2.2 0.5 4.0 -0.6 4.6
Derivative Financial Instrument 0.4 0.0 0.4 0.1 0.1
Other comprehensive income, net of tax -1.8 0.5 4.4 -0.5 4.7
Total Comprehensive Income -0.1 4.8 8.9 5.4 17.0
Attributable to:
Equity holders of the parent -0.1 4.8 8.9 5.4 17.0
Consolidated Statement of Financial Position
EUR million
Assets 30.6.2015 30.6.2014 31.12.2014
Non-current assets
Property, plant and equipment 28.4 27.3 27.1
Goodwill 5.9 5.9 5.9
Other intangible assets 5.0 4.6 5.0
Shares in group companies 0.0 0.0 0.0
Available-for-sale investments 0.2
Deferred tax assets 0.3 0.3 0.3
Total non-current assets 39.7 38.3 38.4
Current assets
Inventories 39.1 33.3 35.5
Trade and other receivables 43.1 45.6 40.9
Advance payments 0.1 0.3 0.0
Current Tax 0.1
Cash and cash equivalents 19.7 15.9 19.2
Total current assets 102.2 95.1 95.7
Total assets 141.9 133.4 134.0
Shareholder's equity and liabilities 30.6.2015 30.6.2014 31.12.2014
Equity
Share capital 2.0 2.0 2.0
Translation differences 16.9 7.6 12.9
Other reserves 6.7 5.8 6.0
Reserve for invested unrestricted equity fund 10.7 10.7 10.7
Retained earnings 63.2 56.9 63.0
Total equity 99.5 83.0 94.6
Non-current liabilities
Provisions 0.3 0.6 0.5
Interest bearing liabilities 2.5 6.4 0.5
Deferred tax liabilities 0.0 0.0
Total non-current liabilities 2.9 7.0 1.0
Current liabilities
Trade and other liabilities 34.3 33.1 28.8
Current tax 0.7 0.8 0.9
Interest bearing liabilities 4.5 9.4 8.8
Total current liabilities 39.5 43.3 38.4
Total liabilities 42.4 50.4 39.4
Total shareholder's equity and liabilities 141.9 133.4 134.0
Consolidated Cash Flow
Statement
EUR million
1.1.-30.6.2015 1.1.-30.6.2014 1.1.-31.12.2014
Cash flow from operating
activities
Net profit 4.4 6.0 12.3
Adjustments for the net profit 3.7 3.5 7.5
Change in net working capital 1.9 -6.3 -5.2
Paid interests and other -0.2 -0.2 -0.4
financial expenses
Interest received 0.1 0.0 0.2
Taxes paid -1.6 -1.5 -3.3
Net cash from operating 8.3 1.6 11.0
activities
Cash flow from investing
activities
The acquisition of a subsidiary
less cash
and cash equivalents at the -5.8 -5.8
time of acquisition
Investments in tangible and -2.7 -1.2 -2.3
intangible assets
Sale of tangible and intangible 0.0 0.1 0.1
assets
Proceeds from other investments 0.1
Net cash from investing -2.6 -6.9 -8.0
activities
Cash flow from financing
activities
Repayment of long-term loans -4.9 -5.2 -10.5
Proceeds from long term 2.5 1.4 0.4
borrowings
Dividends paid -4.0 -2.9 -2.9
Net cash from financing -6.4 -6.7 -13.0
activities
Net increase/decrease in cash -0.7 -12.1 -10.1
and cash equivalents
Cash and cash equivalents at 19.2 28.2 28.2
beginning of period
Changes in exchange rates 1.1 -0.2 1.1
Cash and cash equivalents at 19.7 15.9 19.2
end of period
Equity attributable to equity holders of the parent company
Reserve for
invested
Share Translation Other unrestricted Retained Equity
Equity capital differences reserves equity fund earnings total
--------------------------------------------------------------------------------
1.1.2015 2.0 13.0 6.0 10.7 63.0 94.6
Total comprehensive 4.0 0.4 4.4 8.8
income
Fund transfer 0.2 -0.2 0
Option Scheme 0.0 0.0
Paid dividends -4.0 -4.0
Equity
--------------------------------------------------------------------------------
30.6.2015 2.0 16.9 6.7 10.7 63.2 99.5
Equity attributable to equity holders of the parent company
Reserve for
invested
Share Translation Other unrestricted Retained Equity
Equity capital differences reserves equity fund earnings total
--------------------------------------------------------------------------------
1.1.2014 2.0 8.2 5.7 10.7 53.8 80.5
Total comprehensive -0.6 0.1 6.0 5.4
income
Paid dividends -2.9 -2.9
Equity
--------------------------------------------------------------------------------
30.6.2014 2.0 7.6 5.8 10.7 56.9 83.0
Key Indicators
1 - 6 1 - 6 1 - 12
2015 2014 2014
Return on equity, % 9.1 14.6 14.0
Return on investment, % 11.0 16.0 16.5
Interest-bearing liabilities, EUR million 7.0 15.9 9.3
Gearing, % -12.7 0.0 -10,5
Equity ratio, % 70.1 62.2 70.6
Gross investments in fixed assets, EUR million 2.5 7.0 8.2
% of net turnover 2.6 6.5 3.8
Personnel, average 1 798 1 754 1 764
Earnings per share, EUR 0.08 0.10 0.21
Shareholders´ equity per share, EUR 1.72 1.44 1.64
Number of shares at
the end of period, 000´s
- not counting own shares 57 730 57 730 57 730
- weighted average 57 730 57 730 57 730
The company has a EUR 4.4 million loan in connection with which the company has
entered
into interest and currency swap agreements to convert the SEK-denominated
principal
and cash flows of instalments and interest payments into euros. The interest and
currency swap agreement fully hedges the instalments and interest payments
against
fluctuations in exchange and interest rates.
Owing to the nature of the sector, the company´s order book covers only a short
period of time
and does not give an accurate picture of future development.
Segment information
EUR million 1 - 6 1 - 6 1 - 12
2015 2014 2014
Turnover
Europe 59.0 67.5 131.9
Asia 42.1 42.7 86.8
Turnover between segments -2.3 -2.0 -4.2
Total 98.8 108.2 214.5
Operating profit
Europe 1.9 3.6 7.9
Asia 3.1 4.1 8.3
Total 5.0 7.8 16.2
Assets
Europe 65.1 66.0 64.9
Asia 70.9 61.6 63.2
Goodwill 5.9 5.9 5.9
Total 141.9 133.4 134.0
Changes in tangible non-current assets
EUR million 1 - 6 1 - 6 1 - 12
2015 2014 2014
Book value at the beginning of the period 27.1 28.5 28.5
Additions 2.4 1.0 1.7
Consolidation of business operations 0.2 0.3
Deductions 0.0 0.0 -0.0
Depreciations -2.3 -2.0 -4.2
Exchange rate differences 1.2 -0.4 0.9
Book value at the end of the period 28.4 27.3 27.1
Financial assets and liabilities, carrying amount and fair value
EUR million
30.6.2015 30.6.2015
Book values of Fair
values of
balance sheet balance
values sheet
values
Non-current assets
Available for sale investments 0.0 0.0
Non-current assets total 0.0 0.0
Current assets
Trade and other receivables 41.9 41.9
Cash and cash equivalents 19.7 19.7
Forward exchange contracts 0.0 0.0
Current assets total 61.5 61.5
Total financial assets 61.5 61.5
Non-current financial liabilities
Interest bearing liabilities from financial 2.5 2.5
institutions
Financial leasing 0.0 0.0
Non-current financial liabilities total 2.5 2.5
Current financial liabilities
Interest bearing liabilities from financial 4.4 4.4
institutions
Derivative 0.1 0.1
Financial leasing 0.1 0.1
Trade and other payables 28.9 28.9
Current financial liabilities total 33.5 33.5
Total financial liabilities 36.0 36.0
The valuation of derivatives is based on market data (level 2).
The valuation of available for sale investments is based on the acquisition cost
(level 3) as the fair value
of the shares cannot be determined reliably.
Contingent Liabilities
EUR million
1 - 6 1 - 6 1 - 12
2015 2014 2014
Given business mortgages 110.0 26.0 26.0
Pledged guarantees 0.6 0.8 0.6
Leasing liabilities and other lease 2.4 2.8 2.6
liabilities
As part of financing the Partner Tech Ab acquisition Scanfil has applied for and
pledged new business
mortgages, EUR 100 million. Financing loans associated with these mortgages has
not been withdrawn 30.6.2015.
In addition, Scanfil EMS Oy has provided a guarantee of any obligations arising
from the subsidiary's
delivery contracts with its customers. The guarantee is limited to a maximum of
EUR 7.5 million and seven
years after the expiry of the last product
agreement.
Scanfil plc has granted Nordea Bank Finland Plc an absolute guarantee for the
payment of Scanfil EMS
Oy's loan of originally EUR 40 million and resulting obligations to pay. The
principal of the loan on Scanfil
EMS Oy's balance sheet (FAS) on 30 June 2015 is EUR 4.4 million.
Scanfil plc has a credit limit associated with the Group account for EUR 10.0
million, for which Scanfil plc
has granted an absolute guarantee. Scanfil EMS Oy may use this credit
limit.
Scanfil plc has provided Nordea Bank Finland plc with an absolute guarantee for
the EUR 1.0 million credit
limit of Scanfil Kft and EUR 2.0 million credit limit of Scanfil GmbH, and
Siemens Finance and Leasing
GmbH for Scanfil GmbH's lease liabilities of EUR 0.4million.
A total of EUR 2.5 million of the credit limits were in use on 30
June 2015.
Transactions with related parties
Scanfil EMS Oy has rented an office space from Kiinteistö Oy Pilot 1, which is
owned by a company Jussi
Real Estate Oy whose head owners are e.g. Jussi Capital Oy and Rela Invest Oy.
Head owners of Jussi Capital are Jorma Takanen, Harri Takanen, Jarkko Takanen
and Jonna Tolonen.
Owners of Rela Invest Oy include among others Reijo Pöllä.
Rental costs January - June 2015 were EUR 10 thousand (EUR 10
thousand in
January - June 2014).
Administrative service income from Sievi Capital plc were EUR 10 thousand from
January - June 2015
(EUR 23 thousand in January - June 2014).
Key indicators quarterly
Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14 Q4/13 Q3/13
Turnover, MEUR 52.8 45.9 49.6 56.7 60.6 47.6 45.4 50.4
Operating profit, MEUR 2.3 2.7 3.3 5.2 5.2 2.5 2.5 4.2
Operating profit, % 4.3 5.8 6.6 9.2 8.6 5.3 5.6 8.4
Net income, MEUR 1.7 2.7 2.5 3.8 4.3 1.7 1.9 3.0
Calculation of key
indicators
Return on equity, % Net profit for the period x 100 ---------------------------------------------------------
Shareholders' equity (average)
Return on investment, (Profit before taxes + interest and other financial
% expenses) x 100
---------------------------------------------------------
Balance sheet total - non-interest-bearing liabilities
(average)
Gearing (%) (Interest-bearing liabilities - cash and other liquid
financial assets) x 100
---------------------------------------------------------
Shareholders' equity
Equity ratio (%) Shareholders' equity x 100
---------------------------------------------------------
Balance sheet total - advance payments received
Earnings per share Net profit for the period
---------------------------------------------------------
Average adjusted number of shares during the year
Shareholders' equity Shareholders' equity
per share
---------------------------------------------------------Adjusted number of shares at the end of the financial
period
Market capitalisation Number of shares x last trading price of the financial
period
SCANFIL PLC
Petteri Jokitalo
CEO
Additional information:
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Major Media
www.scanfil.com
Scanfil Group is engaged in contract manufacturing for international
telecommunications technology and professional electronics manufacturers.
Scanfil has almost 40 years of experience in demanding contract manufacturing.
Scanfil is a systems supplier that offers its products and services to
international telecommunications systems manufacturers and professional
electronics customers. Typical products are equipment systems for mobile and
public switched telephone networks, automation systems, frequency converters,
lift control systems, equipment and systems for electricity production and
transmission, analysers, slot machines and different meteorological
instruments. The company has production facilities in China, Estonia, Germany,
Hungary and Finland.
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achievements of Scanfil Oyj to be materially different from any future results,
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and other similar terminology. New risk factors may arise from time to time and
it is not possible for management to predict all of those risk factors or the
extent to which any factor or combination of factors may cause actual results,
performance and achievements of Scanfil Oyj to be materially different from
those contained in forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on forward-looking
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