2014-02-25 08:45:00 CET
2014-02-25 08:45:03 CET
REGULATED INFORMATION
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Scanfil Oyj - Financial Statement Release
SCANFIL GROUP’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2013
SCANFIL PLC FINANCIAL STATEMENTS RELEASE 25 FEBRUARY 2014 9.45 A.M
SCANFIL GROUP'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2013
January - December
- Turnover totalled EUR 188.5 million (2012: EUR 180.9 million), up 4.2%
- Operating profit EUR 11.8 (8.1) million, 6.3% (4.5%) of turnover
- Profit for the review period was EUR 8.2 (5.7) million
- Earnings per share were EUR 0.14 (0.10)
- The Board of Directors proposes to the Annual General Meeting a dividend
of EUR 0.05 per share
October - December
- Turnover totalled EUR 45.4 million (Q4 2012: 40.8), up 11.2%
- Operating profit EUR 2.5 (0.7) million, 5.6% (1.8%) of turnover
- Earnings per share amounted to EUR 0.03 (0.00)
Scanfil estimates that its turnover for 2014 will increase by between 4 and 10%
and that the operating profit for the year will reach EUR 10.0-14.0 million.
Petteri Jokitalo, CEO of Scanfil plc:
'The year 2013 was good for Scanfil despite the fact that the overall demand
situation on many markets remained difficult. Scanfil's turnover increased in
2013 and the company was also able to improve its profitability. Global
megatrends had a positive impact on the performance of many professional
electronics customers and thus also on Scanfil's business. Demand for
professional electronics products increased from the year 2012 and it accounted
for about 82% of Scanfil's turnover in 2013.
I'm pleased with the profitability improvements during the year and with the
fact that there was a substantial increase in turnover, especially in the
fourth quarter. Profitable growth is also our aim in 2014.
I would like to extend my thanks to Scanfil personnel for successful work in
2013. We were able to grow profitably, which will provide us with a good basis
for operational improvements and for meeting the needs of our stakeholders.'
GROUP STRUCTURE
The Scanfil Group comprises the parent company Scanfil plc and the Scanfil EMS
subgroup. The Scanfil EMS subgroup, in turn, comprises the parent company
Scanfil EMS Oy, subsidiaries and the associated company Greenpoint Oy (Scanfil
EMS Oy's share of ownership 40%). Scanfil EMS Oy's subsidiaries are the Chinese
subsidiaries Scanfil (Suzhou) Co., Ltd. and Scanfil (Hangzhou) Co., Ltd., the
Hungarian subsidiaries Scanfil Kft. (Budapest) and Rozália Invest Kft.
(Budapest) as well as the Estonia-based Scanfil Oü (Pärnu). The Scanfil EMS
group has a 100% holding in all of its subsidiaries.
DEVELOPMENT OF OPERATIONS
Scanfil's business operations developed positively during 2013. In September,
the Group revised upwards its estimate of the operating profit for the year.
According to the estimate, there was a substantial improvement in the Group's
operating profit, to EUR 11.8 (8.1) million, while turnover increased slightly,
to EUR 188.5 (180.9) million, compared with 2012.
Many of Scanfil's professional electronics customers were able to increase
their turnover in 2013, which also boosted demand for Scanfil's products.
Cooperation with a number of key customers was extended to cover more highly
integrated products. During the year, Scanfil also started cooperation with a
number of promising new customers. The company continued sales efforts to
expand its professional electronics customer base, particularly in China and
Central Europe.
Sales to professional electronics customers increased by about 15% in 2013
compared with the previous year and accounted for 82% of turnover (74%). Sales
to telecommunication customers continued to decline and accounted for 18% (26%)
of the turnover.
In October-December, there was a substantial increase in turnover and operating
profit, compared with the previous year. Turnover increased by 11.2%, reaching
EUR 45.4 million. Operating profit increased from EUR 0.7 million to EUR 2.5
million. The strong growth in operating profit during the last quarter was
mainly the result of higher turnover and changes in the product mix.
FINANCIAL DEVELOPMENT
The Group's turnover for January - December was EUR 188.5 (180.9) million. The
breakdown of turnover by regional segment was as follows: Europe 58% (59%) and
Asia 42% (41%).
Operating profit for the Group during the review period was EUR 11.8 (8.1)
million, representing 6.3% (4.5%) of turnover. The operating profit contains a
write-down of EUR 0.3 million for accounts receivable from associated company.
The 2012 operating profit included a total of EUR +0.5 million in non-recurring
items. Operating profit excluding non-recurring items was EUR 12.2 (7.6)
million, representing 6.5% (4.2%) of turnover.
The operations of Greenpoint Oy, an associated company of Scanfil EMS Oy, have
not developed as planned, and Scanfil's evaluation is that the Greenpoint's
existing possibilities to deal with its obligations are poor. For this reason,
Scanfil has recorded the write-down for all asset items connected with the
associated company. Their effect on earnings before taxes is EUR -1.2 million.
Scanfil EMS Oy owns 40% of Greenpoint Oy.
Earnings for the review period amounted to EUR 8.2 (5.7) million. Earnings per
share were EUR 0.14 (0.10) and return on investment was 11.4% (8.1%).
Turnover amounted to EUR 45.4 (40.8) million in October-December and operating
profit for the fourth quarter was EUR 2.5 (0.7) million, or 5.6% (1.8%) of
turnover. Profit for the quarter was EUR 1.9 (0.3) million.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 125.6 (130.0) million. Liabilities
amounted to EUR 45.1 (55.0) million, EUR 26.8 (26.6) million of which were
non-interest-bearing and EUR 18.3 (28.4) million interest-bearing. The equity
ratio was 64.1% (57.7%) and gearing -12.2% (-2.4%). The equity per share was
EUR 1.39 (1.30).
Liquid cash assets totalled EUR 28.2 (20.5) million.
Cash flow from operating activities in the accounting period came to EUR 13.2
(11.2) million positive. The change in net working capital during the year in
review amounted to EUR 0.6 (0.4) million. A total of EUR 35.6 million was tied
to net working capital on 31 December 2013. Cash flow from investment
activities was EUR +5.8 (-16.9) million and cash flow from financing activities
was EUR -11.2 (-8.9) million. The investment cash flow includes the expiry of a
deposit of EUR 9.8 million, which has a maturity of over three months and is
classified as an investment. The financing cash flow contains the dividends
payments and loan instalments.
Changes in exchange rates have not had a significant effect on the result of
operational activity due to the business structure.
Gross investments in January - December in fixed assets totalled EUR 4.0 (7.2)
million, which is 2.1% (4.0%) of turnover. Acquisition of machines and
equipment accounts for most of the investments. The company made investments in
electronics manufacturing in Estonia and Suzhou and in mechanics manufacturing
in Hungary. The investments in the new enterprise resource planning system
totalled EUR 0.4 (0.6) million. The new enterprise resource planning system was
put into use in Finland and Hungary during the year. The aim is to have the new
system in place in the Group by the end of 2014. Depreciations were EUR 4.4
(4.5) million.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting authorised the Board of Directors on 18 April 2013
to decide on the acquisition of the Company's own shares with distributable
assets and on the disposal of own shares in accordance with the Board of
Directors' proposal.
The Board of Directors has no existing share issue authorisations or
authorisations to issue convertible bonds with warrants.
OWN SHARES
The company does not own its own shares.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the year was EUR 1.47 and the lowest EUR 0.82,
the closing price for the period standing at EUR 1.35. A total of 2,863,667
shares were traded during the period, corresponding to 5.0% of the total number
of shares. The market value of the shares on 31 December 2013 was EUR 77.9
million.
PERSONNEL
At the end of the financial year, the Group employed 1,667 (1,653) people, of
whom 1,426 (1,415) in the company's units outside Finland. The proportion of
employees working in China was 46% (47%) at the end of the year. In all, 86%
(86%) of the Group's personnel were employed by subsidiaries outside Finland on
31 December 2013. Scanfil Group's personnel averaged 1,673 (1,669) employees
during the review period.
CHANGES IN COMPANY MANAGEMENT
Petteri Jokitalo, M.Sc. (Eng) started as Scanfil plc's CEO on 1 April 2013.
In its organising meeting on 18 April 2013, the Board of Directors elected by
the General Meeting on 18 April 2013 elected Harri Takanen, M.Sc. (Eng) as its
Chairman.
OPTION SCHEMES
On 18 April 2013, the General Meeting of shareholders of Scanfil plc authorised
the Board of Directors to decide on granting options rights to certain key
personnel of the Company and its subsidiaries. The maximum total number of
option rights is 750,000 and they entitle the key personnel to subscribe for a
maximum total of 750,000 of the Company's new shares or shares in its
possession.
Based on the authorisation by the General Meeting, the Board of Directors of
Scanfil plc decided on 18 September 2013 to grant the CEO of Scanfil plc and
four key persons at the Company's subsidiary Scanfil EMS Oy option rights for
225,000 shares.
NOTIFICATIONS OF CHANGES IN SHAREHOLDING
On 17 September 2013, Scanfil plc received the following notifications pursuant
to Chapter 9, Section 5 of the Securities Market Act:
Jorma J. Takanen's ownership in Scanfil plc has fallen below 15 per cent of
Scanfil plc´s shares and voting rights. The share of ownership was changed due
to a donation associated with a change of generation on 17 September 2013.
Jorma J. Takanen's direct ownership in Scanfil plc is 5,832,305 and indirect
ownership 1 900 00 (share of ownership of Riitta and Jorma J. Takanen
foundation) shares corresponding 13.39% of the total number (57,730,439) of the
shares and voting rights in Scanfil plc.
Jarkko Takanen's ownership in Scanfil plc has risen above 10 per cent of
Scanfil plc´s shares and voting rights. The share of ownership was changed due
to a donation associated with a change of generation made by Jorma J. Takanen
on 17 September 2013.
Jarkko Takanen's ownership in Scanfil plc is 8,251,169 shares corresponding
14.29% of the total number (57,730,439) of the shares and voting rights in
Scanfil plc.
Harri Takanen's ownership in Scanfil plc has risen above 15 per cent of Scanfil
plc´s shares and voting rights. The share of ownership was changed due to a
donation associated with a change of generation made by Jorma J. Takanen on 17
September 2013.
Harri Takanen's ownership in Scanfil plc is 9,776,664 shares corresponding
16,94% of the total number (57,730,439) of the shares and voting rights in
Scanfil plc.
FUTURE PROSPECTS
Scanfil estimates that its turnover for 2014 will increase by between 4 and 10%
and that the operating profit for the year will reach EUR 10.0-14.0 million.
Turnover for 2013 was EUR 188.5 million and operating profit EUR 11.8 million.
OPERATIONAL RISKS AND UNCERTAINTIES
Weakening of the global economy and the decrease in international demand for
investment commodities might have a negative impact on the development of the
business of Scanfil's customers and impair the demand in the contract
manufacturing market. This would have a negative impact on the development of
Scanfil's sales and profitability.
In other respects, the risks facing Scanfil's business have remained
essentially the same. The company's risks and risk management are described in
greater detail on the company's website under Corporate Governance.
EVENTS AFTER THE REVIEW PERIOD
After being elected to the Board of Directors of Kitron ASA Tuomo Lähdesmäki
informed that he will resign from his position as a member of the Board of
Directors of Scanfil plc as of 24 February 2014.
ANNUAL GENERAL MEETING 2014 AND BOARD OF DIRECTORS' PROPOSALS TO THE ANNUAL
GENERAL MEETING
Scanfi plc's Annual General Meeting will be held on 8 April 2014 at the
company's head office in Sievi, Finland.
Dividend for 2013
The company aims to pay dividends amounting to approximately 1/3 of its annual
result on a regular basis.
The parent company's distributable funds are EUR 11,767,426.34. The Board of
Directors proposes to the Annual General Meeting that a dividend of EUR 0.05 be
paid from the unrestricted shareholders' equity per share, for a total of EUR
2,886,521.95. The dividend matching day is 11 April 2014. The dividend will be
paid to those shareholders who, on the matching day, are entered in the
Company's Register of Shareholders, kept by Euroclear Finland Ltd. The dividend
payment day is 23 April 2014.
No significant changes have taken place in the company's financial position
since the end of the financial year. In the view of the Board of Directors, the
proposed dividend pay-out will not put the company's liquidity at risk.
The proposal of Scanfil plc's nomination committee to the General Meeting for
the composition of Scanfil plc's Board of Directors will be published in
connection with the invitation to the General Meeting.
The company publishes a notice of the Annual General Meeting later separately.
COMPARISON FIGURES
This financial statements release has been prepared in compliance with the IAS
34 Interim Financial Reporting standard.
The interim report has been prepared following the same accounting principles
as in the 2012 financial statements.
The individual figures and totals shown in the tables have been rounded to
millions of Euro from more accurate figures, which is why individual figures do
not always add up.
The figures are unaudited.
CONSOLIDATED INCOME STATEMENT
EUR million
10 - 12 10 - 12 1 - 12 1 - 12
2013 2012 2013 2012
Turnover 45.4 40.8 188.5 180.9
Other operating income 0.1 0.0 0.3 1.3
Changes in inventories of finished goods
and work in progress 0.3 -0.1 1.2 -0.1
Manufacturing for own use 0.0 0.0 0.0
Expenses -42.1 -38.9 -173.8 -169.5
Depreciation -1.1 -1.2 -4.4 -4.5
Operating profit 2.5 0.7 11.8 8.1
Financial income and expenses 0.1 -0.1 -0.6 -0.1
Share in the associated company´s profit -0.1 -0.6 -0.4
Profit before taxes 2.6 0.6 10.6 7.6
Income taxes -0.7 -0.3 -2.4 -1.9
Net profit for the period 1.9 0.3 8.2 5.7
Attributable to:
Equity holders of the parent 1.9 0.3 8.2 5.7
Earnings per share for profit attributable to
shareholders of the parent:
Undiluted and diluted earnings per share 0.03 0.00 0.14 0.10
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
10 - 12 10 - 12 1 - 12 1 - 12
2013 2012 2013 2012
Net profit for the period 1.9 0.3 8.2 5.7
Other comprehensive income:
Items that may later be recognised in profit
and loss
Translation differences -0.4 -0.6 -0.7 -0.3
Derivative financial instrument 0.0 0.1 0.3 0.2
Other comprehensive income, net of tax -0.4 -0.5 -0.4 -0.1
Total Comprehensive Income 1.5 -0.2 7.8 5.6
Attributable to: 1.5 -0.2 7.8 5.6
Equity holders of the parent
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million
Assets 31.12.2013 31.12.2012
Non-current assets
Property. plant and equipment 28.5 30.5
Goodwill 2.2 2.2
Other intangible assets 4.1 3.1
Shares in associated companies 0.6
Available-for-sale investments 0.0 0.0
Receivables 0.2
Deferred tax assets 0.3 0.6
Total non-current assets 35.1 37.4
Current assets
Inventories 28.7 29.9
Loan receivables from associated companies 0.1
Trade and other receivables 33.5 32.0
Advance payments 0.1 0.4
Current tax 0.0
Other financial assets 9.7
Cash and cash equivalents 28.2 20.5
Total current assets 90.5 92.7
Total assets 125.6 130.0
Shareholder's equity and liabilities 31.12.2013 31.12.2012
Equity
Share capital 2.0 2.0
Translation differences 8.2 8.9
Other reserves 5.7 5.3
Reserve for invested unrestricted equity fund 10.7 10.7
Retained earnings 53.8 48.0
Total equity 80.5 75.0
Non-current liabilities
Deferred tax liabilities 0.0
Provisions 0.4 0.4
Interest bearing liabilities 9.2 18.9
Other liabilities
Total non-current liabilities 9.5 19.3
Current liabilities
Trade and other liabilities 25.8 25.4
Current tax 0.5 0.8
Interest bearing liabilities 9.2 9.5
Total current liabilities 35.6 35.7
Total liabilities 45.1 55.0
Total shareholder's equity and liabilities 125.6 130.0
CONSOLIDATED CASH FLOW STATEMENT
EUR million
1.1-31.12.2013 1.1-31.12.2012
Cash flow from operating activities
Net profit 8.2 5.7
Adjustments for the net profit 8.2 7.4
Change in net working capital -0.6 -0.4
Paid interests and other financial expenses -0.6 -0.8
Interest received 0.5 0.4
Taxes paid -2.5 -1.1
Net cash from operating activities 13.2 11.2
Cash flow from investing activities
Investments in tangible and intangible assets -4.2 -7.3
Sale of tangible and intangible assets 0.2 0.1
Purchase of investments 0.0 -9.7
Receiving from other investments 9.8
Capital transfer tax refund 0.1
Repayment of loans receivable 0.0
Granted loans 0.0 -0.0
Net cash from investing activities 5.8 -16.9
Cash flow from financing activities
Repayment of long-term loans -8.9 -8.9
Dividends paid -2.3
Net cash from financing activities -11.2 -8.9
Net increase/decrease in cash and cash 7.9 -14.6
equivalents
Cash and cash equivalents at beginning of period 20.5 35.2
Cash transferred at the demerger 0.1
Changes in exchange rates -0.2 -0.2
Cash and cash equivalents at end of period 28.2 20.5
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
EUR million
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
--------------------------------------------------------------------------------
1.1.2013 2.0 8.9 5.3 10.7 48.0 75.0
Option scheme 0.0 0.0
Transfer to 0.1 -0.1 0
funds
Total comprehensive -0.7 0.3 8.2 7.8
income
Dividends paid -2.3 -2.3
Equity
--------------------------------------------------------------------------------
31.12.2013 2.0 8.2 5.7 10.7 53.8 80.5
Reserve for
invested
Share Translation Other unrestricted Retained Equity
Equity capital differences reserves equity fund earnings total
--------------------------------------------------------------------------------
1.1.2012 2.0 9.2 4.9 10.6 42.6 69.4
Items received in partial demerger 0.1 0.1
Transfer to 0.3 -0.3 0
funds
Total comprehensive -0.3 0.2 5.7 5.6
income
Equity
--------------------------------------------------------------------------------
31.12.2012 2.0 8.9 5.3 10.7 48.0 75.0
KEY INDICATORS
1 - 12 1 - 12
2013 2012
Return on equity, % 10.6 7.9
Return on investment, % 11.4 8.1
Interest-bearing liabilities, EUR million 18.3 28.4
Gearing, % -12.2 -2.4
Equity ratio, % 64.1 57.7
Gross investments in fixed assets, EUR million 4.0 7.2
% of net turnover 2.1 4.0
Personnel, average 1 673 1 669
Earnings per share, EUR 0.14 0.10
Shareholders´ equity per share, EUR 1.39 1.30
Dividend per share, EUR 0.05 0.04
Dividend per earnings, % 35.1 40.5
Effective dividend yield, % 3.70 4.88
Price-to-earnings ratio (P/E) 9.5 8.3
Year´s lowest share price, EUR 0.82 0.60
Year´s highest share price, EUR 1.47 1.10
Average share price for year, EUR 1.11 0.76
Share price at year´s end, EUR 1.35 0.82
Market capitalisation at end of year, EUR million 77.9 47.3
Number of shares at
the end of period, 000´s - not counting own shares 57 730 57 730
- weighted average 57 730 57 730
The company has a EUR 18.3 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 - 12 1 - 12
2013 2012
Turnover
Europe 112.2 108.1
Asia 79.6 75.8
Turnover between segments -3.3 -3.0
Total 188.5 180.9
Operating profit
Europe 5.2 5.2
Asia 6.6 2.9
Total 11.8 8.1
Assets
Europe 67.8 64.2
Asia 55.5 62.9
Goodwill 2.2 2.2
Shares in associated companies 0.6
Total 125.6 130.0
CHANGES IN TANGIBLE NON-CURRENT ASSETS
EUR million
1 - 12 1 - 2
2013 2012
Book value at the beginning of the period 30.5 27.7
Additions 2.9 7.0
Deductions -0.5 -0.1
Depreciations -4.2 -4.3
Exchange rate differences -0.2 0.3
Book value at the end of the period 28.5 30.5
CONTINGENT LIABILITIES
EUR million
1 - 12 1 - 12
2013 2012
Given business mortgages 40.0 40.0
Pledged guarantees 6.4 1.3
Leasing liabilities and other lease liabilities 0.0 0.1
TRANSACTIONS WITH RELATED PARTIES
EUR million
1 - 12 1 - 12
2013 2012
Related party transactions:
Associated companies
Sales income 0.1 0.2
Trade receivables 0.3
Interest income 0.0 0.0
Loan receivables 0.3
Interest receivables 0.0
Loans of EUR 0.3 million and trade receivables of EUR 0.3 million which have
been granted to
an associate company Greenpoint Oy have been written-off as impairment. Also
remaining goodwill of
EUR 0.6 million has been fully depreciated.
Scanfil EMS Oy has rented an office space from Kiinteistö Oy Pilot 1, which head
owners are Jorma Takanen, Harri Takanen, Jarkko Takanen and Reijo Pöllä.
Rental costs were EUR 15 thousand by 31 December 2013 (EUR 7 thousand in 2012).
KEY INDICATORS QUATERLY
Q4/13 Q3/13 Q2/13 Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Turnover, MEUR 45.4 50.4 48.7 44.0 40.8 48.2 49.3 42.6
Operating profit, MEUR 2.5 4.2 3.1 2.0 0.7 2.8 3.2 1.4
Operating profit, % 5.6 8.4 6.3 4.6 1.8 5.7 6.4 3.4
Net income, MEUR 1.9 3.0 2.1 1.1 0.3 1.7 2.6 1.2
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
Dividend per share Dividend to be distributed for the period (Board's proposal)
---------------------------------------------------------
Number of shares at the end of year
Dividend per earnings Dividend per share x 100
(%)
---------------------------------------------------------
Earnings per share
Effective dividend Dividend per share x 100
yield (%)
---------------------------------------------------------
Share price at the end of year
Price-to-earnings Share price at the end of year
ratio (P/E)
---------------------------------------------------------
Earnings per share
Average share price Total share turnover
---------------------------------------------------------
Number of shares traded
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 35 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, Hungary
and Finland.
Not for release over US newswire services. Forward looking statements: certain
statements in this stock exchange release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of Scanfil
Oyj to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When used
in this stock exchange release, such statements use such words as "may,""will,""expect,""anticipate,""project,""believe,""plan" 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
statements as a prediction of actual results. The forward-looking information
contained in this stock exchange release is current only as of the date of this
stock exchange release. There should not be an expectation that such
information will in all circumstances be updated, supplemented or revised,
except as provided by the law or obligatory regulations, whether as a result of
new information, changing circumstances, future events or otherwise.
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