2009-02-27 13:20:00 CET
2009-02-27 13:20:08 CET
REGULATED INFORMATION
Cencorp - Company Announcement
THE PROSPECTUS OF CENCORP CORPORATION HAS BEEN APPROVED
CENCORP CORPORATION STOCK EXCHANGE RELEASE 27 February 2009 Cencorp Corporation(”Cencorp”) and Savcor Group Oy (“Savcor”, under the name Savcor Group Ltd Oy until 4 February 2009) have by the stock exchange releases published on 28 November 2008, 1 December 2008 and 3 February 2009 made disclosures concerning the agreement concluded between Cencorp, Savcor and Sampo Bank (“Sampo Bank”) on 28 November 2008, by which the said parties have agreed on a conditional financing arrangement in relation to Cencorp. As part thereof, the extraordinary meeting of shareholders of Cencorp held on 22 December 2008 resolved, inter alia, on authorising the board of directors to decide on issues of shares to Sampo Bank, the shareholders of Cencorp and the members of the board of directors of Cencorp (“Conditional Financing Arrangement”). Relating to the above said Conditional Financing Arrangement, disclosures were made by the stock exchange releases published on 28 November 2008, 1 December 2008 and 3 February 2009 concerning the planned transaction, whereby Cencorp were to purchase the whole share capital of Savcor Alfa Oy, a company indirectly owned by Savcor, and, relating to said transaction, Photonium Oy would offer to Cencorp, inter alia, planning and possible production services concerning production automation equipment based on a conditional cooperation agreement signed by Cencorp and Photonium Ltd. on 3 February 2009 (the “Cooperation Agreement” and together with the share transaction the “Transaction”). The Cooperation Agreement includes a call option, on the basis of which Cencorp has the right to purchase, at its discretion, the businesses of Photonium Ltd and Akseli Lahtinen Oy within the next three years from the date of the Cooperation Agreement's entry into force. However, the call option cannot be exercised prior to 1 January 2010. The Finnish Financial Supervisory Authority has today, on 27 February 2009, approved Cencorp's prospectus relating to the Conditional Financing Arrangement. The Prospectus will be available as of 2 March 2009 at the company's head office at Maksjoentie 11, FI-08700 Lohja, Finland, at the Nasdaq OMX Helsinki Ltd's service desk at Fabianinkatu 14, 00130 Helsinki as well as in electronic form on the company's website www.cencorp.com and Sampo Bank Plc's website www.sampopankki.fi/osakkeet. Shareholders are requested to familiarise themselves in detail with the prospectus and the information included in it. By this stock exchange release, the Company publishes only the following, previously non-disclosed essential information described in more detail in the prospectus. Business and strategy after the Transaction (Annex 1) Financial figures of Savcor Alfa Oy (Annex 2) Unaudited pro forma financial information (Annex 3) CENCORP CORPORATION Additional information: Hannu Timmerbacka Managing Director Cencorp Corporation Tel.: +358 (0)400 620845 E-mail: hannu.timmerbacka@cencorp.com DISTRIBUTION: Helsinki Stock Exchange Main Media APPENDIX 1: BUSINESS AND STRATEGY AFTER THE TRANSACTION Business Upon completion of the Transaction, Savcor Alfa Oy will transfer to Cencorp's ownership and it will become Cencorp's wholly owned subsidiary. The purpose of the Transaction is to create out of Cencorp an even more significant company specialised in automation solutions to the electronics industry, which is capable of providing more diversified and effective automation and laser solutions. Upon completion of the Transaction, Cencorp's business will consist of the planning, manufacturing, sale and marketing of automation solutions and automation systems. The production automation solutions and the production automation systems provided by the company usually combine products from several of Cencorp's application areas. The application areas and main product lines of Cencorp after the completion of the Transaction are presented in the table below. Furthermore, the cooperation with Photonium based on the Cooperation Agreement will enhance the product range of Cencorp and will bring Cencorp an opportunity to offer more extensive product ranges and solutions. -------------------------------------------------------------------------------- | | Application industries | Main product lines | -------------------------------------------------------------------------------- | From current | Test applications | Test handling(test | | Cencorp | Automation applications | handlers, visual inspection | | | | and laser marking) | | | | ML2000, ML4, SL501, LM501 | | | | and FM50 | | | | Depaneling machines for | | | | circuit boards | | | | BR1000, VR1000, SR1001 and | | | | OS 1001 | | | | Odd-form component placing | | | | assembly cells | | | | OF1000 and OF Flex 1000 | | | | Fi | -------------------------------------------------------------------------------- | From current Savcor | Laser applications | Laser marking workstations: | | Alfa Oy | | Basic, Basic R, In-Line, | | | | Maxi, Cube, Nano | | | | Laser plastic cutting | | | | workstations: | | | | Gate and Gate-T | | | | Laser plastics welding | | | | workstations: | | | | Basic QS, Basic QS-R and | | | | In-Line QS | | | | Laser metal welding | | | | workstations: | | | | Basic W and Inline W | | | | Custom made marking, | | | | cutting and welding | | | | workstations with customer | | | | specific needs | | | | Contract manufacturing | -------------------------------------------------------------------------------- Strategy Cencorp is engaged in the telecommunications, industrial electronics and transport electronic application industry by offering production automation cells, testing solutions, laser solutions and delivering comprehensive solutions comprised of these as well as maintenance and other technical service related thereto. Cencorp focuses on Scandinavia and the rest of Europe, North America, Latin America and Asia as its market area. Compared to its competitors, the Company produces significant additional value to its customers by focusing the product development to the needs of its target market as well as from the development actions taken in respect of the operative business. Cencorp seeks to tailor the company's operational functions to reflect the requirements of the strategy approved by the board of directors of the company. Cencorp seeks growth with the help of new products and new clients as well as by mergers and acquisitions and by technology licensing. Cencorp's aim is to set optimal pricing for its product and services in order to ensure the repayment of its investments. Cencorp aims at scheduling the launch of its development results accurately based on developments in demand and the degree of readiness of its products. APPENDIX 2: FINANCIAL FIGURES OF SAVCOR ALFA OY The figures presented below are based on the confirmed financial statements of Savcor Alfa Oy from the financial periods ended on 31 December 2008, 31 December 2007 and 31 December 2006. The prospectus of Cencorp approved on 27 February 2009 presents more detailed information on Savcor Alfa Oy. Profit and loss statement information -------------------------------------------------------------------------------- | EUR 1,000 | 1 January | 1 January | 1 January 2006 | | | 2008 -31 | 2007 -31 | -31 December | | | December | December 2007 | 2006 | | | 2008 | | | -------------------------------------------------------------------------------- | | FAS | FAS | FAS | -------------------------------------------------------------------------------- | | (audited) | (audited) | (audited) | -------------------------------------------------------------------------------- | Turnover | 1,690 | 2,004 | 842 | -------------------------------------------------------------------------------- | Acquisition and manufacture | (1,559) | (1,478) | (658) | | costs | | | | -------------------------------------------------------------------------------- | Gross profit | 131 | 527 | 183 | -------------------------------------------------------------------------------- | Sale and marketing costs | (293) | (197) | (32) | -------------------------------------------------------------------------------- | Administrational costs | (260) | (180) | (132) | -------------------------------------------------------------------------------- | Other business profits | 62 | - | 45 | -------------------------------------------------------------------------------- | Other business costs | (6) | (4) | (49) | -------------------------------------------------------------------------------- | Operating income | (367) | 146 | 16 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (66) | (15) | 17 | | financing costs | | | | -------------------------------------------------------------------------------- | Profit before extraordinary | (433) | 132 | 32 | | items | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Extraordinary items | - | (100) | (30) | -------------------------------------------------------------------------------- | Profit before | (433) | 32 | 2 | | profit-adjusting entries, | | | | | taxes and minority interest | | | | -------------------------------------------------------------------------------- | Profit-adjusting entries | - | (1) | - | -------------------------------------------------------------------------------- | Direct taxes | - | (10) | (1) | -------------------------------------------------------------------------------- | Profit of the financial | (433) | 21 | 1 | | period | | | | -------------------------------------------------------------------------------- Balance sheet -------------------------------------------------------------------------------- | EUR 1,000 | 31 December | 31 December | 31 December | | | 2008 | 2007 | 2006 | -------------------------------------------------------------------------------- | | FAS | FAS | FAS | -------------------------------------------------------------------------------- | | (audited) | (audited) | (audited) | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 376 | 6 | 7 | -------------------------------------------------------------------------------- | Tangible assets | 586 | 535 | 330 | -------------------------------------------------------------------------------- | Fixed assets | 962 | 541 | 337 | -------------------------------------------------------------------------------- | Current assets | 158 | 83 | 92 | -------------------------------------------------------------------------------- | Long-term receivables | - | - | 63 | -------------------------------------------------------------------------------- | Short-term receivables | 505 | 597 | 159 | -------------------------------------------------------------------------------- | Liquid assets | 3 | 119 | 5 | -------------------------------------------------------------------------------- | Current assets in total | 666 | 800 | 319 | -------------------------------------------------------------------------------- | Total | 1,628 | 1,341 | 657 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | -------------------------------------------------------------------------------- | Equity | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Profit of the previous | 472 | 482 | 481 | | financial periods | | | | -------------------------------------------------------------------------------- | Adjusted profit funds | 0 | (31) | 0 | -------------------------------------------------------------------------------- | Profit of the financial | (433) | 21 | 1 | | period | | | | -------------------------------------------------------------------------------- | Equity in total | 48 | 480 | 490 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accrued depreciation | 1 | 1 | 0 | | difference | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term liabilities | 876 | 546 | 0 | -------------------------------------------------------------------------------- | Short-term liabilities | 703 | 314 | 167 | -------------------------------------------------------------------------------- | Liabilities in total | 1,580 | 860 | 167 | -------------------------------------------------------------------------------- | Total | 1,628 | 1,341 | 657 | -------------------------------------------------------------------------------- APPENDIX 3: UNAUDITED PRO FORMA FINANCIAL INFORMATION The unaudited pro forma financial information will be included in its entirety in the Section “Certain unaudited pro forma information on Cencorp” of the Prospectus. A summary of the unaudited pro forma information is provided below. The unaudited pro forma information has been presented in order to illustrate what would be the pro forma profit of Cencorp Group if the arrangements(“Combined Transaction”), disclosed by the stock exchange releases published on 28 November 2008, 1 December 2008 and 3 February 2009, consisting of the Conditional Financial Arrangement and Transaction as well as of the EUR 800,000 share issue to Savcor of 3 February 2008 and of Savcor's EUR 200,000 loan to Cencorp, would have been realised on 1 January 2008, and what would have been the pro forma balance sheet of Cencorp Group if the said Combined Transaction would have been realised on 31 December 2008. The following transactions in the pro forma information concerning the Combined Transaction are assumed to have occurred earlier than the true timing of the transactions: 1) The EUR 200 thousand loan granted by Savcor to Cencorp based on the agreement between Cencorp and Savcor signed on 3 February 2009; 2) The share issue to Savcor based on the authorisation of the board of directors of Cencorp on 3 February 2009, of which Savcor subscribed for 10,000,000 Company shares for a subscription price of EUR 0.08 per share. 3) Converting of the EUR 3,569 thousand senior loan receivables of Sampo Bank into equity after completion of Savcor's voluntary public tender offer for all the shares and options of Cencorp. 4) The conversion of the EUR 2,689 thousand capital loan of Sampo Bank into equity on 28 November 2008; 5) Cencorp's receivable, based on the pre-emptive right share issue to the shareholders of Cencorp authorised by the extraordinary shareholders meeting of Cencorp on 22 December 2008, the minimum amount of which receivable, based on the undertaking given by Savcor, is EUR 1,600 thousand; 6) Cencorp's receivable of EUR 450 thousand based on the undertakings of the members of the board of directors relating to the share issue directed to the members of the board of directors of Cencorp; and 7) The purchase of shares based on the conditional agreement between Cencorp and Savcor signed on 3 February 2009, based on which Cencorp will purchase the entire share capital of Savcor Alfa Oy. The information has been presented solely to illustrate the effects of the Combined Transaction and the intention is not to present what the result and financial position of the new Cencorp Group would have been in reality had the Combined Transaction been implemented at the time mentioned above. The information also does not illustrate what the result and financial position of the new Cencorp Group is in the future. The unaudited pro forma financial information is based on Cencorp's unaudited financial statement release concerning the accounting period 1 January - 31 December 2008 and on Savcor Alfa Oy's audited financial statements of 1 January - 31 December 2008. The financial information concerning Cencorp has been prepared in accordance with the IFRS -standards. The financial information concerning Savcor Alfa Oy has been prepared in accordance with the calculation principles in the Finnish Accounting Act and has been adjusted to correspond to the international accounting standards (“IFRS”). Shareholders are asked to note that the IFRS and pro forma adjustments are not separately provided in table below. The IFRS and pro -forma adjustments in question and their impact and the calculation principles of the pro forma financial information are presented in detail in the prospectus. Consolidated income statement information for the financial period as of 1 January 2008 to 31 December 2008 -------------------------------------------------------------------------------- | EUR 1,000 | Cencorp | Savcor | Pro forma New | | | Group | Alfa | Cencorp Group | -------------------------------------------------------------------------------- | | IFRS | FAS | IFRS | -------------------------------------------------------------------------------- | | (unaudited) | (audited) | (unaudited) | -------------------------------------------------------------------------------- | Turnover | 15,611 | 1,690 | 17,277 | -------------------------------------------------------------------------------- | Other business profits | 86 | 62 | 148 | -------------------------------------------------------------------------------- | Changes in the stocks of | (675) | - | (675) | | finished and unfinished | | | | | products | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services in | (6,521 | (9269 | (7,582) | | total | | | | -------------------------------------------------------------------------------- | Staff expenses in total | (6,1499 | (427) | (6,789) | -------------------------------------------------------------------------------- | Depreciations and reduction | (831) | (94) | (1,025) | | of value in total | | | | -------------------------------------------------------------------------------- | Other business costs | (3,706) | (671) | (4,399) | -------------------------------------------------------------------------------- | Total | (17,882) | (2,118) | (20,470) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business profit | (2,185) | (367) | (3,046) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | (2,386) | (66) | (1,926) | | financing costs in total | | | | -------------------------------------------------------------------------------- | Profit after financing | (4,571) | (433) | (4,972) | | items | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Extraordinary items | - | - | - | -------------------------------------------------------------------------------- | Profit-adjusting entries | (24) | - | (24) | -------------------------------------------------------------------------------- | Profit before taxation | (4,595) | (433) | (4,996) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxation in total | - | - | -8 | -------------------------------------------------------------------------------- | Profit of the financial | (4,595) | (433) | (5,004) | | period | | | | -------------------------------------------------------------------------------- Consolidated balance sheet information per 31 December 2008 -------------------------------------------------------------------------------- | EUR 1,000 | Cencorp | Savcor Alfa | Pro forma New | | | Group | | Cencorp Group | -------------------------------------------------------------------------------- | | IFRS | FAS | IFRS | -------------------------------------------------------------------------------- | | (unaudited) | (audited) | (unaudited) | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Tangible capital assets | 1,431 | 586 | 2,154 | | goods | | | | -------------------------------------------------------------------------------- | Business value | 2,028 | - | 3,054 | -------------------------------------------------------------------------------- | Other intangible goods | 1,243 | 57 | 1,599 | -------------------------------------------------------------------------------- | R&D costs | - | 319 | - | -------------------------------------------------------------------------------- | Calculated tax receivables | - | - | 83 | -------------------------------------------------------------------------------- | Saleable investments | 10 | - | 10 | -------------------------------------------------------------------------------- | Long-term assets in total | 4,712 | 962 | 6,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | 3,554 | 158 | 3,788 | -------------------------------------------------------------------------------- | Sales receivables | 2,974 | 259 | 3,233 | -------------------------------------------------------------------------------- | Other short-term receivables | 472 | 165 | 637 | -------------------------------------------------------------------------------- | Receivables from the | - | 81 | 81 | | companies of the same group | | | | -------------------------------------------------------------------------------- | Liquid assets | 175 | 3 | 2,412 | -------------------------------------------------------------------------------- | Short-term assets in total | 7,175 | 666 | 10,151 | -------------------------------------------------------------------------------- | Total | 11,887 | 1,628 | 17,051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | -------------------------------------------------------------------------------- | Share capital | 3,425 | 8 | 3,425 | -------------------------------------------------------------------------------- | Other funds | 12,007 | - | 18,425 | -------------------------------------------------------------------------------- | Conversion difference | 69 | - | 69 | -------------------------------------------------------------------------------- | Proceeds | (13,602) | 472 | (14,101) | -------------------------------------------------------------------------------- | Profit of the financial | - | (433) | - | | period | | | | -------------------------------------------------------------------------------- | Equity in total | 1,899 | 48 | 7,818 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accrued depreciation | - | 1 | - | | difference | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities | 2,962 | 876 | 1,370 | -------------------------------------------------------------------------------- | Calculated tax liability | 13 | - | 146 | -------------------------------------------------------------------------------- | Long-term liabilities in | 2,975 | 876 | 1,517 | | total | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Instalments of long-term | 1,383 | - | 1,383 | | liabilities | | | | -------------------------------------------------------------------------------- | Short-term liabilities | 2,596 | - | 2,596 | -------------------------------------------------------------------------------- | Accounts payable and other | 2,919 | 377 | 3,296 | | liabilities | | | | -------------------------------------------------------------------------------- | Liabilities to the companies | - | 327 | 327 | | of the same group | | | | -------------------------------------------------------------------------------- | Short-term provisions | 115 | - | 115 | -------------------------------------------------------------------------------- | Short-term liabilities in | 7,013 | 703 | 7,716 | | total | | | | -------------------------------------------------------------------------------- | Liabilities in total | 9,988 | 1,580 | 9,233 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities in | 11,887 | 1,628 | 17,051 | | total | | | | --------------------------------------------------------------------------------
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