2013-08-06 09:30:00 CEST
2013-08-06 09:30:01 CEST
REGULATED INFORMATION
Sievi Capital Oyj - Interim report (Q1 and Q3)
SIEVI CAPITAL PLC’S INTERIM REPORT 1 January - 30 June 2013
SIEVI CAPITAL PLC INTERIM REPORT 6 August 2013 at 10:30 a.m.
SIEVI CAPITAL PLC'S INTERIM REPORT 1 January - 30 June 2013
January - June
- The result for the review period was EUR 0.2 million (EUR 1.4 million).
- Earnings per share were EUR 0.0 (EUR 0.02).
- No dividends were paid.
- Net asset value was EUR 1.58 per share at the end of June (EUR 1.52), down
-1.1% from the beginning of the year.
The comparison figures for the corresponding period in the previous year are
presented in brackets in the interim report.
Sievi Capital plc has not announced its profit forecast for 2013. The figures
in the interim report are unaudited.
An application is pending for a refund of capital, totalling EUR 0.06 for each
outstanding share, for a total of EUR 3,463,826.34; the company has carried out
the required measures to refund the capital. A official decision by authority
regarding the refund of capital is expected in early September and the
distribution of the funds is expected to take place in September 2013 at the
earliest.
The fair value of investments increased slightly during January-May compared
with the beginning of the year. The willingness of the markets to take risks
continued to clearly increase during the review period. However, there was a
downturn close to the end of the review period. June was a soft month in the
stock market, and emerging markets in particular experienced a clear corrective
downwards movement. The most significant reasons are the weak financial
indicators in China and prospects falling short of expectations. The
development of the credit crunch is influencing capital flows and uncertainty
is strongly reflected in market pricing. The possibility of abnormal price
fluctuations is also emphasised in the near future.
Instalments of IonPhasE Ltd's bond loan were repaid as agreed in the review
period, and Sievi Capital plc also participated in the share issue of iLOQ Ltd.
In addition, more shares in Apetit plc and Efore plc were acquired. Financial
investments were made in accordance with the investment policy, and new
investments made during the first half of the review period focused on
fixed-interest investments and selected dividend shares. During the latter half
of the review period, the net value of financial investments decreased. Sievi
Capital plc's financial investments are focused on fixed-income instruments,
and the interest and dividend income received during the review period were as
expected.
Harri Takanen, President of Sievi Capital plc:
“During the first half of the year, Sievi Capital plc increased its
shareholdings in Apetit plc and Efore plc. In addition, we took part in the
share issue of iLoq ltd. To my mind, utilising the expertise of Sievi Capital
through active shareholding offers a better yield potential for Sievi Capital's
investments. The prospects of the currently selected investments are
interesting. iLoq, for example, has succeeded in achieving a significant market
position in Finland and is systematically developing its operations in select
export markets. iLoq has an excellent combination of innovation and operational
efficiency.At a time of low interest rates and resulting low yields from
financial investments, Sievi Capital is focusing on seeking genuine added value
through successful business."
DEVELOPMENT OF INVESTING ACTIVITY
Market optimism during the first quarter of the year turned into pessimism at
the end of the second quarter, as solving the problems in the eurozone is
extremely challenging and the tightening of the U.S. financial policy may begin
sooner than expected. In addition, the outlook for growth of the world economy
deteriorated again, especially in China. The effects of the debt crisis are
still causing significant uncertainty in the investment market and no quick
solution can be found.
The willingness to take risks increased steadily in the stock market during the
review period, but clearly decreased in June. At its highest, the HEX 25 index
achieved a yield of more than 11% in May compared to the beginning of the year,
but at the end of the month it was only approximately 0.5% higher than at the
beginning of the year. The development was similar in almost all stock markets,
and STOXX Europe 600 Index, for example, was back at the level of the beginning
of the year at the end of June. However, June's corrective movement in the
market was the fiercest in emerging markets, falling below the level of the
beginning of the year as a general rule. Risk premiums related to high-yield
corporate loans increased with market nervousness towards the end of the review
period, and both short-term and long-term market interest rates increased
slightly from their lowest levels. In the foreign exchange market, the main
market currencies weakened against the euro during the review period.
Equity investments in investments already included in the portfolio increased
during the review period. The net value of financial investments decreased
through divestments during the second quarter, and new investments were made
carefully, and there were fewer than in the first quarter.
RESULT OF SIEVI CAPITAL PLC'S INVESTMENT ACTIVITIES
Sievi Capital plc's operating profit in January-June stood at EUR -0.3 million
(EUR 0.9 million), and the result in the review period was EUR 0.2 million (EUR
1.4 million). The result for the corresponding period in the previous year
included a non-recurring item of EUR 1.1 million due to Sievi Capital plc's
share of the damages paid by Ojala-Yhtymä Ltd. Earnings per share were EUR 0.2
(0.02) and the return on investment was 0.1% (4.4%). In January-June, EUR 1.5
million (EUR 1.8 million) of interest and dividend returns on financial
investments and transfer gains were recognised, together with EUR 0.0 million
(EUR 0.0 million) in financial expenses. There were no realised sales losses,
and value changes in investment assets recognised at fair value through profit
or loss were EUR -0.9 million (EUR 0.1 million). The impact on profit totalled
EUR 0.6 million (EUR 1.9 million). The group's share of associated companies'
losses and goodwill amortization totalled EUR -0.3 (-0.9) million.
SIEVI CAPITAL PLC'S INVESTMENTS
Sievi Capital plc's investment activity is divided into financial investments
and capital investments. The gains and losses from investment activity are
recognised under financial income and expenses in the income statement. At the
end of financial period, the distribution of the whole investment portfolio,
calculated at acquisition prices, was: money market investments 41%(50%), ETF
and equity investments 15%(14%), and capital investments 44% (36%).
Investment assets refer to liquid assets and financial investments. They do not
include shareholdings in associated companies or Apetit plc and Efore plc,
which are classified as long-term holdings and are included in the capital
investments segment.Investment assets stood at EUR 49.8 million (EUR 54.3
million). Of the investment assets, EUR 10.3 million (EUR 5.4 million) were
deposited in bank accounts and as deposits with less than three months'
maturity. Of the investment assets, EUR 39.5 million (EUR 48.9 million) was
invested in financial instruments, mainly in bonds, credit-linked notes,
structured investment instruments and ETF and equity investments. In compliance
with IFRS, the investments have been recognised at fair value.
The holdings in Apetit plc and Efore plc that do not fulfil the definition of
an associated company are measured at fair value, and the change in their
value, EUR 1.5 million from the beginning of the year, is recognised in the
fair value reserve under equity, adjusted with tax liabilities, EUR 1.1 million
net.
DISTRIBUTION OF
INVESTMENTS
EUR millions
Marketvalues of
investments:
28th of June in 2013 %
--------------------------------------------------------------------------------
Publicly listed 34,6 39 %
companies
Non-listed companies 9,1 10 %
ETF-investments 5,1 6 %
Interest funds 9,6 11 %
Structured products 11,7 13 %
Bonds 8,2 9 %
Cash and equivalents 10,1 11 %
--------------------------------------------------------------------------------
Total 88,3 100,0 %
Out of all financial investments 80,4 % were in euros, 2,4 % in Swedish kronas,
1,0 % in US dollars and 16,2 % in Norwegian kronas.
LIQUIDITY AND SOLVENCY
The Sievi Capital Group's liquidity is good. The closing consolidated balance
sheet amount was EUR 92,3 million (EUR 89.8 million). Liabilities amounted to
EUR 2.6 million (EUR 3.9 million), all of which is non-interest-bearing
liabilities. The equity ratio was 97.2% (95.7%) and net gearing -55.5%
(-63.2%).
The investment cash flow for the review period January-June was EUR -1.5
million (EUR 0.4 million) of which 0.9 million is taxes paid. The investment
cash flow, EUR -4.3 million (EUR -1.0 million) consists of financial
investments which mainly consist share purchases of Efore plc, Apetit plc and
iLOQ ltd. In addition convertible bonds of IonPhasE ltd were subscribed. The
financing cash flow of EUR 0.0 million (EUR -3.5 million) differs considerably
from the reference period as no dividends will be paid.
NET ASSET VALUE AND SHARE PRICE DEVELOPMENT
Sievi Capital plc's net asset value per share was EUR 1.62 at the end of March
and EUR 1.58 at the end of June. Compared to 1 January 2013, the change is
-1.1%. Sievi Capital publishes its net asset value quarterly.
The number of outstanding shares used in the net asset value is 57,730,439
shares. In the net asset value, publicly quoted securities, investment funds
and derivatives are valued at the closing price. However, for the associated
companies Kitron ASA, Apetit plc and Efore plc, the price used is the
volume-weighted average price for the five days preceding the valuation date.
Otherwise, if no public trading price was available, the bid quote or value
ratified by the issuer have been used. Unquoted shares and holdings are
measured at fair value, using imputed valuation methods.
The highest price during the review period was EUR 1.20, the lowest price was
EUR 0.92, with trading closing at EUR 1.03 at the end of the period. A total of
956,122 shares were traded during the review period, corresponding to 1.6% of
the total number of shares. Market capitalisation on 30 June 2013 was EUR 62.5
million.
NOTIFICATIONS OF CHANGES IN SHAREHOLDING
On 12 April 2013, Sievi Capital plc's holding in the total number of shares and
votes in Efore plc exceeded 10%. In May, Sievi Capital plc announced that
following a share transaction carried out on 13 May 2013, Sievi Capital plc
holds 644,229 shares in Apetit plc. This corresponds to 10.2% of the total
number of shares and 10.4% of votes in Apetit. Furthermore, on 11 June 2013,
Sievi Capital plc's holding in the total number of shares and votes in Efore
plc exceeded 15%. Sievi Capital plc's holding after the notification is
6,684,130 shares, or 15.7% of the total number of shares and votes.
TREASURY SHARES
On June 2013, Sievi Capital plc owned a total of 2,983,831 treasury shares,
representing 4.9% of the company's share capital and total number of votes.
No changes took place in the number of treasury shares during the review period.
PERSONNEL
Sievi Capital plc had two employees during the review period.
ASSOCIATED COMPANIES AND HOLDINGS
Revenue of iLOQ ltd will double in 2013 according to the estimate. The company
is targeting strong growth in the Nordic countries and the Central European
market through its new product (a lock cylinder pursuant to the DIN standard).
The operations of the subsidiaries in Germany and the Netherlands support a
stronger market position.
As the result of a significant decrease in the turnover of Panphonics Ltd,
business operations have been reorganised. Currently, sales are generated via
the distribution network, and no major delivery projects have been signed. The
objectives of turning the company's product sales and profitability to growth
for the first half of 2013 were reached. The result for 2013 depends on the
realisation of major individual delivery projects.
In 2013, IonPhasE ltd achieved significant breakthroughs in packaging solutions
for the chemical and electronics industries, and products offered to leading
providers within these fields in 2013 have excellent potential. The company's
turnover is estimated to continue on the current path of strong growth. The
company's customer base and number of sales projects have increased
considerably, which improves the company's chances of reaching its growth and
profitability targets. The company achieved the highest turnover in its history
during the second quarter, and the company's estimate of full-year development
in 2013 remains unchanged.
The Norwegian associated company Kitron ASA evaluated its outlook in its
financial statements bulletin published on 23 July 2013. According to the
company's updated estimate, no significant change is expected in its operating
markets compared to the estimates presented in the first-quarter report. The
turnover outlook for 2013 is predicted to be slightly lower than last year's
turnover. The company expects its turnover to remain at the same level as in
2012 during the second half of 2013. According to the company, the number of
business development programmes focusing on achieving long-term growth and
lowering cost structure, improving efficiency and reducing the amount of
capital tied up in operations will have a positive impact on the company. The
company's CEO will change.
Apetit plc's interim report was published on 8 May 2013 and the next one will
be published on 14 August 2013. According to the company, turnover in 2013 is
expected to improve from the reference period thanks to organic growth and the
business acquisition completed in 2012. In addition, the group's full-year
operating profit excluding non-recurring items is expected to be better than in
the reference period because of growth and development measures in business
operations. The result is expected to improve most during the first half of the
year.
Efore plc's interim report was published on 23 May 2013. The turnover for the
review period was EUR 28.6 million (EUR 34.1 million) and operating profit was
EUR -3.4 million (EUR -2.2 million). Efore launched an efficiency improvement
programme in March, the effects of which will be visible in full by the end of
the year. The company estimates that its turnover for the financial period 2013
(14 months) will be almost the same as for the 2012 financial period (12
months).
EVENTS AFTER THE REVIEW PERIOD
Efore plc announced on 10 July 2013 that it has signed an agreement on
acquiring the entire share capital of the Italian company Roal Electronics
S.p.A. Due to the acquisition, Efore increased the estimate of its financial
performance for the financial period 2013. Based on the previous estimate, the
company estimated that its turnover for the financial period 2013 (14 months)
would be at almost the same level as in the financial period 2012 (12 months).
After the acquisition, Efore Group's turnover for the financial period 2013 is
estimated to be at least EUR 80 million.
Following a directed share issue to the sellers of Roal Electronics S.p.A. due
to the acquisition, Sievi Capital plc's holding of the total number of shares
and votes in Efore plc fell below the 15% threshold on 12 July 2013. After
this, Sievi Capital plc's holding in Efore plc is 6,684,130 shares, equal to
14.0% of the total number of shares and votes.
FUTURE PROSPECTS
Reliably predicting the fair values of Sievi Capital plc's investments is
associated with uncertainties and largely dependent on general market
development, as well as other factors beyond the company's control. For this
reason, Sievi Capital plc will not issue estimates of the future value
development of its investment portfolio.
The available investment assets offer Sievi Capital plc good opportunities for
acquisitions conforming to the investment strategy, aiming to obtain a stake in
select companies facilitating an active influence on their operations. The
prevailing economic uncertainty and recession are shifting the pricing of
potential capital investment targets in a more affordable direction.
With regard to investment activity, the market uncertainty is continuing and
the investment environment remains difficult. Due to indebtedness and austerity
programmes, economic growth is expected to remain low in the eurozone and the
United States for a long time. Any solution to the debt crisis is highly
dependent on the political decision-making system, and the development of the
securities market cannot be predicted in the current politically difficult and
fragile situation. Strong stock exchange fluctuations are expected to continue
as the result of the debt crisis. The attitude of central banks towards
injections of money has become more cautious, which is having a direct impact
on the securities market and inflation expectations. In the uncertain
investment environment, Sievi Capital plc's interest and dividend income is
expected to remain at the previous year's level.
BUSINESS RISKS AND UNCERTAINTIES
The most significant short-term risks associated with investment activities,
such as a decrease in the value of investments, could be realised if the
European debt crisis escalates further and the global economy does not recover
to achieve durable growth, or if it enters a long phase of below-average
growth. Debt problems could escalate further in certain countries, and the
effects may become widespread. The European banking sector is still vulnerable,
in spite of extensive market operations by the ECB. The economy slowing down
again in the United States would result in direct problems in the unbalanced
economy.
Economic activity has clearly weakened by the middle of the year, and consumers
have become increasingly cautious. The growth in the world economy may weaken
because economic growth has waned in China as well. Uncontrolled "currency
storms", unexpected fluctuations in interest rates and the final breakdown of
the entire eurozone are still possible in the near future. Companies are
currently preparing for a weak cycle, and any significant investments are being
slowly and carefully considered. Stocks and production may run down quickly,
and a self-propagating downward spiral may emerge. The ability of banks to
maintain sufficient liquidity in the credit market is uncertain, in spite of
the operations promised by the ECB. In a difficult economic environment,
citizen discontent may be emphasized further around the world, causing
extensive unrest. The slowness of political decision-making and the resulting
uncertainty has already clearly increased the risk premium in the capital
market, and volatility at times. The extreme fear is the realisation of
systemic risk, which might result in a period of chaos similar at minimum to
the fall of Lehman Brothers at the least in the capital market. The factors
described above have an effect on the capital market, and as long as they
prevail, the negative development in the securities market may continue.
In other respects, the risks facing Sievi Capital plc's business have remained
essentially the same. 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 2012.
The individual figures and totals shown in the tables have been rounded to
millions of Euros from more accurate figures, which is why individual figures
do not always add up. The figures are unaudited.
Consolidated Income Statement
EUR million
1 - 6 1 - 6 1 - 12
2013 2012 2012
Other operating income 0,0 1,2 1,2
Expenses -0,3 -0,2 -0,5
Depreciation 0,0 -0,1 -0,1
Operating profit -0,3 0,9 0,7
Financial income and expenses 0,6 1,9 6,3
Share in the associated company´s profit -0,3 -0,9 -0,8
Profit before taxes 0,0 1,9 6,2
Income taxes 0,2 -0,5 -1,5
Net profit for the period 0,2 1,4 4,7
Attributable to:
Equity holders of the parent 0,2 1,4 4,7
Earnings / share (EPS), EUR undiluted and diluted 0,00 0,02 0,08
The company does not have items that might dilute the earnings per
share.
Consolidated Statement of Comprehensive Income
EUR million
1 - 6 1 - 6 1 - 12
2012 2011 2011
Net profit for the period 0,2 1,4 4,7
Other comprehensive income:
Available-for-sale investments -1,3 -0,6 -0,2
Translation differences 1,1 0,4 0,5
Other comprehensive income, net of tax -0,2 -0,2 0,3
Total Comprehensive Income 0,0 1,3 5,0
Attributable to:
Equity holders of the parent 0,0 1,3 5,0
Consolidated Statement of Financial Position
EUR million
Assets 30.6.2013 30.6.2012 31.12.2012
Non-current assets
Property, plant and equipment 0,0 0,0 0,0
Other intangible assets 0,0 0,0
Shares in associated companies 21,8 23,4 23,6
Available-for-sale investments 15,6 7,2 7,8
Financial assets at fair value through profit 18,5 20,9 17,1
or loss
Receivables 1,1 0,2
Deferred tax assets 0,8 1,9 0,9
Total non-current assets 57,8 53,4 49,7
Current assets
Loan receivables from associates 0,6 0,5 0,4
Trade and other receivables 0,1
Advance payments 0,0 0,0
Financial assets at fair value through profit 21,0 28,0 24,7
or loss
Cash and cash equivalents 10,3 5,4 16,0
Total current assets 32,0 33,9 41,1
Non current assets held for sale 2,5 2,5 2,5
Total assets 92,3 89,8 93,3
Shareholder's equity and liabilities 30.6.2013 30.6.2012 31.12.2012
Equity
Share capital 15,2 15,2 15,2
Share premium account 16,1 16,1 16,1
Translation differences -0,3 1,0 1,0
Other reserves 1,0 -0,5 -0,1
Retained earnings 57,7 54,2 57,5
Total equity 89,7 85,9 89,7
Non-current liabilities
Deferred tax liabilities 0,2 0,1 0,2
Provisions 2,3 3,0 2,7
Total non-current liabilities 2,5 3,2 2,8
Current liabilities
Trade and other liabilities 0,2 0,1 0,2
Current tax 2,3 3,0 2,7
Total current liabilities 2,5 3,2 2,8
Total liabilities 2,6 3,9 3,6
Total shareholder's equity and liabilities 92,3 89,8 93,3
Consolidated Cash Flow Statement
EUR million
30.6.2013 30.6.2012 31.12.2012
Cash flow from operating activities
Net profit 0,2 1,4 4,7
Adjustments for the net profit -0,8 -0,9 -4,7
Change in net working capital 0,0 -0,1 -0,2
Paid interests and other financial expenses -0,0 -0,0 0,0
Interest received 0,0 0,1 0,1
Taxes paid -0,9 -0,1 -0,2
Net cash from operating activities -1,5 0,4 -0,3
Cash flow from investing activities
Sale of tangible and intangible assets 4,2 4,2
Purchase of investments -8,1 -15,2 -25,5
Proceeds from sale of investments 3,3 8,9 30,1
Purchase of associated companies -0,5 -1,0 -1,5
Granted loans -0,8 -0,2
Proceeds from loans 0,4 0,9
Interest received from investments 0,5 0,4 1,0
Dividends received from investments 1,4 1,2 1,2
Net cash from investing activities -4,3 -1,0 10,2
Cash flow from financing activities
Dividends paid -3,5 -3,5
Net cash from financing activities -3,5 -3,5
Net increase/decrease in cash and cash -5,8 -4,1 6,5
equivalents
Cash and cash equivalents at beginning of 16,0 9,6 9,6
period
Transferred funds along with demerger -0,1 -0,1
Cash and cash equivalents at end of period 10,3 5,4 16,0
Statement of changes in equity
EUR million
Equity attributable to equity holders of the parent company
Share
Share premium Translation Other Retained Equity
capital account differences reserves earnings total
Equity
--------------------------------------------------------------------------------
1.1.2013 15,2 16,1 1,0 -0,1 57,4 89,7
Total cemprehensive income -1,3 1,1 0,2 0,0
Equity
--------------------------------------------------------------------------------
30.6.2013 15,2 16,1 -0,3 1,0 57,7 89,7
Equity attributable to equity holders of the parent company
Share
Share premium Translation Other Retained Equity
capital account differences reserves earnings total
Equity
--------------------------------------------------------------------------------
1.1.2013 15,2 16,1 0,5 5,0 51,4 88,2
Discontinued operations, tranfer of -4,9 4,8 -0,1
funds
Total cemprehensive income 0,4 -0,6 1,4 1,3
Dividends paid -3,5 -3,5
Equity
--------------------------------------------------------------------------------
30.6.2013 15,2 16,1 1,0 -0,5 54,2 85,9
Key Indicators
1 - 6 1 - 6 1 - 12 2013 2012 2012
Return on equity, % 0,4 3,3 5,3
Return on investment, % 0,1 4,4 6,9
Gearing, % -55,5 -63,2 -64,5
Equity ratio, % 97,2 95,7 96,1
Personnel, average 2 2 2
Earnings per share, Profit for the period, EUR 0,00 0,02 0,06
Shareholders´ equity per share, EUR 1,55 1,49 1,55
Number of shares at
the end of period, 000´s 60 714 60 714 60 714
- not counting own shares 57 730 57 730 57 730
- weighted average 57 730 57 730 57 730
Segment information
EUR million 1 - 6 1 - 6 1 - 12
2013 2012 2012
Investment activities
Operating profit -0,3 0,9 0,7
Financial income 1,5 1,8 3,4
Financial expenses 0,0 0,0 0,0
Realized losses 0,0 -0,8
Value change of investments -0,9 0,1 3,7
Share in the associated company´s profit -0,3 -0,9 -0,8
Financial assets 92,3 89,8 93,3
Changes in tangible non-current assets
EUR million 1 - 6 1 - 6 1 - 12
2013 2012 2012
Book value at the beginning of the period 0,0 4,3 4,3
Transfer, non- current assets held for sale -4,2 -4,2
Depreciations -0,0 -0,1 -0,1
Book value at the end of the period 0,0 0,0 0,0
Contingent liabilities
EUR million 30.6.2013 30.6.2012 31.12.2012
Mortgages on property 2,5 2,5 2,5
Guarantees given on behalf of Group company 6,8 6,8 6,8
Guarantees given on behalf of associates 0,3 0,3 0,3
A bank guarantee was obtained from a financial institution as security for the
payment of pension premiums relating to the reorganization of Scanfil N.V., and
Sievi Capital plc has provided the financial institution with a
counter-guarantee of EUR 4.2 million to cover any liabilities that may arise if
the bank guarantee is realized Equivalent provision is booked into Scanfil NV's
balance sheet.
Transactions with related party
EUR million
1 - 6 1 - 6 1 - 12
2013 2012 2012
Related party transactions
Associated companies
Interest income 0,0 0,0 0,0
Loan receivables 0,5
Interest receivables 0,0 0,0
Convertible bonds 0,6 0,2
During the first half of 2013, EUR 0.3 million of convertible bonds of IonPhasE
ltd, were subscribed. Sievi Capital plc has granted a loan of EUR 0.5 million
to CEO of iLOQ ltd, Mr. Mika Pukari. The maturity of the loan is five years and
interest 2.5% pa.
SIEVI CAPITAL PLC
Harri Takanen
President
Additional information:
Harri Takanen, President and CEO
Tel. +358 8 4882 502
DISTRIBUTION NASDAQ OMX, Helsinki
Key media
www.sievicapital.com
Sievi Capital plc is an investment company whose task is to manage the
company's assets efficiently and profitably by distributing risks and looking
for new growth opportunities through these measures.
Sievi Capital plc's associated companies:
Kitron ASA (KIT) (Sievi Capital plc's holding 33.0%) is a Norwegian listed
contract manufacturer that operates in five different customer segments: the
marine and oil industry, basic industry, defence equipment industry, hospital
and healthcare equipment industry and data and telecommunications industry. In
addition to Norway, Kitron has plants and production in Sweden, Lithuania,
Germany, China and the United States. Kitron ASA's turnover for 2012 was NOK
1,695.1 million (approximately EUR 231.0 million). www.kitron.com
iLOQ ltd (Sievi Capital plc's holding 23.3%) develops, manufactures and markets
innovative, patented, high-security, electronic and self-operated locking
solutions that combine modern mechatronics with communications and software
technology. The added customer value of the iLOQ S10 product concept has been
shown to be good, and the company has achieved a significant market position in
the Nordic countries and a favourable reception in Central Europe. Marketing of
the DIN-compliant lock cylinder solution developed for the Central European
market has commenced in Germany and the Netherlands. www.iloq.fi
IonPhasE ltd (Sievi Capital plc's holding 35.8%) develops and manufactures
high-quality dissipative polymers that help to control static electricity in
plastic products. IonPhasE products are utilised in a wide range of industries,
such as chemicals, automotive, telecommunications and consumer electronics.
IonPhasE manufactures IonPhasE IPE polymers based on its patented proprietary
technology. www.ionphase.fi
Panphonics ltd (Sievi Capital plc's holding 40.0%) is a leading manufacturer of
products based on directional audio technology. Panphonics manufactures
solutions based on proprietary patented directional audio technology for
acoustically demanding applications. The company's SoundShower speaker
solutions are used in banks, in-store advertising systems, information kiosks
and offices. In addition, Panphonics is a component manufacturer of plane wave
technology. www.panphonics.com
Along with these associated companies, Sievi Capital plc holds 10.2% of in
Apetit plc, and 14.0% of Efore plc (changed 12.7.2013). Apetit plc is a food
production company whose shares are quoted on NASDAQ OMX Helsinki Ltd. The
group's business segments are Frozen Food, Seafood and Grains and Oilseeds.
Apetit operates in the northern Baltic Sea region. www.apetit.fi Efore is a
company which develops and manufactures demanding power products for
electronics. Its shares are quoted on the NASDAQ OMX Helsinki. In addition to
Finland, the company has R&D and marketing units in China and Sweden. The
company's production unit is located in China. www.efore.fi
Not intended for publication in the United States. Advance views: Certain
statements in this stock exchange release are advance views that involve known
and unknown risks, uncertainty factors and other factors that may result in
Sievi Capital plc's actual results, performance or achievements deviating
substantially from the future results, performance or achievements described or
referred to in such advance views. The advance views contained by this stock
exchange release may contain words such as "may,""will,""expected,""estimated,""planned,""believed," or other such terminology. New risk factors
may emerge from time to time, and the company management is not able to predict
all such risk factors or their potential impact on Sievi Capital plc's actual
results, performance or achievements that may deviate substantially from what
is mentioned in the advance views. Considering these risk factors and elements
of uncertainty, investors should not rely too much on advance views in
forecasting the actual results. The advance views presented in this stock
exchange release are topical only on the date mentioned in this stock exchange
release. It is not expected that such information would be updated,
complemented or revised in all situations, unless required by law or
regulation, on the basis of new information, changing circumstances or future
events or in other situations.
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