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2011-11-14 15:45:00 CET 2011-11-14 15:45:12 CET Scanfil - Prospectus/Announcement of ProspectusSIEVI CAPITAL PLC PUBLISHES DEMERGER AND LISTING PROSPECTUSSIEVI CAPITAL PLCSTOCK EXCHANGE RELEASE14 NOVEMBER 2011 4.45 PM SIEVI CAPITAL PLC PUBLISHES DEMERGER AND LISTING PROSPECTUS The Financial Supervisory Authority has today on 14 November 2011 accepted the Demerger and Listing Prospectus (“Prospectus”) of Sievi Capital plc. The Demerger Plan signed by the Board of Directors of Sievi Capital plc has been published on 11 August 2011, and an Extra Ordinary General Meeting of the shareholders will decide on the matter on 22 November 2011. From this day the Prospectus will be available in a pdf format on the Sievi Capital plc's homepages www.sievicapital.com/Investors. The Prospectus contains some information that has not been disclosed previously and the most essential information according to the judgment of the company is disclosed in this release. Shareholders and investors are, however, instructed to acquaint themselves with the entire Prospectus. The following information provided in the Prospectus is included in this release: - The adjusted financial statements of the group formed by Sievi Capital plc following the demerger, with the business operations of Sievi Capital plc's subsidiary Scanfil EMS Oy classified as discontinued operations. - The consolidated income statement of the Scanfil EMS subgroup for the period 1 January-31 December 2008, including the figures for the contract manufacturing business demerged from Sievi Capital group's income statement for 1 January-30 April 2008 and figures for the Scanfil EMS subgroup for the periods 1 January-30 September 2011 and 1 January-30 September 2010. - pro forma financial information for the new company Scanfil plc established as the result of the demerger In addition to above, the Prospectus includes the company and business descriptions of the present Sievi Capital plc and the new company resulting from the demerger. SIEVI CAPITAL PLC Harri Takanen President Additional information: President Harri Takanen Tel +358 8 4882 111 Distribution NASDAQ OMX, Helsinki Major Media www.sievicapital.com Sievi Capital Plc, adjusted financial statements after the Demerger 1. Accounting principles for unaudited adjusted financial statements 2. Unaudited adjusted income statements, balance sheet and cash flow statements for Sievi Capital Plc 1. Accounting principles for unaudited adjusted financial statements Following the Demerger, the Company's corporate structure will be significantly changed. Therefore, the following concerns the financial statements of the group formed after the Company's Demerger, presented as figures adjusted from the Company's consolidated financial statements, with the business operations of the Company's subsidiary Scanfil EMS Oy classified as discontinued operations. The financial statements adjusted from the Company's consolidated financial statements are presented only on the level of the group formed by the Company after the Demerger. The figures adjusted from the Company's consolidated financial statements are based on the Company's audited consolidated financial statements from accounting years that ended on 31 December 2010, 31 December 2009 and 31 December 2008, respectively, and from the two nine-month periods that ended with interim reports on 30 September 2011 and 30 September 2010. Adjusted financial statements of the group formed by the Company after the Demerger have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS). Financial statements adjusted from the Company's consolidated financial statements have not been audited. The financial statements adjusted from the Company's consolidated financial statements that are presented below are for illustration purposes only. They should be considered together with the earlier published Company's financial statements and interim reports and as refereed in the Prospectus. Financial statements adjusted from Sievi Capital's consolidated financial statements do not, as such, necessarily illustrate the future result, financial position, changes in shareholders' equity or cash flow of the Company after the Demerger; nor do they illustrate what these would have been if the Company after the Demerger would have been treated as a separate legal entity in the presented periods. 2. Unaudited adjusted income statements, balance sheet and cash flow statements for Sievi Capital Plc Adjusted income statement 1.1.-3 1.1.-31.12.20 1.1.-31.12 1.1.-30.9. 1.1.-30.9. 1.12.2 09 .2008 2011 2010 010 EUR million Unaudi Unaudited Unaudited Unaudited Unaudited ted -------------------------------------------------------------------------------- Continued operations Other operating 4.6 2.3 1.7 1.3 4.2 income Employee benefit -0.3 -0.3 -0.2 -0.3 -0.2 expenses Depreciation and -0.5 -0.5 -0.6 -0.4 -0.4 amortization Other operating -0.4 -1.0 -1.2 -0.6 -0.4 expenses Operating profit 3.4 0.4 -0.3 0.1 3.1 Financial income 5.5 5.8 1.8 2.6 4.0 Financial expense -1.4 -0.1 -3.0 -7.9 -0.8 Share of profit and -1.8 -1.3 -0.5 loss of associates Profit before tax 5.7 6.1 -1.5 -6.5 5.8 Income tax -1.6 -1.7 0.3 1.5 -1.5 Profit, continued 4.1 4.4 -1.1 -5.0 4.3 operations Discontinued operations Profit, discontinued 6.8 9.9 16.8 6.3 5.0 operations Net profit for the 10.9 14.3 15.6 1.3 9.3 period ========================================================== Attributable to the equity holders of the parent, euro/share: Earnings/share (EPS),EUR basic and diluted Continued operations 0.07 0.08 -0.02 -0.09 0.07Discontinued 0.12 0.17 0.29 0.11 0.09 operations Net profit for the 0.19 0.25 0.27 0.02 0.16 period Average number of shares: basic and diluted: 57 730 57 992 417 58 696 369 57 730 439 57 730 439 439 Consolidated statement of comprehensive income Net profit for the 10.9 14.3 15.6 1.3 9.3 period Other comprehensive income Discontinued operations Translation 5.0 -1.9 4.6 1.3 3.3 differences Continued operations Available-for-sale 0.7 0.3 -1.3 1.1 investments Translation 0.5 -0.2 differences Other comprehensive 6.3 -1.6 4.6 -0.2 4.4 income, net of tax Total comprehensive 17.2 12.8 20.3 1.2 13.7 income ========================================================== Attributable to the equity holders of the parent, euro/share: Earnings/share (EPS),EUR basic and diluted 0.30 0.22 0.35 0.02 0.24 Average number of shares: basic and diluted: 57 730 57 992 417 58 696 369 57 730 439 57 730 439 439 Adjusted balance sheet 31.12.20 31.12.20 31.12.2 30.9.20 30.9.20 10 09 008 11 10 EUR million Unaudite Unaudite Unaudit Unaudit Unaudit d d ed ed ed -------------------------------------------------------------------------------- ASSETS Non-current assets Property, plant and equipment 7.2 7.8 8.6 6.9 7.4 Goodwill 0.1 0.1 0.1 0.1 0.1 Other intangible assets 0.0 0.0 0.0 0.0 0.0 Investments in associated 24.3 22.8 21.6 companies Available-for-sale investments 9.5 10.6 0.0 7.8 12.2 Financial assets at fair value through profit and loss 16.6 14.5 7.7 19.3 19.3 Loan receivables from Scanfil EMS 31.0 32.7 Group Receivables 0.2 0.5 Deferred tax assets 0.8 1.9 ---------------------------------------------- 57.8 64.1 17.4 59.3 93.3 Current assets Loan receivables from Group 2.8 0.5 7.4 Trade and other receivables 0.1 0.2 0.4 0.6 0.9 Advance payments 0.0 0.0 0.0 0.0 0.0 Financial assets at fair value through profit and loss 7.7 16.1 12.2 21.8 7.5 Available-for-sale investments, 33.0 4.8 14.0 cash equivalents Cash and cash equivalents 7.8 23.2 1.2 13.0 5.0 ---------------------------------------------- 51.4 44.2 28.3 35.4 20.8 Non-current assets held for sale 4.9 4.6 ------------------- 49.1 32.9 Total assets 109.3 113.2 50.3 94.7 114.0 ============================================== SHAREHOLDER'S EQUITY AND LIABILITIES Equity Share capital 15.2 15.2 15.2 15.2 15.2 Share premium account 16.1 16.1 16.1 16.1 16.1 Treasury shares -8.9 -8.9 -7.4 -8.9 -8.9 Translation differences 0.5 0.0 0.3 Other reserves 1.2 0.5 0.2 -0.1 1.6 Retained earnings 77.0 79.9 17.5 65.1 77.2 ---------------------------------------------- 101.2 102.7 41.5 87.8 101.2 Total equity 101.2 102.7 41.5 87.8 101.2 LIABILITIES Non-current liabilities Deferred tax liabilities 0.9 1.3 1.0 0.4 1.1 Provisions 4.2 5.3 5.9 3.5 4.6 ---------------------------------------------- 5.1 6.7 7.0 3.9 5.7 Current liabilities Trade and other liabilities 0.2 0.2 0.4 0.3 0.2 Current tax 2.0 0.4 0.5 0.1 1.9 Loans to Scanfil EMS Group 0.8 3.2 0.9 2.6 Short-term interest bearing loans 5.0 ---------------------------------------------- 3.0 3.8 1.8 3.0 7.1 Total liabilities 8.1 10.5 8.8 6.9 12.8 Total shareholder's equity and 109.3 113.2 50.3 94.7 114.0 liabilities ============================================== Assets related to discontinued operations: 31.12.201 31.12.200 31.12.200 30.9.201 30.9.2010 0 9 8 1 EUR million Unaudited Unaudited Unaudited Unaudite Unaudited d -------------------------------------------------------------------------------- Assets 143.4 121.7 143.5 138.4 142.7 Liabilities 83.8 73.9 38.8 71.2 86.6 Assets related to discontinued operations, net: 59.6 47.8 104.7 67.2 56.0 ===================================================== Adjusted cash flow statements 1.1.-31.12 1.1.-31.12 1.1.-1.12 1.1.- 1.1.- .2010 .2009 .2008 30.9.2 30.9.2 011 010 EUR million Unaudited Unaudited Unaudited Unaudi Unaudi ted ted -------------------------------------------------------------------------------- Cash flow from operating activities Net profit 4.1 4.4 -1.1 -5.0 4.3 Adjustments for the net -3.8 -4.1 0.3 4.9 -4.0 profit Change in net working capital -2.4 3.0 5.3 1.9 -3.2 Paid interests and other -0.1 -0.1 -0.2 0.0 0.0 financial expenses Interest received 1.1 0.5 2.2 0.2 0.3 Taxes paid -0.7 -0.7 -2.4 -0.7 Discontinued operations 1.5 27.9 16.6 15.2 1.1 -------------------------------------------------- Net cash from operating -0.3 30.9 23.0 14.7 -2.2 activities Cash flow from investing activities Investments in tangible and intangible -0.2 -0.1 0.0 assets Sale of tangible and 7.5 0.2 7.5 intangible assets Purchase of investments -25.8 -88.3 -26.3 -33.8 -19.4 Proceeds from sale of 32.9 70.9 3.5 9.7 24.3 investments Purchase of associated -23.5 -22.1 companies Repayment of loans receivable 43.5 1.4 2.8 2.7 Granted loans -15.3 -32.4 -0.8 -11.8 Interest received from 1.0 1.9 0.9 0.5 0.6 investments Dividends received from 1.1 0.0 0.0 1.0 0.5 investments Discontinued operations -37.5 31.3 -4.1 -5.5 7.9 -------------------------------------------------- Net cash from investing -15.9 -15.4 -25.9 -26.0 -9.9 activities Cash flow from financing activities Purchase of treasury shares -1.5 -0.5 Proceeds from short-term 5.0 5.0 loans Repayment of short-term loans -5.0 Dividends paid -6.9 -7.0 -7.0 -6.9 -6.9 Returning of equity 65.0 Discontinued operations 28.0 -65.0 4.5 -12.0 -------------------------------------------------- Net cash from financing 21.1 -8.5 -3.1 -6.9 -13.9 activities Net increase/decrease in cash 4.8 7.1 -6.0 -18.2 -26.1 and cash equivalents Cash and cash equivalents at 51.2 45.1 50.0 57.9 51.2 beginning of period Changes in exchange rates 1.9 -0.9 1.0 0.6 1.5 -------------------------------------------------- Cash and cash equivalents at 57.9 51.2 45.1 40.4 26.7 end of period Scanfil EMS -subgroup financial statements 1. Accounting principles for combined figures in financial statements 2. Income statements, balance sheet and cash flow statements for Scanfil EMS -subgroup 1. Accounting principles for combined figures in financial statements Scanfil EMS Oy was founded on 12 March 2008. In the context of a business transfer executed on 1 May 2008, all contract manufacturing assets, liabilities and provisions were transferred to Scanfil EMS Oy. Scanfil EMS Oy's first accounting period began on 12 March 2008 and ended on 31 December 2008. The data below is based on Scanfil EMS Oy's audited consolidated financial statements from the accounting periods that ended on 31 December 2010, 31 December 2009 and 31 December 2008, respectively, and from financial information calculated from the two nine-month periods that ended on 30 September 2011 and 30 September 2010. Additionally for 2008, the audited income statement is accompanied by consolidated figures that include the contract manufacturing business figures separated from Sievi Capital's income statement from 1 January to 30 April 2008. The Company's contract manufacturing business has been transferred to Scanfil EMS Oy through a business transfer on 1 May 2008. Therefore, Scanfil EMS Group's financial statement for accounting year 2008 includes contract manufacturing business only for the period from May to December 2008. Consolidated figures have been prepared to illustrate the income statement of contract manufacturing business, had the business transfer taken place already from 1 January 2008 and if the gains and losses of the contract manufacturing business had been included in the income statement from the entire year 2008. Consolidated figures have been prepared by reviewing Sievi Capital's (parent company's) income statement from January to April 2008 by cost centre and by book account, and contract manufacturing business transactions have been separated from the parent company's other transactions. Contract manufacturing business transactions can usually be separated from the parent company's transactions, but for some minor costs, the portions to be allocated are based on an estimate. The subsidiaries of Scanfil EMS subgroup are fully involved in contract manufacturing. They have income statements for the entire year 2008, and these are included in the consolidated figures. 2. Income statements, balance sheet and cash flow statements for Scanfil EMS -subgroup Income statements Combined figures 1.1.- 1.1.-31.12 1.1.- 12.3.-31.1 1.1.- 1.1.- 31.12.2010 .2009 31.12.2008 2.2008 30.9.2011 30.9.2010 EUR Audited Audited Unaudited Audited Unaudeted Unaudited million -------------------------------------------------------------------------------- - Turnover 219.3 197.3 218.9 147.3 172.0 157.2 Other 0.6 0.7 2.4 2.3 0.2 0.4 operatin g income Changes in inventories of finished goods and work 1.3 -4.1 -0.7 0.4 -0.9 1.8 in progress Use of -154.0 -127.6 -144.0 -98.2 -118.6 -111.4 material s and supplies Employee -31.0 -29.7 -30.1 -20.6 -22.9 -22.6 benefit expenses Depreciat -4.5 -4.5 -6.2 -4.3 -3.1 -3.4 ion and amortiza tion Other -20.7 -16.5 -19.0 -13.3 -16.5 -13.8 operatin g expenses Operating 11.0 15.6 21.3 13.6 10.0 8.1 profit Financial 0.5 1.3 1.0 1.0 0.3 0.4 income Financial -1.6 -1.9 -1.5 -1.3 -1.2 -1.2 expense Share of -0.2 -0.3 -0.1 profit or loss of associat es Profit 9.6 15.0 20.8 13.2 8.8 7.2 before tax Income -2.9 -5.1 -4.0 -2.3 -2.5 -2.2 tax Net 6.8 9.9 16.8 10.9 6.3 5.0 profit for the period ======================================================================= Attributable to equity 0.11 0.17 0.28 0.19 0.11 0.08 holders of the parent: Number of 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 shares: Consolidated Statement of Comprehensive Income Net 6.8 9.9 16.8 10.9 6.3 5.0 profi t for the perio d Other comprehensive income Transl 5.0 -1.9 4.6 5.0 1.3 3.3 ation diffe rences Other 5.0 -1.9 4.6 5.0 1.3 3.3 compr ehensi ve incom e, net of tax Total 11.8 8.1 21.4 15.9 7.6 8.2 compr ehensi ve incom e ========================================================================== Attributable to the equity holders of the 0.20 0.14 0.36 0.27 0.13 0.14 parent, euro/sha re: Number of 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 shares: Balance sheet 31.12.20 31.12.20 31.12.2 30.9.20 30.9.20 10 09 008 11 10 EUR million Audited Audited Audited Unaudit Unaudit ed ed -------------------------------------------------------------------------------- ASSETS Non-current assets Property, plant and equipment 27.2 23.4 25.1 26.7 22.8 Goodwill 2.2 2.2 2.3 2.2 2.2 Other intangible assets 3.5 1.1 1.4 3.7 0.8 Investments 0.0 0.0 0.0 0.0 0.0 Investments in associated 1.4 1.2 2.2 companies Receivables 0.2 0.3 0.1 Deferred tax assets 0.3 0.1 0.2 0.3 0.2 ---------------------------------------------- 35.0 26.8 29.0 34.4 28.4 Current assets Inventories 36.8 24.7 30.2 33.3 38.5 Trade and other receivables 54.3 46.5 50.9 40.0 53.6 Advance payments 0.3 0.1 0.1 0.5 0.3 Loan receivables from group 2.6 Current tax 0.2 0.2 0.3 Available-for-sale investments, 0.5 3.2 liquid assets Available-for-sale investments, 8.0 15.6 20.0 19.3 14.7 cash equivalents Cash and cash equivalents 9.1 7.6 9.9 8.2 7.0 ---------------------------------------------- 108.5 94.9 114.5 103.9 114.2 Total assets 143.4 121.7 143.5 138.4 142.7 ============================================== SHAREHOLDER'S EQUITY AND LIABILITIES Equity Share capital 2.0 2.0 2.0 2.0 2.0 Translation differences 5.1 0.1 2.0 6.5 3.4 Other reserves 5.0 4.2 3.3 5.5 5.0 Reserve for invested 10.6 10.6 75.6 10.6 10.6 non-restricted equity Retained earnings 36.8 30.8 21.8 42.6 35.0 ---------------------------------------------- 59.6 47.8 104.7 67.2 56.0 Total equity 59.6 47.8 104.7 67.2 56.0 LIABILITIES Non-current liabilities Deferred tax liabilities 0.2 0.1 0.0 0.2 0.1 Provisions 0.2 0.1 0.1 0.4 0.2 Liabilities to Group companies 22.7 34.5 Interest bearing liabilities 35.6 12.0 31.1 Other liabilities 1.0 1.0 1.7 ---------------------------------------------- 37.0 23.0 12.1 32.7 36.5 Current liabilities Trade and other liabilities 39.0 29.9 26.1 29.3 43.8 Current tax 0.6 0.8 0.5 0.3 0.7 Liabilities to Group companies 2.8 8.3 5.6 Short-term interest bearing 4.4 12.0 8.9 liabilities ---------------------------------------------- 46.8 51.0 26.6 38.5 50.1 Total liabilities 83.8 73.9 38.8 71.2 86.6 Total shareholder's equity and 143.4 121.7 143.5 138.4 142.7 liabilities ============================================== Cash flow statement 1.1.-31.1 1.1.-31.1 12.3.-31. 1.1.-30. 1.1.-30. 2.2010 2.2009 12.2008 9.2011 9.2010 EUR million Audited Audited Audited Unaudite Unaudite d d -------------------------------------------------------------------------------- Net cash from operating 1.5 27.9 10.5 15.2 1.1 activities Net cash from investing -9.3 0.3 -3.3 -2.7 -1.2 activities Net cash from financing -0.2 -34.0 0.0 -2.8 -2.9 activities Net increase/decrease in -8.0 -5.8 7.2 9.7 -3.1 cash and cash equivalents Key ratios Combined figures 1.1.- 1.1.-31. 1.1.-31.1 12.3.-31 1.1.-30. 1.1.-30. 31.12. 12.2009 2.2008 .12.2008 9.2011 9.2010 2010 Audite Audited Unaudited Audited Unaudite Unaudite d d d -------------------------------------------------------------------------------- Key financial indicators Return on equity, % 12.6 13.0 15.8 17.0 13.3 12.7 Return on investment, 11.4 15.8 19.0 19.6 12.5 11.6 % Interest-bearing 42.8 43.0 12.0 12.0 40.0 40.1 liabilities, EUR m Gearing, % 43.1 40.4 -20.1 -20.1 18.7 32.9 Equity ratio, % 41.6 39.3 73.0 73.0 48.6 39.3 Gross investments in 10.1 3.1 3.9 2.8 2.7 2.2 fixed assets, EUR m Gross investments in 4.6 1.6 1.8 1.9 1.6 1.4 fixed assets, % of turnover Average number of 1 989 1 921 1 974 1 989 2 082 1 959 employees for the period Key indicators per share Earnings per share, 0.11 0.17 0.28 0.19 0.11 0.08 EUR Shareholders' equity 1.01 0.81 1.77 1.77 1.14 0.95 per share, EUR Number of shares At the end of the 59 000 59 000 59 000 59 000 59 000 59 000 period, thousands 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 per share Shareholders' equity ------------------------------------------------- Adjusted number of shares at the end of the financial period Pro forma financial information for New Scanfil 1. Accounting principles for unaudited pro forma financial information 2. Unaudited pro forma income statement and balance sheet for the New Scanfil 3. Notes to unaudited pro forma adjustments 1. Accounting principles for unaudited pro forma financial information The following, unaudited pro forma financial information illustrates how the Demerger would have affected financial statements, if the Demerger had taken place already on 1 January 2010 for the income statement figures and on 30 September 2011 for the balance sheet. This information is only presented to illustrate the Demerger. It is not intended to show what the operating result or financial standing of the New Scanfil would have been if the Demerger had indeed taken place on the date mentioned below. In addition, this information is not intended to demonstrate the future operating result or financial standing of the New Scanfil. The contract manufacturing business has been transferred to Scanfil EMS Oy through a business transfer on 1 May 2008. Therefore, the income statement of Scanfil EMS Group for 2010 and 2011 contains only the contract manufacturing business, and the only items to be adjusted in the pro forma are the setup costs related to the Demerger and the Listing. 2. Unaudited pro forma income statement and balance sheet for the New Scanfil Pro forma income statement Unaudited -------------------------------------------------------------------------------- Pro forma 1.1.-31.12.201 Pro forma 1.1.-31.12.20 0 10 EUR million Audited adjustmen Note Unaudited t -------------------------------------------------------------------------------- Turnover 219.3 219.3 Other operating income 0.6 0.6 Changes in inventories of finished goods and work in progress 1.3 1.3 Use of materials and supplies -154.0 -154.0 Employee benefit expenses -31.0 -31.0 Depreciation and amortization -4.5 -4.5 Other operating expenses -20.7 -0.3 1) -21.0 Operating profit 11.0 10.7 Financial income 0.5 0.5 Financial expense -1.6 -1.6 Share of profit of loss of -0.2 -0.2 associates Profit before tax 9.6 9.3 Income tax -2.9 0.1 1) -2.8 Net profit for the period 6.8 -0.2 6.5 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pro forma 1.1.-30.9.2011 Pro forma 1.1.-30.9.201 1 EUR million Audited adjustmen Note Unaudited t -------------------------------------------------------------------------------- Turnover 172.0 172.0 Other operating income 0.2 0.2 Changes in inventories of finished goods and work in progress -0.9 -0.9 Use of materials and supplies -118.6 -118.6 Employee benefit expenses -22.9 -22.9 Depreciation and amortization -3.1 -3.1 Other operating expenses -16.5 -16.5 Operating profit 10.0 10.0 Financial income 0.3 0.3 Financial expense -1.2 -1.2 Share of profit of loss of -0.3 -0.3 associates Profit before tax 8.8 8.8 Income tax -2.5 -2.5 Net profit for the period 6.3 6.3 -------------------------------------------------------------------------------- Pro forma balance sheet -------------------------------------------------------------------------------- Unaudited FAS IFRS Pro forma 30.9.2011 New Scanfil New Scanfil IFRS EMS Scanfi l EUR million plc adjust Group Group Pro Note Group parent ment +parent eliminat forma company parent company ions adjustmen compan ts y -------------------------------------------------------------------------------- ASSETS Non-current assets Property, plant 26.7 26.7 and equipment Goodwill 2.2 2.2 Other intangible 3.7 3.7 assets Shares in 12.6 54.6 67.2 -67.2 3) 0.0 associated companies Investments in 1.2 1.2 associated companies Receivables 0.3 0.3 Deferred tax 0.3 0.3 assets ------------------------------------------------------------- Total non-current 12.6 101.7 34.4 assets Current assets Inventories 33.3 33.3 Trade and other 40.0 40.0 receivables Advance payments 0.5 0.5 Loan receivables 2.6 2.6 from Group Current tax 0.2 0.2 Available-for-sale 19.3 19.3 investments, cash equivalents Cash and cash 0.1 8.3 -0.2 2) 8.0 equivalents ------------------------------------------------------------- Total current 0.1 104.0 103.8 assets TOTAL ASSETS 12.7 205.7 -67.2 -0.2 138.3 SHAREHOLDER'S EQUITY AND LIABILITIES Equity Share capital 2.0 4.0 -2.0 3) 2.0 Translation 6.5 6.5 difference Other reserves 54.6 60.1 -54.6 3) 5.5 Reserve for 10.7 21.3 -10.6 3) 10.7 invested non-restricted equity Retained earnings 42.6 -0.2 2) 42.4 ------------------------------------------------------------- Total equity 12.7 134.6 67.1 Liabilities Non-current 32.7 32.7 liabilities Current 38.5 38.5 liabilities ------------------------------------------------------------- Total liabilities 0.0 71.2 71.2 TOTAL 12.7 205.7 -67.2 -0.2 138.3 SHAREHOLDER'S EQUITY AND LIABILITIES -------------------------------------------------------------------------------- 3. Notes to unaudited pro forma adjustments The following adjustments and assumptions have been made in the unaudited pro forma income statement and balance sheet for the New Scanfil 1) The total setup costs related to the Demerger and the Listing have been estimated as EUR 0.6 million, of which the share of the New Scanfil is approximately one half, or EUR 0.3 million. In the pro forma income statement, this has been taken into account under other operating expenses, and the corresponding tax asset, EUR 0.1 million, has been adjusted under income taxes. Costs incurred to the New Scanfil for operating as an independent listed company have not been taken into account in the statement. Annual costs for operating as a listed company are estimated to be about EUR 0.2 million, including, among other items, stock exchange expenses, costs of the book-entry securities system, and remuneration for the members of the Board of Directors. 2) Setup costs related to the Demerger and the Listing, EUR 0.2 million net after taxes, have been taken into account as a reduction in cash and cash equivalents and retained earnings. 3) Scanfil Plc, the parent company of the New Scanfil Group, will be established to execute the Demerger. The New Scanfil Group will continue its accounting on the basis of the same accounting figures that it had when it was part of the consolidated financial IFRS statement of Sievi Capital. Consequently, when the New Scanfil Group is established, the balance sheet items transferred in the Demerger will not be revalued; thus, no new goodwill will be created, and the Group's total equity will not be changed in the Demerger. |
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