2011-11-14 15:45:00 CET
2011-11-14 15:45:12 CET
Scanfil - Prospectus/Announcement of Prospectus
SIEVI CAPITAL PLC PUBLISHES DEMERGER AND LISTING PROSPECTUS
SIEVI 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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