2009-02-12 07:15:00 CET
2009-02-12 07:15:07 CET
REGULATED INFORMATION
Scanfil - Financial Statement Release
SCANFIL GROUP'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2008
SCANFIL PLC FINANCIAL STATEMENTS RELEASE 12 FEBRUARY 2009 8.15 A.M.
SCANFIL GROUP'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2008
January - December
- Turnover for the year 2008 totalled EUR 218.9 million (224.6 year 2007)
decrease of 2.6%
- Operating profit was EUR 21.1 (18.6) million, which is 9.7 (8.3) % of
turnover.
- Profit for the review period was EUR 15.6 (14.1) million
- Earnings per share were EUR 0.27 (0.24)
- The Board of Directors proposes to the Annual General Meeting a dividend
of EUR 0,09 (0,08) and an additional dividend of EUR 0,03 (0,04) per share
October - December
- Turnover for the fourth quarter totalled EUR 54.2 million (54.4 in the
corresponding period in 2007), decrease of 0.4%
- Operating profit was EUR 4.5 (5.5) million representing 8.3 (10.2)% of
turnover
- Earnings per share amounted EUR 0.04 (0.06)
Harri Takanen, President:
“2008 was a good year for Scanfil Group. Our investment in the competence of our
personnel and the development of our production processes together with the
personnel's strong commitment to the development projects have been effective
and Scanfil's competitiveness has improved further. Scanfil has a very strong
financial position, which allows us to develop the Group and make investments in
accordance with our strategy also during 2009. The healthy results of our
operations convince us that we have channelled our development efforts
correctly. The financial crisis that started towards the end of 2008 affected
Scanfil's operations through lowered demand in the last quarter, resulting in
slightly lower turnover compared to the previous year.
It is very difficult to predict future development, but we believe that Scanfil
has excellent opportunities to strengthen its position in the contract
manufacturing markets and implement the strategy of the investment company.
Scanfil is a reliable long-term partner to its customers. This will be
increasingly important during these financially uncertain times.”
DEVELOPMENT OF OPERATIONS
Scanfil plc
Based on the authorisation by the Annual General Meeting on 3 April 2008,
Scanfil plc's Board of Directors approved the business transfer agreement on 30
April 2008 and implemented the transfer on 1 May 2008. The company was split
into an investment company, Scanfil plc, and a subgroup called Scanfil EMS Oy,
which engages in contract manufacturing. The objective of the split is to grow
the contract manufacturing business by acquisitions and to invest the
accumulated funds into new business areas. Scanfil plc owns 100% of Scanfil EMS
Oy shares.
Scanfil plc will focus on its ownership role in contract manufacturing and also
in other, new, sectors. The aim is to invest the company assets profitably in
companies that operate in the chosen sectors. Scanfil will try to acquire shares
of ownership allowing active say in the operation of the companies. In addition,
the company can own shares and invest assets in other targets. During the review
period, Scanfil plc has mainly invested cash in hand. No strategic investments
were made during the period.
During the last quarter, the company signed a rental agreement on part of the
Oulu plant facilities. Nokia Siemens Networks rented over 6,700 square metres of
the facilities. Scanfil will continue to actively search for ways to rent out
the remaining more than 11,000 square metres or to sell the facilities.
Scanfil EMS Oy will be developed as a strong Nordic operator, and the contract
manufacturing business will be organised in a way that helps enhance the
company's global market position. Scanfil EMS Oy is a competitive and profitable
company in its sector. The new company structure simplifies possible future
company acquisitions.
In the business transfer, all contract manufacturing assets, liabilities and
provisions were transferred to Scanfil EMS Oy in accordance to the provisions of
the Finnish Act on Trade Tax. This made the Scanfil EMS Oy balance sheet too
strong for effective equity management. The Board of Directors of Scanfil EMS Oy
has proposed to the Annual General Meeting of Scanfil EMS Oy to be held on 17
March 2009, that it will return equity to its parent company Scanfil plc by
decreasing the reserve for invested non-restricted equity so that the equity
ratio of Scanfil EMS Oy will be approximately 40%. Return of equity,
approximately EUR 47 million, will be completed in two instalments by autumn
2009.
Scanfil EMS Subgroup
During the review period, Scanfil has maintained its focus on improving the
efficiency and quality of processes by utilising new technologies and improving
personnel competence levels. Having developed our partner network further,
Scanfil EMS can now offer more comprehensive design services and testing system
planning and manufacturing services. We can deepen our cooperation with our
customers and get involved in their production projects at an earlier stage.
Development of production activities has focused on cost management, flexible
and effective production processes and comprehensive supply chain management.
The global financial crisis that started at the end of 2008 and the subsequent
increase in financial uncertainty decreased the demand in both the
telecommunications and the industrial electronics sectors during the last
quarter. The uncertainties related to the financial market and future
development caused Scanfil's customer sectors to delay investment decisions and
slowed down the growth of the market.
The active focus on industrial electronics customers to balance sales has paid
off, and the share of industrial electronics in total sales has increased from
the previous year. We have expanded our customer base and signed a new
collaboration agreement with The Switch last autumn. The Switch manufactures
power converters for wind power generation. Global decisions related to
environmental issues and energy conservation will open up new opportunities for
Scanfil in the industrial electronics sector. Telecommunications customers
accounted for about 62 (68)% and industrial electronics customers for about 38
(32)% of the turnover.
The slight decline in the Group's turnover resulted from overall demand in the
market for telecommunications products being lower than in 2007.
Product structure changes implemented by one of the customers have affected
especially the sales of the Chinese units. An expansion of more than 5,400
square metres was launched at the Hangzhou subsidiary in the third quarter. The
objective of the expansion is to increase the production capacity of mechanical
products in particular.
FINANCIAL DEVELOPMENT
The Group's turnover in 2008 was EUR 218,9 (224,6) million, showing a decrease
of 2.6% over the previous year. Distribution of turnover based on the location
of customers was as follows: Finland 47 (43)%, rest of Europe 21 (25)%, Asia 30
(30)%, USA 1 (1)% and the others 2 (1)%.
The Chinese subsidiaries' sales accounted for 37% of the Group's sales during
the review period (39% in 2007), including deliveries to the Group's other
plants.
The Group's business development measures have been successful. Profitability
during the review period remained very satisfactory and operating profit
amounted to EUR 21.1 (18.6) million, representing 9.7 (8.3)% of turnover. Profit
for the review period was EUR 15.6 (14.1) million, which is 7.1 (6.3)% of
turnover. Earnings per share were EUR 0.27 (0.24) and return on investment 13.7
(14.1)%.
EUR 1.8 (1.2) million of capital gains from sale of fixed assets was recorded in
2008. Most of the capital gains from sales were generated by selling land that
was part of the property in Hungary. An impairment loss of EUR 2.9 million has
been recorded during the period for change in fair value of financial assets.
Income tax includes taxes corresponding to the result for the period. The tax in
the previous year includes the taxes for all the retained earnings of the
Estonian subsidiary (EUR 1.2 million) because these earnings have been
distributed as dividend in 2008.
Turnover in October - December was EUR 54.2 (54.4) million. Operating profit in
the fourth quarter totalled EUR 4.5 (5.5) million, representing 8.3 (10.2)% of
turnover. Earnings per share were EUR 0.04 (0.06).
Owing to the business structure, fluctuations in exchange rates have not overall
had a substantial impact on performance. The fluctuation of the US dollar has an
effect in Europe through purchases made in dollars. Changes in the US dollar
exchange rate do not have a significant effect on the relative profitability of
the Asian operations.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position. Liabilities amounted to EUR 46.0
(47.9) million, EUR 34.0 (40.4) million of which were non-interest-bearing and
EUR 12.0 (7.5) million interest bearing.
The equity ration was 76.1 (73.6)% and gearing -38.4 (-31.8)%.
Financial assets totalled EUR 68.1 (50.0) million, of which EUR 45.1 million has
been deposited in bank accounts and in time deposits with maturity of three
months or less. An additional EUR 23.0 (0) million has been invested in
financial instruments, mainly in bonds, credit linked notes and FX carry notes,
EUR 15.3 million of which will mature in less than a year. These are secondary
market investments. In compliance with the IFRS, the investments have been
measured at fair value, and due to the recent market uncertainty, an impairment
loss of EUR 2.9 million was recorded on the investments on 31 December 2008. In
conjunction with the initial recognition, the Group has classified as assets
recognised at fair value through profit or loss such investments that it has
made during the accounting period in instruments that include a component that
generates a fixed interest rate and a component linked to, for example, a share
index or credit liability. The latter component is a linked derivative that
changes considerably the cash flow of the main instrument. Consequently, the
instrument as a whole has been measured at fair value through profit or loss.
In line with the Group's investment policy, half of the investment portfolio is
in risk-free interest rate investments and around one third in low-risk capital
guaranteed investments, while around one fifth can be invested in non-capital
guaranteed moderate risk investments.
No direct share investments or strategic investments were made in the accounting
period.
Cash flow from operating activities in the review period was positive at EUR
23.9 (20.2) million. Cash flow from investments was EUR -26.8 (4.9) million, of
which EUR 25.6 million has been invested in financial instruments by the parent
company. Cash flow from funding stood at EUR -3.1 (-5.9) million. Change in
working capital during the financial period was EUR 2.3 (0.4) million and
dividends for previous financial period were paid to the amount of EUR 7.0 (5.9)
million. The parent company's long-term loan of EUR 7.5 million has been repaid
in full. To hedge against a possible decline in the value of the Estonian kroon,
the Estonian subsidiary has taken out a loan in EEK equivalent to EUR 12.0
million.
Gross investments in fixed assets totalled EUR 3.9 (1.4) million, which is 1.8
(0.6)% of turnover. Over 50% of the investments are related to machinery and
equipment, the rest to properties. Depreciations were EUR 6.8 (7.2) million.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting decided on 3 April 2008 according to the Board of
Directors' proposal to authorize the Board of Directors to decide on the
acquisition of the Company's own shares with distributable assets.
The Board of Directors has no existing share issue authorisations or
authorisations to issue convertible bonds with warrants.
OWN SHARES
On 31 December 2008, the company owned a total of 2,271,192 of its own shares,
which represented 3.7% of the company's share capital and votes.
The company acquired 278,046 of its own shares between 10 November and 31
December 2008. The acquisition price of these shares was EUR 572,626.35 and the
average price EUR 2.06/share.
During the review period, the company disposed of 5,303 of its own shares in
conjunction with the share-based profit-sharing scheme of the Group's Management
Team.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 2.45 and the lowest
EUR 1.76, the closing price for the period standing at EUR 2,03. A total of
6,066,337 shares were traded during the period, corresponding to 10.0% of the
total number of shares. The market value of the shares on 31 December 2008 was
EUR 123,2 million.
GROUP STRUCTURE
A business transfer carried out on 1 May 2008 split Scanfil Group's parent
company, Scanfil plc, into Scanfil plc (Finland), an investment company, and its
fully-owned subgroup Scanfil EMS Oy (Finland), which engages in contract
manufacturing. Scanfil N.V. (Hoboken), located in Belgium and owned 100% by
Scanfil plc, has not had any production activities since 2006.
The Scanfil EMS Group consists of parent company Scanfil EMS Oy (Finland),
Scanfil (Suzhou) Co., Ltd. and Scanfil (Hangzhou) Co., Ltd. in China, Scanfil
Kft. (Budapest) and Rozaliá Invest Kft. (Budapest) in Hungary and Scanfil Oü
(Pärnu) in Estonia. The Scanfil EMS Group holds the entire share capital in all
of its subsidiaries.
On 17 September 2008, the Hungarian subsidiary, Scanfil Kft., split into a
company engaged in manufacturing, Scanfil Kft. and into a real-estate company
called Rozália Invest Kft. The change does not affect the Group's financial
performance.
PERSONNEL
At the end of the review period the Group employed 2,068 (2,061) people, of whom
1,516 (1,548) worked abroad. At the end of the year 51 (54)% of the personnel
was working in Chinese subsidiaries. In all, 73 (75%) of the Group's personnel
were employed by subsidiaries outside Finland on 31 December 2008.
The Group employed an average 2,132 (2,105) people during the year.
BOARD OF DIRECTORS' PROPOSALS TO THE ANNUAL GENERAL MEETING
Dividend for 2008
The Board of Directors proposes to the Annual General Meeting that, according to
the dividend policy, a dividend of EUR 0.09 per share be paid based on the
annual result of the financial year ending on 31 December 2008, plus an
additional dividend of EUR 0.03 per share on the market. The dividend matching
day is 31 March 2009. Dividend will be paid to those shareholders who on the
matching day are entered in the Company's Register of Shareholders, kept by
Finnish Central Securities Depository Ltd. The dividend payment day is 7 April
2009.
OTHER EVENTS IN THE REVIEW PERIOD
On 21 January 2008, the District Court of Helsinki dismissed all charges against
the Chairman of Scanfil plc's Board of Directors and against Scanfil plc's
former CEO in legal proceedings that concerned a delayed profit warning at the
turn of 2005-2006. The District Court of Helsinki also dismissed the
prosecutor's claim for sentencing Scanfil plc to a fine imposed on a corporation
of EUR 25,000. The prosecutor has appealed against the district court's decision
to the court of appeal. The court of appeal hearing took place on 5 to 6
February 2009. The court will give its decision on a date to be announced later.
FUTURE PROSPECTS
Scanfil plc
The purpose of the split is to make fund management more effective and
productive by diversifying the risks and finding new growth potential. Scanfil
plc will focus on long-term investments instead of active dealings in shares. In
line with the Group's investment policy, cash assets are invested in risk-free
interest rate investments, low-risk investments and non-capital guaranteed
moderate risk investments. The current financial situation opens up new and
improved opportunities for strategic investments and acquisitions for a stable
company like Scanfil.
Scanfil EMS Subgroup
Due to the global financial crisis, the situation in the telecommunications
technology and industrial electronics markets where Scanfil operates remains so
unstable that it is not possible to make reliable predictions on their future
development.
Scanfil has acquired new customers in the industrial electronics sector. This
will have a positive effect on sales, but it is very difficult to predict how
the financial crisis will affect demand in the sector as a whole in 2009.
Customers in the telecommunications technology sector have predicted a slight
decrease in the market. Based on the most recent forecasts, Scanfil plc's sales
to telecommunications customers are expected to decrease from last year.
Scanfil's strong financial position gives the company a good relative
competitive position on the market. The company management believes in the
long-term expansion of the contract manufacturing market as ODM manufacturers
continue outsourcing their production. As a stable and cost-efficient company,
Scanfil will find excellent new opportunities for strengthening its market share
and growing organically and through acquisitions.
OPERATIONAL RISKS AND UNCERTAINTIES
It is difficult to estimate how the quickly emerged global financial crisis
together with changes in demand in customer markets will affect Scanfil. The
sales and profitability of Scanfil may weaken as demand decreases due to delayed
investment decisions.
In other respects, the risks facing Scanfil'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.
ANNUAL GENERAL MEETING 2009
Scanfil plc's Annual General Meeting will be held on 26 March 2009 at the
company's head office in Sievi, Finland, at 2.00 pm.
The biggest shareholders of the Company representing over 50% of shares and
votes propose to the Annual General Meeting that Asa-Matti Lyytinen, Jorma
J.Takanen, Reijo Pöllä, Jarkko Takanen and Tuomo Lähdesmäki be re-elected as
members of the Board of Directors. All members of the Board of Directors have
given their consent to re-election.
APPENDICES:
Appendix 1: Consolidated profit and loss statements and balance sheet
Appendix 2: Consolidated cash flow statement
Appendix 3: Key indicators
Appendix 4: Consolidated statement of changes in equity
Appendix 5: Segment information
Appendix 6: Changes in tangible current assets
Appendix 7: Consolidated contingent liabilities
Appendix 8: Key indicators quarterly
Financial statements have been prepared in accordance with the recognition and
measurement principles of the IFRS.
Individual figures and grand totals have been rounded to the nearest million
euros, so they will not always add up. The figures are unaudited.
APPENDIX 1
CONSOLIDATED PROFIT AND LOSS STATEMENT
EUR million
2008 2007 2008 2007
10 - 12 10 - 12 1 - 12 1 - 12
NET SALES 54.2 54.4 218.9 224.6
Increase or decrease of
inventory of finished products - 0.9 1.0 - 0.1 - 0.6
Other operating income 2.0 0.0 2.5 2.1
Expenses - 48.8 - 48.3 -193.4 - 200.3
Depreciation - 2.0 - 1.6 - 6.8 - 7.2
OPERATING PROFIT 4.5 5.5 21.1 18.6
Financial income and expenses - 2.4 0.1 - 1.7 0.4
PROFIT BEFORE TAXES 2.1 5.7 19.4 19.0
Direct tax 0.2 - 2.3 - 3.7 - 4.9
NET PROFIT FOR THE PERIOD 2.3 3.4 15.6 14.1
Attributable to:
Equity holders of the Company 2.3 3.4 15.6 14.1
Earnings/share (EPS), EUR 0.04 0.06 0.27 0.24
CONSOLIDATED BALANCE SHEET
EUR million 30.12. 31.12.
2008 2007
ASSETS
Non-current assets
Property, plant and equipment 33.7 36.5
Goodwill 2.4 2.5
Other intangible assets 1.4 1.1
Available-for-sale investments 0.0 0.0
Financial assets with result
Impact entered at current value 7.7
Receivables 0.2 0.2
Deferred tax assets 1.0 0.4
Total non-current assets 46.4 40.8
Current assets
Inventories 30.2 33.6
Trade and other receivables 50.5 52.3
Advance payments 0.1 0.1
Financial assets with result
impact entered at current value 12.2
Available-for-sale investments, liquid assets 3.2
Available-for-sale investments, cash equivalents 34.0 29.6
Cash and cash equivalents 11.1 20.4
Total current assets 141.2 136.1
Non-current assets held for sale 4.6 4.6
TOTAL ASSETS 192.2 181.5
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital 15.2 15.2
Share premium account 16.1 16.1
Own shares - 7.4 - 6.9
Other reserves 3.5 2.6
Translation differences 2.0 - 2.6
Retained earnings 116.9 109.3
Total equity 146.2 133.6
Non-current liabilities
Deferred tax liabilities 1.0 2.3
Reserves 6.0 7.0
Interest bearing liabilities 12.0
Total non-current liabilities 19.1 9.3
Current liabilities
Trade and other liabilities 25.9 30.4
Current tax 1.0 0.7
Interest bearing liabilities 7.5
Total current liabilities 26.9 38.6
Total liabilities 46.0 47.9
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 192.2 181.5
APPENDIX 2
CONSOLIDATED CASH FLOW STATEMENT 2008 2007
EUR million 1 - 12 1 - 12
Cash flow from operations
Net profit 15.6 14.1
Adjustment for the net profit of the period 10.2 8.7
Change in net working capital 2.3 0.4
Interests paid and other financial expenses - 0.8 - 0.4
Interests received 2.1 1.3
Taxes paid - 5.5 - 4.0
Net cash flow from operations 23.9 20.2
Cash flow from investments
Investments in tangible and
intangible assets - 3.4 - 1.7
Proceeds from sale of tangible
and intangible assets 2.2 6.3
Investments in other investments - 25.6
Proceeds from sale of other investments 0.2
Net cash flow from investments - 26.8 4.9
Cash flow from funding
Acquiring of own shares - 0.5
Raising of long term loans 12.0
Repayment of long-term loans - 7.5
Dividends paid - 7.0 - 5.9
Net cash flow from funding - 3.1 - 5.9
Change in assets - 6.0 19.2
Liquid assets at the beginning
of the period 50.0 31.8
Changes in exchange rates 1.0 - 0.6
Changes in fair value of investments - 0.3
Liquid assets at the end of the period 45.1 50.0
APPENDIX 3
KEY INDICATORS 2008 2007
1 - 12 1 - 12
Return on equity, % 11.2 10.8
Return on investment, % 13.7 14.1
Interest-bearing liabilities,
EUR million 12.0 7.5
Gearing, % - 38.4 - 31.8
Equity ratio, % 76.1 73.6
Gross investments in fixed
assets, EUR million 3.9 1.4
% of net turnover 1.8 0.6
Personnel, average 2 132 2 105
Earnings per share, EUR 0.27 0.24
Shareholders' equity per share, EUR 2.50 2.27
Dividend per share, EUR 0.12 0.12
Dividend per earnings, % 45.0 49.8
Effective dividend yield, % 5.91 6.15
Price-to-earnings ratio (P/E) 7.6 8.1
Share price
Year's lowest share price, EUR 1.76 1.92
Year's highest share price, EUR 2.45 2.49
Average share price for year, EUR 2.07 2.19
Share price at year's end, EUR 2.03 1.95
Market capitalisation at end of year, EUR million 123.2 118.4
Number of shares at
the end of period, 000's 60 714 60 714
- not counting own shares 58 443 58 716
- weighted average 58 696 58 716
The company does not have any liabilities resulting from derivative instruments.
Owing to the nature of the sector, the company's order book covers only a short
period of time and does not give an accurate picture of future development.
APPENDIX 4
CALCULATION OF CHANGES IN SHAREHOLDERS' EQUITY
EUR million
A = Share capital
B = Premium fund
C = Own shares
D = Other reserves
E = Translation differences
F = Fair value reserve
G = Retained earnings
H = Total
I = Shareholder's equity total
SHAREHODER'S A B C D E F G H I
EQUITY
1.1.2007 15.2 16.1 -6.9 1.9 -0.7 0.1 101.7 127.4 127.4
Available-for-sale investments:
remeasurement for fair value reserve - 0.1 - 0.1 - 0.1
Translation difference - 2.0 - 2.0 - 2.0
NET INCOME RECOGNIZED
DIRECTLY IN EQUITY - 2.0 - 2.1 - 2.1
Net profit for the period 14.1 14.1 14.1
TOTAL RECOGNIZED INCOME
AND EXPENCE - 2.0 - 0.1 14.1 12.0 12.0
Payment of dividend - 5.9 - 5.9 - 5.9
Transfer to funds 0.7 - 0.7 0 0
Distribution of own shares 0.0 0.0 0.0
SHAREHOLDER'S EQUITY
31.12.2007 15.2 16.1 - 6.9 2.6 - 2.6 109.3 133.6 133.6
SHAREHOLDER'S EQUITY A B C D E F G H I
1.1.2008 15.2 16.1 - 6.9 2.6 - 2.6 109.3 133.6 133.6
Translation difference 4.6 4.6 4.6
NET INCOME RECOGNIZED
DIRECTLY IN EQUITY 4.6 4.6 4.6
Net profit for the period 15.6 15.6 15.6
TOTAL RECOGNIZED INCOME
AND EXPENCE 4.6 15.6 20.3 20.3
Payment of dividend - 7.0 - 7.0 - 7.0
Transfers to funds 1.0 - 1.0 0 0
Distribution of own shares 0.0 0.0 0.0
Acquiring of own shares - 0.6 - 0.6 - 0.6
SHAREHOLDER'S EQUITY
31.12.2008 15.2 16.1 - 7.4 3.5 2.0 116.9 146,2 146.2
APPENDIX 5
SEGMENT INFORMATION ACCORDING GEOGRAPHICAL AREA
EUR million 2008 2007
1 - 12 1 - 12
TURNOVER
Europe 152.3 150.2
Asia 89.7 92.4
Turnover between segments - 23.1 - 18.0
Total 218.9 224.6
OPERATING PROFIT
Europe 10.0 7.5
Asia 11.1 11.1
Total 21.1 18.6
The Group operates in single sector.
APPENDIX 6
CHANGES IN TANGIBLE NON CURRENT ASSETS
EUR million 2008 2007
1 - 12 1 - 12
Book value at the beginning of the period 36.5 43.1
Additions 3.3 0.9
Deductions - 0.3 - 0.2
Depreciations - 6.4 - 6.9
Translation differences - 0.6 - 0.5
Book value at the end of the period 33.7 36.5
APPENDIX 7
CONSOLIDATED CONTINGENT LIABILITIES
EUR million 2008 2007
1 - 12 1 - 12
Real estate mortgages 3,4
Business mortgages 18.8 16.4
Guarantees pledged 0.1 0.7
Rental liabilities 0.5 0.7
Scanfil Oyj has arranged a EUR 6.9 million bank guarantee to secure the payment
of contributions related to Scanfil NV's restructuring. Scanfil NV's balance
sheet includes a corresponding provision.
Scanfil EMS Oy has given EUR 12.2 million counter guarantee for Scanfil Oü's
equal size bank loan guarantee.
APPENDIX 8
KEY INDICATORS QUARTERLY
EUR million
Q4/08 Q3/08 Q2/08 Q1/08 Q4/07 Q3/07 Q2/07 Q1/07
Turnover, MEUR 54.2 56.0 58.7 50.0 54.4 59.1 58.9 52.2
Operating
profit, MEUR 4.5 5.2 6.6 4.7 5.5 5.6 4.0 3.6
Operating profit, % 8.3 9.3 11.3 9.5 10.2 9.4 6.7 6.8
Net income, MEUR 2.3 3.5 6.2 3.6 3.4 4.5 3.2 3.1
EPS, EUR 0.04 0.06 0.11 0.06 0.06 0.08 0.05 0.05
The company's Annual Report for 2008 will be published in week 12. The company
will publish interim reports in 2009 as follows: January-March on 23 April,
January-June on 4 August and January-September on 23 October.
SCANFIL PLC
Harri Takanen
President
Additional information:
President Harri Takanen
Tel +358 8 4882 111
Distribution NASDAQ OMX Helsinki
Major Media
www.scanfil.com
Scanfil is a global contract manufacturer and systems supplier for communication
and industrial electronics with over 30 years experience in demanding contract
manufacturing
Scanfil offers contract-manufacturing services as a systems supplier to the
telecommunication industry, mainly to wireless communication sector, as well as
to the industrial electronics industry. Main telecommunication products are
among others integrated enclosure systems for mobile phone and ADSL networks and
assembly and testing of modules related to enclosure systems. Examples of
industrial electronics products include box-built tested devices, various
electronic modules, backplanes and assembled circuit boards as well as cable
assemblies. Production plants are situated in China, Hungary, Estonia and
Finland.
Not for release over US newswire services. Forward looking statements: certain
statements in this stock exchange release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of Scanfil
Oyj to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When used
in this stock exchange release, such statements use such words as "may,""will,""expect,""anticipate,""project,""believe,""plan" and other similar
terminology. New risk factors may arise from time to time and it is not possible
for management to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results, performance and
achievements of Scanfil Oyj to be materially different from those contained in
forward-looking statements. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a prediction of
actual results. The forward-looking information contained in this stock exchange
release is current only as of the date of this stock exchange release. There
should not be an expectation that such information will in all circumstances be
updated, supplemented or revised, except as provided by the law or obligatory
regulations, whether as a result of new information, changing circumstances,
future events or otherwise.
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