2012-11-07 09:30:01 CET
2012-11-07 09:30:04 CET
REGULATED INFORMATION
Sievi Capital Oyj - Interim report (Q1 and Q3)
SIEVI CAPITAL PLC’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2012
SIEVI CAPITAL PLCINTERIM REPORT7 November 2012 at 10:30 a.m.
SIEVI CAPITAL PLC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012
January - September
- Result for the review period EUR 3.6 (-5.0) million.
- Earnings per share EUR 0.06 (-0.09).
EUR 0.06 per share was distributed as a dividend in May.
- Net worth was EUR 1.58 per share at the end of September, up 7.9% on the
beginning of the year dividend-adjusted.
July - September
- Result for the review period EUR 2.2 (-4.2) million.
- Earnings per share EUR 0.04 (-0.07).
The comparison figures for the corresponding period the previous year presented
in brackets in the texts of the interim report are for continuing operations.
The comparison figures for the entire previous financial period presented in
the tables to the interim report are the official comparison figures for the
Sievi Capital group, including both investment activity (continuing operations)
and contract manufacturing (discontinued operations). The figures presented for
the first three quarters of 2011 differ from the previously reported figures
because they have been made comparable with the figures of the financial
statements, in which operations were divided into continuing and discontinued
operations. The figures presented for the continuing operations for the
different periods are comparable.
Sievi Capital plc demerged on 1 January 2012 into the investment company Sievi
Capital plc and the contract manufacturing company Scanfil plc (discontinued
operations). The partial demerger was entered in the Trade Register on 1
January 2012. In accordance with the demerger plan, the company's assets and
liabilities associated with contract manufacturing and other industrial
activities were transferred to the new company Scanfil plc as the result of the
demerger.
Sievi Capital plc has not announced its profit outlook for 2012. The figures
presented in the interim report are unaudited.
The result for January - September includes a non-recurring item of EUR 1.1
million recognised in the first quarter due to Sievi Capital plc's share of the
damages paid by Ojala-Yhtymä ltd in a contract dispute. In addition, Sievi
Capital plc sold the Sievi plant property to Scanfil plc in May. The property
was sold at its balance sheet value of EUR 4.2 million. The transaction has no
effects on the consolidated result of the Sievi Capital group, but the
transaction resulted in a taxable income of EUR 0.9 million to the parent
company when the depreciation difference was recognised as revenue.
The fair values of investments began to increase in July when the slump seen in
the spring and early summer came to a halt. The values of Sievi Capital plc's
financial investments increased with the general market development to their
highest value of the year. The European debt crisis is not over, and the growth
outlook for the world economy deteriorated further during the review period.
The development of the credit crunch is influencing capital flows and
uncertainty is strongly reflected in market pricing. This may cause exceptional
market disruptions in the near future as well.
Sievi Capital plc's President and CEO Jorma J. Takanen:
”Sievi Capital plc's strong financial position allows the company to operate
actively also in uncertain economic cycles. Sievi Capital plc is particularly
interested in both industrial companies that have already established a
profitable business model and growth companies that can be developed into
companies that operate in the export market in the long term. Associated
companies have continued the measures pursuant to their development plans, such
as streamlining their cost structures and ensuring growth financing. Towards
the end of the review period, the risk level of financial investments was
lowered by selling high yield corporate loans and share investments. After the
end of the review period, decentralized EFT index investments were increased in
the emerging markets in line with the investment plan. The financial
investments have been distributed so that Sievi Capital plc has realistic
chances of obtaining competitive returns on the invested assets in spite of the
continued uncertain market situation. The company has not used debt leverage in
its investing activity, and its solvency is high.”
DEVELOPMENT OF INVESTING ACTIVITY
During the third quarter, expectations of measures by central banks
materialized with the European Central Bank (ECB), followed shortly by the
Federal Reserve of the United States (FED), announcing new measures that can be
classified as money injections. They signalled to the markets that active
stimulus measures will be continued until the situation in the economies of the
crisis states and the financial market can be made more stable. The ECB
purchases bonds of the crisis states from the secondary market and the FED's
programme is direct money injection, intending to redeem USD 40 billion worth
of mortgage securities from banks each month. Furthermore, the FED kept its
applicable federal rate at zero and committed to maintaining it that way until
mid-2015. However, the effects of the extensive debt crisis still cause
uncertainty in the investment market and no quick solution for correcting the
situation can be found.
The market became balanced in mid-July, and expectations of measures by central
banks increased market prices gradually thereafter. Share prices increased
strongly between late July and mid-September, with the new money injection
programmes of central banks finally being introduced. In late September, before
the interim reporting season for the third quarter began, nervousness became
stronger again, especially in the share market. Uncertainty in the securities
market continues, and market pressures continued to be reflected in the state
loans of the crisis countries, with interest rates exceeding the reference
levels considered critical.
No capital investments were made during the review period. The net worth of
financial investments in the high yield and share segments was decreased at the
end of the review period.
RESULT OF INVESTMENT ACTIVITIES
Sievi Capital group's operating profit amounted to EUR 0.8 (0.1) million in
January - September, and the IFRS -result for the period totalled EUR 3.6
(-5.0) million. The result includes a non-recurring item of EUR 1.1 million
recognised in the first quarter, which is Sievi Capital plc's share of the
damages paid by Ojala-Yhtymä ltd. Earnings per share were EUR 0.06 (-0.09) and
return on investment 7.4% (N/A). In January-September, recognised interest and
dividend income and capital gains amounted to EUR 2.6 (2.6) million and
financial expenses to EUR 0.0 (0.1) million. Realised sales losses amounted to
EUR 0.4 (-) million, and value changes of financial assets at fair value
through profit or loss amounted to EUR +3.3 (-7.8) million, resulting in a
total recorded value of EUR 5.4 (-5.4) million. The group's share of the
associated companies' losses and goodwill amortisation totalled EUR -1.3 (-1.3)
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 activities are
recognised under financial income and expenses in the income statement. The
distribution of the investment portfolio was as follows on 30 September 2012:
money market investments 53%, ETF and equity investments 10% and capital
investments 37%.
Investment assets refer to liquid assets and financial investments. They do not
include shareholdings in associated companies or Lännen Tehtaat plc, which are
classified as long-term holdings and are included in the capital investments
segment.
The invested assets totalled EUR 57.6 (81.5) million. Of the invested assets,
EUR 16.5 (40.4) million were deposited in bank accounts and as time deposits
with less than three months' maturity. Of the investment assets, EUR 41.1
(41.1) million was invested in financial instruments, mainly in bonds, credit
linked notes, structured investment instruments and ETF and equity investments.
In compliance with the IFRS, the investments have been recognised at fair
value.
DISTRIBUTION OF
INVESTMENTS
Marketvalues of
investments:
30th of September in 2012
EUR millions %
================================================================================
Publicly listed 25,8 29,3 %
companies
Non-listed 8,3 9,4 %
companies
ETF-investments 2,1 2,4 %
Interest funds 15,2 17,2 %
Structured products 12,6 14,3 %
Bonds 7,7 8,8 %
Cash and 16,5 18,7 %
equivalents
--------------------------------------------------------------------------------
Total 88,1 100,0 %
Out of all financial investments 79,8 % were in euros,2,5 % in Swedish
kronas,0,7 % in US dollars and 17 % in Norwegian kronas.
The holding in Lännen Tehtaat plc that does not fulfil the definition of an
associated company, is measured at fair value, and the change in the value, EUR
-0.5 million from the beginning of the year, is recognised in the fair value
reserve under equity, adjusted with tax liabilities, net EUR -0.4 million.
LIQUIDITY AND SOLVENCY
The Sievi Capital group's liquidity is good. The consolidated balance sheet
total was EUR 92.5 (230.5) million. The equity ratio was 96.0% (67.3%) and net
gearing -64.9% (-26.7%). The comparison figures for the previous year include
both continuing and discontinued operations before the demerger. The cash flow
from investments, EUR 10.4 (-20.5) million, is comprised of financial
investments and proceeds from the sale of a property. The cash flow from
financing activities of EUR -3.5 (-6.9) million is comprised of dividend
payment.
NET WORTH AND SHARE PRICE DEVELOPMENT
Sievi Capital plc published its net worth for the first time on 21 February
2012, at which time the net worth per share with the values of 31 December 2011
was EUR 1.52. The corresponding net worth at the end of March was EUR 1.62, at
the end of June EUR 1.52 and at the end of September EUR 1.58. The change in
net worth adjusted for the payment of a dividend of EUR 0.06 during the third
quarter was +4.0% and the dividend-adjusted change from the beginning of the
year +7.9%. The net worth calculation is published in connection with the
interim reports.
The number of shares used in the net worth calculation is 57,730,439 shares.
Sievi Capital plc does not have comparable net worth figures for the previous
years. In the calculation of net worth, publicly quoted securities, investment
funds and derivatives are valued at the closing price. However, for the
associated company Kitron ASA and Lännen Tehtaat plc, the price used is the
volume-weighted average price for the five days preceding the valuation date.
Otherwise, if no public trading price has been available, the bid quote or
value ratified by the issuer have been used. Unquoted shares and holdings are
measured at last purchase price or fair value, using imputed valuation methods.
The highest price for Sievi Capital plc on the first trading day after the
demerger on 2 January 2012 was EUR 1.65. It was also the highest price during
the entire period. The lowest price during the period was EUR 0.88, with
trading closing at EUR 0.95 at the end of the period. A total of 8,512,045
shares were traded during the review period, corresponding to 14.0% of the
total number of shares. Market capitalisation on 30 September 2012 was EUR 57.7
million.
EVENTS AFTER THE REVIEW PERIOD
Harri Takanen, member of the Board of Directors of Sievi Capital plc, resigned
on 16 October 2012 from the Board of Directors of the Norwegian associated
company Kitron ASA where he worked as the representative of Sievi Capital plc.
NOTIFICATIONS OF CHANGES IN SHAREHOLDING
Sievi Capital plc was informed on 18 April 2012 in accordance with Chapter 2,
section 9 of the Securities Market Act that the Sievi Capital plc shares
transferred to heirs and beneficiaries as the result of the distribution of
matrimonial asses and estate of Eero Alvari Kotilainen's estate on 9 April
2012, had been transferred to Varikot ltd (new company) through transactions
implemented on 17 April 2012. Following the arrangement, Varikot ltd holds
7,273,109 Sievi Capital plc shares, or 11.98% of all shares, and it is the
second-largest individual shareholder in Sievi Capital plc. Based on an
agreement between the shareholders, the voting right in Varikot ltd is held
jointly by Riitta-Liisa Kotilainen (50%) and Sirpa Kotilainen (50%).
In a notification received by Sievi Capital plc on 18 July 2012 pursuant to
Chapter 2, section 9 of the Securities Market Act, Varikot ltd announced that a
change had taken place in Varikot ltd's voting rights, effective 18 July 2012.
Based on an agreement between the shareholders, the voting right in Varikot ltd
will be used by Sirpa Kotilainen (50 %), Riitta-Liisa Kotilainen (25%) and
Aleksi Kotilainen (25%). Sirpa Kotilainen, Riitta-Liisa Kotilainen and Aleksi
Kotilainen also personally hold shares in Sievi Capital plc. Riitta-Liisa
Kotilainen is a member of the Board of Directors of Sievi Capital plc.
BOARD OF DIRECTORS' AUTHORISATIONS
Sievi Capital plc's Annual General Meeting held on 19 April 2012 decided to
authorise the Board of Directors to decide on repurchasing the Company's own
shares with distributable assets in accordance with the Board of Directors'
proposal.
The Board of Directors' proposals to the Annual General Meeting are available
on the company website at www.sievicapital.com.
OWN SHARES
On 30 September 2012, 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 have taken place in the number of treasury shares during the
review period.
PERSONNEL
Sievi Capital had 2 employees during the review period.
FUTURE PROSPECTS
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 continues and the
investment environment remains difficult. Due to indebtedness and austerityprogrammes, economic growth is expected to remain low in the Euro zone for a
long time. A widespread bank crisis and breakdown of the Euro zone would lead
to a negative circle in the financial markets. Any solution to the 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. Accumulating tensions in
the Middle East may increase investors' fears of a widespread conflict, which
would have immediate negative effects on the vulnerable world economy. In the
uncertain investment environment, Sievi Capital plc's interest and dividend
income is expected to remain at the previous year's level.
Outlook for the associated companies:
iLOQ ltd forecasts a growth around of 60% in turnover in 2012. Growth is sought
both in the Nordic countries, as well as from the new product developed for the
Central European market (DIN-compliant lock cylinder). Operations of the
subsidiaries in charge of marketing in Germany and the Netherlands commenced at
the beginning of 2012.
As the result of a significant decrease in Panphonics ltd's turnover, adjusting
the cost structures of business operations has continued. Currently sales are
generated via the distribution network, and no major delivery projects have
been signed. The company's cost structure was lightened and marketing strategy
was renewed during the review period. CEO of Panphonics ltd was replaced and
the previous CEO joined the company's Board of Directors as a member.
The IonPhase IPE-product range is being complemented by several new products.
IonPhasE ltd expects to achieve a significant position with dissipative plastic
polymers based on a new innovation. Harmful static electricity causes
significant problems in various purposes of use and applications. The company's
turnover is estimated to continue on the current path of strong growth next
year as well. The company's customer base and number of sales projects have
increased considerably, which will improve the company's chances of reaching
the growth targets.
The associated company Kitron ASA, Norway, evaluated its outlook in its interim
report published on 24 October 2012. The company's result before taxes for the
first three quarters of the year was EUR 3.6 million (EUR 3.0 million) and EUR
0.9 million (EUR 1.2 million) for the third quarter. In line with the previous
outlook, the company estimates that its turnover will remain on a par with the
previous year and its profitability will improve compared to 2011.
Lännen Tehtaat plc's interim report will be published on 9 November 2012. The
company announced on 18 October 2012 that according to preliminary profit data,
Lännen Tehtaat plc's result for the third quarter excluding non-recurring items
will be clearly better than the previous year, amounting to approximately EUR
3.5 to 4.0 million (EUR 2.3 million during the comparison period). The
full-year profit outlook published in connection with the January - June
interim report on 15 August 2012 remains unchanged.
BUSINESS RISKS AND UNCERTAINTIES
The most significant short-term risk 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.
The debt problems could be escalated 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. In addition, the increasing tension between Israel and Iran in the
Middle East has increased the probability of a military conflict. Considering
the civil war in Syria and other regional restlessness, military action in the
Middle East may endanger the entire world economy.
Economic activity has clearly weakened and consumers have become increasingly
cautious. No actual investment or credit crunch have yet emerged on a large
scale, but the situation is fragile and the market parties are cautious. The
growth figures of the world economy and China's GDP may deteriorate further.
Uncontrolled ”currency storms”, unexpected fluctuations of interest rates and
the final breakdown of the entire Eurozone are still possible events for the
future. Companies are currently preparing for a weakening cycle, and any
significant investments are slowly and carefully considered. Stocks have
already been adjusted and production may be run down quickly and a
self-propagating negative circle might gain strength. Banks' ability to
maintain sufficient liquidity in the credit market is uncertain in spite of the
operations promised by the ECB. In a difficult economic environment, citizens'
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 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 if they materialise, 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. Risksand 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 2011. The presented figures for the year 2011
differ from the previously reported figures because they have been made
comparable with the figures of the financial statements in which operations
were divided into continuing and discontinued operations. The figures presented
for the continuing operations for the different periods are comparable.
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
7 - 9 1 - 9 7 - 9 1 - 9 1 - 12
2012 2012 2011 2011 2011
Continuing operations
Other operating income 0.0 1.2 0.5 1.3 1.8
Expenses -0.1 -0.3 -0.3 -0.8 -1.2
Depreciation 0.0 -0.1 -0.1 -0.4 -0.5
Operating profit -0.1 0.8 0.0 0.1 0.1
Financial income and expenses 3.6 5.4 -4.8 -5.4 -4.6
Share of the associated companies' profit -0.4 -1.3 -0.6 -1.3 -1.7
Profit before taxes 3.0 4.9 -5.4 -6.5 -6.1
Income taxes -0.8 -1.3 1.1 1.5 1.4
Net profit for the period, Continuing 2.2 3.6 -4.2 -5.0 -4.8
operations
Discontinued operations
Net profit for the period, Discontinued 0.7 6.3 1.7
operations
Net profit for the period 2.2 3.6 -3.5 1.3 -3.1
Attributable to:
Equity holders of the parent 2.2 3.6 -3.5 1.3 -3.1
Earnings / share (EPS), EUR undiluted and diluted,
Continuing operations -0.07 -0.09 -0.08
Earnings / share (EPS), EUR undiluted and diluted,
Discontinued operations 0.01 0.11 0.03
Earnings / share (EPS), EUR undiluted and diluted,
Net profit for the period 0.04 0.06 -0.06 0.02 -0.05
The company does not have items that might dilute the earnings per
share.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
7 - 9 1 - 9 7 - 9 1 - 9 1 - 12
2012 2012 2011 2011 011
Net profit for the period 2.2 3.6 -3.5 1.3 -3.1
Other comprehensive income
Discontinued operations
Derivative financial instrument -0.7
Translation differences 4.2 1.3
Continuing operations
Available-for-sale investments 0.2 -0.4 -0.3 -1.3 -1.1
Translation differences 0.4 0.9 -0.2 -0.2 0.0
Other comprehensive income, net of tax 0.6 0.5 3.7 -0.2 -1.8
Total Comprehensive Income 2.8 4.1 0.2 1.2 -4.9
Attributable to:
Equity holders of the parent 2.8 4.1 0.2 1.2 -4.9
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million
Assets 30.9.2012 30.9.2011 31.12.2011
Non-current assets
Property, plant and equipment 0.0 33.6 4.3
Goodwill 2.4
Other intangible assets 0.0 3.7 0.0
Shares in associated companies 23.4 24.0 22.8
Available-for-sale investments 7.5 7.8 8.0
Financial assets at fair value through profit 20.3 19.3 19.9
or loss
Receivables 0.8 0.5
Deferred tax assets 1.1 2.2 1.8
Total non-current assets 52.3 93.8 57.3
Current assets
Inventories 33.3
Loan receivables from associates 0.4
Trade and other receivables 0.4 40.6 0.8
Advance payments 0.5 0.0
Financial assets at fair value through profit 20.8 21.8 22.1
or loss
Current tax assets 0.2
Available-for-sale investments, cash and cash 19.3
equivalents
Cash and cash equivalents 16.5 21.1 9.6
Total current assets 37.7 136.7 33.0
Non-current assets held for sale 2.5 2.5
Discontinued operations 115.7
Total assets 92.5 230.5 208.5
Shareholders' equity and liabilities 30.9.2012 30.9.2011 31.12.2011
Equity attributable to equity holders of the
parent
Share capital 15.2 15.2 15.2
Share premium account 16.1 16.1 16.1
Treasury shares -8.9 -8.9 -8.9
Translation differences 1.4 6.8 0.5
Other reserves -0.3 5.5 5.0
Retained earnings 65.3 120.4 60.3
Total equity 88.8 155.0 88.2
Non-current liabilities
Deferred tax liabilities 0.1 0.5 0.4
Provisions 2.8 4.0 3.4
Interest bearing liabilities 31.1
Other liabilities 1.0
Total non-current liabilities 3.0 36.6 3.8
Current liabilities
Trade and other liabilities 0.1 29.5 56.2
Current tax liabilities 0.7 0.4 0.1
Interest-bearing liabilities 8.9
Total current liabilities 0.7 38.8 56.3
Discontinued operations 60.1
Total liabilities 3.7 75.4 120.2
Total shareholders' equity and liabilities 92.5 230.4 208.5
CONSOLIDATED CASH FLOW
STATEMENT
EUR million
1.1.-30.9.2012 1.1.-30.9.2011 1.1.-31.12.2011
Cash flow from operating
activities
Net profit 3.6 -5.0 -4.8
Adjustments for the net profit -3.4 4.9 4.6
Change in net working capital -0.2 1.9 -0.7
Interest paid and other 0.0 0.0 -0.1
financial expenses
Interest received 0.1 0.2 0.2
Taxes paid -0.2 -2.4 -2.4
Discontinued operations 15.2 27.3
Net cash flow from operating 0.0 14.7 24.1
activities
Cash flow from investing
activities
Investments in tangible and 0.0 0.0
intangible assets
Sale of tangible and intangible 4.2
assets
Purchase of investments -18.2 -33.8 -35.0
Proceeds from sale of 23.0 9.7 10.4
investments
Purchase of associated -1.0 -0.1
companies
Granted loans 0.0 -0.8 -0.9
Proceeds from loans 0.4 2.8
Interest received from 0.1 0.5 0.8
investments
Dividend received from 0.9 1.0 1.1
investments
Dividends received from 0.3
associated companies
Discontinued operations -5.5 -3.6
Net cash flow from investing 10.4 -26.0 -27.4
activities
Cash flow from financing
activities
Dividends paid -3.5 -6.9 -6.9
Discontinued operations -4.4
Net cash flow from financing -3.5 -6.9 -11.4
activities
Net increase/decrease in cash 7.0 -18.2 -14.7
and cash equivalents
Cash and cash equivalents at 44.8 57.9 57.9
beginning of period
Discontinued operations, -35.2
transfer
Transferred funds along with -0.1
demerger
Changes in exchange rates 0.6 1.6
Cash and cash equivalents at 16.5 40.4 44.8
end of period
STATEMENT OF CHANGES IN EQUITY
EUR million
Equity attributable to equity holders of the parent company
Share
Share premiu Treasur Translat Other Retaine Equity
m y ion d
capita accoun shares differen reserve earning total
l t ces s s
Shareholders'
equity
--------------------------------------------------------------------------------
1.1.2012 15.2 16.1 -8.9 0.5 5.0 60.3 88,2
Discontinued operations, -4.9 4.8 -0.1
transfer
Total comprehensive 0.9 -0.4 3.6 4.1
income
Dividends paid -3.5 -3.5
Equity
--------------------------------------------------------------------------------
30.9.2012 15.2 16.1 -8.9 1.4 -0.3 65.3 88.8
Equity attributable to equity holders of the parent company
Share
Share premiu Treasur Translat Other Retaine Equity
m y ion d
capita accoun shares differen reserve earning total
l t ces s s
Equity
--------------------------------------------------------------------------------
1.1.2011 15.2 16.1 -8.9 5.7 6.2 126.5 160.8
Total comprehensive 1.1 -1.3 1.3 1.2
income
Dividends paid -6.9 -6.9
Transfer of funds 0.5 -0.5 0
Equity
--------------------------------------------------------------------------------
30.9.2011 15.2 16.1 -8.9 6.8 5.5 120.4 155.0
KEY INDICATORS
1 - 9 1 - 9 1 - 12
2012 2011 2011
Return on equity, % 5.5 1.1 -1.9*
Return on investment, % 7.4 N/A -6.9
Interest-bearing liabilities, EUR m 40.0
Gearing, % -64.9 -26.7 -58.6
Equity ratio, % 96.0 67.3 95.1
Gross investments in fixed assets, EUR m 0.0
Personnel, average 2 2 3
Earnings per share, Continued operations, EUR -0.09 -0.08
Earnings per share, Discontinued operations, EUR 0.11 0.03
Earnings per share, Profit for the period, EUR 0.06 0.02 -0.05
Shareholders' equity per share, EUR 1.54 2.69 1.53
Number of shares at the
end of the period, 000s 60,714 60,714 60,714
excluding treasury shares 57,730 57,730 57,730
weighted average 57,730 57,730 57,730
In the comparison year 2011, there was a EUR 40 million loan related to
discontinued operations.
* Equity before liability of dividend booking relating to the demerger
SEGMENT INFORMATION
EUR million
1 - 9 1 - 9 1 - 12
2012 2011 2011
Investment activities
Operating profit 0.8 0.1 0.1
Financial income 2.6 2.6 3.0
Financial expenses 0.0 -0.1 -0.1
Realised losses -0.4 0.0 0.0
Value change of investments 3.3 -7.8 -7.4
Share in the associated companies' profit -1.3 -1.3 -1.7
Financial assets 92.5 94.7 92.8
CHANGES IN TANGIBLE NON-CURRENT ASSETS
EUR million
1 - 9 1 - 9 1 - 12
2012 2011 2011
Book value at the beginning of the period 4.3 34.5 34.5
Transfer, Discontinued operations -27.2
Transfer, non-current assets held for sale -4.2 -2.5
Additions 2.4 0.0
Reductions 0.0
Depreciation -0.1 -3.2 -0.5
Exchange rate differences 0.0
Book value at the end of the period 0.0 33.6 4.3
CONTINGENT LIABILITIES
EUR million
30.9.2012 30.9.2011 31.12.2011
Mortgages on property 2.5 3.4 3.4
Business mortgages 6.8 6.8 6.8
Guarantees given on behalf of Group company 3.4 4.2 4.2
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 3.4 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 - 9 1 - 9 1 - 12
2012 2011 2011
Related party transactions
Associated companies
Interest income 0.0 0.0 0.0
Loan receivables 0.3 0.4
Interest receivables 0.0 0.0
Capital loan 0.5 0.5
In connection with the share issue in the first quarter of 2012, short-term
loans of IonPhasE Ltd,
a total of EUR 0.4 million, were paid out. At the same time its subordinated
loan, EUR 0.5 million,
was converted into shares,
IonPhasE Ltd has been awarded EUR 250,000 joint and several guarantee for
IonPhasE Ltd's bank guarantee and a guarantee of delivery of goods to the
supplier amounting 50,000 euros.
SIEVI CAPITAL PLC
Jorma J. Takanen
President and CEO
Additional information:
Jorma J. Takanen, President and CEO
tel. +358 8 4882 502
DISTRIBUTION NASDAQ OMX Helsinki
Major media
www.sievicapital.com
Sievi Capital Group 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 Group's associated companies:
Kitron ASA (KIT) (Sievi Capital plc's holding 32.96%) 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 2011 was NOK
1,656.1 million (approximately EUR 213.6 million). www.kitron.com
iLOQ ltd (Sievi Capital plc's holding 23%) 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 range 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 35.75%) 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 chemical, 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%) 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, store-specific advertisement systems, information
kiosks and offices. In addition Panphonics is a component manufacturer.
www.panphonics.com
Besides the associated companies, Sievi Capital plc's holding in Lännen Tehtaat
plc is 8.6%. Lännen Tehtaat 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. Lännen Tehtaat operates in the northern
Baltic Sea region. www.lannen.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 impacts 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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