2015-10-28 08:50:00 CET
2015-10-28 08:50:04 CET
REGULATED INFORMATION
Scanfil Oyj - Interim report (Q1 and Q3)
SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2015
SCANFIL PLC INTERIM REPORT 28 OCTOBER 2015 9.50 A.M.
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2015
July - September
- Turnover totalled EUR 135.8 million (Q3 2014: 56.7), up to 140.0%
- Operating profit EUR 5.2 million (5.2), 3.9% (9.2%) of turnover, up to 1.0%
- Operating profit excluding non-recurring items EUR 8.6 million (5.2), 6.4%
(9.2%) of turnover
- Profit was EUR 2.8 million (3.8), down 27.6%
- Earnings per share amounted EUR 0.05 (0.07)
January - September
- Turnover totalled to EUR 234.5 million (1-9 2014: 164.9), up to 42.2%
- Operating profit EUR 10.2 million (12.9), 4.3% (7.8%) of turnover, down 21.2%
- Operating profit excluding non-recurring items EUR 14.4 million (13.2), 6.2%
(8.0%) of turnover
- Profit for the review period was EUR 7.2 million (9.8), down 26.6%
- Earnings per share were EUR 0.12 (0.17)
PartnerTech AB has been consolidated into Scanfil Group as of 1 July 2015.
The operating profit for January-September includes a total of EUR 4.2 million
of non-recurring expenses, comprised of EUR 2.1 million of entries related to
the acquisition of PartnerTech AB and a write-down of EUR 2.1 million related
to the Hungarian operations.
Scanfil revised its estimate of its turnover and operating profit in 2015, on
24 September 2015, estimating that the turnover will be EUR 360-385 million and
the operating profit before non-recurring items will amount to EUR 17-21
million.
Scanfil's previous estimate was that its turnover for 2015 will be EUR 350 -
365 million and operating profit before non-recurring items for 2015 was
estimated to be EUR 14 - 18 million.
Petteri Jokitalo, CEO of Scanfil plc:"Scanfil's business operations developed favourably during the third quarter,
with the growth in demand focusing on Europe. In particular, the development of
PartnerTech's turnover and profitability has been strong.
I am satisfied with the progress of the integration of PartnerTech. The new
management has been appointed and will start as of the beginning of November.
Measures to realize the synergy benefits are proceeding with the aim of
pursuing annual synergy benefits of EUR 5 million as of 2017, at the latest.
Feedback from customers on the acquisition and merger of the companies has been
positive. We are making good progress to leverage our larger factory network,
wider service range and higher volumes to increase competitiveness and customer
satisfaction."
ACQUIRED BUSINESS OPERATIONS
On 25 May 2015, Scanfil Plc announced a public tender offer to the shareholders
in PartnerTech AB to tender all shares in PartnerTech to Scanfil for SEK 35
per share. A total of 12 487 738 shares had been tendered by the end of the
acceptance period, corresponding to 98.6 percent of the shares and the voting
rights in PartnerTech. The company has commenced the compulsory acquisition
process to acquire the remaining shares. PartnerTech AB has been removed from
the Main List of Nasdaq Stockholm.
The acquisition date of PartnerTech A was 2 July 2015. The purchase price for
the current 98.6% holding is EUR 47.0 million. Scanfil financed the acquisition
with a loan granted by Nordea Bank Finland Plc. Information on the acquired net
assets is provided in the tables of the interim report. Of the purchase price,
EUR 10.8 million was allocated to long-term customer relationships (including
net deferred tax liabilities), and EUR 7.1 million of unallocated goodwill was
recognized from the acquisition.
Scanfil believes that the merged company can increasingly meet customer needs
globally. The merger will expand Scanfil's service portfolio and factory
network, as well as improve competitiveness e.g. through higher procurement
volumes. The significantly expanded customer base will provide a great deal of
new growth opportunities and decrease the customer risk. No single customer or
customer segment dominates the company's sales; the biggest customer
contributes less than 15% and the biggest customer segment contributes about
35% of sales.
The integration of the companies has begun. The aim is to achieve annual cost
synergy benefits of EUR 5 million by 2017. Restructuring of units with weak
profitability and trimming of overlapping functions may cause non-recurring
items during the next few years.
BUSINESS TRENDS
Scanfil's turnover clearly increased year-on-year during the review period and
stood at EUR 234.5 (164.9) million. The increase in sales is primarily
attributable to the acquisition of PartnerTech on 1 July 2015. The development
of sales was generally positive during the third quarter as well, and
PartnerTech's business, in particular, developed better than expected.
PartnerTech's customer accounts significantly increased Scanfil's turnover in
almost all customer sectors. In addition, operations expanded into a new
sector, Defence, Oil & Gas and Maritime.
Turnover was divided between different customer groups as follows (including
PartnerTech as of 1 July 2015):
EUR, million Q1-Q3 2014 Q1-Q3 2015 change % of turnover
Defence, Oil & Gas and Maritime 5,2 2,2 %
Energy and Automation 47,1 52,3 11,0 % 22,3 %
MedtecH, Life Science,
Environmental Measurement 10,8 27,4 154,8 % 11,7 %
Networks 37,2 49,0 31,7 % 20,9 %
Urban applications 66,3 82,8 25,0 % 35,3 %
Other industries 3,6 17,8 402,0 % 7,6 %
Total 164,9 234,5
FINANCIAL DEVELOPMENT
The Group's turnover for January - September was EUR 234.5 (164.9) million.
The breakdown of turnover by regional segment was as follows: Europe and USA
69% (60%), Asia 31% (40%).
PartnerTech AB has been consolidated into Scanfil Group as of 1 July 2015.
The Group's operating profit for January-September was EUR 10.2 (12.9) million,
representing 4.3% (7.8%) of turnover. The operating profit includes a total of
EUR 4.2 million of non-recurring expenses, comprised of EUR 2.1 million of
entries related to the acquisition of PartnerTech AB and a write-down of EUR
2.1 million related to the Hungarian operations. The development of the
Hungarian business has fallen short of expectations, and the company's future
outlook has also been lowered. As a consequence, the company has recorded a
write-down of goodwill, based on impairment testing. Operating profit excluding
non-recurring items was EUR 14.4 million, representing 6.2% of turnover.
Non-recurring expenses for the previous year amounted to EUR 0.2 million.
Earnings for the review period amounted to EUR 7.2 (9.8) million. Earnings per
share were EUR 0.12 (0.17) and return on investment was 10.3% (17.3%).
Turnover for July-September amounted to EUR 135.8 (56.7) million and operating
profit was EUR 5.2 (5.2) million, or 3.9% (9.2%) of turnover. The operating
profit for the quarter includes a total of EUR 3.4 million of non-recurring
expenses, comprised of EUR 1.3 million of entries related to the acquisition of
PartnerTech AB and a write-down of EUR 2.1 million related to the Hungarian
operations. Operating profit excluding non-recurring items was EUR 8.6 million,
representing 6.4% of turnover. Earnings for the quarter amounted to EUR 2.8
(3.8) million.
FINANCING AND CAPITAL EXPENDITURE
The Group's financial position has changed as a result of the acquisition of
PartnerTech AB, but it remains good. The consolidated balance sheet totalled
EUR 307.3 (139.5) million. Liabilities amounted to EUR 207.1 (48.6) million,
EUR 118.4 (33.5) million of which were non-interest-bearing and EUR 88.7 (15.1)
million interest-bearing. The equity ratio was 32.8% (65.2%) and gearing 63.9%
(-5.8%). The equity per share was EUR 1.74 (1.57).
Liquid cash assets totalled EUR 24.7 (20.4) million.
Net cash flow from operating activities for the review period January-September
was EUR 7.4 (6.2) million. The change in net working capital during the period
amounted to EUR -7.2 (-6.3) million. More capital has been tied up in working
capital due to higher turnover. Cash flow from investments was EUR -49.0
million (-7.4) consisting mainly of PartnerTech AB acquisition. Cash flow from
financing was EUR 46.4 (-7.5) million, including loan for acquiring PartnerTech
AB, loan instalments and the use of a bank credit facility and payment of
dividends.
Gross investments in fixed assets, excluding the acquisition of PartnerTech AB,
in January-September totaled EUR 3.6 (7.5) million, which is 1.5% (4.6%) of the
turnover. The investments were mainly acquisitions of machines and equipment.
The investments for the previous year include the acquisition cost of Schaltex
Systems GmbH shares, amounting to EUR 5.8 million. Depreciation totalled EUR
7.6 (3.3) million.
DECISIONS BY THE EXTRAORDINARY GENERAL MEETING
Scanfil plc's Extraordinary General Meeting was held at company's main office
in Sievi on 20 August 2015.
The Meeting resolved that the Board of Directors consists of four members.
Harri Takanen, Jarkko Takanen and Christer Härkönen were re-elected as Members
of the Board of Directors and Bengt Engström as a new Board Member. The meeting
decided that the remuneration of Chairman of the Board of Directors is EUR
2,200/month and remuneration of a member of the Board of Directors is EUR
1,700/month.
In its meeting, held after the General Meeting, the Board of Directors
re-elected Harri Takanen as the Chairman of the Board of Directors.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting authorized on 8 April 2015 the Board of Directors to
decide on the acquisition of the Company's own shares, share issues and other
special rights entitling their holders to shares in accordance with the Board
of Directors' proposal.
The Board of Directors' proposals to the General Meeting and resolutions of the
Meeting are available on the company website at www.scanfil.com.
The Board of Directors has no existing authorisations to issue convertible
bonds with warrants.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 3.38 and the lowest
EUR 2.36, the closing price for the period standing at EUR 2.68. A total of
3,912,649 shares were traded during the period, corresponding to 6.8% of the
total number of shares. The market value of the shares on 30 September 2015 was
EUR 154.7 million.
PERSONNEL
Scanfil Group's employed on the average 1,993 (1,763) employees during the
review period. At the end of the period, the Group employed 3,514 (1,781)
people, of whom 312 (237) worked in the company's Finnish units and 3 202
(1,544) in the company's units outside Finland. In all, 91% (87%) of the
Group's personnel were employed by subsidiaries outside Finland on 30 September
2015.
FUTURE PROSPECTS
Scanfil plc's business has developed better than expected during the third
quarter. Especially growth of PartnerTech's sales has been strong and also
profitability has developed better than expected. Due to this favourable
development, Scanfil plc changed on 24 September 2015 its estimate of turnover
and operating profit in 2015, estimating that the turnover will be EUR 360 -
385 million and the operating profit before non-recurring items will amount to
EUR 17 - 21 million.
Scanfil's previous estimate was that its turnover for 2015 will be EUR 350 -
365 million and operating profit before non-recurring items for 2015 was
estimated to be EUR 14 - 18 million.
OPERATIONAL RISKS AND UNCERTAINTIES
A weakening of the global economy and a decrease in the international demand
for capital goods could have a negative effect on the development of the
business operations of Scanfil's customers and could subsequently reduce demand
in the contract manufacturing market. In addition, Scanfil is exposed to risks
resulting from exchange rate fluctuations in its business operations.
Scanfil's business operations have expanded in terms of the plant network,
customer base and geographical regions with the acquisition of PartnerTech.
However, the essential functions are the same as before. No new significant
risks have been identified in conjunction with the acquisition of PartnerTech,
and no essential changes have taken place in the risks related to Scanfil's
business during the year. The company's risks and risk management are
described in greater detail on the company's website under Corporate Governance
and in the notes to the consolidated financial statements.
ACCOUNTING PRINCIPLES
The interim report has been prepared in accordance with the IAS 34 Interim
Financial Reporting standard, applying the following accounting policies with
the financial statements for 2014. The foreign exchange rates published by
Skandinaviska Enskilda Banken AB have been used in consolidating the Swedish
subgroup.
All figures in the financial report have been rounded and consequently the sum
of the individual figures can deviate from the sum figure. The figures are
unaudited.
Consolidated Income Statement
EUR million
7 - 9 7 - 9 1 - 9 1 - 9 1 - 12
2015 2014 2015 2014 2014
Turnover 135.8 56.7 234.5 164.9 214.5
Other operating income 0.1 0.1 0.3 0.2 0.3
Changes in inventories of finished goods
and work in progress 4.0 -0.7 5.4 0.8 -0.2
Expenses -129.7 -49.7 -222.5 -149.7 -193.8
Depreciation -5.0 -1.1 -7.6 -3.3 -4.6
Operating profit 5.2 5.2 10.2 12.9 16.2
Financial income and expenses -0.6 0.0 0.0 -0.3 -0.3
Profit before taxes 4.7 5.2 10.2 12.7 15.9
Income taxes -1.9 -1.4 -3.1 -2.9 -3.6
Net profit for the period 2.8 3.8 7.2 9.8 12.3
Attributable to:
Equity holders of the parent 2.8 3.8 7.2 9.8 12.3
Earnings per share for profit
attributable to
shareholders of the parent:
undiluted and diluted
earnings per share ( EUR) 0.05 0.07 0.12 0.17 0.21
Consolidated Statement of Comprehensive Income
EUR million
7 - 9 7 - 9 1 - 9 1 - 9 1 - 12
2015 2014 2015 2014 2014
Net profit for the period 2.8 3.8 7.2 9.8 12.3
Items that may later be recognized in
profit or loss
Translation differences -1.4 4.0 2.7 3.4 4.6
Derivative Financial Instrument -0.7 0.0 -0.3 0.1 0.1
Other comprehensive income, net of tax -2.1 4.0 2.3 3.5 4.7
Total Comprehensive Income 0.7 7.9 9.5 13.3 17.0
Attributable to:
Equity holders of the parent 0.7 7.9 9.5 13.3 17.0
Consolidated Statement of Financial Position
EUR million
Assets 30.9.2015 30.9.2014 31.12.2014
Non-current assets
Property, plant and equipment 45.2 27.8 27.1
Goodwill 10.7 5.9 5.9
Other intangible assets 18.6 4.9 5.0
Shares in group companies 0.0 0.0 0.0
Available-for-sale investments 0.2
Deferred tax assets 3.4 0.4 0.3
Total non-current assets 77.9 39.1 38.4
Current assets
Inventories 90.6 35.4 35.5
Trade and other receivables 112.9 44.4 40.9
Advance payments 0.2 0.2 0.0
Current Tax 0.9
Cash and cash equivalents 24.7 20.4 19.2
Total current assets 229.3 100.3 95.7
Total assets 307.3 139.5 134.0
Shareholder's equity and liabilities 30.9.2015 30.9.2014 31.12.2014
Equity
Share capital 2.0 2.0 2.0
Translation differences 15.5 11.6 12.9
Other reserves 5.9 6.0 6.0
Reserve for invested unrestricted equity fund 10.7 10.7 10.7
Retained earnings 66.0 60.5 63.0
Total equity 100.2 90.9 94.6
Non-current liabilities
Provisions 1.9 0.4 0.5
Interest bearing liabilities 54.7 4.6 0.5
Deferred tax liabilities 3.5 0.0
Total non-current liabilities 60.1 5.0 1.0
Current liabilities
Trade and other liabilities 110.7 31.9 28.8
Current tax 2.2 1.2 0.9
Interest bearing liabilities 34.0 10.5 8.8
Total current liabilities 147.0 43.6 38.4
Total liabilities 207.1 48.6 39.4
Total shareholder's equity and liabilities 307.3 139.5 134.0
Consolidated Cash Flow
Statement
EUR million
1.1.-30.9.2015 1.1.-30.9.2014 1.1.-31.12.2014
Cash flow from operating
activities
Net profit 7.2 9.8 12.3
Adjustments for the net profit 11.4 5.3 7.5
Change in net working capital -7.2 -6.3 -5.2
Paid interests and other -0.8 -0.3 -0.4
financial expenses
Interest received 0.2 0.1 0.2
Taxes paid -3.3 -2.5 -3.3
Net cash from operating 7.4 6.2 11.0
activities
Cash flow from investing
activities
The acquisition of a subsidiary
less cash
and cash equivalents at the -45.3 -5.8 -5.8
time of acquisition
Investments in tangible and -3.9 -1.7 -2.3
intangible assets
Sale of tangible and intangible 0.1 0.1 0.1
assets
Proceeds from other investments 0.1
Net cash from investing -49.0 -7.4 -8.0
activities
Cash flow from financing
activities
Repayment of short-term loans -1.7
Proceeds from short term 3.3
borrowings
Repayment of long-term loans -4.9 -5.2 -10.5
Proceeds from long term 53.7 0.7 0.4
borrowings
Dividends paid -4.0 -2.9 -2.9
Net cash from financing 46.4 -7.5 -13.0
activities
Net increase/decrease in cash 4.8 -8.7 -10.1
and cash equivalents
Cash and cash equivalents at 19.2 28.2 28.2
beginning of period
Changes in exchange rates 0.7 1.0 1.1
Cash and cash equivalents at 24.7 20.4 19.2
end of period
Statement of changes in Consolidated Equity
EUR million
Equity attributable to equity holders of the parent company
Reserve
for
invested
Share Translatio Other unrestrict Retaine Equity
n ed d
Equity capital difference reserve equity earning total
s s fund s
--------------------------------------------------------------------------------
1.1.2015 2.0 13.0 6.0 10.7 63.0 94.6
Total comprehensive income 2.7 -0.3 7.2 9.5
Fund transfer 0.2 -0.2 0
Option Scheme 0.1 0.1
Paid dividends -4.0 -4.0
Equity
--------------------------------------------------------------------------------
30.9.2015 2.0 15.5 5.9 10.7 66.0 100.2
Equity attributable to equity holders of the parent company
Reserve
for
invested
Share Translatio Other unrestrict Retaine Equity
n ed d
Equity capital difference reserve equity earning total
s s fund s
--------------------------------------------------------------------------------
1.1.2014 2.0 8.2 5.7 10.7 53.8 80.5
Total comprehensive 3.4 0.1 9.8 13.3
income
Fund transfer 0.2 -0.2 0
Paid dividends -2.9 -2.9
Equity
--------------------------------------------------------------------------------
30.9.2014 2.0 11.6 6.0 10.7 60.5 90.9
Key Indicators
1 - 9 1 - 9 1 - 12
2015 2014 2014
Return on equity, % 9.9 15.2 14.0
Return on investment, % 10.3 17.3 16.5
Interest-bearing liabilities, EUR million 88.7 15.1 9.3
Gearing, % 63.9 -5.8 -10.5
Equity ratio, % 32.8 65.2 70.6
Gross investments in fixed assets, EUR million 3.6 7.5 8.2
% of net turnover 1.5 4.6 3.8
Personnel, average 1 993 1 763 1 764
Earnings per share, EUR 0.12 0.17 0.21
Shareholders´ equity per share, EUR 1.74 1.57 1.64
Number of shares at
the end of period, 000´s
- not counting own shares 57 730 57 730 57 730
- weighted average 57 730 57 730 57 730
The company has a EUR 4.4 million loan in connection with which the company has
entered
into interest and currency swap agreements to convert the SEK-denominated
principal
and cash flows of instalments and interest payments into euros. The interest and
currency swap agreement fully hedges the instalments and interest payments
against
fluctuations in exchange and interest rates.
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.
Segment information
EUR million 1 - 9 1 - 9 1 - 12
2015 2014 2014
Turnover
Europe and USA 164.5 101.5 131.9
Asia 80.1 66.5 86.8
Turnover between segments -9.9 -3.2 -4.2
Total 234.5 164.9 214.5
Operating profit
Europe and USA 3.3 6.1 7.9
Asia 6.9 6.8 8.3
Total 10.2 12.9 16.2
Assets
Europe and USA 213.7 70.0 64.9
Asia 82.8 63.7 63.2
Goodwill 10.7 5.9 5.9
Total 307.2 139.5 134.0
Acquired businesses
EUR million
Scanfil Plc acquired the Swedish contract manufacturing group PartnerTech AB in
a public offer.
The date of acquisition was 2 July 2015. The purchase price for the current
98.6% holding is EUR 47.0 million.
The acquisition was financed with a EUR 50 million loan granted by Nordea Bank
Finland Plc.
An interest swap has been signed with the bank to convert the interest on the
loan to a fixed rate.
The loan includes ordinary covenants.
The expenses of EUR 1.2 million related to the acquisition are mainly comprised
of advisory fees
and due diligence expenses.
The value of the acquired assets and liabilities on the date of acquisition were
as follows:
Property, plant and equipment 18.5
Customer relations 13.9
Other intangible assets 0.4
Deferred tax assets 2.9
Inventories 43.4
Trade and other receivables 58.4
Current tax 1.3
Cash and cash equivalents 1.7
Total assets 140.5
Provisions 2.3
Deferred tax liabilities 3.1
Long-term interest bearing liabilities 1.2
Trade and other liabilities 60.9
Current tax 1.1
Short-term interest bearing liabilities 31.4
Total liabilities 99.9
Net assets total 40.6
Goodwill arising on acquisition:
Acquisition cost 47.6
Goodwill -7.1
Purchase price paid in cash 47.0
Cash and cash equivalents of the acquired company 1.7
Cash Flow 45.3
Of the purchase price, EUR 10.8 million was allocated to long-term customer
relationships added with
deferred tax liabilities. EUR 7.1 million of unallocated goodwill was recognised
from the acquisition.
PartnerTech AB has been consolidated into Scanfil Group as of 1 July 2015.
Scanfil's turnover for January-September 2015 would have amounted to EUR 374.5
million and
profit to EUR 5.3 million had the acquired business operations been consolidated
as
of 1 January 2015.
Changes in tangible non-current assets
EUR million 1 - 9 1 - 9 1 - 12
2015 2014 2014
Book value at the beginning of the 27.1 28.5 28.5
period
Additions 3.3 1.4 1.7
Consolidation of business operations 18.3 0.2 0.3
Deductions 0.0 -0.0 -0.0
Depreciations -4.5 -3.0 -4.2
Exchange rate differences 1.0 0.7 0.9
Book value at the end of the period 45.2 27.8 27.1
Financial assets and liabilities, carrying amount and fair
value
EUR million
30.9.2015 30.9.2015
Book values of Fair values of
balance sheet balance sheet
values values
Non-current assets
Available for sale investments 0.0 0.0
Non-current assets total 0.0 0.0
Current assets
Trade and other receivables 105.2 105.2
Cash and cash equivalents 24.7 24.7
Forward exchange contracts 0.0 0.0
Current assets total 129.9 129.9
Total financial assets 129.9 129.9
Non-current financial liabilities
Interest bearing liabilities from 54.0 54.0
financial institutions
Financial leasing 0.7 0.7
Non-current financial liabilities total 54.7 54.7
Current financial liabilities
Interest bearing liabilities from 32.8 32.8
financial institutions
Derivative 1.2 1.2
Financial leasing 0.3 0.3
Trade and other payables 88.2 88.2
Current financial liabilities total 122.5 122.5
Total financial liabilities 177.2 177.2
The valuation of derivatives is based on market data (level 2).
The valuation of available for sale investments is based on the acquisition cost
(level 3) as the fair value
of the shares cannot be determined reliably.
Contingent Liabilities
EUR million
1 - 9 1 - 9 1 - 12
2015 2014 2014
Given business mortgages 132.7 26.0 26.0
Pledged accounts receivables 35.6
Pledged guarantees 0.6 0.8 0.6
Leasing liabilities and other lease liabilities 25.6 2.7 2.6
As part of financing the Partner Tech Ab acquisition Scanfil has applied for and
pledged new business
mortgages, EUR 100 million. In addition, relating to acquiring PartnerTech Ab
the group mortgages has grown.
Pledged accounts receivables are associated to financing subgroup PartnerTech
working capital.
PartnerTech operates mainly in rented premises, which explains the growth of a
lease.
In addition, Scanfil EMS Oy has provided a guarantee of any obligations arising from the subsidiary's
delivery contracts with its customers. The guarantee is limited to a maximum of
EUR 7.5 million and seven
years after the expiry of the last product agreement. PartnerTech AB has
provided guarantees for two
suppliers expiring on 31 December 2015 covering possible trade obligations.
Scanfil plc has granted Nordea Bank Finland Plc an absolute guarantee for the
payment of Scanfil EMS Oy's
loan of originally EUR 40 million and resulting obligations to pay. The
principal of the loan on Scanfil EMS
Oy's balance sheet (FAS) on 30 September 2015 is EUR 4.4
million.
Scanfil plc has a credit limit associated with the Group account for EUR 9.0
million, for which Scanfil plc has
granted an absolute guarantee. Scanfil EMS Oy may use this credit
limit.
Scanfil plc has provided Nordea Bank Finland plc with an absolute guarantee for
the EUR 1.0 million credit
limit of Scanfil Kft and EUR 3.0 million credit limit of Scanfil GmbH, and
Siemens Finance and Leasing GmbH
for Scanfil GmbH's lease liabilities of EUR 0.3 million.
A total of EUR 3.3 million of the credit limits were in use on 30
September 2015.
Transactions with related parties
Scanfil EMS Oy has rented an office space from Kiinteistö Oy Pilot 1, which is
owned by a company Jussi Real
Estate Oy whose head owners are e.g. Jussi Capital Oy and Rela Invest Oy.
Head owners of Jussi Capital are Jorma Takanen, Harri Takanen, Jarkko Takanen
and Jonna Tolonen.
Owners of Rela Invest Oy include among others Reijo Pöllä.
Rental costs January - September 2015 were EUR 15 thousand (EUR 15 thousand in
January - September 2014).
Administrative service income from Sievi Capital plc were EUR 24 thousand from
January - September 2015
(EUR 33 thousand in January - September 2014).
Key indicators quarterly
Q3/15 Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14 Q4/13
Turnover, MEUR 135.8 52.8 45.9 49.6 56.7 60.6 47.6 45.4
Operating profit, MEUR 5.2 2.3 2.7 3.3 5.2 5.2 2.5 2.5
Operating profit, % 3.9 4.3 5.8 6.6 9.2 8.6 5.3 5.6
Net income, MEUR 2.8 1.7 2.7 2.5 3.8 4.3 1.7 1.9
SCANFIL PLC
Petteri Jokitalo
CEO
Additional information:
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Major Media
www.scanfil.com
Scanfil Group is an international supplier and system supplier to the
telecommunication and electronics industries with extensive experience in
demanding contract manufacturing. Our customers include international operators
in the automation, energy, data transmission and health technology sectors, and
companies operating in fields related to urbanization, among other industries.
Scanfil is listed on the Helsinki Stock Exchange. In 2014 the group's turnover
was EUR 215 million and it employed 1.800 people in Finland, China, Estonia,
Hungary and Germany. In 2015 Scanfil acquired PartnerTech, a global industrial
partner offering customized solutions throughout the product lifecycle, with a
turnover of SEK 2.2 billion and some 1,400 employees in Sweden, Norway,
Finland, Poland, the UK, the United States and China. The combined company will
be a strong player in the international EMS market with a comprehensive global
network of factories and an extensive service portfolio.
Not to be published or distributed, directly or indirectly, in any country
where its distribution or publication is unlawful. 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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