2011-10-26 09:30:00 CEST
2011-10-26 09:30:07 CEST
REGULATED INFORMATION
Scanfil - Interim report (Q1 and Q3)
SIEVI CAPITAL PLC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011
SIEVI CAPITAL PLC INTERIM REPORT 26 OCTOBER 2011 10.30 A.M.
SIEVI CAPITAL PLC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2011
January - September
- Turnover totalled to EUR 172.0 million (1-9 2010: 157.2), up 9.4%
- Operating profit EUR 10.2 (11.2) million, 5.9% (7.1%) of turnover
- Profit for the review period was EUR 1.3 (9.3) million
- Earnings per share were EUR 0.02 (0.16)
July - September
- Turnover totalled EUR 51.2 million (Q3 2010: 62.5) down 18.1%
- Operating profit EUR 2.3 (3.5) million, 4.6% (5.6%) of turnover
- Profit was EUR -3.5 (3.3) million, -6.9% (5.3%) of turnover
- Earnings per share amounted EUR -0.06 (0.06)
Operating profit for January-September 2010 includes a sales gain of EUR 2.5
million from a property recognised in the second quarter. Operating profit
excluding the non-recurring item in January-September 2010 was 5.5% of
turnover.
Sievi Capital plc changed its turnover and result estimation in a stock
exchange release published on 13 September 2011. The company estimated that its
turnover for 2011 will be on the same level as in 2010. Because of the
uncertain development of the global economic situation and the capital market,
the company cannot anticipate the development of its net result in 2011. In a
stock exchange release on 19 October Sievi Capital plc gave preliminary
information of company's turnover and net profit in January-September.
Harri Takanen, President of Sievi Capital plc:
”With regard to investment activities, the third quarter continued to be
challenging as the mood in the capital market became increasingly gloomy. While
Sievi Capital plc's defensive investment allocation continued to provide
partial protection against market decline, some investments could not avoid the
exceptionally heavy market plunge. In the third quarter, the fair values of
investments declined in almost all asset classes, but the decrease in value was
not due to particularly weak performance on the part of any individual
investments in comparison with the market development. In proportion, shares
and high-yield investments suffered the most from the fall in the market.
In contract manufacturing, third-quarter development took a dual direction.
Sales to professional electronics customers continued to develop favourably,
but demand by telecommunications customers declined heavily. Investments in the
acquisition of professional electronics customers and increasing sales have
balanced the customer portfolio in such a manner that the effect of individual
customers has diminished. This has been a key objective for Scanfil EMS.”
DEVELOPMENT OF OPERATIONS
Sievi Capital plc
The decline of the capital market intensified in June-September. The events of
the summer and early autumn have endangered the operating capacity of the
European banking system. In the review period, investors pulled rapidly out of
the highest-risk securities. During August and September, the mood in the
capital market already showed signs of panic, and market volatility increased
markedly. Because of falling stock prices, most of Sievi Capital plc's share,
ETF and high-yield investments are currently showing a loss compared with the
acquisition cost. The ability of interest and dividend-paying investments to
generate cash flow has mainly remained unchanged.
With regard to the associated companies, the operations of Panphonics Oy and
iLOQ Ltd continued to develop positively during the third quarter, and both
companies have exceeded their sales objectives for the current year by the end
of September. In September, the locking system company iLOQ Ltd achieved the
highest sales in its history. However, IonPhasE Oy's turnover still failed to
develop according to forecasts in the third quarter. Interest in the final
products shown by customers and project activity have nevertheless continued at
a favourable level.
Lännen Tehtaat Oyj will publish its interim report on 2 November 2011 and
associated company Kitron ASA on 27 October 2011.
Scanfil EMS Subgroup
Scanfil ESM Group's sales for the period totalled EUR 172.0 million, a growth
of 9.4% compared with the corresponding period the previous year. The good
sales growth of the first two quarters took a downward turn in the third
quarter, particularly due to a decline in the demand for telecommunications
products and partly also for professional electronics products related to
renewable energy. Third-quarter sales decreased by 18% compared to the
corresponding period the previous year. On the whole, sales of professional
electronics products nevertheless increased by some 33% in January-September,
compared with the corresponding period the previous year. Professional
electronics customers accounted for 60% of total sales in January-September
(49% during the corresponding period in 2010) and telecommunications customers
for 40% (51%).
The systematic expansion of the customer portfolio into new business sectors
has been successful, and the decline in demand by telecommunications customers
in the third quarter has been partially offset by the fact that demand by some
professional electronics customers has continued at a good level throughout the
review period.
The closing down of the Vantaa plant, which began in the previous quarter, has
progressed as planned, and production activities in Vantaa will be terminated
by the end of the year.
The sales of Scanfil EMS Oy's associated company Greenpoint Oy developed
positively in the third quarter, with impulse sales concepts for consumer goods
being delivered to several different customer target groups.
FINANCIAL DEVELOPMENT
Sievi Capital Group
The Group's turnover for January - September was EUR 172.0 (157.2) million, up
9.4% year-on-year. The Group's turnover is generated from contract
manufacturing operations. Distribution of turnover based on the location of
customers was as follows: Finland 39% (31%), rest of Europe 24% (24%), Asia 36%
(43%), USA 1% (1%) and others 1% (1%).
The Chinese subsidiaries' sales accounted for 43% (47%) of the Group's sales
during the review period including deliveries to the Group's other plants.
Operating profit of the Group during the review period was EUR 10.2 (11.2)
million, representing 5.9% (7.1%) of turnover. Operating profit for 2010
includes a sales gain of EUR 2.5 million from a property, and operating profit
excluding the non-recurring item amounted to 5.5% of turnover. Earnings for the
review period amounted to EUR 1.3 (9.3) million. Earnings per share were EUR
0.02 (0.16) and return on investment was 2.2% (10.9%). The weakening of the net
result is due to the decrease in the value of investments resulting from an
uncertain market situation.
The group's turnover for July-September was EUR 51.2 (62.5) million. Operating
profit for the third quarter amounted to EUR 2.3 (3.5) million, or 4.6% (5.6%)
of turnover. Profit for the quarter was EUR -3.5 (3.3) million.
Scanfil EMS Subgroup
The turnover of contract manufacturing operations in January-September was EUR
172.0 (157.2) million up 9.4% year-on-year. Operating profit during the period
under review was EUR 10.0 (8.1) million, representing 5.8% (5.1%) of turnover.
The result amounted to EUR 6.3 (5.0) million, or 3.7% (3.2%) of turnover.
Return on investment was 12.5% (11.6%), equity ratio was 48.9% (39.3%) and
gearing 18.7% (32.9%).
Turnover amounted to EUR 51.2 (62.5) million in July-September. Operating
profit for the third quarter was EUR 2.3 (3.3) million, or 4.5% (5.3%) of
turnover. Profit for the quarter was EUR 0.7 (2.2) million. In China, tax at
source amounting to EUR 0.5 million was paid under Chinese tax legislation in
July-September on the dividend distributed by Chinese subsidiary.
Investment activities
The investment activity of the Group's parent company, Sievi Capital plc, is
divided into financial investments and capital investments. No turnover is
generated from the investment activities; the gains and losses from investment
activities are recognised under financial income and expenses in the income
statement.
In January-September recognised dividend and interest income and capital gains
from financial investments amounted to EUR 2.4 (3.2) million, realized sales
losses amounted to EUR 0 (0.6) million, and changes of financial assets at fair
value through profit or loss amounted to EUR -7.8 (-0.2) million, resulting in
a total recorded value of EUR -5.4 (2.4) million.
In July-September, recognised income from investment activities amounted to EUR
0.8 (1.4) million, realised sales losses amounted to EUR 0 (0) million, and
value changes of financial assets at fair value through profit or loss amounted
to EUR -5.6 (0.3) million, resulting in a total recorded value of EUR -4.8
(1.8) million.
Sievi Capital plc's investment allocation was as follows at the end of
September: financial investments 63.6% and capital investments 36.4%. The
financial investments were divided between ETF and equity investments, 12.4%,
and money market investments, 51.2%. The money market investments were divided
as follows; risk-free fixed-income investments 21.7%, low-risk investments
18.6% and moderate-risk investments 59.7%. The value of financial investments
has fallen during year 2011 by about 15% compared with the acquisition cost.
No new capital investments were made during the period under review. The
Group's share of the associated companies' losses and goodwill amortisation
totalled EUR -1.3 million (including the results and goodwill amortisation of
iLOQ Ltd, Panphonics Oy and IonPhasE Oy until 30 September 2011 and result of
Kitron ASA until 30 June 2011).
Lännen Tehtaat Oyj, which does not fulfil the definition of an associated
company, is measured at fair value, and the change in the value in
January-September was EUR -1.7 million; it is recognised in the fair value
reserve under equity, adjusted with tax liabilities, net EUR -1.2 million.
The result of investment activities before tax, including all financial and
capital investments, totaled EUR -6.6 (1.9) million in January-September.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 230.5 (216.0) million. Liabilities
amounted to EUR 74.4 (58.7) million, EUR 34.4 (53.7) million of which were
non-interest-bearing and EUR 40.0 (5.0) million interest-bearing. The equity
ratio was 67.3% (72.8%) and gearing -26.7% (-30.8%).
Financial assets totalled EUR 81.5 (53.4) million, of which EUR 40.4 (26.7)
million has been deposited in bank accounts and in time deposits with maturity
of three months or less.
An additional EUR 41.1 (26.8) million of financial assets 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 measured at fair value. The net result for
January-September includes EUR -7.8 (-0.8) million of change in the fair value
of the investments.
Cash flows from operating activities in review period of January - September was
EUR 14.7 (-2.2) million positive. The change in working capital during the
period amounted to EUR 7.0 (-10.9) million. Cash flow from investment
activities, EUR -26.0 (-9.9) million, consists mainly of financial investments
by the parent company. Cash flow from financing activities was EUR -6.9 (-13.9)
million.
Gross investments in fixed assets totalled EUR 2.8 (2.2) million, which is 1.6%
(1.4%) of turnover. Depreciations were EUR 3.5 (3.8) million.
Changes in exchange rates have not had a significant effect on the result of
operational activity due to the business structure.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting decided on 13 April 2011 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 30 September 2011, the company owned a total of 2,983,831 of its own shares
that represented 4.9% of the company's share capital and votes.
No changes have taken place in the numbers of own shares during the period
under review.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 3.15 and the lowest
EUR 1.85, the closing price for the period standing at EUR 2.09. A total of 1
503 930 shares were traded during the period, corresponding to 2.5% of the
total number of shares. The market value of the shares on 30 September 2011 was
EUR 126.9 million.
PERSONNEL
Sievi Capital Group's personnel averaged 2,085 (1,962) employees during the
review period. At the end of the period, the Group employed 2,004 (2,046)
people, of whom 380 (464) worked in the company's Finnish units and 1,624
(1,582) in the company's units outside Finland. In all, 81% (77%) of the
Group's personnel were employed by subsidiaries outside Finland on 30 September
2011.
FUTURE PROSPECTS
Sievi Capital plc will continue to implement its strengthened investment
strategy through active shareholding. The Board of Directors believes that the
demerger scheduled to take effect at the beginning of 2012 will promote the
achievement of targets laid out in the company's strategy. Sievi Capital plc is
active in the market, looking for new capital investments in its current and
new lines of business in order to ensure a good return on its investments and
growth potential for its investment activities.
Due to the decline in demand especially in telecommunications products and
partly also in products related to renewable energy Sievi Capital changed its
turnover and result estimation in a stock exchange release published on 13
September 2011. The company estimated that its turnover for 2011 will be on the
same level as in 2010.
Operating profit of the contract manufacturing business (Scanfil EMS Oy) in the
second half of the year is estimated to be weaker than in the first half of the
year, yet positive. The operating profit of the contract manufacturing business
is estimated to remain at a satisfactory level in 2011.
The net result of Sievi Capital Group also includes income from the investment
business. The uncertainty of the global economy and the capital market as well
as the worldwide decline in share prices will affect the fair value of Sievi
Capital's investments. Because of the uncertain development of the global
economic situation and the capital market, the company cannot anticipate the
development of its net result in 2011.
OPERATIONAL RISKS AND UNCERTAINTIES
The most significant short-term risks associated with investment activities may
be realized if the global economy slides into recession or a prolonged period
of slower than average growth. Sovereign debt problems are further aggravated
in Europe and may have far-reaching effects. Signs of crisis can already be
seen in the European banking sector. Imbalances in the US economy also make it
extremely vulnerable.
Economic development has slowed down significantly in many sectors, and the
global economy may slide into recession. Over the past few weeks, fears of a
recession have increased both in the USA and in Europe. Even if recession could
be avoided, the growth figures of national economies will nevertheless weaken,
and even Chinese growth may stall. Businesses are currently preparing for the
worst and making cautious investments, if any. Inventories and production are
downscaled, and a self-fulfilling negative cycle may be triggered. The banking
sector in particular is facing challenging times, and the ability of banks to
maintain sufficient liquidity on the credit market is questionable. It is fully
possible that some kind of a slowdown in the investment and credit market will
develop even very rapidly. There are still strong indications that any kind of
political support measures will no longer be sufficient to restore the
confidence of the markets. The most extreme fears concerns the realization of
the systemic risk, which would throw the capital market into chaos at least
comparable to the collapse of Lehman Brothers. In a difficult economic
environment, citizens' discontent may increase further around the world
and cause entirely new extensive unrest. The slowness of political
decision-making and the resulting uncertainty has already increased volatility
and the risk premium required by the capital market. The above factors have an
immediate effect on the capital market, and if they prevail, the negative
development in the securities market may continue.
The short-term risks of contract manufacturing are associated with the
development of the global economy, which continues to be uncertain. Slowing
economic growth or economic contraction and a slowing down of investment
activity may weaken demand in the contract manufacturing market and impair the
company's turnover and profit.
In other respects, the risks facing Sievi Capital'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.
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 2010.
Individual figures and grand totals of tables have been rounded to the nearest
million euros, so they will not always add up. The figures are unaudited.
CONSOLIDATED INCOME STATEMENT
EUR million
7 - 9 7 - 9 1 - 9 1 - 9 1
- 12
2011 2010 2011 2010
2010
Turnover 51.2 62.5 172.0 157.2
219.3
Other operating income 0.0 0.1 0.1 3.2
3.3
Changes in inventories of finished goods -1.7 0.8 -0.9 1.8
1.3
and work in progress
Expenses -46.0 -58.6 -157.5 -147.1
-204.5
Depreciation -1.2 -1.3 -3.5 -3.8
-5.0
Operating profit 2.3 3.5 10.2 11.2
14.4
Financial income and expenses -5.7 2.1 -6.3 2.4
3.0
Share in the associated company's profit -0.7 -0.6 -1.6 -0.6
-2.0
Profit before taxes -4.0 5.0 2.3 13.0
15.4
Income taxes 0.5 -1.7 -1.0 -3.7
-4.5
Net profit for the period -3.5 3.3 1.3 9.3
10.9
Attributable to:
Equity holders of the parent -3.5 3.3 1.3 9.3
10.9
Earnings per share for profit attributable to
shareholders of the parent:
basic earnings per share ( EUR) -0.06 0.06 0.02 0.16
0.19
The company does not have items that might dilute the earnings per share.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
7 - 9 7 - 9 1 - 9 1 - 9 1
- 12
2011 2010 2011 2010
2010
Net profit for the period -3.5 3.3 1.3 9.3
10.9
Other comprehensive income:
Available-for-sale investments -0.3 0.7 -1.3 1.1
0.7
Translation differences 4.0 -4.8 1.1 3.3
5.5
Other comprehensive income, net of tax 3.7 -4.1 -0.2 4.4
6.3
Total Comprehensive Income 0.2 -0.8 1.2 13.7
17.2
Attributable to:
Equity holders of the parent 0.2 -0.8 1.2 13.7
17.2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million
Assets 30.9.2011 30.9.2010
31.12.2010
Non-current assets
Property, plant and equipment 33.6 30.2
34.5
Goodwill 2.4 2.4
2.4
Other intangible assets 3.7 0.8
3.5
Shares in associated companies 24.0 23.9
25.7
Available-for-sale investments 7.8 12.2
9.5
Financial assets at fair value through profit or loss 19.3 19.3
16.6
Receivables 0.8
0.2
Deferred tax assets 2.2 0.2
0.3
Total non-current assets 93.8 88.9
92.8
Current assets
Inventories 33.3 38.5
36.8
Trade and other receivables 40.6 54.3
53.6
Advance payments 0.5 0.3
0.3
Financial assets at fair value through profit or loss 21.8 7.5
7.7
Current tax 0.2
Available-for-sale investments, cash equivalents 19.3 14.7
41.0
Cash and cash equivalents 21.1 12.0
16.9
Total current assets 136.7 127.1
156.3
Total assets 230.5 216.0
249.1
Shareholder's equity and liabilities 30.9.2011 30.9.2010
31.12.2010
Shareholder's equity
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 6.8 3.4
5.7
Other reserves 5.5 6.6
6.2
Retained earnings 120.4 124.9
126.5
Total equity 155.1 157.3
160.8
Non-current liabilities
Deferred tax liabilities 0.5 1.2
1.1
Provisions 4.0 4.8
4.4
Interest bearing liabilities 31.1
35.6
Other liabilities 1.0 1.7
1.0
Total non-current liabilities 36.6 7.7
42.0
Current liabilities
Trade and other liabilities 29.5 43.4
39.2
Current tax 0.4 2.6
2.6
Interest bearing liabilities 8.9 5.0
4.4
Total current liabilities 38.8 51.1
46.3
Total liabilities 75.4 58.7
88.3
Total shareholder's equity and liabilities 230.5 216.0
249.1
CONSOLIDATED CASH FLOW STATEMENT
EUR million
30.9.2011 30.9.2010
31.12.2010
Cash flow from operating activities
Net profit 1.3 9.3
10.9
Adjustments for the net profit 12.0 2.2
4.8
Change in net working capital 7.0 -10.9
-12.3
Paid interests and other financial expenses -0.5 -0.4
-0.4
Interest received 0.3 0.4
0.5
Taxes paid -5.4 -2.8
-3.7
Net cash from operating activities 14.7 -2.2
-0.3
Cash flow from investing activities
Investments in tangible and intangible assets -2.6 -1.0
-9.0
Sale of tangible and intangible assets 0.0 7.5
7.6
Purchase of investments -33.8 -19.4
-25.8
Proceeds from sale of investments 9.7 24.8
33.4
Purchase of associated companies -22.8
-24.1
Granted loans -0.9 -0.1
-0.2
Interest received from investments 0.5 0.6
1.0
Dividends received from investments 1.0 0.5
1.1
Net cash from investing activities -26.0 -9.9
-15.9
Cash flow from financing activities
Proceeds from short-term loans 5.0
5.0
Repayment of short-term loans
-5.0
Proceeds from long-term loans
40.0
Repayment of long-term loans -12.0
-12.0
Dividends paid -6.9 -6.9
-6.9
Net cash from financing activities -6.9 -13.9
21.1
Net increase/decrease in cash and cash equivalents -18.2 -26.1
4.8
Cash and cash equivalents at beginning of period 57.9 51.2
51.2
Changes in exchange rates 0.6 1.5
1.9
Cash and cash equivalents at end of period 40.4 26.7
57.9
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
EUR million
Equity attributable to equity holders of the parent company
Share
Share premium Treasury Translation Other Retained
Equity
capital account shares differences reserves earnings
total
Equity
--------------------------------------------------------------------------------
----
1.1.2011 15.2 16.1 -8.9 5.7 6.2 126.5
160.8
Total comprehensive income 1.1 -1.3 1.3
1.2
Payment of dividends -6.9
-6.9
Transfer to funds 0.5 -0.5
0
Equity
--------------------------------------------------------------------------------
----
30.9.2011 15.2 16.1 -8.9 6.8 5.5 120.4
155.0
Equity attributable to equity holders of the parent company
Share
Share premium Treasury Translation Other Retained
Equity
capital account shares differences reserves earnings
total
Equity
--------------------------------------------------------------------------------
----
1.1.2010 15.2 16.1 -8.9 0.1 4.7 123.3
150.5
Total comprehensive income 3.3 1.1 9.3
13.7
Payment of dividends -6.9
-6.9
Transfer to funds 0.8 -0.8
0
Share based compensation 0.0
0.0
Equity
--------------------------------------------------------------------------------
----
30.9.2010 15.2 16.1 -8.9 3.4 6.6 124.9
157.3
KEY INDICATORS
1 - 9
1 - 9 1 - 12 2011
2010 2010
Return on equity, % 1.1
8.0 7.0
Return on investment, % 2.2
10.9 8.7
Interest-bearing liabilities, EUR million 40.0
5.0 40.0
Gearing, % -26.7
-30.8 -26.2
Equity ratio, % 67.3
72.8 64.6
Gross investments in fixed assets, EUR million 2.8
2.2 10.1
% of net turnover 1.6
1.4 4.6
Personnel, average 2 085
1 962 1 992
Earnings per share, EUR 0.02
0.16 0.19
Shareholders´ equity per share, EUR 2.69
2.72 2.78
Number of shares at
the end of period, 000´s 60 714
60 714 60 714
- not counting own shares 57 730
57 730 57 730
- weighted average 57 730
57 730 57 730
The company has a EUR 40 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
2011
2010 2010
Turnover
Europe 102.4
86.7 122.8
Asia 75.1
78.1 107.9
Turnover between segments -5.5
-7.6 -11.4
Total 172.0
157.2 219.3
Operating profit
Europe 4.4
3.9 3.9
Asia 5.8
7.3 10.5
Total 10.2
11.2 14.4
Assets
Europe 73.3
75.9 76.8
Asia 68.2
72.5 69.6
Goodwill 2.4
2.4 2.4
Financial assets 86.6
65.3 100.3
Total 230.5
216.0 249.1
The financial assets of investment activities comprise all of Sievi Capital
plc´s financial assets, capital investments
including Group's associated companies and all deposits by subsidiaries with a
maturity exceeding three
months, classified as investment assets. The result of investment activities
before tax was EUR -6.6 million
(EUR 1.9 million in 2010).
CHANGES IN TANGIBLE NON-CURRENT ASSETS
EUR million
1 - 9
1 - 9 1 - 12
2011
2010 2010
Book value at the beginning of the period 34.5
31.1 31.1
Additions 2.4
2.0 7.3
Deductions -0.0
-0.0 -0.1
Depreciations -3.2
-3.0 -4.5
Exchange rate differences -0.0
0.1 0.7
Book value at the end of the period 33.6
30.2 34.5
CONTINGENT LIABILITIES
EUR million
1 - 9
1 - 9 1 - 12
2011
2010 2010
Given real estate mortgages 3.4
3.4 3.4
Given business mortgages 46.8
6.8 46.8
Pledged guarantees 1.1
0.1 0.1
Rental liabilities 0
0.2 0.1
In addition to the business mortgages of its subsidiary Scanfil EMS Oy, Sievi
Capital plc has given an absolute
guarantee for the payment of Scanfil EMS Oy's EUR 40 million loan and the
resulting liabilities.
A bank guarantee was obtained from a financial institution as security for the
payment of pension premiums
relating to the reorganisation of Scanfil N.V., and Sievi Capital plc has
provided the financial institution with
a counter-guarantee of EUR 4.2 million to cover any liabilities that may arise
if the bank guarantee is realised
TRANSACTIONS WITH RELATED PARTIES
EUR million
Related party transactions 1 - 9
1 - 9 1 - 12
2011
2010 2010
Associated companies
Sales income 0.3
Interest income 0.0
0.0
Trade receivables 0.3
Loan receivables 1.1
0.2
Board members
Interest expenses
0.0 0.0
Loans
5.0
Associated company IonPhasE Oy has been given a EUR 250,000 short term loan on
3 August 2011.
The loan will mature on 31 October 2011 and its interest rate is the 12-month
Euribor + 3 %.
An absolute guarantee in the amount of EUR 150,000 was given to the associated
company IonPhase Oy
as security for its bank guarantee overdraft facility. The quarantee has been
increased to EUR 250,000
in August 2011.
KEY INDICATORS QUATERLY
EUR million
Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10 Q4/09
Turnover 51.2 62.0 58.8 62.2 62.5 53.9 40.8 48.1
Operating profit 2.3 4.2 3.7 3.2 3.5 6.2 1.5 2.6
Operating profit, % 4.6 6.8 6.2 5.1 5.6 11.6 3.6 5.3
Net income -3.5 2.8 2.1 1.6 3.3 3.9 2.0 2.7
EPS, EUR -0.06 0.05 0.04 0.03 0.06 0.07 0.03 0.05
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 Group comprises the investment and parent company Sievi Capital
plc, and a subgroup called Scanfil EMS Oy, which is engaged in contract
manufacturing for international telecommunications technology and professional
electronics manufacturers. The objective of the investment activities is to
make the management of the company's funds more effective and productive by
diversifying the risks and finding new growth potential.
Scanfil EMS Oy has 35 years of experience in demanding contract manufacturing.
Scanfil is a systems supplier that offers its products and services to
international telecommunications systems manufacturers and professional
electronics customers. Typical products are equipment systems for mobile and
public switched telephone networks, automation systems, frequency converters,
lift control systems, equipment and systems for electricity production and
transmission, analysers, slot machines and different meteorological
instruments. The company has production facilities in China, Estonia, Hungary
and Finland.
The associated companies of Sievi Capital Group:
Kitron ASA (KIT) (Sievi Capital plc's share of ownership 32,96%) is a listed
Norwegian subcontractor, which 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 ASA has plants and production in
Sweden, Lithuania, Germany, China and, as of the beginning of 2011, also in the
United States. Kitron ASA's turnover in 2009 was NOK 1,643.9 million (about EUR
210.5 million). www.kitron.com
Greenpoint Oy (Scanfil EMS Oy's share of ownership 40%) focuses on development
and supply of solutions and equipment, which improve placements, visibility and
sales of customer products in the Point-Of-Sale. The Greenpoint product
portfolio includes a large variety of refrigerated merchandisers, displays and
integrated check-out zone concepts. The company serves both brand owners and
retail chains internationally. Along with the European markets Greenpoint Oy
has entered North and Latin American markets through partnerships.
www.greenpoint.fi
iLOQ Ltd (Sievi Capital plc's share of ownership 23%) develops, manufactures
and markets innovative, high security, electronic and battery-free locking
solutions that combine modern mechatronics with communications and software
technology. The functionality of the iLOQ S10 product concept developed by iLOQ
Ltd and the added customer value it generates has been shown to be good by
achieving significant growth and customer accounts in the Finnish lock market.
The company has built a Finnish distributor network that covers growth centers
and major cities. www.iloq.fi
IonPhasE Oy (Sievi Capital plc's share of ownership 40%) develops and
manufactures high performance dissipative polymers that help to control static
electricity. IonPhasE products are utilized in wide range of industries like
chemical, automotive, telecommunication and consumer electronics. Based on
own-patented technology, IonPhasE manufactures polymers called IonPhasE IPE.
www.ionphase.fi
Panphonics Oy (Sievi Capital plc's share of ownership 40%) is the world's
leading provider of directional audio solutions. Panphonics manufactures
directional audio solutions for acoustically demanding applications based on
it's own patented technology. Panphonics Sound Shower directional audio
speakers can be found in banks, retail stores, digital signage projects,
information kiosks, theatres, and offices throughout the world. Panphonics is
also component manufacturer and licensor of plane wave technology for
industrial audio manufacturers and audio solution providers. www.panphonics.com
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 Sievi
Capital plc 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 Sievi Capital plc 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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