2014-02-27 13:00:01 CET
2014-02-27 13:00:03 CET
REGULATED INFORMATION
Sievi Capital Oyj - Financial Statement Release
SIEVI CAPITAL PLC FINANCIAL STATEMENTS RELEASE 27 February 2014 at 2:00 p.m.
SIEVI CAPITAL PLC FINANCIAL STATEMENTS RELEASE 27 February 2014 at 2:00 p.m.
SIEVI CAPITAL PLC'S FINANCIAL STATEMENTS RELEASE OVER THE FINANCIAL PERIOD OF 1
JANUARY - 31 DECEMBER 2013
January-December
- The result for the review period was EUR -0.02 million (4.7).
- Earnings per share were EUR 0.00 (0.08).
- In 2013, EUR 0.06 per share was distributed to shareholders as a return of
capital.
- Net worth at the end of December was EUR 1.54 per share (1.60).
October-December
- The result for the review period was EUR -1.4 million (1.1).
- Earnings per share were EUR -0.02 (0.02).
The Board of Directors proposes a dividend of EUR 0.05 per share to the Annual
General Meeting. Unless otherwise stated, the figures presented in the
financial statements release concern the Sievi Capital Group, and the figures
presented in brackets are reference figures from the same review period the
year before.
Sievi Capital plc has not announced its profit outlook for 2014. The figures in
the financial statements release are unaudited.
Harri Takanen, President of Sievi Capital plc:"The year 2013 was Sievi Capital plc's second financial period as an investment
company after the demerger. For investment activities, the year 2013 was a
challenging one, as was the year before. The fair values of investments
fluctuated strongly during the year. The 2013 result pertaining to IFRS was a
loss of EUR 0.02 million. Sievi Capital plc made changes in investment
allocations during the year, and the risk level of investments was lowered
further.""Sievi Capital plc's strong financial position allows the company to carry out
active investment operations despite any economic fluctuations. During the
financial period, the risk associated with financial investments was reduced by
weighting liquid, transparent and short-term investments in the portfolio. At
the same time, we are preparing to shift the focus point of the portfolio from
financial investments to strategic capital investments during the coming
financial periods."
DEVELOPMENT OF INVESTMENT ACTIVITIES, ASSOCIATED COMPANIES AND HOLDINGS
In listed capital investments, Sievi Capital plc increased its holding in Efore
to 19.5% and in Apetit plc to 10.2% during the financial period, while
maintaining its significant holding in Kitron ASA.
The turnover of IonPhasE Ltd (holding 35.8%) grew clearly from the previous
year. The customer base expanded further and the references obtained have
enhanced the company's credibility and image in the market. In 2013, the
company's turnover increased by more than 50% compared with the year before.
The 2013 result showed a loss.
According to the Deloitte Fast 50 2013 listing, iLOQ Ltd (holding 23.20%) was
the most rapidly growing technology company in Finland. The locking system
developed by iLOQ is the only digital locking system on a global level which
produces the energy needed from the key insertion. The iLOQ locking system is
in used at more than 1,000 sites, with more than 150,000 locks and nearly
300,000 keys. Products are sold through more than 150 iLOQ Partners in more
than 200 outlets. In the 2013 financial period, the company produced its first
positive result. The turnover of the locking system based on the iLOQ oval
cylinder continued to grow in Finland and Sweden. Growth in the sales of the
locking system based on the iLOQ Europrofile cylinder started in the
Netherlands. The iLOQ Europrofile cylinder has obtained the approval required
in the German market.
The cost and balance structure of Panphonics Oy (holding 40.0%) has been
adapted according to prevailing demand. In 2013, the company fell behind its
turnover objective but, thanks to adaptation measures, it produced a slightly
positive result in terms of operating margin. The financial period showed a
loss due to poor sales volumes.
Efore plc (www.efore.fi, holding 19.5%) published its unaudited financial
statements release on 13 February 2014. Its turnover in the financial period of
1 November 2012 - 31 December 2013 stood at EUR 82.5 million (78.1). The result
for the period was EUR -6.2 million (-2.3). Earnings per share were EUR -0.15
(-0.06). The result over the last two months of the period stood at EUR 0.0
million.
The company's strategic objective is to balance business operations in the
telecommunications and industrial sectors. The company took a significant step
in fulfilling its strategy by acquiring all shares in Roal Electronics, an
Italian manufacturer of power sources for industry. Through the increased
holding, the Extraordinary General Meeting of Efore selected Jarkko Takanen, a
Member of the Board of Directors in Sievi Capital plc, as a member of the Board
of Directors of Efore.
Kitron ASA (www.kitron.com, holding 33.00%) published its preliminary results
on 12 February 2014. The company's turnover in 2013 decreased to EUR 209.0
million (226.5). Kitron ASA's earnings in 2013 stood at EUR 1.0 million (6.2),
and were EUR -0.5 million in the final quarter (3.6). The full-year earnings
per share were EUR 0.006 (0.036). The Board of Directors' proposal for the
distribution of profits for the AGM is not available. (The euro-denominated
figures of Kitron ASA have been calculated using the 2013 average rate of the
Norwegian krone published by ECB of EUR 1 = NOK 7.8067.)
Apetit plc (www.apetit.fi, holding 10.20%) published its financial statements
release on 25 February 2014. The company's turnover in 2013 increased to EUR
387.3 million (378.2). Apetit plc's earnings in 2013 stood at EUR 9.3 million
(6.7). Earnings during the final quarter were EUR 4.4 million (4.0). The
full-year earnings per share were EUR 1.63 (1.07). The Board of Directors'
proposal for the distribution of dividend for the AGM is EUR 1.0 per share.
Scanfil N.V., a Belgian subsidiary of which Sievi Capital plc holds 99.98%, has
not engaged in any production activities since 2006.
RESULT OF SIEVI CAPITAL PLC'S INVESTMENT ACTIVITIES
Sievi Capital plc's operating profit in January-December stood at EUR -0.7
million (0.7), and the review period's IFRS result was EUR -0.02 million (4.7).
Earnings per share were EUR 0.00 (0.08), and the return on investment was 0.7%
(6.9). In January-December, EUR 2.7 million (3.4) of interest and dividend
returns on financial investments and transfer gains were recognised, together
with EUR 0.1 million (0.0) of financial expenses. Realised sales losses stood
at EUR 2.8 million (0.8), and value changes in investment assets recognised at
fair value through profit or loss were EUR 3.1 million (3.7). Sievi Capital
plc's share of the results and goodwill amortisation of its associated
companies was EUR -0.8 million (-0.8), and the valuation of the capital loan
investment was EUR -0.9 million (0.0). The result of investment activities
recognised through profit of loss, including all financial and capital
investments, totalled EUR 1.3 million (5.5) for the financial period.
In October-December, investment returns of EUR 0.4 million (0.8), realised
sales losses of EUR -0.3 million (-0.4), and value changes in financial assets
recognised at fair value through profit or loss of EUR 0.6 million (0.4) were
recognised. Apetit plc and Efore plc are valued at fair value, and the change
of the fair value EUR 1.7 (-0.2*) million adjusted with tax liabilities is
shown in other reserves.
* 2012 reference figure includes only Apetit plc. The value of Efore plc has
changed in 2013.
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.
Investment assets stood at EUR 45.0 million (57.8). Of the investment assets,
EUR 11.5 million (16.0) were deposited in bank accounts and as time deposits
with less than three months' maturity. Of the investment assets, EUR 33.5
million (41.8) was invested in financial instruments, mainly in bonds,
credit-linked notes, structured investment instruments, and ETF and equity
investments. In compliance with IFRS, the investments have been recognised at
fair value. Investment assets refer to liquid assets and financial investments.
They do not include shareholdings in Kitron ASA, Efore plc and Apetit plc,
which are classified as long-term holdings and are included in the capital
investments segment.
DIVERSIFICATION OF INVESTMENTS
EUR million
Investments were diversified as follows on the basis of their market value:
31 December 2013 % 31 December %
2012
Listed 38.12 43% 29.9 33%
companies
Unlisted 9.22 10% 8.1 9%
companies
ETF 4.32 5% 5.5 6%
investments
Equity funds
Bond funds 9.11 10% 9.9 11%
Structured 9.88 11% 12.1 13%
products
Hedge funds
Bonds 8.02 9% 8.3 9%
Other
interest
instruments
Cash and 10.41 12% 16 18%
cash
equivalents
Total 89.07 100% 89.7 100%
Of the Group's investment assets, 83% were denominated in euros, 2% in Swedish
kronor, 1% in US dollars, and 14% in Norwegian kroner.
LIQUIDITY AND SOLVENCY
Sievi Capital plc's liquidity is good. The closing consolidated balance sheet
amount was EUR 89.7 million (93.3). The equity ratio was 96.1% (96.1) and net
gearing was -52.0% (-64.5).
Cash flow from investments was EUR 0.02 million (10.2). Cash flow from
financing was EUR -3.4 million (-3.5), including capital returns of EUR 3.4
million (0.0). In addition to the capital return, no dividend was paid over the
financial period. Dividend distributed in the previous period amounted to EUR
3.5 million.
NET WORTH AND SHARE PRICE DEVELOPMENT
Sievi Capital plc's net worth per share was EUR 1.52 at the end of 2011, EUR
1.60 at the end of 2012, and EUR 1.54 on 31 December 2013. During the 2013
financial period, a capital return of EUR 0.06 was paid to shareholders.
The number of outstanding shares used in the net worth calculation is
57,765,439 shares. In the calculation of net worth, publicly quoted securities,
investment funds and derivatives are valued at the closing price. However, for
Efore plc, Kitron ASA and Apetit 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 has been used. Unquoted shares and holdings are measured at the last
purchase price or fair value, using imputed valuation methods.
The highest trading price of Sievi Capital plc during the review period was EUR
1.20, the lowest EUR 0.94, with trading closing at EUR 1.10 at the end of the
period. The number of shares exchanged during the period was 1,927,368 shares.
The market value of the share capital was EUR 66.8 million on 31 December 2013
(55.9).
NOTIFICATIONS OF CHANGES IN SHAREHOLDING
Jorma J. Takanen's holding changed as a result of a donation related to a
succession on 17 September 2013. After the donation, Jorma J. Takanen owns
10,883,305 Sievi Capital plc shares directly and 1,900,000 shares indirectly
(holding of Foundation of Riitta and Jorma J. Takanen). This corresponds to
21.06% of all shares (60,714,270 shares) and votes in Sievi Capital plc.
After the donation, Jonna Tolonen holds 9,796,950 shares in Sievi Capital plc.
This corresponds to 16.14% of all shares (60,714,270 shares) and votes in Sievi
Capital plc.
BOARD OF DIRECTORS' AUTHORISATIONS
Sievi Capital plc's Annual General Meeting held on 18 April 2013 decided to
authorise the Board of Directors to decide on repurchasing a maximum of
3,000,000 treasury shares in accordance with the Board of Directors' proposal.
The authorisation cancels the authorisation given in the AGM of 19 April 2012
to repurchase the company's treasury shares. The authorisation will remain in
force for 18 months.
In addition, the Annual General Meeting authorised the Board of Directors to
decide on share issues. The total allowed number of shares issued according to
the authorisation is 5,983,831 shares in total, which is 9.9% of all of the
company's shares. The Board of Directors is authorised to decide on all the
terms and conditions of the share issue and share warrants. Shares may also be
transferred against consideration other than money. The share issue may be
directed, deviating from the pre-emptive right of shareholders.
The authorisation is valid until 17 April 2016 and supersedes the share issue
authorisation given by the AGM of 8 April 2010.
TREASURY SHARES
On 31 December 2013, Sievi Capital plc owned a total of 2,948,831 treasury
shares, representing 4.9% of the company's share capital and total number of
votes. During the review period, the number of treasury shares held by the
company was reduced by 35,000 shares.
PERSONNEL
Sievi Capital plc had two 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 as high a
stake as possible in select companies facilitating an active influence on their
operations.
Outlook for the associated companies:
iLOQ Ltd estimates that its turnover will grow in its current market areas
after the sales and marketing measures carried out in 2014. The company will
invest strongly in international growth by recruiting more people for its sales
organisation, which carries out marketing measures for B2B customers, and
builds and supports the iLOQ Partner network. The operating profit percentage
is expected to grow through the increase in turnover.
IonPhasE Ltd continued its material deliveries regarding packaging applications
for the electronics industry. Regular deliveries to the automotive and chemical
industries continued and volumes grew. The company has opened cooperation
channels with major industrial operators, regarding which new significant
customer accounts and applications can be expected. The company has continued
to develop its production process and improved the technical performance and
quality of its products. This is expected to improve the company's
competitiveness and profitability.
Due to the significant decline in Panphonics Oy's turnover, the company's
operations have been adapted to better correspond with prevailing demand. The
objective for 2014 is to turn the company back to growth.
The Norwegian associated company Kitron ASA evaluates its outlook in its annual
report to be issued on 19 March 2014.
In its financial statements release published on 13 February 2014, Efore plc
estimates that the long-term demand for wireless data networks will grow,
depending on the general economic development. The industrial sector offers
much potential for growth for Efore. The Roal business acquisition is a key
part of Efore's strategy, according to which the company will continue to
increase the industrial electronic sector and balance its business operations.
Considering Efore's growth and the improvement of its profitability, it is
important that the volume production of new products is launched as expected
and synergy benefits are obtained from the business acquisition. In the near
future, the company will focus on transferring new products into production,
obtaining synergy benefits after the business acquisition, and taking the
efficiency measures required to improve profitability.
According to the financial statements release published on 25 February 2014,
Apetit plc is looking for organic growth in food operations, and in grain and
oilseed operations. The development of turnover is strongly affected by the
activity of the grain and oilseed markets and changes in price levels. Due to
the market price of grain lower than in the reference year, turnover over the
first half of the year is expected to fall behind the reference year.
The full-year operating profit of Apetit, without non-recurring items, is
expected to be no higher than in the reference year. The decreased market price
of sugar is expected to have a negative impact on the result of Sucros, an
associated company included in the ‘Other functions' segment. The company is
aiming at improved profitability in food operations, and in grain and oilseed
operations. The company estimates that it will produce more results in the
latter half of the year. The first-half operating profit, without non-recurring
items, is expected to fall behind the reference year.
BUSINESS RISKS AND UNCERTAINTIES
The most significant short-term risks associated with investment activities,
such as a decrease in the value of investments, may be realised if the European
debt crisis comes to head and the recovery of the global economy slows down.
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 market operations by the ECB.
The risks facing Sievi Capital plc'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.
This financial statements release has been prepared in compliance with the IAS
34 Interim Financial Reporting standard.
The interim report has been prepared following the same accounting principles
as in the 2012 financial statements.
SIEVI CAPITAL PLC'S FINANCIAL INFORMATION IN 2014
The 2013 annual report, including the financial statements, will be published
in week 13 (the week beginning on 24 March) in March 2014. In 2014, Sievi
Capital plc will publish its interim accounts and interim report as follows:
- The management's interim account on Tuesday, 29 April 2014
- The interim report for 1 January - 30 June 2014 on Thursday 7 August 2014
- The management's interim account on Thursday 30 October 2014
ANNUAL GENERAL MEETING 2014 AND THE BOARD OF DIRECTORS' PROPOSALS FOR THE AGM
Sievi Capital plc's Annual General Meeting will be held on Tuesday 8 April
2014, at the company's head office in Yritystie 6, Sievi.
The Nomination Committee of Sievi Capital plc's Board of Directors proposes to
the AGM that the Board of Directors is confirmed to consist of four (4)
members.
The Nomination Committee of the Board of Directors and the company's major
shareholders, representing more than 50% of the company's shares and votes,
propose that Jorma J. Takanen, Asa-Matti Lyytinen, Jarkko Takanen and Jonna
Tolonen be elected in the company's Board of Directors.
The parent company's distributable funds are EUR 74.064.705. The Board of
Directors proposes to the Annual General Meeting that a dividend of EUR 0.05 be
paid from the unrestricted shareholders' equity per share, for a total of EUR
2.888.272. The dividend matching day is 11 April 2014. The dividend will be
paid to those shareholders who, on the matching day, are entered in the
Company's Register of Shareholders, kept by Euroclear Finland Ltd.
The dividend payment day is 23 April 2014. After the financial period, there
have not been any significant changes in the company's financial standing.
According to the Board of Directors, the proposed distribution of profit does
not endanger the company's capital adequacy.
The company publishes a notice of the Annual General Meeting later separately.
ACCOUNTING PRINCIPLES
This financial statements release has been prepared in compliance with the IAS
34 Interim Financial Reporting standard.
The interim report has been prepared following the same accounting principles
as in the 2012 financial statements. All figures in this release have been
rounded, due to which the total sum of single figures may differ from the sum
presented. The figures are unaudited.
CONSOLIDATED INCOME STATEMENT
EUR million
10-12 10-12 1-12 1-12
2013 2012 2013 2012
Other operating income 0.0 0.0 1.2
Expenses -0.3 -0.2 -0.7 -0.5
Depreciation 0.0 0.0 0.0 -0.1
Operating profit -0.3 -0.2 -0.7 0.7
Financial income and expenses 0.6 0.8 2.9 6.3
Share of the associated companies' profit -1.4 0.6 -1.7 -0.8
Profit before taxes -1.1 1.2 0.5 6.2
Income taxes -0.2 -0.2 -0.5 -1.5
Net profit for the period -1.3 1.1 0.0 4.7
Net profit for the period -1.3 1.1 0.0 4.7
Earnings/share (EPS), EUR undiluted and diluted,
Net profit for the period 0.02 0.02 0.00 0.08
The company does not have items that might dilute the earnings
per share.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
10-12 10-12 1-12 1-12
2013 2012 2013 2012
Net profit for the period -1.4 1.1 0.0 4.7
Other comprehensive income
Available-for-sale investments -0.2 0.2 1.7 -0.2
Exchange rate differences -0.4 -0.4 -2.0 0.5
Other comprehensive income, net of tax -0.1 0.3
Total Comprehensive Income -2.0 0.9 -0.3 5.0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million
Assets 31 December 31 December
2013 2012
Non-current assets
Property, plant and equipment
Shares in associated companies 20.9 23.6
Available-for-sale investments 19.2 7.8
Financial assets at fair value through profit 17.7 17.1
or loss
Receivables 0.5 0.2
Deferred tax assets 1.0 0.9
Total non-current assets 59.3 49.7
Current assets
Trade and other receivable 0.2 0.4
Current tax assets 0.5
Trade and other receivables
Financial assets at fair value through profit 16.8 24.7
or loss
Cash and cash equivalents 10.5 16.0
Total current assets 28.0 41.1
Non-current assets held for sale 2.5 2.5
Total assets 89.7 93.3
Shareholders' equity and liabilities 31 December 31
2013 Decembe
r 2012
Equity attributable to equity holders of the parent
company
Share capital 15.2 15.2
Share premium account 0.0 16.1
Reserve for invested unrestricted equity 12.6 0.0
Exchange rate differences -1.0 1.0
Other reserves 1.6 -0.1
Retained earnings 57.9 57.4
Total equity 86.4 89.7
Non-current liabilities
Deferred tax liabilities 1.0 0.2
Provisions 2.1 2.7
Total non-current liabilities 3.1 2.8
Current liabilities
Trade and other liabilities 0.2 0.1
Current tax liabilities 0.0 0.7
Total current liabilities 0.2 0.8
Total liabilities 3.3 3.6
Total shareholders' equity and liabilities 89.7 93.3
CONSOLIDATED CASH FLOW STATEMENT
EUR million
31 December 31 December
2013 2012
Cash flow from operating activities
Net profit 0.0 4.7
Adjustments for the net profit -1.3 -4.7
Change in net working capital 0.2 -0.2
Interest paid and other financial expenses -0.1 0.0
Interest received 0.3 0.1
Taxes paid -1.2 -0.2
Net cash flow from operating activities -2.1 -0.2
Cash flow from investing activities
Sales of tangible and intangible assets 0.0 4.2
Purchase of investments -21.0 -25.5
Proceeds from sale of investments 20.3 30.1
Purchase of associated companies -1.2 -1.5
Granted loans -0.5 -0.2
Proceeds from loans 0.0 0.9
Interest received from investments 1.0 1.0
Dividend received from investments 1.5 1.2
Net cash flow from investing activities 0.0 10.2
Cash flow from financing activities
Dividends/capital returns paid -3.4 -3.5
Net cash flow from financing activities -3.4 3.5
Net increase/decrease in cash and cash equivalents -5.5 6.5
Cash and cash equivalents at beginning of period 16.0 9.6
DEMERGER 0.0 -0.1
Cash and cash equivalents at end of period 10.5 16.0
STATEMENT OF CHANGES IN EQUITY
EUR
mill
ion
Equity attributable to equity holders of the parent company
Share Share Reserve for invested Translat Other Retain Capita
premium unrestricted ion ed l
capita account equity differen reserv earnin total
l ces es gs
Equit
y
1 15.2 16.1 0.0 1.0 -0.1 57.5 89.7
Janu
ary
2013
Transfer to -16.1 16.1
the share
premium
account/rese
rve for
invested
unrestricted
equity
Total -2.0 1.7 0.0 -0.3
comp
rehen
sive
inco
me
Capit -3.4 -3.4
al
retu
rn
and
sale
of
trea
sury
shar
es
Trans 0.4 0.4
fer
Equit
y
31 15.2 0.0 12.7 -1.0 1.6 57.9 86.4
Dece
mber
2013
Share
Share premium Translatio Other Retaine Capital
n d
capital account difference reserves earning total
s s
Equity
1.1.2012 15.2 16.1 0.5 5.0 51.5 88.2
Total comprehensive 0.5 -0.2 4.7 5.0
income
Dividends paid -3.5
Discontinued operations, -4.9 4.8 -0.1
transfer
Equity
31 December 2012 15.2 16.1 1.0 -0.1 57.5 89.7
KEY INDICATORS
1-12 1-12
2013 2012
Return on equity, % 0.0 5.3
Return on investment, % 0.7 6.9
Gearing, % -52.0 -64.5
Equity ratio, % 96.3 96.1
Gross investments in fixed assets, EUR m 0.0 0.0
Personnel, average 2 2
Earnings per share, EUR 0.00 0.08
Shareholders' equity per share, EUR 1.5 1.55
Dividend per share, EUR 0
Dividend per earnings, % 0
Effective dividend yield, % 0
Price-to-earnings ratio (P/E) Neg. 11.2
Lowest price for year, EUR 0.94 0.88
Highest price for year, EUR 1.2 1.65
Average price for year, EUR 1.06 1.16
Price at the end of year, EUR 1.1 0.91
Market value at year-end, EUR million 66.7 55.9
Number of shares at the
end of the period, 000s 60,714 60,714
excluding treasury shares 57,765 57 730
weighted average 57,765 57 730
SEGMENT INFORMATION
EUR million
1-12 1-12
2013 2012
Continuing operations
Investment activities
Operating profit -0.7 0.7
Financial income 2.7 3.4
Financial expenses -0.1 0.0
Realised losses -2.8 -0.8
Value change of investments 3.1 3.7
Share in the associated companies' profit -1.7 -0.8
Financial assets 89.7 93.3
CHANGES IN TANGIBLE NON-CURRENT ASSETS
EUR million
1-12 1-12 2013 2012
Book value at the beginning of the period 0.0 4.3
Transfer, Discontinued operations -
Transfer to non-current assets classified
as available for sale -4.2
Additions 0.0
Depreciation -0.1
Book value at the end of the period 0.0 4.3
CONTINGENT LIABILITIES
EUR million
1-12 1-12
2013 2012
Mortgages on property 2.5 2.5
Business mortgages 6.8 6.8
Guarantees given on behalf of associates 0.3 0.3
A bank guarantee was obtained from a financial institution as security for the
payment of pension premiums relating to the reorganisation of the subsidiary
Scanfil N.V., and Sievi Capital plc has provided the financial institution with
a counter-guarantee of EUR 2.8 million to cover any liabilities that may arise
if the bank guarantee is realised. Scanfil NV's balance sheet includes a
corresponding provision.
TRANSACTIONS WITH RELATED PARTY
EUR million
1-12 1-12
2013 2012
Continuing operations
Related party transactions 0.12 0.0
Trade payables 0.02 0.0
Associated companies 0.06 0.0
Interest income
Loan receivables 0.49 0.4
Interest receivables 0.01 0.0
Capital loan 0.94 0.2
Members of the Board of Directors
Interest expense 0.0 0.0
During 2013 Sievi Capital plc made several investments in convertible bonds of
IonPhasE ltd amounting to EUR 0.7 million. The convertible bonds with accrued
interest were converted into capital loans as of 31 December 2013. In the
financial accounts the capital loan is presented as a net investment in the
associated company and as a cost when the share of result of associated
companies is considered.
Sievi Capital plc has granted a loan amounting to EUR 0.5 million to the CEO of
iLOQ ltd. the loan matures in 5 years, the interest is 2.5% p.a.
In addition, the company has received a EUR 300,000 absolute guarantee for
IonPhasE Ltd's bank guarantee limit. The guarantee replaces all previous
guarantees granted to the company.
SIEVI CAPITAL PLC
Harri Takanen
President and CEO
Additional information
President and CEO Harri Takanen
+358 8 4882 502
DISTRIBUTION NASDAQ OMX Helsinki
Major media
www.sievicapital.com
Sievi Capital plc 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's associated companies:
Kitron ASA (KIT) (Sievi Capital plc's holding 33.0%) 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.
iLOQ Ltd (Sievi Capital plc's holding 23.2%) 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 concept 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.www.iloq.fi
IonPhasE Ltd (Sievi Capital plc's holding 35.8%) 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 chemicals, automotive, telecommunications and consumer electronics.
IonPhasE manufactures IonPhasE IPE polymers based on its patented proprietary
technology. www.ionphase.fi.
Panphonics Oy (Sievi Capital plc's holding 40.0%) 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, in-store advertising systems, information kiosks
and offices. In addition, Panphonics is a component manufacturer of plane wave
technology. www.panphonics.com.
Along with these associated companies, Sievi Capital plc holds 10.2% of Apetit
plc, and 19.5% of Efore plc. Apetit plc is a food production company whose
shares are quoted on the NASDAQ OMX Helsinki. The Group's business segments are
Frozen Food, Seafood, and Grains and Oilseeds. Apetit plc operates in the
northern Baltic Sea region. www.apetitgroup.fi
Efore is a company which develops and manufactures demanding power products for
electronics. Its shares are quoted on the NASDAQ OMX Helsinki. In addition to
Finland, the company has R&D and marketing units in China and Sweden. The
company's production unit is located in China. (www.efore.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 impact 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 orregulation, on the basis of new information, changing circumstances or future
events or in other situations.
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