2012-08-16 08:45:00 CEST
2012-08-16 08:45:02 CEST
REGULATED INFORMATION
Sievi Capital Oyj - Interim report (Q1 and Q3)
SIEVI CAPITAL PLC’S INTERIM REPORT 1 JANUARY – 30 JUNE 2012
SIEVI CAPITAL PLC INTERIM REPORT 16 August 2012 at 9:45 a.m.
SIEVI CAPITAL PLC'S INTERIM REPORT 1 JANUARY-30 JUNE 2012
January - June
- Result for the review period EUR 1.4 (-0.7) million
- Earnings per share EUR 0.02 (-0.01).
EUR 0.06 per share was distributed as a dividend in May.
- Net worth was EUR 1.52 per share at the end of June, up 4.0 % on the
beginning of the year dividend-adjusted.
April - June
- Result for the review period EUR -1.8 (-0.2) million
- Earnings per share EUR -0.03 (0.00).
The comparison figures for the corresponding period the previous year presented
in brackets in the texts of the interim report are for continuing operations.
The comparison figures for the entire previous financial period presented in
the tables to the interim report are the official comparison figures for the
Sievi Capital group, including both investment activity (continuing operations)
and contract manufacturing (discontinued operations). The figures presented for
the first half of 2011 differ from the previously reported figures because they
have been made comparable with the figures of the financial statements, in
which operations were divided into continuing and discontinued operations. The
figures presented for the continuing operations for the different periods are
comparable.
Sievi Capital plc demerged on 1 January 2012 into the investment company Sievi
Capital plc and the contract manufacturing company Scanfil plc (discontinued
operations). The partial demerger was entered in the Trade Register on 1
January 2012. In accordance with the demerger plan, the company's assets and
liabilities associated with contract manufacturing and other industrial
activities were transferred to the new company Scanfil plc as the result of the
demerger.
Sievi Capital plc has not announced its profit outlook for 2012. The figures
presented in the interim report are unaudited.
The result for January - June includes a non-recurring item of EUR 1.1 million
recognised in the first quarter due to Sievi Capital plc's share of the
compensation paid by Ojala-Yhtymä Ltd. In addition, Sievi Capital plc sold the
Sievi plant property to Scanfil plc in May. The property was sold at its
balance sheet value of EUR 4.2 million. The transaction has no effects on the
consolidated result of the Sievi Capital group, but the transaction resulted in
a taxable income of EUR 0.9 million to the parent company when the depreciation
difference was recognised as revenue.
The fair values of investments began to decrease clearly at the turn of March -
April, and the decline continued throughout the second quarter. The values of
Sievi Capital plc's financial investments decreased with the general market
decline almost to their value at the beginning of the year. The European debt
crisis deepened and growth expectations for the world economy declined towards
the end of the review period. The development of the credit crunch is
influencing capital flows and uncertainty is strongly reflected in market
pricing, which may cause exceptional price fluctuations in the near future as
well.
Sievi Capital plc's President and CEO Jorma J. Takanen:
”Sievi Capital plc's financial position is strong and allows the company to
operate effectively in times of economic uncertainty. Sievi Capital plc is
interested in both industrial companies that have already established a
profitable business model and growth companies that can be developed into
profitable companies in the long term. Associated companies have revised their
development plans, taking the changed market outlook into account, and
streamlined cost structures. During the second quarter, financial investments
were made in the high yield segment in particular, and direct share investments
were increased moderately. The financial investments have been distributed so
that Sievi Capital plc has realistic chances of obtaining competitive returns
on the invested assets in spite of the continued uncertain market situation.
The company has not used debt leverage in its investing activity, and its
solvency is high.”
DEVELOPMENT OF INVESTING ACTIVITY
The market optimism seen in the first quarter changed into pessimism during the
second quarter when the problems of the Euro zone were strongly exacerbated and
the growth outlook for the world economy weakened. The elections in Greece and
France increased the uncertainty and postponed the preparation and
implementation of political decisions further. The nervousness spread from
Greece to Spain and Italy as well. The pressure in the market increased, and
Spain finally had to resort to a request for help in order to be able to ensure
the stability of its banking system. A top EU summit right at the end of the
review period reached an agreement on measures to secure the banking system and
calm down countries' loan markets. However, the effects of the Euro zone crisis
still cause uncertainty in the investment market and no quick solution for
correcting the situation can be found.
At the beginning of the review period, the willingness of the share markets to
take risks increased rapidly, after which it decreased strongly again, with the
HEX25 index, returning to the level at the beginning of the year. The trend was
similar in almost all equity markets. With regard to high-yield corporate
loans, significant pricing changes were also seen during the review period.
Uncertainty in the securities market increased towards the summer and market
pressures were reflected in the state loans of the crisis countries, with
interest rates exceeding the reference levels considered critical.
No capital investments were made during the review period. Financial
investments were made according to the investment policy and profitable
fixed-income investments, especially those in the high yield segment, were
emphasized in investments. Furthermore, Sievi Capital plc implemented two-year
currency basket hedging as a warrant with the following weights: USD 20 %, AUD
20%, GBP 20%, SEK 20 % and CAD 20 %. The currency hedging was implemented due
to the estimated increased risk of the weakening of the euro. With the warrant,
slightly under one half of Sievi Capital plc's active euro risk is hedged from
the weakening euro by more than 5 % determined in select basket currencies. The
warrant is issued by the Swiss bank UBS. The reference levels at the date of
implementation are: EUR/USD 1.25; EUR/AUD 1.26; EUR/GBP 0.81; EUR/SEK 8.86 and
EUR/CAD 1.29. In addition, the value of the holding in Sievi Capital plc's
Norwegian associated company Kitron ASA corresponds to approximately 17 %
(currency NOK) of Sievi Capital plc's entire investment portfolio, thereby also
decreasing Sievi Capital plc's euro risk.
RESULT OF INVESTMENT ACTIVITIES
Sievi Capital group's operating profit amounted to EUR 0.9 (0.1) million, and
the result for the period totalled EUR 1.4 (-0.7) million. The result includes
a non-recurring item of EUR 1.1 million recognised in the first quarter for
Sievi Capital plc's share of the compensation paid by Ojala-Yhtymä Ltd.
Earnings per share were EUR 0.02 (-0.01) and return on investment 4.4 % (N/A).
In January-June, recognised interest and dividend income and capital gains
amounted to EUR 1.8 (1.7) million and financial expenses to EUR 0.0 (0.1)
million. There were no realised sales losses, and value changes of financial
assets at fair value through profit or loss amounted to EUR 0.1 (-2.2) million,
resulting in a total recorded value of EUR 1.9 (-0.5) million.
The group's share of the associated companies' losses and goodwill amortization
totalled EUR -0.9 (-0.7) million.
SIEVI CAPITAL PLC'S INVESTMENTS
Sievi Capital plc's investment activity is divided into financial investments
and capital investments. The gains and losses from investment activities are
recognised under financial income and expenses in the income statement. The
distribution of the investment portfolio was as follows on 30 June 2012 at
purchase prices: money market investments 50 %, ETF and equity investments 14 %
and capital investments 36 %.
Investment assets refer to liquid assets and financial investments. They do not
include shareholdings in associated companies or Lännen Tehtaat plc, which are
classified as long-term holdings and are included in the capital investments
segment.
The invested assets totalled EUR 54.3 (78.2) million. Of the invested assets,
EUR 5.4 (25.8) million were deposited in bank accounts and as time deposits
with less than three months' maturity.
Of the investment assets, EUR 48.9 (52.4) million was invested in financial
instruments, mainly in bonds, credit linked notes, structured investment
instruments and ETF and equity investments. In compliance with the IFRS, the
investments have been recognised at fair value.
DISTRIBUTION OF INVESTMENTS
EUR million
Market values of 30 June 2012 %
investments:
Publicly listed companies 27,4 32.5 %
Non-listed companies 8,3 9.8 %
ETF-investments 3 3.5 %
Interest funds 19,4 23.0 %
Structured products 13 15.5 %
Bonds 7,9 9.3 %
Cash and equivalents 5,4 6.4 %
Total 84,3 100.0 %
Out of all financial investments 79.8 % were in euros, 2.5 % in Swedish kronas,
0.7 % in US dollarsand 17 % in Norwegian kronas.
The holding in Lännen Tehtaat plc that does not fulfil the definition of an
associated company, is measured at fair value, and the change in the value, EUR
-0.8 million from the beginning of the year, is recognised in the fair value
reserve under equity, adjusted with tax liabilities, net EUR -0.6 million.
LIQUIDITY AND SOLVENCY
The Sievi Capital group's liquidity is good. The consolidated balance sheet
total was EUR 89.8 (241.0) million. Liabilities amounted to EUR 3.9 (86.1)
million, of which non-interest-bearing liabilities totalled EUR 3.9 (46.1)
million and interest-bearing liabilities totalled EUR 0.0 (40.0) million. The
equity ratio was 95.7 % (64.3 %) and net gearing -63.2 % (-24.6 %).
Net cash flow from operating activities for the review period January - June
amounted to EUR 0.4 (-1.6) million. The cash flow from investments, EUR -1.0
(-26.6) million, is comprised of financial investments and proceeds from the
sales of a property. The cash flow from financing activities of EUR -3.5 (-6.9)
million is comprised of dividend payment.
NET WORTH AND SHARE PRICE DEVELOPMENT
Sievi Capital plc published its net worth for the first time on 21 February
2012, at which time the net worth per share with the values of 31 December 2011
was EUR 1.52. The corresponding net worth at the end of March was EUR 1.62 and
EUR 1.52 at the end of June, i.e. the change adjusted for the payment of a
dividend of EUR 0.06 during the second quarter was -2.5 % and the
dividend-adjusted change from the beginning of the year was 4.0 %. The net
worth calculation is published in connection with the interim reports.
The number of outstanding shares used in the net worth calculation is
57,730,439 shares. Sievi Capital plc does not have comparable net worth figures
for the previous years. In the calculation of net worth, publicly quoted
securities, investment funds and derivatives are valued at the closing price.
However, for the associated company Kitron ASA and Lännen Tehtaat plc, the
price used is the volume-weighted average price for the five days preceding the
valuation date. Otherwise, if no public trading price has been available, the
bid quote or value ratified by the issuer have been used. Unquoted shares and
holdings are measured at last purchase price or fair value, using imputed
valuation methods.
The highest price for Sievi Capital plc on the first trading day after the
demerger on 2 January 2012 was EUR 1.65. It was also the highest price during
the entire period. The lowest price during the period was EUR 0.88, with
trading closing at EUR 1.0 at the end of the period. A total of 8,350,704
shares were traded during the review period, corresponding to 13.8% of the
total number of shares. Market capitalisation on 30 June 2012 was EUR 60.1
million.
NOTIFICATIONS OF CHANGES IN SHAREHOLDING
Sievi Capital plc was informed on 18 April 2012 in accordance with Chapter 2,
section 9 of the Securities Market Act that the Sievi Capital plc shares
transferred to heirs and beneficiaries as the result of the distribution of
matrimonial asses and estate of Eero Alvari Kotilainen's estate on 9 April
2012, had been transferred to Varikot Ltd (new company) through transactions
implemented on 17 April 2012. Following the arrangement, Varikot Ltd holds
7,273,109 Sievi Capital plc shares, or 11.98 % of all shares, and it is the
second-largest individual shareholder in Sievi Capital plc. Based on an
agreement between the shareholders, the voting right in Varikot Ltd is held
jointly by Riitta-Liisa Kotilainen (50 %) and Sirpa Kotilainen (50 %).
In a notification received by Sievi Capital plc after the end of the review
period on 18 July 2012 pursuant to Chapter 2, section 9 of the Securities
Market Act, Varikot Ltd announced that a change had taken place in Varikot
Ltd's voting rights, effective 18 July 2012. Based on an agreement between the
shareholders, the voting right in Varikot Ltd will be used by Sirpa Kotilainen
(50 %), Riitta-Liisa Kotilainen (25 %) and Aleksi Kotilainen (25 %). Sirpa
Kotilainen, Riitta-Liisa Kotilainen and Aleksi Kotilainen also personally hold
shares in Sievi Capital plc. Riitta-Liisa Kotilainen is a member of the Board
of Directors of Sievi Capital plc.
BOARD OF DIRECTORS' AUTHORISATIONS
Sievi Capital plc's Annual General Meeting held on 19 April 2012 decided to
authorise the Board of Directors to decide on repurchasing the Company's own
shares with distributable assets in accordance with the Board of Directors'
proposal.
The Board of Directors' proposals to the Annual General Meeting are available
on the company website at www.sievicapital.com.
OWN SHARES
On 30 June 2012, Sievi Capital plc owned a total of 2,983,831 treasury shares,
representing 4.9 % of the company's share capital and total number of votes.
No changes have taken place in the number of treasury shares during the review
period.
PERSONNEL
Sievi Capital had 2 employees during the review period.
FUTURE PROSPECTS
The available investment assets offer Sievi Capital plc good opportunities for
acquisitions conforming to the investment strategy, aiming to obtain a stake in
select companies facilitating an active influence on their operations. The
prevailing economic uncertainty and recession are shifting the pricing of
potential capital investment targets in a more affordable direction.
With regard to investment activity, the market uncertainty continues and the
investment environment remains difficult. Due to indebtedness and austerity
programmes, economic growth is expected to remain low in the Euro zone for a
long time. A widespread bank crisis and breakdown of the Euro zone would lead
to a very negative circle in the financial markets. Any solution to the crisis
is highly dependent on the political decision-making system, and the
development of the securities market cannot be predicted in the current
politically difficult and fragile situation. Strong stock exchange fluctuations
are expected to continue as the result of the debt crisis. It is probable that
monetising the debt will continue in the United States and Europe and that
these interventions will have a direct effect on the securities market as well
as inflation-related expectations. In the uncertain investment environment,
Sievi Capital plc's interest and dividend income is expected to remain at the
previous year's level.
Outlook for the associated companies:
iLOQ Ltd forecasts that is turnover will grow at a rate clearly exceeding the
budget for 2012. Growth is sought both in the currently established Nordic
market, as well as in the starting sales of DIN-compliant lock cylinder and
locking solutions developed for the Central European market. Operations of the
subsidiaries in charge of marketing in Germany and the Netherlands commenced at
the beginning of 2012.
As the result of a decrease in Panphonics Ltd's turnover, the cost structures
of business operations have been adjusted to meet the current situation. New
delivery projects comparable to the size of the 7-ELEVEN retail chain have not
been signed, but there are several projects being researched.
The IonPhasE IPE product family will be complemented by several new products
during 2012. IonPhasE Ltd expects to achieve a leading position in certain
application areas with its products based on a new innovation that prevent
static electricity. With regard to the existing products, the company expects a
significant increase in sales in 2012. The company's customer base and number
of sales projects have increased considerably, which will improve the company's
chances of reaching the growth targets.
No substantial changes have taken place in the business operations of the
associated companies compared to what was presented in the previous interim
report, and the outlook remains unchanged.
The associated company Kitron ASA, Norway, evaluated its outlook in its interim
report published on 24 July. The company's result before taxes for the first
half of the year was EUR 2.6 million (EUR 1.8 million) and EUR 0.8 million (EUR
1.1 million) for the second quarter. In line with the previous interim report,
the company estimates that its turnover will remain on a par with the previous
year, but that its profitability will improve compared to 2011.
Lännen Tehtaat plc's interim report was published on 15 August 2012.The
company's result for the first half of the year was EUR -0.6 million (EUR 0.0
million) and EUR 0.0 million (EUR -0.2 million)for the second quarter.The
company's assessment of profit performance for the full year is unchanged.
BUSINESS RISKS AND UNCERTAINTIES
The most significant short-term risk associated with investment activities,
such as a decrease in the value of investments, could be realised if the
European debt crisis escalates further and the global economy does not recover
to achieve durable growth or if it enters a long phase of below-average growth.
The debt problems could be escalated further in certain countries, and the
effects may become widespread. The European banking sector is still vulnerable,
in spite of extensive market operations by the ECB. The economy slowing down
again in the United States would result in direct problems in the unbalanced
economy.
Economic activity has clearly weakened by the middle of the year, and consumers
have become increasingly cautious. No actual investment or credit crunch have
yet emerged on a large scale, but the situation is fragile and the market
parties are cautious. The growth of the world economy may weaken because
economic growth has waned in China as well. Uncontrolled ”currency storms,”
unexpected fluctuations of interest rates and the final breakdown of the entire
Euro zone are still possible events for the near future. Companies are
currently preparing for a weak cycle, and any significant investments are
slowly and carefully considered. Stocks and production may be run down quickly
and a self-propagating negative circle might emerge. Banks' ability to maintain
sufficient liquidity in the credit market is uncertain in spite of the
operations promised by the ECB. In a difficult economic environment, citizens'
discontent may be emphasized further around the world, causing extensive
unrest. The slowness of political decision-making and the resulting uncertainty
has already clearly increased the risk premium in the capital market and
volatility at times. The extreme fear is the realisation of systemic risk,
which might result in a period of chaos similar to the fall of Lehman Brothers
at the least in the capital market. The factors described above have an effect
on the capital market, and as long as they prevail, the negative development in
the securities market may continue.
In other respects, the risks facing Sievi Capital plc's business have remained
essentially the same. Risksand risk management are described in greater detail
on the company's website under Corporate Governance and in the notes to the
consolidated financial statements.
ACCOUNTING PRINCIPLES
The interim report has been prepared in accordance with the IAS 34 Interim
Financial Reporting standard, applying the following accounting policies with
the financial statements for 2011.
The presented figures for the first half of 2011 differ from the previously
reported figures because they have been made comparable with the figures of the
financial statements in which operations were divided into continuing and
discontinued operations. The figures presented for the continuing operations
for the different periods are comparable.
The individual figures and totals shown in the tables have been rounded to
millions of euros from more accurate figures, which is why individual figures
do not always add up. The figures are unaudited.
Consolidated Income Statement
EUR million
4 - 6 1 - 6 4 - 6 1 - 6 1 - 12
2012 2012 2011 2011 2011
Continuing operations
Other operating income 0.0 1.2 0.4 0.9 1.8
Expenses -0.1 -0.2 -0.3 -0.5 -1.2
Depreciation -0.1 -0.1 -0.1 -0.2 -0.5
Operating profit -0.1 0.9 0.0 0.1 0.1
Financial income and expenses -1.9 1.9 -0.5 -0.5 -4.6
Share in the associated company´s profit -0.4 -0.9 -0.2 -0.7 -1.7
Profit before taxes -2.5 1.9 -0.6 -1.1 -6.1
Income taxes 0.7 -0.5 0.4 0.4 1.4
Net profit for the period, Continuing -1.8 1.4 -0.2 -0.7 -4.8
operations
Discontinued operations
Net profit for the period, Discontinued 3.0 5.6 1.7
operations
Net profit for the period -1.8 1.4 2.8 4.9 -3.1
Attributable to:
Equity holders of the parent -1.8 1.4 2.8 4.9 -3.1
Earnings / share (EPS), EUR undiluted and
diluted
Continuing operations 0.00 -0.01 -0.08
Earnings / share (EPS), EUR undiluted and
diluted
Discontinued operations 0.05 0.10 0.03
Earnings / share (EPS), EUR undiluted and
diluted
Net profit for the period -0.03 0.02 0.05 0.08 -0.05
The company does not have items that might dilute the
earnings per share.
Consolidated Statement of Comprehensive
Income
EUR million
4 - 6 1 - 6 4 - 6 1 - 6 1 - 12
2012 2012 2011 2011 2011
Net profit for the period -1.8 1.4 2.8 4.9 -3.1
Other comprehensive income
Discontinued operations
Derivative financial instrument -0.7
Translation differences -0.2 -2.9
Continuing operations
Available-for-sale investments -0.5 -0.6 -1.5 -1.0 -1.1
Translation differences 0.1 0.4 0.1 0.0 0.0
Other comprehensive income, net of tax -0.4 -0.2 -1.6 -3.9 -1.8
Total Comprehensive Income -2.2 1.3 1.2 1.0 -4.9
Attributable to:
Equity holders of the parent -2.2 1.3 1.2 1.0 -4.9
Consolidated Statement of Financial Position
EUR million
Assets 30.6.2012 30.6.2011 31.12.2011
Non-current assets
Property, plant and equipment 0.0 32.8 4.3
Goodwill 2.4
Other intangible assets 0.0 3.5 0.0
Shares in associated companies 23.4 24.8 22.8
Available-for-sale investments 7.2 8.2 8.0
Financial assets at fair value through profit 20.9 23.1 19.9
or loss
Receivables 0.8 0.5
Deferred tax assets 1.9 0.8 1.8
Total non-current assets 53.4 96.4 57.3
Current assets
Inventories 36.2
Loan receivables from associates 0.4
Trade and other receivables 0.5 53.0 0.8
Advance payments 0.0 0.3 0.0
Financial assets at fair value through profit 28.0 29.3 22.1
or loss
Available-for-sale investments, cash 13.6
equivalents
Cash and cash equivalents 5.4 12.2 9.6
Total current assets 33.9 144.6 33.0
Non current assets held for sale 2.5 2.5
Discontinued operations 115.7
Total assets 89.8 241.0 208.5
Shareholder's equity and liabilities 30.6.2012 30.6.2011 31.12.2011
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 1.0 2.8 0.5
Other reserves -0.5 5.8 5.0
Retained earnings 63.1 123.9 60.3
Total equity 85.9 154.9 88.2
Non-current liabilities
Deferred tax liabilities 0.1 0.6 0.4
Provisions 3.0 4.1 3.4
Interest bearing liabilities 35.6
Other liabilities 1.0
Total non-current liabilities 3.2 41.2 3.8
Current liabilities
Trade and other liabilities 0.1 39.7 56.2
Current tax 0.6 0.8 0.1
Interest bearing liabilities 4.4
Total current liabilities 0.7 44.9 56.3
Discontinued operations 60.1
Total liabilities 3.9 86.1 120.2
Total shareholder's equity and liabilities 89.8 241.0 208.5
Consolidated Cash Flow Statement
EUR million
30.6.2012 30.6.2011 31.12.2011
Cash flow from operating activities
Net profit 1.4 -0.7 -4.8
Adjustments for the net profit -0.9 0.7 4.6
Change in net working capital -0.1 0.6 -0.7
Paid interests and other financial expenses -0.0 -0.1 -0.1
Interest received 0.1 0.2 0.2
Taxes paid -0.1 -2.3 -2.4
Discontinued operations 8.1 27.3
Net cash from operating activities 0.4 6.5 24.1
Cash flow from investing activities
Investments in tangible and intangible assets 0.0
Sale of tangible and intangible assets 4.2
Purchase of investments -15.2 -33.8 -35.0
Proceeds from sale of investments 8.9 3.6 10.4
Purchase of associated companies -1.0 -0.1
Granted loans -0.5 -0.9
Proceeds from loans 0.4 2.8
Interest received from investments 0.4 0.3 0.8
Dividends received from investments 0.9 1.0 1.1
Dividends received from associated companies 0.3
Discontinued operations -4.2 -3.6
Net cash from investing activities -1.0 -30.8 -27.4
Cash flow from financing activities
Dividends paid -3.5 -6.9 -6.9
Discontinued operations -4.4
Net cash from financing activities -3.5 -6.9 -11.4
Net increase/decrease in cash and cash -4.1 -31.2 -14.7
equivalents
Cash and cash equivalents at beginning of 44.8 57.9 57.9
period
Discontinued operations, transfer -35.2
Transferred funds along with demerger -0.1
Changes in exchange rates -1.0 1.6
Cash and cash equivalents at end of period 5.4 25.8 44.8
Statement of changes in equity
EUR million
Equity attributable to equity holders of the parent company
Share
Share premium Treasury Translatio Other Retaine Equity
n d
capital account shares difference reserves earning total
s s
Equity
--------------------------------------------------------------------------------
1.1.2012 15.2 16.1 -8.9 0.5 5.0 60.3 88.2
Discontinued operations, -4.9 4.8 -0.1
transfers
Total comprehensive income 0.4 -0.6 1.4 1.3
Dividends -3.5 -3.5
paid
Equity
--------------------------------------------------------------------------------
30.6.2012 15.2 16.1 -8.9 1.0 -0.5 63.0 85.9
Equity attributable to equity holders of the parent company
Share
Share premium Treasury Translatio Other Retaine Equity
n d
capital account shares difference reserves earning total
s s
Equity
--------------------------------------------------------------------------------
1.1.2011 15.2 16.1 -8.9 5.7 6.2 126.5 160.8
Total comprehensive income -2.9 -1.0 4.9 1.0
Dividends -6.9 -6.9
paid
Transfer of funds 0.5 -0.5 0
Equity
--------------------------------------------------------------------------------
30.6.2011 15.2 16.1 -8.9 2.8 5.8 124.0 154.9
Key Indicators 1 - 6 1 - 6 1 - 12
2012 2011 2011
Return on equity, % 3.3 6.2 -1.9*
Return on investment, % 4.4 N/A -6.9
Interest-bearing liabilities, EUR million 40.0
Gearing, % -63.2 -24.6 -58.6
Equity ratio, % 95.7 64.3 95.1
Gross investments in fixed assets, EUR million 0.0
Personnel, average 2 2 3
Earnings per share, Continued operations, EUR -0.01 -0.08
Earnings per share, Discontinued operations, EUR 0.10 0.03
Earnings per share, Profit for the period, EUR 0.02 0.08 -0.05
Shareholders´ equity per share, EUR 1.49 2.68 1.53
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
In the comparison year 2011, there was a EUR 40 million loan related to
discontinued operations.
* Equity before liability of dividend booking relating to the demerger
Segment information
EUR million 1 - 6 1 - 6 1 - 12
2012 2011 2011
Investment activities
Operating profit 0.9 0.1 0.1
Financial income 1.8 1.7 3.0
Financial expenses 0.0 -0.1 -0.1
Realized losses 0.0
Value change of investments 0.1 -2.2 -7.4
Share in the associated company´s profit -0.9 -0.7 -1.7
Financial assets 89.8 98.3 92.8
Changes in tangible non-current assets
EUR million 1 - 6 1 - 6 1 - 12
2012 2011 2011
Book value at the beginning of the period 4.3 34.5 34.5
Transfer, Discontinued operations -27.2
Transfer, non current assets held for sale -4.2 -2.5
Additions 1.2 0.0
Reductions -0.2
Depreciations -0.1 -2.2 -0.5
Exchange rate differences -0.5
Book value at the end of the period 0.0 32.8 4.3
Contingent liabilities
EUR million 30.6.2012 30.6.2011 31.12.2011
Mortgages on property 2.5 3.4 3.4
Business mortgages 6.8 6.8 6.8
Guarantees given on behalf of Group company 3.4 4.5 4.2
Guarantees given on behalf of associates 0.3 0.2 0.3
A bank guarantee was obtained from a financial institution as security for the
payment of pension premiums
relating to the reorganization of Scanfil N.V., and Sievi Capital plc has
provided the financial institution with
a counter-guarantee of EUR 3.4 million to cover any liabilities that may arise
if the bank guarantee is realized
Equivalent provision is booked into Scanfil NV's balance sheet.
Transactions with related party
EUR million
1 - 6 1 - 6 1 - 12
2012 2011 2011
Related party transactions
Associated companies
Interest income 0.0 0.0 0.0
Loan receivables 0.3 0.4
Interest receivables 0.0 0.0
Capital loan 0.5 0.5
In the first quarter of 2012 short-term loans of IonPhasE Ltd, a total of EUR
0.4 million, were paid out. Simultaneously it´s subordinated loan, amounting
EUR 0.5 million, were converted into shares
IonPhasE Ltd has been awarded EUR 250,000 joint and several guarantee for
IonPhasE Ltd's bank guarantee and a guarantee of delivery of goods to the
supplier amounting 50,000 euros.
SIEVI CAPITAL PLC
Jorma J. Takanen
President and CEO
Additional information:
Jorma J. Takanen, President and CEO
tel. +358 8 4882 502
DISTRIBUTION NASDAQ OMX, Helsinki
Major media
www.sievicapital.com
Sievi Capital Group is an investment company whose task is to manage the
company's assets efficiently and profitably by distributing risks and looking
for new growth opportunities through these measures.
Sievi Capital Group's associated companies:
Kitron ASA (KIT) (Sievi Capital plc's holding 32.96 %) is a Norwegian listed
contract manufacturer that operates in five different customer segments: the
marine and oil industry, basic industry, defence equipment industry, hospital
and healthcare equipment industry and data and telecommunications industry. In
addition to Norway, Kitron has plants and production in Sweden, Lithuania,
Germany, China and the United States. Kitron ASA's turnover for 2011 was NOK
1,656.1 million (approximately EUR 213.6 million). www.kitron.com
iLOQ Ltd (Sievi Capital plc's holding 23 %) develops, manufactures and markets
innovative, high-security, electronic and self-operated 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 have 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 centres and
major cities. www.iloq.fi
IonPhasE Ltd (Sievi Capital plc's holding 35.75 %) develops and manufactures
high-quality dissipative polymers that help to control static electricity in
plastic products. IonPhasE products are utilised in a wide range of industries,
such as chemical, automotive, telecommunications and consumer electronics.
IonPhasE manufactures IonPhasE IPE polymers based on its patented proprietary
technology.
Panphonics Ltd (Sievi Capital plc's holding 40 %) is a leading manufacturer of
products based on directional audio technology. Panphonics manufactures
solutions based on proprietary patented directional audio technology for
acoustically demanding applications. The company's SoundShower speaker
solutions are used in banks, store-specific advertisement systems, information
kiosks and offices. Panphonics is also a component manufacturer and licensor of
plane wave technology for other industrial audio manufacturers.
www.panphonics.com
Besides the associated companies, Sievi Capital plc's holding in Lännen Tehtaat
plc is 8.6 %. Lännen Tehtaat is a food production company whose shares are
quoted on NASDAQ OMX Helsinki Ltd. The group's business segments are Frozen
Food, Seafood and Grains and Oilseeds. Lännen Tehtaat operates in the northern
Baltic Sea region. www.lannen.fi
Not intended for publication in the United States. Advance views: Certain
statements in this stock exchange release are advance views that involve known
and unknown risks, uncertainty factors and other factors that may result in
Sievi Capital plc's actual results, performance or achievements deviating
substantially from the future results, performance or achievements described or
referred to in such advance views. The advance views contained by this stock
exchange release may contain words such as "may,” “will,”, “expected,”
“estimated,” “planned,” “believed,” or other such terminology. New risk factors
may emerge from time to time, and the company management is not able to predict
all such risk factors or their potential impacts on Sievi Capital plc's actual
results, performance or achievements that may deviate substantially from what
is mentioned in the advance views. Considering these risk factors and elements
of uncertainty, investors should not rely too much on advance views in
forecasting the actual results. The advance views presented in this stock
exchange release are topical only on the date mentioned in this stock exchange
release. It is not expected that such information would be updated,
complemented or revised in all situations, unless required by law or
regulation, on the basis of new information, changing circumstances or future
events or in other situations.
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