2011-04-27 09:15:00 CEST
2011-04-27 09:15:03 CEST
REGULATED INFORMATION
Scanfil - Interim report (Q1 and Q3)
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 31 MARCH 2011
SCANFIL PLC INTERIM REPORT 27 APRIL 2011 10.15 A.M.
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 31 MARCH 2011
January - March
- Turnover and operating profit for the first quarter were significantly higher
compared with the corresponding period of the previous year
- Turnover totalled to EUR 58,8 million (1-3 2010: 40.8), up 43.9%
- Operating profit EUR 3.7 (1.5) million, 6.2% (3.6%) of turnover
- Profit for the review period was EUR 2.1 (2.0) million
- Earnings per share were EUR 0.04 (0.03)
The growth in turnover was particularly due to improved demand among Scanfil
EMS Oy's professional electronics customers. The development of production and
sales processes and increased sales volumes contributed to the increase in
operating profit. Scanfil plc increases its turnover estimate for 2011,
estimating the turnover will increase from the level of 2010. Previously, the
company estimated that its turnover would increase slightly on the level of
2010.
Harri Takanen, President of Scanfil plc:"Scanfil plc has continued to actively survey new capital investments that meet
the investment criteria and suit the Group's company structure. Scanfil plc is
interested in both industrial companies that have already established a
profitable operating model and growth companies that can be grown into
profitable and international companies in the long term. Financial investments
have been distributed across different asset types, and Scanfil plc aims to
achieve a yield that is clearly higher than the costs of debt on the assets.
Ensuring sufficient liquidity is also important.
Favourable demand continued in contract manufacturing operations during the
first quarter, especially with regard to professional electronics customers.
Sales to professional electronics customers were the highest in the company's
history during the first quarter. The strong development of financial results
shows that the production and sales development measures have succeeded. The
commitment and input of all employees has been absolutely necessary to achieve
these results.
The crisis in Japan may impair the availability of electronics components in
the future and constrain the development of sales. Scanfil has acted and will
act actively to manage these risks, even though this has resulted in an
increase in component inventories."
DEVELOPMENT OF OPERATIONS
Scanfil plc
No new capital investments were made during the period under review. Financial
investments were made according to the investment policy, and of the EUR 40
million credit raised at the end of 2010, a significant part was invested in
targets other than bank deposits at the end of the period under review. The
allocation on 31 March 2011 was: money market investments 57%, ETF and equity
investments 10% and capital investments 33%.
During the period under review, the company was notified that the General
Meeting of Ojala-Yhtymä Oy had decided not to execute the merger of Scanfil
plc's subsidiary Scanfil EMS Oy and Ojala-Yhtymä Oy. Due to the decision of
Ojala-Yhtymä Oy, the merger will not be realised according to the merger
agreement signed on 1 November 2010.
Scanfil EMS Subgroup
Demand in the contract manufacturing market has been considerably higher than
during the corresponding period of the previous year. The growth in sales
compared to the first quarter of the previous year was 44%. Demand picked up in
particular with regard to professional electronics customers, but the demand by
telecommunications customers developed positively as well. Increased demand by
professional electronics customers accounted for 65% of the growth in sales
during the period under review. Professional electronics customers accounted
for 56% of total sales in January-March (53% during the corresponding period in
2010) and telecommunications customers for 44% (47%).
Scanfil EMS Oy's activity in securing new customers has decreased industry- and
customer-specific risks. Professional electronics customers operate in various
industries, such as the energy industry, mechanical engineering and elevator
technology. The company aims to continue to expand its customer portfolio in
strongly developing fields of professional electronics, such as those
associated with improving energy efficiency and renewable energy solutions.
Problems with the availability of electronics components did not affect the
company's production much during January-March. The March earthquake in Japan
has, however, changed the availability of components for the worse after the
period under review. Scanfil aims to prepare for any problems with the
availability of critical component categories, which will result in an increase
in inventories.
The relocation of the electronics and integration plant of Suzhou subsidiary in
China was carried out during the first quarter. The modern premises of
approximately 21,000 square metres are better suited for plant operations than
the current leased facilities, and enable the growth of operations. The
production capacity of the plant was increased considerably through
acquisitions of equipment; for example, the surface-mount assembly capacity of
electronics components was doubled. The official inauguration of the plant took
place after the period under review on 6 April 2011.
FINANCIAL DEVELOPMENT
Scanfil Group
The Group's turnover for January - March was EUR 58.8 (40.8) million, up 43.9%
year-on-year. Distribution of turnover based on the location of customers was
as follows: Finland 38% (34%), rest of Europe 27% (27%), Asia 33% (37%), USA 1%
(1%) and others 1% (1%).
The Chinese subsidiaries' sales accounted for 39 % (39 %) 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 3.7 (1.5)
million, representing 6.2% (3.6%) of turnover. Earnings for the review period
amounted to EUR 2.1 (2.0) million. Earnings per share were EUR 0.04 (0.03) and
return on investment was 5.9% (7.1%). A significant increase in investment
assets after the EUR 40 million credit raised at the end of 2010 contributed to
the impairment of return on investment.
Scanfil EMS Subgroup
The turnover of contract manufacturing operations increased considerably
compared to the corresponding period of the previous year, amounting to EUR
58.8 (40.8) million in January-March. Operating profit also increasedconsiderably during the period under review, amounting to EUR 3.6 (1.2)
million, representing 6.1% (3.0%) of turnover. The result amounted to EUR 2.6
(0.7) million, or 4.5% (1.6%) of turnover. Successful development measures
concerning different production and sales processes with favourably developed
sales contributed to the favourable development of profitability.
Return on investment was 13.9% (5.0%), equity ratio was 43.2% (43.9%) and
gearing 36.2% (7.9%). Return on investment has improved as the result of
favourable profit development. The change in gearing is the result of the EUR
40 million credit raised towards the end of 2010.
Investment activities
The investment activity of the Group's parent company, Scanfil plc, 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. In January - March recognised interest income and capital
gains from financial investments amounted to EUR 0.3 (0.6) million, there were
no realised sales losses, and changes of financial assets at fair value through
profit or loss amounted to EUR -0.4 (0.6) million, resulting in a total
recorded value of EUR -0.1 (1.3) million.
Dividend income of approximately EUR 1.0 million is expected during the second
quarter.
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 -0.7 million (including the results and goodwill amortisation of
iLOQ Oy, Panphonics Oy, IonPhasE Oy and Greenpoint Oy until 31 March 2011,
Kitron ASA's result for the first quarter is not yet available).
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 the first
quarter was EUR 0.7 million; it is recognised in the fair value reserve under
equity, adjusted with tax liabilities, net EUR 0.5 million.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 245.9 (190.8) million. Liabilities
amounted to EUR 85.3 (34.8) million, EUR 45.3 (34.8) million of which were
non-interest-bearing and EUR 40.0 (0.0) million interest-bearing. The equity
ratio was 65.3% (81.8)% and gearing -28.2% (-47.9)%.
Financial assets totalled EUR 85.3 (74.8) million, of which EUR 36.8 (35.7)
million has been deposited in bank accounts and in time deposits with maturity
of three months or less.
An additional EUR 48.5 (39.0) 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 - March includes EUR -0.4 (0.6) million of change in the fair value of
the investments.
Cash flows from operating activities in review period of January - March was
EUR 4.8 (2.3) million. The change in working capital during the period amounted
to EUR 1.2 (1.5) million. Cash flow from investment activities, EUR -25.1
(-7.2) million, consists mainly of financial investments by the parent company.
Cash flow from financing activities, EUR 0.0 (-12.0) million, includes the
repayment of a loan taken by the Estonian subsidiary of the previous year.
Gross investments in fixed assets totalled EUR 0.4 (0.4) million, which is 0.8%
(1.0%) of turnover. Depreciations were EUR 1.2 (1.3) million.
In the consolidated statement of comprehensive income, the change in
translation differences, EUR -2.8 million, is due to the translation of the
equity of the Chinese subsidiaries into the euro. The currency of China,
renminbi, is tied-up with the US dollar and has weakened about 5.5% during the
quarter with the weakening of the US dollar. Changes in exchange rates have not
had a significant effect on the result of operational activity due to the
business structure.
DECISIONS BY THE ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS' AUTHORISATION
Scanfil plc's Annual General Meeting held on 13 April 2011 confirmed the
Financial Statements for 2010 and discharged the Board of Directors and the
President from liability.
According to Board of Directors' proposal The Annual General Meeting decided to
distribute a dividend total of EUR 0.12 per share on the market or a total of
EUR 6.9 million. The record date for the payment of dividend was 18 April 2011
and the date of payment of the dividend is 27 April 2011.
The Meeting resolved that the Board of Directors consists of five members.
Jorma J. Takanen, Asa-Matti Lyytinen, Reijo Pöllä, Jarkko Takanen and Tuomo
Lähdesmäki were re-elected as members of the Board of Directors. In it's
meeting, held after the General Meeting, the Board of Directors elected Jorma
J. Takanen as the Chairman of the Board of Directors and Asa-Matti Lyytinen as
Vice Chairman of the Board of Directors.
The Meeting approved the Board of Directors' proposal to amend the name of the
company and the Articles of Association.
Article 1 of the Articles of Association was amended to the following form: The
name of the company is Sievi Capital Oyj, in Finnish, and Sievi Capital plc, in
English. The company's registered office is in Sievi, Finland.
The Meeting decided 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' proposals to the Annual General Meeting are available
on the company website at www.scanfil.com.
OWN SHARES
On 31 March 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 2.65, the closing price for the period standing at EUR 2.79. A total of
676,693 shares were traded during the period, corresponding to 1.1% of the
total number of shares. The market value of the shares on 31 March 2011 was EUR
170.0 million.
PERSONNEL
Scanfil Group's personnel averaged 2,296 (2,038) employees during the review
period. At the end of the period, the Group employed 2,320 (2,056) people, of
whom 442 worked in the company's Finnish units and 1,878 (1,570) in the
company's units outside Finland. In all, 81 (76) % of the Group's personnel
were employed by subsidiaries outside Finland on 31 March 2011.
EVENTS AFTER THE REVIEW PERIOD
Scanfil plc announced on 27 April 2011 at 9.15 a.m., that Scanfil plc and
Scanfil EMS Oy resolved to commence legal action against Ojala-Yhtymä Oy and
its shareholders, claiming 2 million euro as compensation.
Company announced on 27 April at 10.00 a.m., that Scanfil plc's subsidiary,
Scanfil EMS Oy, starts employer-employee negotiations to reorganize operations
in Finland.
FUTURE PROSPECTS
The company is active in the market, looking for new industrial capital
investments in its current and new lines of business in order to ensure a good
return on its investments. The available investment assets offer a good
opportunity for acquisitions conforming to the investment strategy, aiming to
obtain a stake in select companies that facilitates active influence on their
operations.
The demand outlook for the company's contract manufacturing operations (Scanfil
EMS Oy) for 2011 is positive with regard to professional electronics customers.
Predicting the development of demand by telecommunications customers is more
uncertain. On the whole, the company expects the sales of contract
manufacturing operations to increase from the level of the previous year.
Due to the improved demand outlook for the remainder of 2011 and the good level
of demand in the first quarter, the company is increasing its turnover estimate
for 2011. The company expects its turnover for 2011 to increase from the level
of 2010, while the result will be satisfactory. Previously, the company
estimated that its turnover would increase slightly on the level of 2010.
OPERATIONAL RISKS AND UNCERTAINTIES
The most significant short-term risk associated with investment activities can
be realised if the global economy's on-going recovery slows down or political
uncertainty and citizens' discontent increases further around the world.
Increasing prices of raw materials and foodstuffs will deteriorate the growth
outlook of the global economy if prices remain at a level exceeding the average
for long. On the other hand, accelerating economic growth and return to a
growth track following stimulus measures will increase in an increase in
inflation expectations, which might lead to uncontrollably accelerating
inflation worldwide. Tightening financial policy following inflation, on the
other hand, could result in a significant increase in interest rates in several
countries. All of these alternatives would have immediate impacts on the stock
market and be visible as increasing market volatility.
Due to the crisis in Japan, the availability of electronics components in the
contract manufacturing industry may remain weak throughout the year in certain
critical component groups. This may impact the sales development and
profitability of the Scanfil EMS subgroup.
In other respects, the risks facing Scanfil'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 1 - 3 1 - 3 1 - 12
2011 2010 2010
Turnover 58,8 40,8 219,3
Other operating income 0,0 0,3 3,3
Changes in inventories of finished goods and work in 0,1 0,4 1,3
progress
Expenses -54,0 -38,8 -204,5
Depreciation -1,2 -1,3 -5,0
Operating profit 3,7 1,5 14,4
Financial income and expenses 0,0 1,3 3,0
Share in the associated company´s profit -0,7 -2,0
Profit before taxes 3,0 2,8 15,4
Income taxes -0,9 -0,8 -4,5
Net profit for the period 2,1 2,0 10,9
Attributable to:
Equity holders of the parent 2,1 2,0 10,9
Earnings per share for profit attributable to
shareholders of the parent:
basic earnings per share ( EUR) 0,04 0,03 0,19
The company does not have items that might dilute the earnings
per share.
Consolidated Statement of Comprehensive Income
EUR million
Net profit for the period 2,1 2,0 10,9
Other comprehensive income:
Available-for-sale investments 0,5 0,5 0,7
Translation differences -2,8 3,0 5,5
Other comprehensive income, net of tax -2,3 3,5 6,3
Total Comprehensive Income -0,2 5,5 17,2
Attributable to:
Equity holders of the parent -0,2 5,5 17,2
Consolidated Statement of Financial Position
EUR million
31.3.2011 31.3.2010 31.12.2010
Assets
Non-current assets
Property, plant and equipment 33,1 31,0 34,5
Goodwill 2,4 2,4 2,4
Other intangible assets 3,5 1,1 3,5
Shares in associated companies 25,0 25,7
Available-for-sale investments 10,2 11,4 9,5
Financial assets at fair value through profit 19,8 18,8 16,6
or loss
Receivables 0,3 0,2
Deferred tax assets 0,3 0,1 0,3
Total non-current assets 94,6 64,7 92,8
Current assets
Inventories 35,1 27,6 36,8
Trade and other receivables 50,4 37,4 53,6
Advance payments 0,2 0,1 0,3
Financial assets at fair value through profit 28,7 20,3 7,7
or loss
Available-for-sale investments, cash 14,6 17,0 41,0
equivalents
Cash and cash equivalents 22,2 18,7 16,9
Total current assets 151,2 121,2 156,3
Non current assets held for sale 4,9
Total assets 245,9 190,8 249,1
Shareholder's equity and liabilities
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 2,9 3,1 5,7
Other reserves 6,8 5,2 6,2
Retained earnings 128,6 125,3 126,5
Total equity 160,6 156,0 160,8
Non-current liabilities
Deferred tax liabilities 1,1 1,8 1,1
Provisions 4,2 5,3 4,4
Interest bearing liabilities 35,6 35,6
Other liabilities 1,0 1,0
Total non-current liabilities 41,8 7,1 42,0
Current liabilities
Trade and other liabilities 36,4 26,9 39,2
Current tax 2,6 0,8 2,6
Interest bearing liabilities 4,4 4,4
Total current liabilities 43,4 27,7 46,3
Total liabilities 85,3 34,8 88,3
Total shareholder's equity and liabilities 245,9 190,8 249,1
Consolidated Cash Flow Statement
EUR million 31.3.2011 31.3.2010 31.12.2010
Cash flow from operating activities
Net profit 2,1 2,0 10,9
Adjustments for the net profit 2,5 0,3 4,8
Change in net working capital 1,2 1,5 -12,3
Paid interests and other financial expenses -0,0 -0,3 -0,4
Interest received 0,2 0,1 0,5
Taxes paid -1,1 -1,4 -3,7
Net cash from operating activities 4,8 2,3 -0,3
Cash flow from investing activities
Investments in tangible and intangible assets -0,6 -0,4 -9,0
Sale of tangible and intangible assets 0,0 0,0 7,6
Purchase of investments -26,1 -12,5 -25,8
Proceeds from sale of investments 1,6 5,4 33,4
Purchase of associated companies -24,1
Granted loans -0,1 -0,2
Interest received from investments 0,1 0,3 1,0
Dividends received from investments 1,1
Net cash from investing activities -25,1 -7,2 -15,9
Cash flow from financing activities
Proceeds from short-term loans 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
Net cash from financing activities -12,0 21,1
Net increase/decrease in cash and cash -20,3 -16,9 4,8
equivalents
Cash and cash equivalents at beginning of 57,9 51,2 51,2
period
Changes in exchange rates -0,8 1,4 1,9
Cash and cash equivalents at end of period 36,8 35,7 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 cemprehensive income -2,8 0,5 2,1 -0,2
Equity
--------------------------------------------------------------------------------
31.3.2011 15,2 16,1 -8,9 2,9 6,8 128,6 160,6
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 cemprehensive income 3,0 0,5 2,0 5,5
Equity
--------------------------------------------------------------------------------
31.3.2010 15,2 16,1 -8,9 3,1 5,2 125,3 156,0
Key indicators
1 - 3 1 - 3 1 - 12
2011 2010 2010
Return on equity, % 5,2 5,3 7,0
Return on investment, % 5,9 7,1 8,7
Interest-bearing liabilities, EUR million 40,0 40,0
Gearing, % -28,2 -47,9 -26,2
Equity ratio, % 65,3 81,8 64,6
Gross investments in fixed assets, EUR million 0,4 0,4 10,1
% of net turnover 0,8 1,0 4,6
Personnel, average 2 296 2 038 2 260
Earnings per share, EUR 0,04 0,03 0,19
Shareholders´ equity per share, EUR 2,78 2,70 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 wich 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 - 3 1 - 3 1 - 12
2011 2010 2010
Turnover
Europe 37,4 25,3 122,8
Asia 23,5 16,8 107,9
Turnover between segments -2,2 -1,2 -11,4
Total 58,8 40,8 219,3
Operating profit
Europe 1,5 0,1 3,9
Asia 2,1 1,4 10,5
Total 3,7 1,5 14,4
Assets
Europe 77,4 68,9 76,8
Asia 64,3 58,9 69,6
Goodwill 2,4 2,4 2,4
Financial assets 101,8 60,6 100,3
Total 245,9 190,8 249,1
The financial assets of investment activities comprise all of Scanfil 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 -0.1 million
(EUR 1.3 million in 2010).
Changes in tangible non-current assets
EUR million 1 - 3 1 - 3 1 - 12
2011 2010 2010
Book value at the beginning of the period 34,5 31,1 31,1
Additions 0,2 0,4 7,3
Deductions -0,0 -0,0 -0,1
Depreciations -1,1 -1,1 -4,5
Exchange rate differences -0,4 0,6 0,7
Book value at the end of the period 33,1 31,0 34,5
Contingent liabilities
EUR million 1 - 3 1 - 3 1 - 12
2011 2010 2010
Given real estate mortgages 3,4 3,4 3,4
Given business mortgages 46,8 18,8 46,8
Pledged guarantees 0,1 0,1 0,1
Rental liabilities 0 0,2 0,1
Scanfil plc has arranged a EUR 4.5 million bank guarantee to secure the payment
of contributions related
to restructuring of Scanfil NV. Balance sheet of Scanfil NV includes
corresponding provision.
Related party transactions
A loan of EUR 300.000 has been issued to Greenpoint Oy, of which EUR 200.000 has
been withdrawn
last year and the rest EUR 100.000 has been withdrawn on
review period.
The loan will mature on 30 June 2012 and its interest rate is the six-month
Euribor + 2,5 %.
Key indicators quarterly
EUR million
Q1/11 Q4/10 Q3/10 Q2/10 Q1/10 Q4/09 Q3/09 Q2/09
Turnover 58,8 62,2 62,5 53,9 40,8 48,1 49,6 49,9
Operating profit 3,7 3,2 3,5 6,2 1,5 2,6 4,2 5,0
Operating profit, % 6,2 5,1 5,6 11,6 3,6 5,3 8,5 10,0
Net income 2,1 1,6 3,2 3,9 2,0 2,7 3,8 6,6
EPS, EUR 0,04 0,03 0,06 0,07 0,03 0,05 0,06 0,11
SCANFIL PLC
Harri Takanen
President
Additional information:
President Harri Takanen
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Major Media
www.scanfil.com
Scanfil Group comprises the investment and parent company Scanfil 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 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 Scanfil Group:
Kitron ASA (KIT) (Scanfil 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 (Scanfil 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 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 Oy (Scanfil 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 (Scanfil 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 Scanfil
Oyj to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When used
in this stock exchange release, such statements use such words as "may,""will,""expect,""anticipate,""project,""believe,""plan" and other similar
terminology. New risk factors may arise from time to time and it is not
possible for management to predict all of those risk factors or the extent to
which any factor or combination of factors may cause actual results,
performance and achievements of Scanfil Oyj to be materially different from
those contained in forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results. The forward-looking information
contained in this stock exchange release is current only as of the date of this
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