2010-08-03 08:15:00 CEST
2010-08-03 08:15:01 CEST
REGULATED INFORMATION
Scanfil - Interim report (Q1 and Q3)
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2010
SCANFIL PLC INTERIM REPORT 3 AUGUST 2010 9.15 A.M.
SCANFIL GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2010
January - June
- Turnover totalled to EUR 94.7 million (H1 2009: 99,5), down 4.9%
- Operating profit EUR 7.7 (9.2) million, 8.2% (9.3%) of turnover
- Operating profit without non-recurring items EUR 5.2 million, 5.5% of turnover
- Profit for the review period was EUR 5.9 (7.9) million
- Earnings per share were EUR 0.10 (0.13)
April - June
- Turnover totalled EUR 53.9 million (Q2 2009: 49.9) up 7.9%
- Operating profit EUR 6.2 (5.0) million, 11.6% (10.0%) of turnover
- Operating profit without non-recurring items EUR 3.8 million, 7.0% of turnover
- Profit was EUR 3.9 (6.6) million, 7.3% (13.2%)
- Earnings per share amounted EUR 0.07 (0.11)
Non-recurring items include a sales gain of EUR 2.5 million from the Oulu
property, recognised in the second quarter.
Harri Takanen, President of Scanfil plc:
“Scanfil plc invested in new business sectors and in the second quarter the
company acquired a 40% holding of Panphonics Oy, which develops and manufactures
audio solutions based on plane wave technology, and after the period under
review, a similar holding of IonPhasE Oy, operating in the field of polymer
technology. These companies, in addition to ILOQ Oy, develop innovative,
patented new technology and are believed to become significant players within
their business sectors.
In terms of contract manufacturing operations, market development was positive
during the second quarter. Demand by both professional electronics and
telecommunications customers grew in the second quarter. Strengthened demand
supports our trust in a gradual recovery of the market during the current year.
Investments in equipment for both electronics and mechanics manufacturing and
the new facilities the company acquired in Suzhou after the end of the review
period ensure our capability to meet our customers' growing needs in both Europe
and Asia”.
DEVELOPMENT OF OPERATIONS
Scanfil plc
A new strategic investment was completed during the review period with Scanfil
plc acquiring a 40% holding of Panphonics Oy. Panphonics Oy manufactures
solutions based on patented directional audio technology for acoustically
demanding applications. The company owns more than ten patents and patent
applications related to plane wave technology. The company's SoundShower speaker
solutions are used, among others, in banks, store-specific digital signage
installations, museums, information kiosks, service stations, and offices.
Panphonics Oy is also a component manufacturer and licensor of plane wave
technology for other industrial audio manufacturers. Products are exported to
more than 30 countries, and exports account for more than 85% of the company's
turnover.
The development of Lännen Tehtaat plc's business operations was encouraging
during the first quarter of 2010 as well. The ownership arrangement in Taimen Oy
reinforces the position of seafood business operations in the market and helps
improve the Group's long-term profitability. The business operations of the
locking system company iLOQ Oy continue to develop according to plan. The
business operations of Panphonics Oy have also been developing positively, and
interesting new customer relationships have emerged.
In addition, Scanfil plc sold a 46,763 square metre lot and the buildings on it
totalling 19,631 square metres in Oulu in the review period. The positive effect
on earnings of the sales of the property before taxes is EUR 2.5 million.
Scanfil plc's investment portfolio is divided into three parts. The first part
contains money market investments including risk-free interest investments
(deposits), low-risk investments (business loans) and moderate risk investments
(structured instruments). The second part contains liquid high-yield, ETF and
equity investments. The third part consists solely of strategic investments.
Scanfil plc's current target allocation in terms of these three main groups is
35-40%, 10-15% and 50%, respectively. At the end of the review period, the
allocation division per main group was 70%, 9% and 22%, respectively.
The average duration of the structured instruments in the investment portfolio
is less than three years, and more than 50% of the portfolio consists of
investments with a low risk classification.
As a whole, the investment activity has reached set targets and investments have
developed favourably despite the nervous market environment.
Scanfil EMS Subgroup
Although sales for the entire review period were 4.9% less than that of the
corresponding period last year, the recovery of demand that began at the end of
the first quarter continued in the second quarter. Sales in the second quarter
were significantly better than sales in both the first quarter (+32%) and the
corresponding quarter last year (+8). The development of sales was positive in
both telecommunications and professional electronics markets. Professional
electronics customers accounted for 51% of total sales in the review period (47%
during the corresponding period in 2009) and telecommunications customers for
49% (53%) of total sales. The customer division and sales monitoring of Scanfil
EMS subgroup has been reorganised to better match customers' product range and
the company's internal reporting. The new customer groups are professional
electronics customers and telecommunications customers. The reorganisation will
increase the proportion of professional electronics customers by 2 to 3
percentage points compared to the previous arrangement.
The deliveries of equipment purchased in order to increase the surface-mounting
technology capacity of the subsidiaries in Estonia and Suzhou, China, are
progressing according to plan. In Estonia, production with the equipment began
in July. In Suzhou, the equipment will be installed in the new production
facilities to be acquired and, according to estimates, they will be ready for
production during the last quarter of the year. All Scanfil EMS units globally
continued developing operational processes and the quality of products in
accordance with the flow production principles.
FINANCIAL DEVELOPMENT
The Group's turnover for January - June was EUR 94.7 (99.5) million, down 4.9%
year-on-year. Distribution of turnover based on the location of customers was as
follows: Finland 32% (45%), rest of Europe 25% (18%), Asia 41% (36%), USA 1%
(1%) and others 1% (1%).
The Chinese subsidiaries' sales accounted for 44 % (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 7.7 (9.2)
million, representing 8.2% (9.3%) of turnover. Operating profit includes a
non-recurring property sales gain of EUR 2.5 million. Operating profit without
the sales gain was EUR 5.2 million, representing 5.5% of turnover. Earnings for
the review period amounted to EUR 5.9 (7.9) million. Earnings per share were EUR
0.10 (0.13) and return on investment was 10.7% (14.6%).
Scanfil EMS Subgroup
The turnover of contract manufacturing operations amounted to EUR 94.7 (99.5)
million in January-June. Operating profit for the review period was EUR 4.7
(8.9) million, or 5.0% (8.9%) of turnover. The result amounted to EUR 2.8 (6.3)
million, or 2.9% (6.3%) of turnover. Weakened profitability compared to the
corresponding period last year is mainly due to the low level of sales in
January-February 2010. The development of profitability was also affected by the
global problems faced by both the company and its customers in the availability
of certain electronics components, which increased costs and limited sales to
some degree. Return on investment was 10.9% (16.9%), equity ratio was 42.2%
(70.2%) and gearing 1.71% (-25.9%). %. The significant change in equity ratio
and gearing is due to the return of capital to the parent company carried out in
the autumn of 2009.
Turnover amounted to EUR 53.9 (49.9) million in April-June. Operating profit for
the second quarter was EUR 3.5 (4.8) million, or 6.5% (9.7%) of turnover. Profit
for the quarter was EUR 2.1 (4.6) million.
Investment activities
The gains and losses from investment activities carried out by the Group's
parent company, Scanfil plc, are recognised under financial income and expenses
in the income statement. In January-June, recognised interest income and capital
gains amounted to EUR 1.7 (1.3) million, realised sales losses amounted to EUR
0.6 (1.2) million, and value changes of financial assets at fair value through
profit or loss amounted to EUR -0.5 (+0.7) million, resulting in a total
recorded value of EUR 0.7 (2.0) million.
Change in the value of strategic investments (Lännen Tehtaat plc, ILOQ Oy and
Panphonics Oy), EUR 0.9 million, is recognised in the fair value reserve under
equity, adjusted with tax liabilities, net EUR 0.7 million. The share in the
profit of the associated company Panphonics Oy, EUR -0.1 million, is recognised
through profit or loss.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 207.5 (191.7) million. Liabilities
amounted to EUR 49.4 (47.1) million, EUR 49.4 (35.1) million of which were
non-interest-bearing and EUR 0.0 (12.0) million interest-bearing. The equity
ratio was 76.2 (75.4)% and gearing -47.4 (-46.7)%.
Financial assets totalled EUR 74.9 (79.5) million, of which EUR 39.1 (45.0)
million has been deposited in bank accounts and in time deposits with maturity
of three months or less.
An additional EUR 35.7 (31.4) 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-June includes EUR -0.5 (0.7) million of change in the fair value of the
investments.
Cash flows from operating activities in review period of January - June was
EUR 2.9 (19.4) million positive. EUR 1.6 million was tied to working capital
whereas in the corresponding period last year, the amount of working capital
that became available was EUR 10.5 million. Cash flow from investment activities
consists mainly of the parent company's investments in financial instruments and
the associated company, as well as of the proceeds from the sales of the Oulu
property. Cash flow from financing activities, EUR -18.9 (-8.4) million,
contains the repayment of a loan taken by the Estonian subsidiary, EUR 12.0
million, and dividend payments amounting to EUR 6.9 million.
Gross investments in fixed assets totalled EUR 1.4 (0.7) million, which is 1.5%
(0.7%) of turnover. Depreciations were EUR 2.5 (2.6) million.
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting decided on 8 April 2010 according to the Board of
Directors' proposal to authorize the Board of Directors to decide on the
acquisition of the Company's own shares with distributable assets.
The Board of Directors has no existing share issue authorisations or
authorisations to issue convertible bonds with warrants.
OWN SHARES
On 30 June 2010, 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.
During the review period, the company disposed of 4,522 of its own shares in
conjunction with the share-based profit-sharing scheme of the Group's Management
Team.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 3.14 and the lowest
EUR 2.40, the closing price for the period standing at EUR 2.78. A total of
2,666,672 shares were traded during the period, corresponding to 4.4% of the
total number of shares. The market value of the shares on 30 June 2010 was EUR
168.8 million.
PERSONNEL
Scanfil Group's personnel averaged 2,080 (2,033) employees during the review
period and the company employed 2,236 (2,058) employees at the end of the review
period, of whom 1,764 (1,518) were employed in the company's foreign plants. In
all, 79 (74) % of the Group's personnel were employed by subsidiaries outside
Finland on 30 June 2010.
EVENTS AFTER THE REVIEW PERIOD
After the review period Scanfil made an investment on plastics technology branch
and acquired 40% of the shares of IonPhasE Oy, which develops, produces and
markets dissipative polymers. Based on patented technology, IonPhasE
manufactures dissipative polymers that help to control static electricity.
IonPhasE products are utilized in wide range of industries like chemical,
automotive, telecommunication and consumer electronics.
The subsidiary of Scanfil EMS Oy in Suzhou signed an agreement in July on the
acquisition of new facilities. The area of the building to be purchased is
approximately 21,000 square metres, and the building is located on an
approximately 61,000 square metre lot. Additional construction is possible on
the lot. The property investment will be made using cash funds accumulated from
the operations in China. The facilities to be acquired are better suited for the
plant operations than the current rented facilities, enabling the operations to
grow. If needed, the facilities may also be rented to, among others,
collaboration partners. Moving the operations to the new facilities is planned
for the last quarter of the year.
FUTURE PROSPECTS
Scanfil plc
The company is active in the market, looking for new strategic industrial
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 Group will also continue to invest its cash reserves in accordance with its
investment policy.
Scanfil EMS Subgroup
Scanfil still expects its turnover in 2010 to slightly increase from the level
of 2009. The operating profit for the full year is estimated to reach a
satisfactory level. However, market predictability is still too poor for
trustworthy forecasts on the market development of the contract manufacturing
business.
The Company's good financial standing provides an opportunity to actively seek
various means and arrangements that will place Scanfil's operations back on the
growth track.
OPERATIONAL RISKS AND UNCERTAINTIES
The most significant short-term risks associated with investment activities may
materialise if the global economy recovers at a pace slower than expected and
the impact of the economic recovery policy weakens globally. On the other hand,
if the recovery is faster than expected, the resulting increasing inflation
expectations and tightening monetary policy might result in a rapid increase of
interest rates and accelerating inflation. Both alternatives would have
immediate impacts on the stock market and be visible as increasing market
volatility.
The poor demand predictability of contract manufacturing customers continues to
constitute an operational risk in the short term that is hard to estimate. In
spite of the growth in demand in the second quarter, it is possible that growth
in demand will not continue at the same pace or will turn out to be temporary.
Both the Scanfil EMS subgroup and its customers have had problems in the
availability of certain electronics components. Potential slowing down of growth
in demand and continued weak availability of components may have an impact on
the operations of the Scanfil EMS subgroup and some of its customers, thereby
influencing Scanfil's sales and profitability as well.
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 2009.
The Group has adopted the revised standard IFRS 3 Business Combinations and the
revised standard IAS 27 Consolidated and Separate Financial Statements as from
the beginning of 2010. They have not had an impact on the interim report.
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
2010 2009 2010 2009 2009
4 - 6 4 - 6 1 - 6 1 - 6 1 - 12
TURNOVER 53.9 49.9 94.7 99.5 197.3
Changes in inventories of finished
goods and work in progress 0.6 - 1.9 1.0 - 2.5 - 4.1
Other operating income 2.8 0.2 3.0 0.4 1.2
Expenses - 49.6 - 41.9 - 88.5 - 85.6 - 173.4
Depreciation - 1.3 - 1.3 - 2.5 - 2.6 - 5.1
OPERATING PROFIT 6.2 5.0 7.7 9.2 16.0
Financial income and expenses - 1.0 3.5 0.3 1.6 5.1
Share in the associated
company's profit - 0.1 - 0.1
PROFIT BEFORE TAXES 5.2 8.5 8.0 10.8 21.1
Income taxes - 1.3 - 1.9 - 2.0 - 3.0 - 6.7
NET PROFIT FOR THE PERIOD 3.9 6.6 5.9 7.9 14.3
Attributable to:
Equity holders of the parent 3.9 6.6 5.9 7.9 14.3
Earnings/share (EPS), EUR 0.07 0.11 0.10 0.13 0.25
The company does not have items that might dilute the earnings per share.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
2010 2009 2010 2009 2009
4 - 6 4 - 6 1 - 6 1 - 6 1 - 12
NET PROFIT FOR THE PERIOD 3.9 6.6 5.9 7.9 14.3
Other comprehensive income
Translation differences 5.1 - 1.9 8.1 - 1.1 - 1.9
Available-for-sale investments - 0.2 0.4 0.3
Other comprehensive income,
net of tax 5.0 - 1.9 8.5 - 1.1 - 1.6
TOTAL COMPREHENSIVE INCOME 8.9 4.6 14.4 6.8 12.8
Attributable to:
Equity holders of the parent 8.9 4.6 14.4 6.8 12.8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million
30.6. 30.6. 31.12.
2010 2009 2009
ASSETS
Non-current assets
Property, plant and equipment 31.3 31.6 31.1
Goodwill 2.4 2.4 2.4
Other intangible assets 1.0 1.2 1.1
Shares in associated companies 1.9
Available-for-sale investments 11.2 0.0 10.6
Financial assets at fair value
through profit or loss 17.8 8.5 14.5
Deferred tax assets 0.1 0.4 0.1
Total non-current assets 65.7 44.1 59.9
Current assets
Inventories 34.5 25.5 24.7
Trade and other receivables 50.1 46.3 43.4
Advance payments 0.1 0.2 0.1
Financial assets at fair value
through profit or loss 18.0 22.9 16.1
Available-for-sale investments, liquid assets 3.1 0.5
Available-for-sale investments,
cash equivalents 27.9 30.5 20.4
Cash and cash equivalents 11.2 14.5 30.8
Total current assets 141.8 143.0 135.9
Non-current assets held for sale 4.6 4.9
TOTAL ASSETS 207.5 191.7 200.7
SHAREHOLDERS' 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 - 8.8 - 8.9
Translation differences 8.2 0.9 0.1
Other reserves 5.9 4.0 4.7
Retained earnings 121.5 117.3 123.3
Total equity 158.0 144.6 150.5
Non-current assets
Deferred tax liabilities 0.8 1.1 1.5
Provisions 4.9 5.4 5.4
Total non-current liabilities 5.8 6.5 6.9
Current liabilities
Trade and other liabilities 41.7 27.7 30.1
Current tax 1.9 0.9 1.2
Interest bearing liabilities 12.0 12.0
Total current liabilities 43.7 40.6 43.3
Total liabilities 49.4 47.1 50.2
TOTAL SHAREHOLDERS' EQUITY
AND LIABILITIES 207.5 191.7 200.7
CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS´ EQUITY
EUR million
A = Share capital
B = Share premium account
C = Treasury shares
D = Translation differences
E = Other reserves
F = Retained earnings
G = Equity total
SHAREHOLDERS´ EQUITY A B C D E F G
1.1.2010 15.2 16.1 - 8.9 0.1 4.7 123.3 150.5
TOTAL COMPREHENSIVE INCOME 8.1 0.4 5.9 14.4
Payment of dividends - 6.9 - 6.9
Transfer to funds 0.8 - 0.8 0
Distribution of treasury shares 0.0 0.0
SHAREHOLDERS' EQUITY
30.6.2010 15.2 16.1 - 8.9 8.2 5.9 121.5 158.0
SHAREHOLDERS' EQUITY A B C D E F G
1.1.2009 15.2 16.1 - 7.4 2.0 3.5 116.9 146.2
TOTAL COMPREHENSIVE INCOME - 1.1 7.9 6.8
Payment of dividends - 7.0 - 7.0
Transfer to funds 0.4 - 0.4 0
Distribution of treasury shares 0.0 0.0
Acquisition of treasury shares - 1.4 - 1.4
SHAREHOLDERS' EQUITY
30.6.2009 15.2 16.1 - 8.8 0.9 4.0 117.3 144.6
CONSOLIDATED CASH FLOW STATEMENT
EUR million
2010 2009 2009
1 - 6 1 - 6 1 - 12
Cash flow from operating activities
Net profit 5.9 7.9 14.3
Adjustments for the net profit 0.9 3.4 6.0
Change in net working capital - 1.6 10.5 16.3
Paid interests and other financial expenses - 0.3 - 0.5 - 0.9
Interest received 0.3 0.5 0.7
Taxes paid - 2.3 - 2.3 - 5.5
Net cash from operating activities 2.9 19.4 30.9
Cash flow from investing activities
Investments in tangible and
intangible assets - 1.4 - 0.9 - 3.4
Sale of tangible and intangible assets 7.5 0.1 0.2
Purchase of investments - 18.7 - 22.2 - 88.3
Proceeds from sale of investments 11.6 11.5 74.1
Interest received from investments 0.5 1.0 1.9
Dividends received from investments 0.5 0.0 0.0
Net cash from investing activities 0.0 - 10.5 - 15.4
Cash flow from financing activities
Purchase of treasury shares - 1.4 - 1.5
Repayment of short term loans - 12.0
Dividends paid - 6.9 - 7.0 - 7.0
Net cash from financing activities - 18.9 - 8.4 - 8.5
Net increase/decrease in cash and
cash equivalents - 16.0 0.5 7.1
Cash and cash equivalents
at beginning of period 51.2 45.1 45.1
Changes in exchange rates 3.9 - 0.6 - 0.9
Cash and cash equivalents
at end of period 39.1 45.0 51.2
KEY FINANCIAL INDICATORS 2010 2009 2009
1 - 6 1 - 6 1 - 12
Return on equity, % 7.8 10.8 9.7
Return on investment, % 10.7 14.6 13.9
Interest bearing liabilities, EUR million 12.0 12.0
Gearing, % - 47.4 - 46.7 - 46.7
Equity ratio, % 76.2 75.4 75.0
Gross investments in fixed assets, EUR million 1.4 0.7 3.1
% of turnover 1.5 0.7 1.6
Personnel, average 2 080 2 033 2 064
Earnings per share, EUR 0.10 0.13 0.25
Equity per share, EUR 2.74 2.50 2.61
Number of shares at end of
period, 000´s 60 714 60 714 60 714
- not counting own shares 57 730 57 754 57 726
- weighted average 57 730 58 263 57 992
The company does not have any liabilities resulting from derivative instruments.
Owing to the nature of the sector, the order book of company covers only a short
period of time and does not give an accurate picture of future development.
SEGMENT INFORMATION
EUR million
2010 2009 2009
1 - 6 1 - 6 1 - 12
TURNOVER
Europe 54.5 64.1 113.5
Asia 44.3 40.8 93.2
Turnover between segments - 4.0 - 5.3 - 9.4
Total 94.7 99.5 197.3
OPERATING PROFIT
Europe 3.7 2.9 2.6
Asia 4.0 6.3 13.4
Total 7.7 9.2 16.0
ASSETS
Europe 69.1 88.9 68.4
Asia 75.8 59.8 60.4
Goodwill 2.4 2.4 2.4
Financial assets 60.2 40.6 69.6
Total 207.5 191.7 200.7
The financial assets of investment activities comprise all of Scanfil plc's
financial assets, strategic investments including 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 0.7
million (EUR 2.0 million in 2009).
CHANGES IN TANGIBLE NON CURRENT ASSETS
EUR million
2010 2009 2009
1 - 6 1 - 6 1 - 12
Book value at the beginning of the period 31.1 33.7 33.7
Additions 1.4 0.7 2.9
Deductions - 0.0 - 0.1 - 0.4
Depreciations - 2.0 - 2.4 - 4.7
Exchange rate differences 0.8 - 0.3 - 0.4
Book value at the end of the period 31.3 31.6 31.1
CONTINGENT LIABILITIES
EUR million 2010 2009 2009
1 - 6 1 - 6 1 - 12
Given real estate mortgages 3.4 3.4 3.4
Given business mortgages 6.8 18.8 18.8
Pledged guarantees 0.1 0.1 0.1
Rental liabilities 0.2 0.3 0.2
Scanfil plc has arranged a EUR 5.2 million bank guarantee to secure the payment
of contributions related to restructuring of Scanfil NV. Balance sheet of
Scanfil NV includes a corresponding provision.
KEY INDICATORS QUARTERLY
Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09 Q4/08 Q3/08
Turnover, MEUR 53.9 40.8 48.1 49.6 49.9 49.6 54.2 56.0
Operating profit, MEUR 6.2 1.5 2.6 4.2 5.0 4.2 4.5 5.2
Operating profiy, % 11.6 3.6 5.3 8.5 10.0 8.5 8.3 9.3
Net income, MEUR 3.9 2.0 2.7 3.8 6.6 1.3 2.3 3.5
EPS, EUR 0.07 0.03 0.05 0.06 0.11 0.02 0.04 0.06
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 over 30 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 telecommunications products include 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 are just some examples of the professional
electronics products we manufacture. The company has production facilities in
China, Estonia, Hungary and Finland.
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 stock exchange release. There
should not be an expectation that such information will in all circumstances be
updated, supplemented or revised, except as provided by the law or obligatory
regulations, whether as a result of new information, changing circumstances,
future events or otherwise.
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