SCANFIL PLC FINANCIAL STATEMENTS RELEASE 15 FEBRUARY 2010 8.15 A.M.
SCANFIL GROUP'S FINANCIAL STATEMENTS FOR 1 JANUARY - 31 DECEMBER 2009
January - December
- Turnover for the year 2009 totalled EUR 197.3 million (218.9 million in 2008)
a decrease of 9.8%
- Operating profit was EUR 16.0 million (21.1 million), which is 8.1% (9.7%) of
turnover.
- Profit for the review period was EUR 14.3 million (15.6 million)
- Earnings per share were EUR 0.25 (0.27)
- The Board of Directors proposes to the Annual General Meeting a dividend
of EUR 0.08 (0.09) and an additional dividend of EUR 0.04 (0.03), a total
EUR 0.12 (0.12) per share
October - December
- Turnover for the fourth quarter totalled EUR 48.1 million (54.2 million in the
corresponding period in 2008), a decrease of 11.1%
- Operating profit was EUR 2.6 million (4.5 million) representing 5.3% (8.3%) of
turnover
- Earnings per share amounted to EUR 0.05 (0.04)
Harri Takanen, President:
”Scanfil plc expanded its investment activities from contract manufacturing to
new industrial branches through substantial investments in Lännen Tehtaat plc
(share of ownership 8.6%) and iLoq Ltd (share of ownership 18.7%). The goal is
to actively influence these companies through shareholding.
Scanfil EMS Oy was hit by the consequences of a drop in demand caused by the
global economic recession. In spite of successful efforts to find new products
and clients, contract manufacturing sales dropped from the 2008 figures. The
company's performance is good and we have increased our efforts to establish new
client relationships. In contract manufacturing, the future main focus will be
on finding new clients. As the global level of investments remains low, the key
to enterprise growth will be in diversification of the client base.
The development of production has been successful. The goal of the development
of the company's own operations is to improve our client's competitiveness by
enhancing operating cost effectiveness and by ensuring optimal service in all
units. The company aims to be the best choice as a manufacturing partner for
its clients."
DEVELOPMENT OF OPERATIONS
Scanfil plc
The Extraordinary General Meeting of Scanfil EMS Oy decided on 30 September 2009
on a capital return of EUR 65 million to the parent company Scanfil plc. Until
31 December 2009 Scanfil EMS Oy has settled EUR 34,0 million of the capital
return by cash assets. The promissory note loan issued by Scanfil plc is
remaining EUR 31,0 million. After the capital return, the EMS Subgroup's equity
ratio was 39% on 31 December 2009.
Strategic investments constitute the core of Scanfil plc's investment
activities. They can be divided into two parts, one of which is aimed at
supporting the EMS Subgroup's strategy of profitable growth with carefully
selected acquisitions and eventual other restructuring operations. The goal of
the other part is to search for new growth opportunities for the Group in other
business areas. Scanfil is attempting to acquire shares of ownership that allow
an active say in the operations of the selected companies. In the fourth
quarter, Scanfil plc made its first strategic investments and acquired an 8.6%
share of the food production company Lännen Tehtaat plc, and an 18.7% share of
the electronic locking solutions manufacturer iLoq Ltd.
In the review period, cash assets were, among other things, invested in bonds,
credit linked notes and ETF and equity investments.
Scanfil EMS Subgroup
The global investment recession reduced demand from most of Scanfil's clients.
Due to the reduced demand, the company's turnover decreased from the previous
year. However, the demand of some individual clients has grown, and with one
client Scanfil has been able to substantially increase its market share, which
partially balances the loss of sales. The total demand of Scanfil's
telecommunications and industrial electronics customers has remained steady
throughout the year, although individual fluctuations by client were drastic.
Demand from industrial electronics customers was more pronounced early in the
year, whereas towards the end of the year demand from telecommunications
customers picked up slightly from the previous months.
In the period under review, the company concentrated especially on industrial
electronics customers and on finding new clients in order to balance its sales,
expand its customer base and reduce client-specific risk. Active efforts to
acquire new clients were successful and new accounts are being initiated with
several new customers, such as Heidelberger Druckmaschinen AG and Kemppi Oy.
Additionally, we are constantly negotiating possibilities to expand our
cooperation with previous clients. Collaboration in Finland with The Switch
manufacturing power converters to wind power generators was established and a
contract to expand the range of collaboration in China was signed. Industrial
electronics customers accounted for 41% of total annual sales (38% in 2008), and
the telecommunications customers' share was 59% (62%).
A new production pattern was introduced by the company's Chinese subsidiaries
with excellent results such as improved production flexibility, shorter
turnaround times, enhanced reliability of deliveries, better quality and lower
production costs. The introduction of similar operating patterns was initiated
during the period in the European plants as well. Thanks to successful
development activities, Scanfil EMS Subgroup was able, in spite of the
challenging market situation and decreasing demand, to keep its profitability at
a satisfactory level throughout the year, with an operating profit of 7.9%.
Additionally, the structure of the company's production activities has been
reorganised during the year in order to maintain the company's competitiveness
even in the long term. The organisations of the electronics and mechanics plants
in Sievi were merged in the third quarter, and electronics production will
partly be relocated to Estonia. During the first quarter of 2010, the manual and
automatic assembly of PCBs in Europe will be centralised in the Pärnu plant. The
new surface mounting assembly line of the Pärnu plant was implemented in the
fourth quarter of 2009. The sheet metal mechanics machinery of the plants in
Sievi, Vantaa and Estonia was renewed by installing new state-of-the-art
punching machines that are environmentally friendly and energy efficient.
Simultaneously, the sheet metal mechanics production capacity of the Estonian
plant was enhanced. The non-recurring cost of the structural and procedural
changes in the production activities is included in the financial result of the
accounting period.
During the year, the company carried out two statutory employer-employee
negotiations in Sievi concerning the merger of the electronics and mechanics
plants and the restructuring of production. The negotiations resulted in the
gradual termination of the employment contract of 51 employees by the end of the
first quarter of 2010.
SCANFIL GROUP'S FINANCIAL DEVELOPMENT
The Group's turnover in 2009 was EUR 197.3 (218.9) million, showing a decrease
of 9.8% over the previous year. Distribution of turnover based on the location
of customers was as follows: Finland 35% (47%), the rest of Europe 22% (21%),
Asia 42% (30%), the USA 1% (1%) and others 1% (2%).
The Chinese subsidiaries' sales accounted for 45% of the Group's sales during
the review period (37% in 2008), including deliveries to the Group's other
plants.
Thanks to the implemented measures to develop the company's production patterns
and structures, profitability remained at a very satisfactory level, with an
operating profit of EUR 16.0 million (21.1 million), representing 8.1% (9.7%) of
turnover.<0} Profit for the review period was EUR 14.3 million (15.6 million),
which is 7.3% (7.1%) of turnover. Earnings per share were EUR 0.25 (0.27) and
return on investment 13.9% (13.7%).
The financial income and expenses from January-December of 2009 include Scanfil
plc's realized interest income and capital gains of EUR 3.3 million (1.8
million) and value changes of financial assets recognised at fair value of EUR
2.1 million (-2.9 million), resulting in a total recorded value of EUR 5.4
million (-1.2 million).
Income tax includes taxes corresponding to the result for the period. In
accordance with Chinese tax legislation in force from the beginning of the year
2009, EUR 0.95 million of tax at source was paid on the dividends distributed by
Chinese subsidiaries.
Turnover in October - December was EUR 48.1 million (54.2 million). Operating
profit in the fourth quarter totalled EUR 2.6 million (4.5 million),
representing 5.3% (8.3%) of turnover. Earnings per share were EUR 0.05 (0.04).
The operating profit of the fourth quarter contains the non-recurring increase
of the pension liability of the Belgian subsidiary of EUR 0.4 million.
Owing to the business structure, fluctuations in exchange rates had no
substantial overall impact on the company's performance.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position. Liabilities amounted to EUR 50.2
million (46.0 million), EUR 38.2 million (34.0 million) of which were
non-interest-bearing and EUR 12.0 million (12.0 million) interest bearing.
The equity ration was 75.0% (76.1%) and gearing was -46.7% (-38.4%).
Financial assets amounted to EUR 82.3 million (68.1 million). EUR 51.2 million
(45.1 million) of financial assets were deposited in bank accounts and as time
deposits with less than three months' maturity. An additional EUR 31.1 million
(23.0 million) were in financial instruments, mainly in bonds, credit linked
notes and structured financial instruments, as well as in ETF and equity
investments; of these, EUR 16.6 million (15.3 million) is totally liquid or will
mature in less than a year.
These are secondary market investments. In compliance with the IFRS, the
investments have been recognised at fair value. In conjunction with the initial
recognition, the Group has classified as assets recognised at fair value all
investments from the accounting period in instruments that include a component
generating interest at a fixed rate, and a component linked to, for example, a
share index or credit liability. The latter component is a linked derivative
that considerably changes the cash flow of the main instrument. Consequently,
the instrument as a whole has been recognised at fair value through profit or
loss.
Because of the market uncertainty in 2008, an impairment loss of EUR 2.9 million
was recorded in the financial statement of 31 December 2008. In 2009, as the
situation had become more balanced and investment values had recovered, in
addition to realized income, appreciations of EUR 2.1 million were recorded.
Cash flow from operations was positive in the accounting period, at EUR 30.9
million (23.0 million). The change in the working capital in the accounting
period was EUR 16.3 million (2.3 million). Cash flow from investments was EUR
-15.4 million (-25.9 million), of which EUR -14.1 million (-25.6 million)
consisted of the parent company's investments in financial instruments. The
investments include the investments in Lännen Tehtaat plc and iLoq Ltd. The
cash flow from financing was EUR -8.5 million (-3.1 million). A total of EUR 7.0
million (7.0 million) was paid in dividends from the previous accounting period.
Gross investments in fixed assets totalled EUR 3.1 million (3.9 million), which
is 1.6% (1.8%) of turnover. Investments consist mainly of machinery and
equipment purchases. Depreciations were EUR 5.1 million (6.8 million).
BOARD OF DIRECTORS' AUTHORISATION
The Annual General Meeting decided on 26 March 2009, 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
authorisation is in force until the closing of the following Annual General
Meeting.
The Board of Directors has no existing share issue authorisations or
authorisations to issue convertible bonds with warrants.
OWN SHARES
On 31 December 2009, the company owned a total of 2,988,353 of its own shares,
which represented 4.9% of the company's share capital and votes. Between January
and December 2009 the company acquired 722,848 of its own shares; the average
price per share was EUR 2.03.
During the review period, the company disposed of 5,687 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 2.81 and the lowest
was EUR 1.82, the closing price for the period standing at EUR 2.75. A total of
7,382,392 shares were traded during the period, corresponding to 12.2% of the
total number of shares. The market value of the shares on 31 December 2009 was
EUR 167.0 million.
GROUP STRUCTURE
Scanfil Group comprises the Finland-based Scanfil plc (Finland), an investment
company, and its fully-owned subgroup Scanfil EMS Oy (Finland), which engages in
contract manufacturing. Scanfil N.V. (Hoboken), located in Belgium and wholly
owned by Scanfil plc, has not had any production activities since 2006.
The Scanfil EMS Group consists of the parent company Scanfil EMS Oy (Finland),
Scanfil (Suzhou) Co., Ltd. and Scanfil (Hangzhou) Co., Ltd. in China; Scanfil
Kft. (Budapest), engaged in manufacturing; and the real-estate company Rozaliá
Invest Kft. (Budapest) in Hungary and Scanfil Oü (Pärnu) in Estonia. The Scanfil
EMS Group holds the entire share capital of all of its subsidiaries.
PERSONNEL
At the end of the review period the Group employed 2,061 (2,068) people, of whom
1,561 (1,516) worked abroad. At the end of the year 56% (51%) of the personnel
were working in Chinese subsidiaries. In all, 76% (73%) of the Group's personnel
were employed by subsidiaries outside Finland on 31 December 2009.
The Group employed an average of 2,064 (2,132) people during the year.
OTHER EVENTS IN THE REVIEW PERIOD
The Helsinki Court of Appeal passed a judgment on 18 June 2009 concerning a
securities market information offence regarding the delay of Scanfil plc's
profit warning given on 17 January 2006 wherein it has sentenced the Chairman of
the Board and the former President to pay 40 day fines.
Corporate fine of EUR 25,000 was imposed on the company.
The company has, for its part, applied for leave to appeal to the Supreme Court.
FUTURE PROSPECTS
Scanfil plc
The drastic decline in demand and investments has brought about a structural
change in the companies' working environment, increasing Scanfil plc's
possibilities to expand its field of operations. The company's own available
funds provide an excellent basis for seeking new strategic investment
opportunities from both present and new business sectors and for continued
expansion of the company's operations. According to its established investment
strategy, Scanfil plc is attempting to acquire shares of ownership that allow an
active say in the operation of the selected companies.
The company will also continue to invest its cash reserves in accordance with
its investment policy.
Scanfil EMS Subgroup
Scanfil expects its turnover in 2010 to slightly increase from the level of
2009. The sales of the first quarter are predicted to remain clearly below the
corresponding period in 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, and thus uncertainty prevails.
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 risk affecting investment operations in the near future is
linked to investment depreciation if the world economy experiences a double
recession, and the risks of losses contained in present instruments will be
realized even temporarily in the result of the current or next accounting
periods. The average duration of the structured instruments in the investment
portfolio is below three years, and more than 60% of the portfolio consists of
investments with a low risk classification.
The poor demand predictability of contract manufacturing clients constitutes an
operational risk in the short term that is hard to estimate. No rapid recovery
in the state of the world economy is in sight, and the demand for investment
commodities is not likely to experience any significant positive change in the
course of 2010. Low investment levels might influence the market of some of
Scanfil's contract manufacturing clients, which might in turn affect Scanfil's
turnover and profitability.
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.
ANNUAL GENERAL MEETING 2010 AND BOARD OF DIRECTORS' PROPOSALS TO THE ANNUAL
GENERAL MEETING
Scanfil plc's Annual General Meeting will be held on 8 April 2010 at the
company's head office in Sievi, Finland, at 2.00 pm.
Dividend for 2009
The parent company's distributable funds are EUR 79,836,329.
The Board of Directors proposes to the Annual General Meeting that, according to
the dividend policy, a dividend of EUR 0.08 per share be paid based on the
annual result of the financial year ending on 31 December 2009, plus an
additional dividend of EUR 0.04 per share on the market. The dividend matching
day is 13 April 2010. 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 20 April 2010.
The Nomination Committee of the Board of Directors, supported by the company's
major shareholders holding over 50% of the shares and votes, proposes that the
general meeting will re-elect the following board members: Asa-Matti Lyytinen,
Jorma J. Takanen, Reijo Pöllä, Jarkko Takanen and Tuomo Lähdesmäki. All members
of the board have announced their consent to re-election.
The Nomination Committee has considered the possibility of proposing a suitable
female candidate, in accordance with the Corporate Governance Code concerning
the gender parity of the board. The Nomination Committee has so far found no
suitable candidate who is also familiar with the company's main line of
business.
The financial statements have been prepared in accordance with the recognition
and measurement principles of the IAS 34 Interim reports standard.
As of January 1, 2009, the Group has applied the following new and revised
standards: IFRS 8 Operating Segments and IAS 1 Presentation of Financial
Statements. IFRS 8 has an effect on the segment information in the notes and
IAS 1 has an effect on the presentation of the income statement. The company
reports the operating segments according to geographical locations, which are
Europe and Asia. The company follows profits according to geographical
locations. Otherwise the same accounting principles have been applied as in the
2008 Financial Statement.
Individual figures and grand totals have been rounded to the nearest million
euros, so they will not always add up. The figures are unaudited.
CONSOLIDATED PROFIT AND LOSS STATEMENT
EUR million
2009 2008 2009 2008
10 - 12 10 - 12 1 - 12 1 - 12
TURNOVER 48.1 54.2 197.3 218.9
Changes in inventories of finished
goods and work in progress - 0.6 - 0.9 - 4.1 - 0.7
Other operating income 0.4 2.0 1.2 2.5
Expenses - 44.2 - 48.8 - 173.4 - 192.7
Depreciation - 1.2 - 2.0 - 5.1 - 6.8
OPERATING PROFIT 2.6 4.5 16.0 21.1
Financial income and expenses 1.3 - 2.4 5.1 - 1.7
PROFIT BEFORE TAXES 3.8 2.1 21.1 19.4
Income taxes - 1.1 0.2 - 6.7 - 3.7
NET PROFIT FOR THE PERIOD 2.7 2.3 14.3 15.6
Attributable to:
Equity holders of the parent 2.7 2.3 14.3 15.6
Earnings/share (EPS), EUR 0.05 0.04 0.25 0.27
The company does not have items that might dilute the earnings per share.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million
2009 2008 2009 2008
10 - 12 10 - 12 1 - 12 1 - 12
NET PROFIT FOR THE PERIOD 2.7 2.3 14.3 15.6
Other comprehensive income
Translation differences 0.6 0.3 - 1.9 4.6
Available-for-sale investments 0.3 0.3
Other comprehensive income,
net of tax 0.9 0.3 - 1.6 4.6
TOTAL COMPREHENSIVE INCOME 3.6 2.6 12.8 20.3
Attributable to:
Equity holders of the parent 3.6 2.6 12.8 20.3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 31.12. 31.12.
2009 2008
ASSETS
Non-current assets
Property, plant and equipment 31.1 33.7
Goodwill 2.4 2.4
Other intangible assets 1.1 1.4
Available-for-sale investments 10.6 0.0
Financial assets at fair value
through profit or loss 14.5 7.7
Receivables 0.2
Deferred tax assets 0.1 1.0
Total non-current assets 59.9 46.4
Current assets
Inventories 24.7 30.2
Trade and other receivables 43.4 50.5
Advance payments 0.1 0.1
Financial assets at fair value
through profit or loss 16.1 12.2
Available-for-sale investments, liquid assets 0.5 3.2
Available-for-sale investments,
cash equivalents 20.4 34.0
Cash and cash equivalents 30.8 11.1
Total current assets 135.9 141.2
Non-current assets held for sale 4.9 4.6
TOTAL ASSETS 200.7 192.2
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Share capital 15.2 15.2
Share premium account 16.1 16.1
Treasury shares - 8.9 - 7.4
Other reserves 4.7 3.5
Translation differences 0.1 2.0
Retained earnings 123.3 116.9
Total equity 150.5 146.2
Non-current liabilities
Deferred tax liabilities 1.5 1.0
Provisions 5.4 6.0
Financial liabilities 12.0
Total non-current liabilities 6.9 19.1
Current liabilities
Trade and other liabilities 30.1 25.9
Current tax 1.2 1.0
Financial liabilities 12.0
Total current liabilities 43.3 26.9
Total liabilities 50.2 46.0
TOTAL SHAREHOLDERS' EQUITY
AND LIABILITIES 200.7 192.2
CONSOLIDATED STATEMENT OF CASH FLOWS 2009 2008
EUR million 1 - 12 1 - 12
Cash flows from operating activities
Net profit 14.3 15.6
Adjustments for the net profit 6.0 10.2
Change in net working capital 16.3 2.3
Paid interests and other financial expenses - 0.9 - 0.8
Interest received 0.7 1.2
Income taxes paid - 5.5 - 5.5
Net cash from operating activities 30.9 23.0
Cash flows from investing activities
Purchase of tangible and
intangible assets - 3.4 - 3.4
Proceeds from sale of tangible and
intangible assets 0.2 2.2
Purchase of investments - 88.3 - 29.1
Proceeds from sale of investments 74.1 3.5
Interest received from investments 1.9 0.9
Net cash used in investing activities - 15.4 - 25.9
Cash flows from financing activities
Purchase of own shares - 1.5 - 0.5
Proceeds from loans 12.0
Repayment of loans - 7.5
Dividends paid - 7.0 - 7.0
Net cash used in financing activities - 8.5 - 3.1
Net increase/decrease in cash and
cash equivalents 7.1 - 6.0
Cash and cash equivalents
at beginning of period 45.1 50.0
Changes in exchange rates - 0.9 1.0
Cash and cash equivalents
at end of period 51.2 45.1
KEY INDICATORS 2009 2008
1 - 12 1 - 12
Return on equity, % 9.7 11.2
Return on investment, % 13.9 13.7
Interest-bearing liabilities,
EUR million 12.0 12.0
Gearing, % - 46.7 - 38.4
Equity ratio, % 75.0 76.1
Gross investments in fixed
assets, EUR million 3.1 3.9
% of net turnover 1.6 1.8
Personnel, average 2 064 2 132
Earnings per share, EUR 0.25 0.27
Shareholders' equity per share, EUR 2.61 2.50
Dividend per share, EUR 0.12 0.12
Dividend per earnings, % 48.6 45.0
Effective dividend yield, % 4.36 5.91
Price-to-earnings ratio (P/E) 11.1 7.6
Share price
Year's lowest share price, EUR 1.82 1.76
Year's highest share price, EUR 2.81 2.45
Average share price for year, EUR 2.18 2.07
Share price at year's end, EUR 2.75 2.03
Market capitalisation at end of year, EUR million 167.0 123.2
Number of shares at
the end of period, 000's 60 714 60 714
- not counting company's own shares 57 726 58 443
- weighted average 58 082 58 696
The company does not have any liabilities resulting from derivative instruments.
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.
STATEMENT OF CHANGES IN 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
SHAREHOLDER'S EQUITY A B C D E F G
1.1.2008 15.2 16.1 - 6.9 - 2.6 2.6 109.3 133.6
TOTAL COMPREHENSIVE INCOME 4.6 15.6 20.3
Payment of dividends - 7.0 - 7.0
Transfer to funds 1.0 - 1.0 0
Distribution of treasury shares 0.0 0.0
Acquisition of treasury shares - 0.6 - 0.6
SHAREHOLDER'S EQUITY
31.12.2008 15.2 16.1 - 7.4 2.0 3.5 116.9 146.2
SHAREHOLDER'S 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 - 1.9 0.3 14.3 12.8
Payment of dividends - 7.0 - 7.0
Transfer to funds 0.9 - 0.9 0
Distribution of treasury shares 0.0 0.0
Acquisition of treasury shares - 1.5 - 1.5
SHAREHOLDER'S EQUITY
31.12.2009 15.2 16.1 - 8.9 0.1 4.7 123.3 150.6
SEGMENT INFORMATION ACCORDING TO GEOGRAPHICAL AREA
EUR million
2009 2008
1 - 12 1 - 12
TURNOVER
Europe 113.5 152.3
Asia 93.2 89.7
Turnover between segments - 9.4 - 23.1
Total 197.3 218.9
OPERATING PROFIT
Europe 2.6 10.0
Asia 13.4 11.1
Total 16.0 21.1
ASSETS
Europe 79.0 104.0
Asia 60.4 47.9
Goodwill 2.4 2.4
Financial assets 58.9 38.1
Total 200.7 192.2
The financial assets of investment activities comprise all of Scanfil plc's
financial assets and all deposits by subsidiaries with a maturity exceeding
three months, classified as investment assets. The result of investment
activities before tax was EUR 5.5 million (EUR -1.2 million in 2008).
CHANGES IN TANGIBLE NON-CURRENT ASSETS
EUR million
2009 2008
1 - 12 1 - 12
Book value at the beginning of the period 33.7 36.5
Additions 2.9 3.3
Deductions - 0.4 - 0.3
Depreciations - 4.7 - 6.4
Exchange rate differences - 0.4 0.6
Book value at the end of the period 31.1 33.7
CONTINGENT LIABILITIES
EUR million 2009 2008
1 - 12 1 - 12
Given real estate mortgages 3.4 3.4
Given business mortgages 18.8 18.8
Pledged guarantees 0.1 0.1
Rental liabilities 0.2 0.5
Scanfil Oyj has arranged a bank guarantee of EUR 6.0 million to secure the
payment of contributions related to Scanfil NV's restructuring. Scanfil NV's
balance sheet includes a corresponding provision.
Scanfil EMS Oy has given a counter guarantee of EUR 12.2 million for Scanfil
Oü's equivalent bank loan guarantee.
KEY INDICATORS QUARTERLY
Q4/09 Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Turnover, MEUR 48.1 49.6 49.9 49.6 54.2 56.0 58.7 50.0
Operating profit, MEUR 2.6 4.2 5.0 4.2 4.5 5.2 6.6 4.7
Operating profit, % 5.3 8.5 10.0 8.5 8.3 9.3 11.3 9.5
Net income, MEUR 2.7 3.8 6.6 1.3 2.3 3.5 6.2 3.6
EPS, EUR 0.05 0.06 0.11 0.02 0.04 0.06 0.11 0.06
Departing from the previous notice the company's Annual Report for 2009 will be
published in week 11. The company will publish interim reports in 2010 as
follows: January-March on 24 April, January-June on 3 August and
January-September on 22 October.
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 industrial 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 industrial
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 industrial 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 the 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 the 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.
