SCANFIL PLC INTERIM REPORT 29 OCTOBER 2014 9.00 A.M.
SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2014
July – September
– Turnover totalled EUR 56.7 million (Q3 2013: 50.4), up to 12.6%
– Operating profit EUR 5.2 million (4.2), 9.2% (8.4%)of turnover, up to 22.4%
– Profit was EUR 3.8 million (3.0), up to 25.9%
– Earnings per share amounted EUR 0.07 (0.05)
January – September
– Turnover totalled to EUR 164.9 million (1-9 2013: 143.1), up to 15.2%
– Operating profit EUR 12.9 million (9.3), 7.8% (6.5%) of turnover, up to 38.9%
– Profit for the review period was EUR 9.8 million (6.3), up to 55.2%
– Earnings per share were EUR 0.17 (0.11)
Due to better-than-expected profitability development in the third quarter, Scanfil plc revised its operating profit guidance for 2014 on 15 September 2014. The company estimates that its operating profit will be EUR 14.5–16.0 million. Turnover is expected to increase by 11–18%, in line with the previous guidance.
Scanfil previously estimated that its turnover would increase by 11–18% and its operating profit would be EUR 13.0–15.0 million in 2014.
Petteri Jokitalo, CEO of Scanfil plc:
“I’m pleased with Scanfil’s performance in the third quarter. Its profitability developed strongly overall, and its operating profit grew by approximately 22%. In addition to increased turnover, development measures launched to improve operational performance had a positive effect on the operating profit. Many of the results of our development efforts are already visible. For this, we owe thanks to our employees.”
BUSINESS TRENDS
Scanfil’s turnover for January–September 2014 was EUR 164.9 million, which represents an increase of approximately 15% year-on-year. The breakdown of turnover by regional segment was as follows: Europe 60% (60%), Asia 40% (40%).
In January–September, professional electronics customers represented 81% (82%) of total sales, and telecommunications customers accounted for 19% (18%) of total sales.
The demand for telecommunications products remained strong throughout the review period. In January–September, telecommunications sales increased by approximately 21% year-on-year. Professional electronics sales increased by approximately 14%, of which the acquisition of Scanfil GmbH represented approximately 50%. Scanfil GmbH’s business operations were consolidated into Scanfil’s consolidated financial statements as of 1 April 2014.
The implementation of the new ERP system has progressed as planned. The system is currently in use in Finland, Hungary and China, and will be rolled out in Estonia next.
FINANCIAL DEVELOPMENT
The Group’s turnover for January – September was EUR 164.9 (143.1) million.
Operating profit for the Group during the review period was EUR 12.9 (9.3) million, representing 7.8% (6.5%) of turnover. The turnover includes EUR 0.2 (0.3) million of non-recurring expenses.
Earnings for the review period amounted to EUR 9.8 (6.3) million. Earnings per share were EUR 0.17 (0.11) and return on investment was 17.3% (11.3%).
Turnover amounted to EUR 56.7 (50.4) million in July-September and operating profit for the third quarter was EUR 5.2 (4.2) million, or 9.2% (8.4%) of turnover. Profit for the quarter was EUR 3.8 (3.0) million.
FINANCING AND CAPITAL EXPENDITURE
The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 139.5 (132.6) million. Liabilities amounted to EUR 48.6 (53.7) million, EUR 33.5 (30.2) million of which were non-interest-bearing and EUR 15.1 (23.5) million interest-bearing. The equity ratio was 65.2% (59.5%) and gearing -5.8% (-1.3%). The equity per share was EUR 1.57 (1.37).
Liquid cash assets totalled EUR 20.4 (24.5) million. Cash and cash equivalents of the comparison period included EUR 9.7 million of time deposits with maturity exceeding three months.
Net cash flow from operating activities for the review period January-September was EUR 6.2 (4.5) million. The change in net working capital during the period amounted to EUR -6.3 (-6.8) million. More capital has been tied up in working capital due to higher turnover compared to the turn of the year. This year, the investment cash flow of EUR -7.4 million (EUR -3.4 million) consists mainly of the acquisition of the subsidiary. Cash flow from financing was EUR -7.5 (-6.8) million, including dividends, loan instalments and use of the bank’s credit limit.
Gross investments in fixed assets in January-September totalled EUR 7.5 (3.8) million, which is 4.6% (2.6%) of turnover. Investments include EUR 5.8 million acquisition cost of shares of Schaltex Systems GmbH. Other investments are mainly investments in machines and equipment. Depreciations were EUR 3.3 (3.3) million.
BOARD OF DIRECTORS’ AUTHORISATION
The Annual General Meeting authorised the Board of Directors on 8 April 2014 to decide on the acquisition of the Company’s own shares with distributable assets and on the disposal of own shares 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.scanfil.com.
The Board of Directors has no existing share issue authorisations or authorisations to issue convertible bonds with warrants.
OPTION SHEME
Based on the authorisation given by the General Meeting on 18 April 2013, the Board of Directors decided on 25 September to grant the CEO and Director of Finanace of Scanfil plc and three key persons at the company’s subsidiary Scanfil EMS Oy option rights in all for 225,000 shares. The option rights shall be marked “2013B”. Each option right entitles its holder to subscribe for one (1) of the company’s new shares or shares in its possession. The subscription period for option right 2013B is 1 May 2017 – 31 April 2019. The subscription period for the option rights included in the option plan will not begin, unless the production and financial goals and conditions, set separately by the Board of Directors for exercising the option rights, are met. The option rights whose goals are not met will expire as determined by the Board. The subscription price of option right 2013B is EUR 1,41, which is the trading-volume weighted average share price in the NASDAQ OMX Helsinki of the period 1 – 31 March 2014.
The complete terms and conditions of the options plan 2013 (A) – (C) are presented on Scanfil plc’s website.
SHARE TRADING AND SHARE PERFORMANCE
The highest trading price during the review period was EUR 2.74 and the lowest EUR 1.30, the closing price for the period standing at EUR 2.68. A total of 3,878,592 shares were traded during the period, corresponding to 6.7% of the total number of shares. The market value of the shares on 30 September 2014 was EUR 154.7 million.
PERSONNEL
Scanfil Group’s personnel averaged 1,763 (1,674) employees during the review period. At the end of the period, the Group employed 1,781 (1,685) people, of whom 237 (240) worked in the company’s Finnish units and 1,544 (1,445) in the company’s units outside Finland. In all, 87% (86%) of the Group’s personnel were employed by subsidiaries outside Finland on 30 September 2014.
EVENTS AFTER THE REVIEW PERIOD
Partially decreased demand by a significant customer, and demand postponed until the second half of 2015 by the same customer, has created a need to adjust production at the Sievi plant of Scanfil EMS Oy, a subsidiary of Scanfil plc.
On 22 October 2014, Scanfil EMS launched statutory employee negotiations concerning all employees at the Sievi plant. According to initial estimates made by the company, the statutory employee negotiations may lead to temporary lay-offs of no more than 90 days between 1 December 2014 and 30 April 2015. A total of 25–45 employees at a time are projected to be affected. The Sievi plant has approximately 200 employees.
FUTURE PROSPECTS
Due to better-than-expected profitability development in the third quarter, Scanfil plc revised its operating profit guidance for 2014 on 15 September 2014. The company estimates that its operating profit will be EUR 14.5–16.0 million. Turnover is expected to increase by 11-18%, in line with the previous guidance.
Scanfil previously estimated that its turnover would increase by 11–18% and its operating profit would be EUR 13.0–15.0 million in 2014.
OPERATIONAL RISKS AND UNCERTAINTIES
Weakening of the global economy and the decrease in international demand for investment commodities might have a negative impact on the development of the business of Scanfil’s customers and impair the demand in the contract manufacturing market. This would have a negative impact on the development of Scanfil’s sales and profitability.
In other respects, the risks facing Scanfil’s business have remained essentially the same. The company’s 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 2013.
All figures in the financial report have been rounded and consequently the sum of the individual figures can deviate from the sum figure. The figures are unaudited.
| CONSOLIDATED INCOME STATEMENT | |||||
| EUR million | |||||
| 7 – 9 | 7 – 9 | 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Turnover | 56.7 | 50.4 | 164.9 | 143.1 | 188.5 |
| Other operating income | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 |
| Changes in inventories of finished goods | |||||
| and work in progress | -0.7 | 0.3 | 0.8 | 1.0 | 1.2 |
| Manufacturing for own use | 0.0 | 0.0 | |||
| Expenses | -49.7 | -45.4 | -149.7 | -131.7 | -173.8 |
| Depreciation | -1.1 | -1.1 | -3.3 | -3.3 | -4.4 |
| Operating profit | 5.2 | 4.2 | 12.9 | 9.3 | 11.8 |
| Financial income and expenses | 0.0 | -0.3 | -0.3 | -0.7 | -0.6 |
| Share in the associated company´s profit | -0.6 | -0.6 | |||
| Profit before taxes | 5.2 | 4.0 | 12.7 | 8.0 | 10.6 |
| Income taxes | -1.4 | -0.9 | -2.9 | -1.7 | -2.4 |
| Net profit for the period | 3.8 | 3.0 | 9.8 | 6.3 | 8.2 |
| Attributable to: | |||||
| Equity holders of the parent | 3.8 | 3.0 | 9.8 | 6.3 | 8.2 |
| Earnings per share for profit attributable to | |||||
| shareholders of the parent: | |||||
| undiluted and diluted | |||||
| earnings per share ( EUR) | 0.07 | 0.05 | 0.17 | 0.11 | 0.14 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
| EUR million | |||||
| 7 – 9 | 7 – 9 | 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2014 | 2013 | 2013 | |
| Net profit for the period | 3.8 | 3.0 | 9.8 | 6.3 | 8.2 |
| Items that may later be recognized in profit or loss | |||||
| Translation differences | 4.0 | -1.3 | 3.4 | -0.3 | -0.7 |
| Derivative Financial Instrument | 0.0 | 0.0 | 0.1 | 0.2 | 0.3 |
| Other comprehensive income, net of tax | 4.0 | -1.2 | 3.5 | -0.1 | -0.4 |
| Total Comprehensive Income | 7.9 | 1.8 | 13.3 | 6.2 | 7.8 |
| Attributable to: | |||||
| Equity holders of the parent | 7.9 | 1.8 | 13.3 | 6.2 | 7.8 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
| EUR million | |||
| Assets | 30.9.2014 | 30.9.2013 | 31.12.2013 |
| Non-current assets | |||
| Property, plant and equipment | 27.8 | 29.5 | 28.5 |
| Goodwill | 5.9 | 2.2 | 2.2 |
| Other intangible assets | 4.9 | 3.9 | 4.1 |
| Available-for-sale investments | 0.0 | 0.0 | 0.0 |
| Receivables | 0.2 | ||
| Deferred tax assets | 0.4 | 0.6 | 0.3 |
| Total non-current assets | 39.1 | 36.3 | 35.1 |
| Current assets | |||
| Inventories | 35.4 | 31.4 | 28.7 |
| Trade and other receivables | 44.4 | 40.2 | 33.5 |
| Advance payments | 0.2 | 0.2 | 0.1 |
| Other financial assets | 9.7 | ||
| Cash and cash equivalents | 20.4 | 14.8 | 28.2 |
| Total current assets | 100.3 | 96.3 | 90.5 |
| Total assets | 139.5 | 132.6 | 125.6 |
| Shareholder’s equity and liabilities | 30.9.2014 | 30.9.2013 | 31.12.2013 |
| Equity | |||
| Share capital | 2.0 | 2.0 | 2.0 |
| Translation differences | 11.6 | 8.6 | 8.2 |
| Other reserves | 6.0 | 5.7 | 5.7 |
| Reserve for invested unrestricted equity fund | 10.7 | 10.7 | 10.7 |
| Retained earnings | 60.5 | 51.9 | 53.8 |
| Total equity | 90.9 | 78.9 | 80.5 |
| Non-current liabilities | |||
| Provisions | 0.4 | 0.5 | 0.4 |
| Interest bearing liabilities | 4.6 | 14.1 | 9.2 |
| Total non-current liabilities | 5.0 | 14.6 | 9.5 |
| Current liabilities | |||
| Trade and other liabilities | 31.9 | 28.7 | 26.0 |
| Current tax | 1.2 | 1.0 | 0.4 |
| Interest bearing liabilities | 10.5 | 9.4 | 9.2 |
| Total current liabilities | 43.6 | 39.1 | 35.6 |
| Total liabilities | 48.6 | 53.7 | 45.1 |
| Total shareholder’s equity and liabilities | 139.5 | 132.6 | 125.6 |
| CONSOLIDATED CASH FLOW STATEMENT | |||
| EUR million | |||
| 1.1.-30.9.2014 | 1.1.-30.9.2013 | 1.1-31.12.2013 | |
| Cash flow from operating activities | |||
| Net profit | 9.8 | 6.3 | 8.2 |
| Adjustments for the net profit | 5.3 | 6.7 | 8.2 |
| Change in net working capital | -6.3 | -6.8 | -0.6 |
| Paid interests and other financial expenses | -0.3 | -0.4 | -0.6 |
| Interest received | 0.1 | 0.2 | 0.5 |
| Taxes paid | -2.5 | -1.5 | -2.5 |
| Net cash from operating activities | 6.2 | 4.5 | 13.2 |
| Cash flow from investing activities | |||
| Investments in tangible and intangible assets | -1.7 | -3.6 | -4.2 |
| Sale of tangible and intangible assets | 0.1 | 0.1 | 0.2 |
| Acquisition of Group company | -5.8 | ||
| Purchase of investments | -0.0 | -0.0 | |
| Receiving from other investments | 9.8 | ||
| Capital transfer tax refund | 0.1 | 0.1 | |
| Repayment of loans receivable | 0.0 | 0.0 | |
| Net cash from investing activities | -7.4 | -3.4 | 5.8 |
| Cash flow from financing activities | |||
| Repayment of long-term loans | -5.2 | -4.4 | -8.9 |
| Proceeds from long term borrowings | 0.7 | ||
| Dividends paid | -2.9 | -2.3 | -2.3 |
| Net cash from financing activities | -7.5 | -6.8 | -11.2 |
| Net increase/decrease in cash and cash equivalents | -8.7 | -5.6 | 7.9 |
| Cash and cash equivalents at beginning of period | 28.2 | 20.5 | 20.5 |
| Changes in exchange rates | 1.0 | -0.1 | -0.2 |
| Cash and cash equivalents at end of period | 20.4 | 14.8 | 28.2 |
| STATEMENT OF CHANGES IN CONSOLIDATED EQUITY | ||||||
| EUR million | ||||||
| Equity attributable to equity holders of the parent company | ||||||
| Reserve for | ||||||
| invested | ||||||
| Share | Translation | Other | unrestricted | Retained | Equity | |
| Equity | capital | differences | reserves | equity fund | earnings | total |
| 1.1.2014 | 2.0 | 8.2 | 5.7 | 10.7 | 53.8 | 80.5 |
| Transfer to funds | 0.2 | -0.2 | 0 | |||
| Dividends paid | -2.9 | -2.9 | ||||
| Total comprehensive income | 3.4 | 0.1 | 9.8 | 13.3 | ||
| Equity | ||||||
| 30.9.2014 | 2.0 | 11.6 | 6.0 | 10.7 | 60.5 | 90.9 |
| Equity attributable to equity holders of the parent company | ||||||
| Reserve for | ||||||
| invested | ||||||
| Share | Translation | Other | unrestricted | Retained | Equity | |
| Equity | capital | differences | reserves | equity fund | earnings | total |
| 1.1.2013 | 2.0 | 8.9 | 5.3 | 10.7 | 48.0 | 75.0 |
| Transfer to funds | 0.1 | -0.1 | 0 | |||
| Dividends paid | -2.3 | -2.3 | ||||
| Total comprehensive income | -0.3 | 0.2 | 6.3 | 6.2 | ||
| Equity | ||||||
| 30.9.2013 | 2.0 | 8.6 | 5.7 | 10.7 | 51.9 | 78.9 |
| KEY INDICATORS | |||
| 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2013 | |
| Return on equity, % | 15.2 | 10.9 | 10.6 |
| Return on investment, % | 17.3 | 11.3 | 11.4 |
| Interest-bearing liabilities, EUR million | 15.1 | 23.5 | 18.3 |
| Gearing, % | -5.8 | -1.3 | -12.2 |
| Equity ratio, % | 65.2 | 59.5 | 64.1 |
| Gross investments in fixed assets, EUR million | 7.5 | 3.8 | 4.0 |
| % of net turnover | 4.6 | 2.6 | 2.1 |
| Personnel, average | 1 763 | 1 674 | 1 673 |
| Earnings per share, EUR | 0.17 | 0.11 | 0.14 |
| Shareholders´ equity per share, EUR | 1.57 | 1.37 | 1.39 |
| Number of shares at | |||
| the end of period, 000´s | |||
| – not counting own shares | 57 730 | 57 730 | 57 730 |
| – weighted average | 57 730 | 57 730 | 57 730 |
| The company has a EUR 13.3 million loan in connection with which 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. | |||
| The company operates in a sector where order books typically span a short period of time. For this reason, future sales development cannot be reliably estimated. | |||
| SEGMENT INFORMATION | |||
| EUR million | |||
| 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2013 | |
| Turnover | |||
| Europe | 101.5 | 87.6 | 112.2 |
| Asia | 66.5 | 58.2 | 79.6 |
| Turnover between segments | -3.2 | -2.7 | -3.3 |
| Total | 164.9 | 143.1 | 188.5 |
| Operating profit | |||
| Europe | 6.1 | 5.0 | 5.2 |
| Asia | 6.8 | 4.4 | 6.6 |
| Total | 12.9 | 9.3 | 11.8 |
| Assets | |||
| Europe | 70.0 | 64.4 | 67.8 |
| Asia | 63.7 | 66.0 | 55.5 |
| Goodwill | 5.9 | 2.2 | 2.2 |
| Shares in associated companies | 139.5 | 132.6 | 125.6 |
| Total | |||
| CHANGES IN TANGIBLE NON-CURRENT ASSETS | |||
| EUR million | |||
| 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2013 | |
| Book value at the beginning of the period | 28.5 | 29.9 | 30.5 |
| Additions | 1.4 | 3.3 | 2.9 |
| Consolidation of business operations | 0.2 | ||
| Deductions | -0.0 | -0.5 | -0.5 |
| Depreciations | -3.0 | -3.1 | -4.2 |
| Exchange rate differences | 0.7 | -0.1 | -0.2 |
| Book value at the end of the period | 27.8 | 29.5 | 28.5 |
| FINANCIAL ASSETS AND LIABILITIES, CARRYING AMOUNT AND FAIR VALUE | |||
| EUR million | |||
| 30.9.2014 | 30.9.2014 | ||
| Book values of | Fair values of | ||
| balance sheet values | balance sheet values | ||
| Non-current assets | |||
| Available for sale investments | 0.0 | 0.0 | |
| Non-current assets total | 0.0 | 0.0 | |
| Current assets | |||
| Trade and other receivables | 42.7 | 42.7 | |
| Cash and cash equivalents | 20.4 | 20.4 | |
| Current assets total | 63.1 | 63.1 | |
| Total financial assets | 63.1 | 63.1 | |
| Non-current financial liabilities | |||
| Interest bearing liabilities from financial institutions | 4.4 | 4.4 | |
| Derivative | 0.0 | 0.0 | |
| Financial leasing | 0.1 | 0.1 | |
| Non-current financial liabilities total | 4.6 | 4.6 | |
| Current financial liabilities | |||
| Interest bearing liabilities from financial institutions | 10.4 | 10.4 | |
| Derivative | 0.1 | 0.1 | |
| Financial leasing | 0.2 | 0.2 | |
| Trade and other payables | 26.6 | 26.6 | |
| Current financial liabilities total | 37.2 | 37.2 | |
| Total financial liabilities | 41.8 | 41.8 | |
| The valuation of derivatives is based on market data (level 2). | |||
| The valuation of available for sale investments is based on the acquisition cost (level 3) as the fair value | |||
| of the shares cannot be determined reliably. | |||
| CONTINGENT LIABILITIES | |||
| EUR million | |||
| 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2013 | |
| Given business mortgages | 26.0 | 40.0 | 40.0 |
| Pledged guarantees | 0.8 | 1.2 | 1.2 |
| Leasing liabilities and other lease liabilities | 3.1 | 0.0 | 0.0 |
| In addition, Scanfil EMS Oy has provided a guarantee of any obligations arising from the subsidiary’s delivery contracts with its customers. The guarantee is limited to a maximum of EUR 7.5 million and seven years after the expiry of the last product agreement. | |||
| Scanfil plc has granted Nordea Bank Finland Plc an absolute guarantee for the payment of Scanfil EMS Oy’s loan of originally EUR 40 million and resulting obligations to pay. The principal of the loan on Scanfil EMS Oy’s balance sheet (FAS) on 30 June 2014 is EUR 13.3 million. | |||
| Scanfil plc has a credit limit associated with the Group account for EUR 5.0 million, for which Scanfil plc has granted an absolute guarantee. Scanfil EMS Oy may use this credit limit, for which it has also provided security. | |||
| Scanfil plc has provided Nordea Bank Finland plc with an absolute guarantee for the EUR 1.0 million credit | |||
| limit of Scanfil Kft and EUR 2.0 million credit limit of Scanfil GmbH, and Siemens Finance and Leasing GmbH for Scanfil GmbH’s lease liabilities of EUR 0.4 million. A total of EUR 1.5 million of the credit limits were in use on 30 September 2014. | |||
| TRANSACTIONS WITH RELATED PARTIES | |||
| EUR million | |||
| 1 – 9 | 1 – 9 | 1 – 12 | |
| 2014 | 2013 | 2013 | |
| Related party transactions: | |||
| Associated companies | |||
| Sales income | 0.0 | 0.0 | 0.1 |
| Trade receivables | 0.3 | ||
| Interest income | 0.0 | 0.0 | |
| Loan receivables | 0.3 | ||
| Interest receivables | 0.0 | ||
| Scanfil EMS Oy has rented an office space from Kiinteistö Oy Pilot 1, which is owned by a company | |||
| whose head owners are Jorma Takanen, Harri Takanen, Jarkko Takanen and Reijo Pöllä. | |||
| Rental costs were EUR 14 thousand by 30 September 2014 (EUR 10 thousand in 2013). | |||
| Administrative service income from Sievi Capital plc were EUR 33 thousand by 30 September 2014 | |||
| (EUR 30 thousand in 2013) | |||
| KEY INDICATORS QUATERLY | ||||||||
| Q3/14 | Q2/14 | Q1/14 | Q4/13 | Q3/13 | Q2/13 | Q1/13 | Q4/12 | |
| Turnover, MEUR | 56.7 | 60.6 | 47.6 | 45.4 | 50.4 | 48.7 | 44.0 | 40.8 |
| Operating profit, MEUR | 5.2 | 5.2 | 2.5 | 2.5 | 4.2 | 3.1 | 2.0 | 0.7 |
| Operating profit, % | 9.2 | 8.6 | 5.3 | 5.6 | 8.4 | 6.3 | 4.6 | 1.8 |
| Net income, MEUR | 3.8 | 4.3 | 1.7 | 1.9 | 3.0 | 2.1 | 1.1 | 0.3 |
SCANFIL PLC
Petteri Jokitalo
CEO
Additional information:
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Major Media
www.scanfil.com
Scanfil Group is engaged in contract manufacturing for international telecommunications technology and professional electronics manufacturers. Scanfil has almost 40 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, Germany, Hungary and Finland.
Not to be published or distributed, directly or indirectly, in any country where its distribution or publication is unlawful. 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.