CORRECTION: SCANFIL GROUP’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2013

10.3.2014

SCANFIL PLC     FINANCIAL STATEMENTS RELEASE      10 MARCH 2014       2.00 p.m.

CORRECTION: SCANFIL GROUP’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2013

A correction to Scanfil plc ’s financial statements release published on 25 February 2014.
In the ”Dividend for 2013” section, the parent company’s distributable assets are incorrect. The correct figure is EUR 13,967,426.34. It has been incorrectly announced that the parent company’s distributable assets are EUR 11,767,426.34.

 

SCANFIL PLc

Marjo Nurkkala
Director, Finance

Additional information
Marjo Nurkkala
Director, Finance
puh. +358 8 4882 111

 

 

SCANFIL PLC    FINANCIAL STATEMENTS RELEASE       25 FEBRUARY 2014  9.45 A.M

SCANFIL GROUP’S FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER 2013

January – December
– Turnover totalled EUR 188.5 million (2012: EUR 180.9 million), up 4.2%
– Operating profit EUR 11.8 (8.1) million, 6.3% (4.5%) of turnover
– Profit for the review period was EUR 8.2 (5.7) million
– Earnings per share were EUR 0.14 (0.10)
– The Board of Directors proposes to the Annual General Meeting a dividend
  of EUR 0.05 per share

October – December
– Turnover totalled EUR 45.4 million (Q4 2012: 40.8), up 11.2%
– Operating profit EUR 2.5 (0.7) million, 5.6% (1.8%) of turnover
– Earnings per share amounted to EUR 0.03 (0.00)

Scanfil estimates that its turnover for 2014 will increase by between 4 and 10% and that the operating profit for the year will reach EUR 10.0-14.0 million.

Petteri Jokitalo, CEO of Scanfil plc:
‘The year 2013 was good for Scanfil despite the fact that the overall demand situation on many markets remained difficult. Scanfil’s turnover increased in 2013 and the company was also able to improve its profitability.  Global megatrends had a positive impact on the performance of many professional electronics customers and thus also on Scanfil’s business. Demand for professional electronics products increased from the year 2012 and it accounted for about 82% of Scanfil’s turnover in 2013.

I’m pleased with the profitability improvements during the year and with the fact that there was a substantial increase in turnover, especially in the fourth quarter. Profitable growth is also our aim in 2014.

I would like to extend my thanks to Scanfil personnel for successful work in 2013. We were able to grow profitably, which will provide us with a good basis for operational improvements and for meeting the needs of our stakeholders.’

GROUP STRUCTURE

The Scanfil Group comprises the parent company Scanfil plc and the Scanfil EMS subgroup. The Scanfil EMS subgroup, in turn, comprises the parent company Scanfil EMS Oy, subsidiaries and the associated company Greenpoint Oy (Scanfil EMS Oy’s share of ownership 40%). Scanfil EMS Oy’s subsidiaries are the Chinese subsidiaries Scanfil (Suzhou) Co., Ltd. and Scanfil (Hangzhou) Co., Ltd., the Hungarian subsidiaries Scanfil Kft. (Budapest) and Rozália Invest Kft. (Budapest) as well as the Estonia-based Scanfil Oü (Pärnu). The Scanfil EMS group has a 100% holding in all of its subsidiaries.

DEVELOPMENT OF OPERATIONS

Scanfil’s business operations developed positively during 2013. In September, the Group revised upwards its estimate of the operating profit for the year.  According to the estimate, there was a substantial improvement in the Group’s operating profit, to EUR 11.8 (8.1) million, while turnover increased slightly, to EUR 188.5 (180.9) million, compared with 2012.

Many of Scanfil’s professional electronics customers were able to increase their turnover in 2013, which also boosted demand for Scanfil’s products. Cooperation with a number of key customers was extended to cover more highly integrated products. During the year, Scanfil also started cooperation with a number of promising new customers. The company continued sales efforts to expand its professional electronics customer base, particularly in China and Central Europe.

Sales to professional electronics customers increased by about 15% in 2013 compared with the previous year and accounted for 82% of turnover (74%). Sales to telecommunication customers continued to decline and accounted for 18% (26%) of the turnover.

In October-December, there was a substantial increase in turnover and operating profit, compared with the previous year.  Turnover increased by 11.2%, reaching EUR 45.4 million. Operating profit increased from EUR 0.7 million to EUR 2.5 million. The strong growth in operating profit during the last quarter was mainly the result of higher turnover and changes in the product mix.

FINANCIAL DEVELOPMENT

The Group’s turnover for January – December was EUR 188.5 (180.9) million. The breakdown of turnover by regional segment was as follows: Europe 58% (59%) and Asia 42% (41%).

Operating profit for the Group during the review period was EUR 11.8 (8.1) million, representing 6.3% (4.5%) of turnover. The operating profit contains a write-down of EUR 0.3 million for accounts receivable from associated company.

The 2012 operating profit included a total of EUR +0.5 million in non-recurring items. Operating profit excluding non-recurring items was EUR 12.2 (7.6) million, representing 6.5% (4.2%) of turnover.

The operations of Greenpoint Oy, an associated company of Scanfil EMS Oy, have not developed as planned, and Scanfil’s evaluation is that the Greenpoint’s existing possibilities to deal with its obligations are poor. For this reason, Scanfil has recorded the write-down for all asset items connected with the associated company. Their effect on earnings before taxes is EUR -1.2 million. Scanfil EMS Oy owns 40% of Greenpoint Oy.

Earnings for the review period amounted to EUR 8.2 (5.7) million. Earnings per share were EUR 0.14 (0.10) and return on investment was 11.4% (8.1%).

Turnover amounted to EUR 45.4 (40.8) million in October-December and operating profit for the fourth quarter was EUR 2.5 (0.7) million, or 5.6% (1.8%) of turnover. Profit for the quarter was EUR 1.9 (0.3) million.

FINANCING AND CAPITAL EXPENDITURE

The Group enjoys a strong financial position.
The consolidated balance sheet totalled EUR 125.6 (130.0) million. Liabilities amounted to EUR 45.1 (55.0) million, EUR 26.8 (26.6) million of which were non-interest-bearing and EUR 18.3 (28.4) million interest-bearing. The equity ratio was 64.1% (57.7%) and gearing -12.2% (-2.4%). The equity per share was EUR 1.39 (1.30).

Liquid cash assets totalled EUR 28.2 (20.5) million.

Cash flow from operating activities in the accounting period came to EUR 13.2 (11.2) million positive. The change in net working capital during the year in review amounted to EUR 0.6 (0.4) million.  A total of EUR 35.6 million was tied to net working capital on 31 December 2013. Cash flow from investment activities was EUR +5.8 (-16.9) million and cash flow from financing activities was EUR -11.2 (-8.9) million. The investment cash flow includes the expiry of a deposit of EUR 9.8 million, which has a maturity of over three months and is classified as an investment. The financing cash flow contains the dividends payments and loan instalments.

Changes in exchange rates have not had a significant effect on the result of operational activity due to the business structure.

Gross investments in January – December in fixed assets totalled EUR 4.0 (7.2) million, which is 2.1% (4.0%) of turnover. Acquisition of machines and equipment accounts for most of the investments. The company made investments in electronics manufacturing in Estonia and Suzhou and in mechanics manufacturing in Hungary.  The investments in the new enterprise resource planning system totalled EUR 0.4 (0.6) million. The new enterprise resource planning system was put into use in Finland and Hungary during the year. The aim is to have the new system in place in the Group by the end of 2014. Depreciations were EUR 4.4 (4.5) million.

BOARD OF DIRECTORS’ AUTHORISATION

The Annual General Meeting authorised the Board of Directors on 18 April 2013 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 has no existing share issue authorisations or authorisations to issue convertible bonds with warrants.

OWN SHARES

The company does not own its own shares.

SHARE TRADING AND SHARE PERFORMANCE

The highest trading price during the year was EUR 1.47 and the lowest EUR 0.82, the closing price for the period standing at EUR 1.35. A total of 2,863,667 shares were traded during the period, corresponding to 5.0% of the total number of shares. The market value of the shares on 31 December 2013 was EUR 77.9 million.

PERSONNEL

At the end of the financial year, the Group employed 1,667 (1,653) people, of whom 1,426 (1,415) in the company’s units outside Finland. The proportion of employees working in China was 46% (47%) at the end of the year. In all, 86% (86%) of the Group’s personnel were employed by subsidiaries outside Finland on 31 December 2013. Scanfil Group’s personnel averaged 1,673 (1,669) employees during the review period.

CHANGES IN COMPANY MANAGEMENT

Petteri Jokitalo, M.Sc. (Eng) started as Scanfil plc’s CEO on 1 April 2013.

In its organising meeting on 18 April 2013, the Board of Directors elected by the General Meeting on 18 April 2013 elected Harri Takanen, M.Sc. (Eng) as its Chairman.

OPTION SCHEMES

On 18 April 2013, the General Meeting of shareholders of Scanfil plc authorised the Board of Directors to decide on granting options rights to certain key personnel of the Company and its subsidiaries. The maximum total number of option rights is 750,000 and they entitle the key personnel to subscribe for a maximum total of 750,000 of the Company’s new shares or shares in its possession.

Based on the authorisation by the General Meeting, the Board of Directors of Scanfil plc decided on 18 September 2013 to grant the CEO of Scanfil plc and four key persons at the Company’s subsidiary Scanfil EMS Oy option rights for 225,000 shares.

NOTIFICATIONS OF CHANGES IN SHAREHOLDING

On 17 September 2013, Scanfil plc received the following notifications pursuant to Chapter 9, Section 5 of the Securities Market Act:

Jorma J. Takanen’s ownership in Scanfil plc has fallen below 15 per cent of Scanfil plc´s shares and voting rights. The share of ownership was changed due to a donation associated with a change of generation on 17 September 2013.

Jorma J. Takanen’s direct ownership in Scanfil plc is 5,832,305 and indirect ownership 1 900 00 (share of ownership of Riitta and Jorma J. Takanen foundation) shares corresponding 13.39% of the total number (57,730,439) of the shares and voting rights in Scanfil plc.

Jarkko Takanen’s ownership in Scanfil plc has risen above 10 per cent of Scanfil plc´s shares and voting rights. The share of ownership was changed due to a donation associated with a change of generation made by Jorma J. Takanen on 17 September 2013.

Jarkko Takanen’s ownership in Scanfil plc is 8,251,169 shares corresponding 14.29% of the total number (57,730,439) of the shares and voting rights in Scanfil plc.

Harri Takanen’s ownership in Scanfil plc has risen above 15 per cent of Scanfil plc´s shares and voting rights. The share of ownership was changed due to a donation associated with a change of generation made by Jorma J. Takanen on 17 September 2013.

Harri Takanen’s ownership in Scanfil plc is 9,776,664 shares corresponding 16,94% of the total number (57,730,439) of the shares and voting rights in Scanfil plc.

FUTURE PROSPECTS

Scanfil estimates that its turnover for 2014 will increase by between 4 and 10% and that the operating profit for the year will reach EUR 10.0-14.0 million.

Turnover for 2013 was EUR 188.5 million and operating profit EUR 11.8 million.

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.

EVENTS AFTER THE REVIEW PERIOD

After being elected to the Board of Directors of Kitron ASA Tuomo Lähdesmäki informed that he will resign from his position as a member of the Board of Directors of Scanfil plc as of 24 February 2014.

ANNUAL GENERAL MEETING 2014 AND BOARD OF DIRECTORS’ PROPOSALS TO THE ANNUAL
GENERAL MEETING

Scanfi plc’s Annual General Meeting will be held on 8 April 2014 at the company’s head office in Sievi, Finland.

Dividend for 2013

The company aims to pay dividends amounting to approximately 1/3 of its annual result on a regular basis.
The parent company’s distributable funds are EUR 13,967,426.34. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.05 be paid from the unrestricted shareholders’ equity per share, for a total of EUR 2,886,521.95. The dividend matching day is 11 April 2014. 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 23 April 2014.

No significant changes have taken place in the company’s financial position since the end of the financial year. In the view of the Board of Directors, the proposed dividend pay-out will not put the company’s liquidity at risk.

The proposal of Scanfil plc’s nomination committee to the General Meeting for the composition of Scanfil plc’s Board of Directors will be published in connection with the invitation to the General Meeting.

The company publishes a notice of the Annual General Meeting later separately.

COMPARISON FIGURES

This financial statements release has been prepared in compliance with the IAS 34 Interim Financial Reporting standard.
The interim report has been prepared following the same accounting principles as in the 2012 financial statements.
The individual figures and totals shown in the tables have been rounded to millions of Euro from more accurate figures, which is why individual figures do not always add up.
The figures are unaudited.

 

CONSOLIDATED INCOME STATEMENT      
EUR million        
  10 – 12 10 – 12 1 – 12 1 – 12
  2013 2012 2013 2012
         
Turnover 45.4 40.8 188.5 180.9
Other operating income 0.1 0.0 0.3 1.3
Changes in inventories of finished goods        
and work in progress 0.3 -0.1 1.2 -0.1
Manufacturing for own use   0.0 0.0 0.0
Expenses -42.1 -38.9 -173.8 -169.5
Depreciation -1.1 -1.2 -4.4 -4.5
Operating profit 2.5 0.7 11.8 8.1
Financial income and expenses 0.1 -0.1 -0.6 -0.1
Share in the associated company´s profit   -0.1 -0.6 -0.4
Profit before taxes 2.6 0.6 10.6 7.6
Income taxes -0.7 -0.3 -2.4 -1.9
Net profit for the period 1.9 0.3 8.2 5.7
         
Attributable to:        
Equity holders of the parent 1.9 0.3 8.2 5.7
         
Earnings per share for profit attributable to        
shareholders of the parent:        
Undiluted and diluted earnings per share 0.03 0.00 0.14 0.10
         
       
         
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million        
  10 – 12 10 – 12 1 – 12 1 – 12
  2013 2012 2013 2012
         
Net profit for the period 1.9 0.3 8.2 5.7
Other comprehensive income:        
Items that may later be recognised in profit and loss        
Translation differences -0.4 -0.6 -0.7 -0.3
Derivative financial instrument 0.0 0.1 0.3 0.2
Other comprehensive income, net of tax -0.4 -0.5 -0.4 -0.1
Total Comprehensive Income 1.5 -0.2 7.8 5.6
         
Attributable to: 1.5 -0.2 7.8 5.6
Equity holders of the parent        

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million      
       
Assets 31.12.2013 31.12.2012  
       
Non-current assets      
Property. plant and equipment 28.5 30.5  
Goodwill 2.2 2.2  
Other intangible assets 4.1 3.1  
Shares in associated companies   0.6  
Available-for-sale investments 0.0 0.0  
Receivables   0.2  
Deferred tax assets 0.3 0.6  
Total non-current assets 35.1 37.4  
       
Current assets      
Inventories 28.7 29.9  
Loan receivables from associated companies   0.1  
Trade and other receivables 33.5 32.0  
Advance payments 0.1 0.4  
Current tax   0.0  
Other financial assets   9.7  
Cash and cash equivalents 28.2 20.5  
Total current assets 90.5 92.7  
       
Total assets 125.6 130.0  
       
       
Shareholder’s equity and liabilities 31.12.2013 31.12.2012  
       
Equity      
Share capital 2.0 2.0  
Translation differences 8.2 8.9  
Other reserves 5.7 5.3  
Reserve for invested unrestricted equity fund 10.7 10.7  
Retained earnings 53.8 48.0  
Total equity 80.5 75.0  
       
Non-current liabilities      
Deferred tax liabilities   0.0  
Provisions 0.4 0.4  
Interest bearing liabilities 9.2 18.9  
Other liabilities      
Total non-current liabilities 9.5 19.3  
       
Current liabilities      
Trade and other liabilities 25.8 25.4  
Current tax 0.5 0.8  
Interest bearing liabilities 9.2 9.5  
Total current liabilities 35.6 35.7  
       
Total liabilities 45.1 55.0  
       
Total shareholder’s equity and liabilities 125.6 130.0  
 
 
     

 

CONSOLIDATED CASH FLOW STATEMENT  
EUR million    
  1.1-31.12.2013 1.1-31.12.2012
Cash flow from operating activities    
Net profit 8.2 5.7
Adjustments for the net profit 8.2 7.4
Change in net working capital -0.6 -0.4
Paid interests and other financial expenses -0.6 -0.8
Interest received 0.5 0.4
Taxes paid -2.5 -1.1
Net cash from operating activities 13.2 11.2
     
Cash flow from investing activities    
Investments in tangible and intangible assets -4.2 -7.3
Sale of tangible and intangible assets 0.2 0.1
Purchase of investments 0.0 -9.7
Receiving from other investments 9.8  
Capital transfer tax refund 0.1  
Repayment of loans receivable 0.0  
Granted loans 0.0 -0.0
Net cash from investing activities 5.8 -16.9
     
Cash flow from financing activities    
Repayment of long-term loans -8.9 -8.9
Dividends paid -2.3  
Net cash from financing activities -11.2 -8.9
     
Net increase/decrease in cash and cash equivalents 7.9 -14.6
     
Cash and cash equivalents at beginning of period 20.5 35.2
Cash transferred at the demerger   0.1
Changes in exchange rates -0.2 -0.2
Cash and cash equivalents at end of period 28.2 20.5

 

 

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
1.1.2013 2.0 8.9 5.3 10.7 48.0 75.0
             
Option scheme         0.0 0.0
             
Transfer to funds     0.1   -0.1 0
             
Total comprehensive income -0.7 0.3   8.2 7.8
             
Dividends paid         -2.3 -2.3
             
Equity            
31.12.2013 2.0 8.2 5.7 10.7 53.8 80.5
             
             
        Reserve for    
        invested    
  Share Translation Other unrestricted Retained Equity
Equity capital differences reserves equity fund earnings total
1.1.2012 2.0 9.2 4.9 10.6 42.6 69.4
             
Items received in partial demerger 0.1   0.1
             
Transfer to funds     0.3   -0.3 0
             
Total comprehensive income -0.3 0.2   5.7 5.6
             
             
Equity            
31.12.2012 2.0 8.9 5.3 10.7 48.0 75.0

 

 

KEY INDICATORS      
  1 – 12 1 – 12  
  2013 2012  
       
Return on equity, % 10.6 7.9  
Return on investment, % 11.4 8.1  
Interest-bearing liabilities, EUR million 18.3 28.4  
Gearing, % -12.2 -2.4  
Equity ratio, % 64.1 57.7  
Gross investments in fixed assets, EUR million 4.0 7.2  
% of net turnover 2.1 4.0  
Personnel, average 1 673 1 669  
       
Earnings per share, EUR 0.14 0.10  
Shareholders´ equity per share, EUR 1.39 1.30  
Dividend per share, EUR 0.05 0.04  
Dividend per earnings, % 35.1 40.5  
Effective dividend yield, % 3.70 4.88  
Price-to-earnings ratio (P/E) 9.5 8.3  
       
Year´s lowest share price, EUR 0.82 0.60  
Year´s highest share price, EUR 1.47 1.10  
Average share price for year, EUR 1.11 0.76  
Share price at year´s end, EUR 1.35 0.82  
Market capitalisation at end of year, EUR million 77.9 47.3  
       
Number of shares at      
the end of period, 000´s      
 – not counting own shares 57 730 57 730  
 – weighted average 57 730 57 730  
       
       
The company has a EUR 18.3 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.
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 – 12 1 – 12  
  2013 2012  
Turnover      
Europe 112.2 108.1  
Asia 79.6 75.8  
Turnover between segments -3.3 -3.0  
Total 188.5 180.9  
       
Operating profit      
Europe 5.2 5.2  
Asia 6.6 2.9  
Total 11.8 8.1  
       
Assets      
Europe 67.8 64.2  
Asia 55.5 62.9  
Goodwill 2.2 2.2  
Shares in associated companies   0.6  
Total 125.6 130.0  
       
       
       
CHANGES IN TANGIBLE NON-CURRENT ASSETS    
EUR million      
  1 – 12 1 – 2  
  2013 2012  
       
Book value at the beginning of the period 30.5 27.7  
Additions 2.9 7.0  
Deductions -0.5 -0.1  
Depreciations -4.2 -4.3  
Exchange rate differences -0.2 0.3  
Book value at the end of the period 28.5 30.5  
       
       
       
CONTINGENT LIABILITIES      
EUR million      
  1 – 12 1 – 12  
  2013 2012  
       
Given business mortgages 40.0 40.0  
Pledged guarantees 6.4 1.3  
Leasing liabilities and other lease liabilities 0.0 0.1  
       
       
TRANSACTIONS WITH RELATED PARTIES  
EUR million      
  1 – 12 1 – 12  
  2013 2012  
       
Related party transactions:      
Associated companies      
Sales income 0.1 0.2  
Trade receivables   0.3  
Interest income 0.0 0.0  
Loan receivables   0.3  
Interest receivables   0.0  
       
Loans of EUR 0.3 million and trade receivables of EUR 0.3 million which have been granted to
an associate company Greenpoint Oy have been written-off as impairment. Also remaining goodwill of
EUR 0.6 million has been fully depreciated.  
       
Scanfil EMS Oy has rented an office space from Kiinteistö Oy Pilot 1, which head owners are Jorma Takanen, Harri Takanen, Jarkko Takanen and Reijo Pöllä.                                                                              
       
Rental costs were EUR 15 thousand by 31 December 2013 (EUR 7 thousand in 2012).

 

KEY INDICATORS QUATERLY
                 
                 
  Q4/13 Q3/13 Q2/13 Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Turnover, MEUR 45.4 50.4 48.7 44.0 40.8 48.2 49.3 42.6
Operating profit, MEUR 2.5 4.2 3.1 2.0 0.7 2.8 3.2 1.4
Operating profit, % 5.6 8.4 6.3 4.6 1.8 5.7 6.4 3.4
Net income, MEUR 1.9 3.0 2.1 1.1 0.3 1.7 2.6 1.2

 

 

Calculation of key indicators  
 
 
Return on equity, %
Net profit for the period x 100
  Shareholders’ equity  (average)
   
Return on investment, % (Profit before taxes + interest and other financial expenses) x 100
  Balance sheet total – non-interest-bearing liabilities (average)
   
Gearing (%) (Interest-bearing liabilities – cash and other liquid financial assets) x 100
  Shareholders’ equity
   
Equity ratio (%) Shareholders’ equity x 100 
  Balance sheet total – advance payments received
   
Earnings per share Net profit for the period
  Average adjusted number of shares during the year
   
Shareholders’ equity per share Shareholders’ equity
  Adjusted number of shares at the end of the financial period
   
Dividend per share Dividend to be distributed for the period (Board’s proposal)
  Number of shares at the end of year
   
Dividend per earnings (%) Dividend per share x 100
  Earnings per share
   
Effective dividend yield (%) Dividend per share x 100
  Share price at the end of year
   
Price-to-earnings ratio (P/E) Share price at the end of year 
  Earnings per share
   
Average share price Total share turnover
  Number of shares traded
   
Market capitalisation Number of shares x last trading price of the financial period

 

 

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 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.

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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