SIEVI CAPITAL PLC PUBLISHES DEMERGER AND LISTING PROSPECTUS

| Source: Sievi Capital Oyj Sievi Capital Oyj 

SIEVI CAPITAL PLC    STOCK EXCHANGE RELEASE   14 NOVEMBER 2011 4.45 PM

SIEVI CAPITAL PLC PUBLISHES DEMERGER AND LISTING PROSPECTUS

The Financial Supervisory Authority has today on 14 November 2011 accepted the Demerger and Listing Prospectus (“Prospectus”) of Sievi Capital plc. The Demerger Plan signed by the Board of Directors of Sievi Capital plc has been published on 11 August 2011, and an Extra Ordinary General Meeting of the shareholders will decide on the matter on 22 November 2011.

From this day the Prospectus will be available in a pdf format on the Sievi Capital plc’s homepages www.sievicapital.com/Investors.

The Prospectus contains some information that has not been disclosed previously and the most essential information according to the judgment of the company is disclosed in this release. Shareholders and investors are, however, instructed to acquaint themselves with the entire Prospectus.

The following information provided in the Prospectus is included in this release:

- The adjusted financial statements of the group formed by Sievi Capital plc following the demerger, with the business operations of Sievi Capital plc’s subsidiary Scanfil EMS Oy classified as discontinued operations.

- The consolidated income statement of the Scanfil EMS subgroup for the period 1 January–31 December 2008, including the figures for the contract manufacturing business demerged from Sievi Capital group’s income statement for 1 January-30 April 2008 and figures for the Scanfil EMS subgroup for the periods 1 January-30 September 2011 and 1 January-30 September 2010.

- pro forma financial information for the new company Scanfil plc established as the result of the demerger

In addition to above, the Prospectus includes the company and business descriptions of the present Sievi Capital plc and the new company resulting from the demerger.

 

SIEVI CAPITAL PLC 

Harri Takanen
President

 

Additional information:
President Harri Takanen
Tel +358 8 4882 111

 

Distribution         NASDAQ OMX, Helsinki
                         Major Media
                        www.sievicapital.com
 

 

Sievi Capital Plc, adjusted financial statements after the Demerger

 

1. Accounting principles for unaudited adjusted financial statements

2. Unaudited adjusted income statements, balance sheet and cash flow statements for Sievi Capital Plc

 

 1. Accounting principles for unaudited adjusted financial statements

Following the Demerger, the Company’s corporate structure will be significantly changed. Therefore, the following concerns the financial statements of the group formed after the Company’s Demerger, presented as figures adjusted from the Company’s consolidated financial statements, with the business operations of the Company’s subsidiary Scanfil EMS Oy classified as discontinued operations.

The financial statements adjusted from the Company’s consolidated financial statements are presented only on the level of the group formed by the Company after the Demerger. The figures adjusted from the Company’s consolidated financial statements are based on the Company’s audited consolidated financial statements from accounting years that ended on 31 December 2010, 31 December 2009 and 31 December 2008, respectively, and from the two nine-month periods that ended with interim reports on 30 September 2011 and 30 September 2010.

Adjusted financial statements of the group formed by the Company after the Demerger have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS). Financial statements adjusted from the Company’s consolidated financial statements have not been audited.

The financial statements adjusted from the Company’s consolidated financial statements that are presented below are for illustration purposes only. They should be considered together with the earlier published Company’s financial statements and interim reports and as refereed in the Prospectus.

Financial statements adjusted from Sievi Capital’s consolidated financial statements do not, as such, necessarily illustrate the future result, financial position, changes in shareholders’ equity or cash flow of the Company after the Demerger; nor do they illustrate what these would have been if the Company after the Demerger would have been treated as a separate legal entity in the presented periods.

 

2. Unaudited adjusted income statements, balance sheet and cash flow statements for Sievi Capital Plc

Adjusted income statement

 

 

  1.1.-31.12.2010 1.1.-31.12.2009 1.1.-31.12.2008 1.1.-30.9.2011 1.1.-30.9.2010
EUR million Unaudited Unaudited Unaudited Unaudited Unaudited
           
Continued operations          
Other operating income 4.6 2.3 1.7 1.3 4.2
           
Employee benefit expenses -0.3 -0.3 -0.2 -0.3 -0.2
Depreciation and amortization -0.5 -0.5 -0.6 -0.4 -0.4
Other operating expenses -0.4 -1.0 -1.2 -0.6 -0.4
           
Operating profit 3.4 0.4 -0.3 0.1 3.1
           
Financial income 5.5 5.8 1.8 2.6 4.0
Financial expense -1.4 -0.1 -3.0 -7.9 -0.8
Share of profit and loss of associates -1.8     -1.3 -0.5
           
Profit before tax 5.7 6.1 -1.5 -6.5 5.8
           
Income tax -1.6 -1.7 0.3 1.5 -1.5
           
Profit, continued operations 4.1 4.4 -1.1 -5.0 4.3
           
Discontinued operations          
Profit, discontinued operations 6.8 9.9 16.8 6.3 5.0
           
Net profit for the period 10.9 14.3 15.6 1.3 9.3
           
           
           
Attributable to the equity holders of      
the parent, euro/share:      
Earnings/share (EPS),EUR basic and diluted      
           
Continued operations 0.07 0.08 -0.02 -0.09 0.07
           
Discontinued operations 0.12 0.17 0.29 0.11 0.09
           
Net profit for the period 0.19 0.25 0.27 0.02 0.16
           
Average number of shares:        
basic and diluted: 57 730 439 57 992 417 58 696 369 57 730 439 57 730 439
           
           
Consolidated statement of comprehensive income      
           
Net profit for the period 10.9 14.3 15.6 1.3 9.3
           
Other comprehensive income          
Discontinued operations          
Translation differences 5.0 -1.9 4.6 1.3 3.3
Continued operations          
Available-for-sale investments 0.7 0.3   -1.3 1.1
Translation differences 0.5     -0.2  
           
Other comprehensive income, net of tax 6.3 -1.6 4.6 -0.2 4.4
           
Total comprehensive income 17.2 12.8 20.3 1.2 13.7
           
           
Attributable to the equity holders of      
the parent, euro/share:      
Earnings/share (EPS),EUR basic and diluted      
  0.30 0.22 0.35 0.02 0.24
           
Average number of shares:        
basic and diluted: 57 730 439 57 992 417 58 696 369 57 730 439 57 730 439
               

 

Adjusted balance sheet

 

 

  31.12.2010 31.12.2009 31.12.2008 30.9.2011 30.9.2010
EUR million Unaudited Unaudited Unaudited Unaudited Unaudited
           
ASSETS          
Non-current assets          
Property, plant and equipment 7.2 7.8 8.6 6.9 7.4
Goodwill 0.1 0.1 0.1 0.1 0.1
Other intangible assets 0.0 0.0 0.0 0.0 0.0
Investments in associated companies 24.3     22.8 21.6
Available-for-sale investments 9.5 10.6 0.0 7.8 12.2
Financial assets at fair value          
through profit and loss 16.6 14.5 7.7 19.3 19.3
Loan receivables from Scanfil EMS Group   31.0     32.7
Receivables     0.2 0.5  
Deferred tax assets     0.8 1.9  
  57.8 64.1 17.4 59.3 93.3
           
Current assets          
Loan receivables from Group 2.8   0.5   7.4
Trade and other receivables 0.1 0.2 0.4 0.6 0.9
Advance payments 0.0 0.0 0.0 0.0 0.0
Financial assets at fair value          
through profit and loss 7.7 16.1 12.2 21.8 7.5
Available-for-sale investments, cash equivalents 33.0 4.8 14.0    
Cash and cash equivalents 7.8 23.2 1.2 13.0 5.0
  51.4 44.2 28.3 35.4 20.8
           
Non-current assets held for sale 4.9 4.6    
    49.1 32.9    
           
Total assets 109.3 113.2 50.3 94.7 114.0
           
           
SHAREHOLDER’S EQUITY AND LIABILITIES      
           
Equity          
Share capital 15.2 15.2 15.2 15.2 15.2
Share premium account 16.1 16.1 16.1 16.1 16.1
Treasury shares -8.9 -8.9 -7.4 -8.9 -8.9
Translation differences 0.5 0.0   0.3  
Other reserves 1.2 0.5 0.2 -0.1 1.6
Retained earnings 77.0 79.9 17.5 65.1 77.2
  101.2 102.7 41.5 87.8 101.2
           
Total equity 101.2 102.7 41.5 87.8 101.2
           
LIABILITIES          
Non-current liabilities          
Deferred tax liabilities 0.9 1.3 1.0 0.4 1.1
Provisions 4.2 5.3 5.9 3.5 4.6
  5.1 6.7 7.0 3.9 5.7
Current liabilities          
Trade and other liabilities 0.2 0.2 0.4 0.3 0.2
Current tax 2.0 0.4 0.5 0.1 1.9
Loans to Scanfil EMS Group 0.8 3.2 0.9 2.6  
Short-term interest bearing loans         5.0
  3.0 3.8 1.8 3.0 7.1
           
Total liabilities 8.1 10.5 8.8 6.9 12.8
           
Total shareholder’s equity and liabilities 109.3 113.2 50.3 94.7 114.0
           
           

 

Assets related to discontinued operations:

 

 

           
  31.12.2010 31.12.2009 31.12.2008 30.9.2011 30.9.2010
EUR million Unaudited Unaudited Unaudited Unaudited Unaudited
           
Assets 143.4 121.7 143.5 138.4 142.7
Liabilities 83.8 73.9 38.8 71.2 86.6
           
Assets related to discontinued          
operations, net: 59.6 47.8 104.7 67.2 56.0

 

 

Adjusted cash flow statements

 

 

  1.1.-31.12.2010 1.1.-31.12.2009 1.1.-1.12.2008 1.1.-
30.9.2011		 1.1.-
30.9.2010
EUR million Unaudited Unaudited Unaudited Unaudited Unaudited
           
Cash flow from operating activities          
Net profit 4.1 4.4 -1.1 -5.0 4.3
Adjustments for the net profit -3.8 -4.1 0.3 4.9 -4.0
Change in net working capital -2.4 3.0 5.3 1.9 -3.2
Paid interests and other financial expenses -0.1 -0.1 -0.2 0.0 0.0
Interest received 1.1 0.5 2.2 0.2 0.3
Taxes paid -0.7 -0.7   -2.4 -0.7
Discontinued operations 1.5 27.9 16.6 15.2 1.1
Net cash from operating activities -0.3 30.9 23.0 14.7 -2.2
           
Cash flow from investing activities          
Investments in tangible and intangible assets -0.2 -0.1 0.0  
Sale of tangible and intangible assets 7.5   0.2   7.5
Purchase of investments -25.8 -88.3 -26.3 -33.8 -19.4
Proceeds from sale of investments 32.9 70.9 3.5 9.7 24.3
Purchase of associated companies -23.5       -22.1
Repayment of loans receivable 43.5 1.4   2.8 2.7
Granted loans -15.3 -32.4   -0.8 -11.8
Interest received from investments 1.0 1.9 0.9 0.5 0.6
Dividends received from investments 1.1 0.0 0.0 1.0 0.5
Discontinued operations -37.5 31.3 -4.1 -5.5 7.9
Net cash from investing activities -15.9 -15.4 -25.9 -26.0 -9.9
           
Cash flow from financing activities          
Purchase of treasury shares   -1.5 -0.5    
Proceeds from short-term loans 5.0       5.0
Repayment of short-term loans -5.0        
Dividends paid -6.9 -7.0 -7.0 -6.9 -6.9
Returning of equity   65.0      
Discontinued operations 28.0 -65.0 4.5   -12.0
Net cash from financing activities 21.1 -8.5 -3.1 -6.9 -13.9
           
Net increase/decrease in cash and cash equivalents 4.8 7.1 -6.0 -18.2 -26.1
Cash and cash equivalents at beginning of period 51.2 45.1 50.0 57.9 51.2
Changes in exchange rates 1.9 -0.9 1.0 0.6 1.5
Cash and cash equivalents at end of period 57.9 51.2 45.1 40.4 26.7

 

 

Scanfil EMS –subgroup financial statements

 

1. Accounting principles for combined figures in financial statements

2. Income statements, balance sheet and cash flow statements for Scanfil EMS -subgroup

 

1. Accounting principles for combined figures in financial statements

Scanfil EMS Oy was founded on 12 March 2008. In the context of a business transfer executed on 1 May 2008, all contract manufacturing assets, liabilities and provisions were transferred to Scanfil EMS Oy. Scanfil EMS Oy’s first accounting period began on 12 March 2008 and ended on 31 December 2008. The data below is based on Scanfil EMS Oy’s audited consolidated financial statements from the accounting periods that ended on 31 December 2010, 31 December 2009 and 31 December 2008, respectively, and from financial information calculated from the two nine-month periods that ended on 30 September 2011 and 30 September 2010.

Additionally for 2008, the audited income statement is accompanied by consolidated figures that include the contract manufacturing business figures separated from Sievi Capital’s income statement from 1 January to 30 April 2008. The Company’s contract manufacturing business has been transferred to Scanfil EMS Oy through a business transfer on 1 May 2008. Therefore, Scanfil EMS Group’s financial statement for accounting year 2008 includes contract manufacturing business only for the period from May to December 2008. Consolidated figures have been prepared to illustrate the income statement of contract manufacturing business, had the business transfer taken place already from 1 January 2008 and if the gains and losses of the contract manufacturing business had been included in the income statement from the entire year 2008. Consolidated figures have been prepared by reviewing Sievi Capital’s (parent company’s) income statement from January to April 2008 by cost centre and by book account, and contract manufacturing business transactions have been separated from the parent company’s other transactions. Contract manufacturing business transactions can usually be separated from the parent company’s transactions, but for some minor costs, the portions to be allocated are based on an estimate. The subsidiaries of Scanfil EMS subgroup are fully involved in contract manufacturing. They have income statements for the entire year 2008, and these are included in the consolidated figures.

 

2. Income statements, balance sheet and cash flow statements for Scanfil EMS –subgroup

 

Income statements

 

      Combined figures      
  1.1.-
31.12.2010		 1.1.-31.12.2009 1.1.-
31.12.2008		 12.3.-31.12.2008 1.1.-
30.9.2011		 1.1.-
30.9.2010
EUR million Audited Audited Unaudited Audited Unaudeted Unaudited
             
Turnover 219.3 197.3 218.9 147.3 172.0 157.2
             
Other operating income 0.6 0.7 2.4 2.3 0.2 0.4
Changes in inventories
of finished goods		          
and work in progress 1.3 -4.1 -0.7 0.4 -0.9 1.8
             
Use of materials and supplies -154.0 -127.6 -144.0 -98.2 -118.6 -111.4
Employee benefit expenses -31.0 -29.7 -30.1 -20.6 -22.9 -22.6
Depreciation and amortization -4.5 -4.5 -6.2 -4.3 -3.1 -3.4
Other operating expenses -20.7 -16.5 -19.0 -13.3 -16.5 -13.8
             
Operating profit 11.0 15.6 21.3 13.6 10.0 8.1
             
Financial income 0.5 1.3 1.0 1.0 0.3 0.4
Financial expense -1.6 -1.9 -1.5 -1.3 -1.2 -1.2
Share of profit or loss of associates -0.2       -0.3 -0.1
             
Profit before tax 9.6 15.0 20.8 13.2 8.8 7.2
             
Income tax -2.9 -5.1 -4.0 -2.3 -2.5 -2.2
             
Net profit for the period 6.8 9.9 16.8 10.9 6.3 5.0
             
             
             
Attributable to        
equity holders of the parent: 0.11 0.17 0.28 0.19 0.11 0.08
             
             
Number of shares: 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000
             
             
Consolidated Statement of Comprehensive Income      
             
Net profit for the period 6.8 9.9 16.8 10.9 6.3 5.0
             
Other comprehensive income        
             
             
Translation differences 5.0 -1.9 4.6 5.0 1.3 3.3
             
Other comprehensive income, net of tax 5.0 -1.9 4.6 5.0 1.3 3.3
             
Total comprehensive income 11.8 8.1 21.4 15.9 7.6 8.2
             
             
             
Attributable to the equity holders of        
the parent, euro/share: 0.20 0.14 0.36 0.27 0.13 0.14
             
Number of shares: 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000 59 000 000
               

 

Balance sheet

 

 

  31.12.2010 31.12.2009 31.12.2008 30.9.2011 30.9.2010
EUR million Audited Audited Audited Unaudited Unaudited
           
ASSETS          
Non-current assets          
Property, plant and equipment 27.2 23.4 25.1 26.7 22.8
Goodwill 2.2 2.2 2.3 2.2 2.2
Other intangible assets 3.5 1.1 1.4 3.7 0.8
Investments 0.0 0.0 0.0 0.0 0.0
Investments in associated companies 1.4     1.2 2.2
Receivables 0.2     0.3 0.1
Deferred tax assets 0.3 0.1 0.2 0.3 0.2
  35.0 26.8 29.0 34.4 28.4
           
Current assets          
Inventories 36.8 24.7 30.2 33.3 38.5
Trade and other receivables 54.3 46.5 50.9 40.0 53.6
Advance payments 0.3 0.1 0.1 0.5 0.3
Loan receivables from group       2.6  
Current tax   0.2 0.2 0.3
Available-for-sale investments, liquid assets   0.5 3.2    
Available-for-sale investments, cash equivalents 8.0 15.6 20.0 19.3 14.7
Cash and cash equivalents 9.1 7.6 9.9 8.2 7.0
  108.5 94.9 114.5 103.9 114.2
           
Total assets 143.4 121.7 143.5 138.4 142.7
           
           
SHAREHOLDER’S EQUITY AND LIABILITIES          
           
Equity          
Share capital 2.0 2.0 2.0 2.0 2.0
Translation differences 5.1 0.1 2.0 6.5 3.4
Other reserves 5.0 4.2 3.3 5.5 5.0
Reserve for invested non-restricted equity 10.6 10.6 75.6 10.6 10.6
Retained earnings 36.8 30.8 21.8 42.6 35.0
  59.6 47.8 104.7 67.2 56.0
           
Total equity 59.6 47.8 104.7 67.2 56.0
           
LIABILITIES          
Non-current liabilities          
Deferred tax liabilities 0.2 0.1 0.0 0.2 0.1
Provisions 0.2 0.1 0.1 0.4 0.2
Liabilities to Group companies   22.7     34.5
Interest bearing liabilities 35.6   12.0 31.1  
Other liabilities 1.0     1.0 1.7
  37.0 23.0 12.1 32.7 36.5
           
Current liabilities          
Trade and other liabilities 39.0 29.9 26.1 29.3 43.8
Current tax 0.6 0.8 0.5 0.3 0.7
Liabilities to Group companies 2.8 8.3     5.6
Short-term interest bearing liabilities 4.4 12.0   8.9  
  46.8 51.0 26.6 38.5 50.1
           
Total liabilities 83.8 73.9 38.8 71.2 86.6
           
Total shareholder's equity and liabilities 143.4 121.7 143.5 138.4 142.7
           

 

 

Cash flow statement

 

 

  1.1.-31.12.2010 1.1.-31.12.2009 12.3.-31.12.2008 1.1.-30.9.2011 1.1.-30.9.2010
EUR million Audited Audited Audited Unaudited Unaudited
           
Net cash from operating activities 1.5 27.9 10.5 15.2 1.1
Net cash from investing activities -9.3 0.3 -3.3 -2.7 -1.2
Net cash from financing activities -0.2 -34.0 0.0 -2.8 -2.9
Net increase/decrease in cash and cash equivalents -8.0 -5.8 7.2 9.7 -3.1

 

Key ratios

 

 

      Combined figures      
  1.1.-
31.12.2010		 1.1.-31.12.2009 1.1.-31.12.2008 12.3.-31.12.2008 1.1.-30.9.2011 1.1.-30.9.2010
  Audited Audited Unaudited Audited Unaudited Unaudited
             
Key financial indicators            
Return on equity, % 12.6 13.0 15.8 17.0 13.3 12.7
Return on investment, % 11.4 15.8 19.0 19.6 12.5 11.6
Interest-bearing liabilities, EUR m 42.8 43.0 12.0 12.0 40.0 40.1
Gearing, % 43.1 40.4 -20.1 -20.1 18.7 32.9
Equity ratio, % 41.6 39.3 73.0 73.0 48.6 39.3
Gross investments in fixed assets, EUR m 10.1 3.1 3.9 2.8 2.7 2.2
Gross investments in fixed assets, % of turnover 4.6 1.6 1.8 1.9 1.6 1.4
Average number of employees for the period 1 989 1 921 1 974 1 989 2 082 1 959
             
Key indicators per share            
Earnings per share, EUR 0.11 0.17 0.28 0.19 0.11 0.08
Shareholders’ equity per share, EUR 1.01 0.81 1.77 1.77 1.14 0.95
             
Number of shares            
At the end of the period, thousands 59 000 59 000 59 000 59 000 59 000 59 000

 

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

 

 

Pro forma financial information for New Scanfil

 

1. Accounting principles for unaudited pro forma financial information

2. Unaudited pro forma income statement and balance sheet for the New Scanfil

3. Notes to unaudited pro forma adjustments

 

 1. Accounting principles for unaudited pro forma financial information

The following, unaudited pro forma financial information illustrates how the Demerger would have affected financial statements, if the Demerger had taken place already on 1 January 2010 for the income statement figures and on 30 September 2011 for the balance sheet.

 

This information is only presented to illustrate the Demerger. It is not intended to show what the operating result or financial standing of the New Scanfil would have been if the Demerger had indeed taken place on the date mentioned below. In addition, this information is not intended to demonstrate the future operating result or financial standing of the New Scanfil.

 

The contract manufacturing business has been transferred to Scanfil EMS Oy through a business transfer on 1 May 2008. Therefore, the income statement of Scanfil EMS Group for 2010 and 2011 contains only the contract manufacturing business, and the only items to be adjusted in the pro forma are the setup costs related to the Demerger and the Listing.

 

2. Unaudited pro forma income statement and balance sheet for the New Scanfil

Pro forma income statement

 

 

Unaudited        
        Pro forma
  1.1.–31.12.2010 Pro forma   1.1.–31.12.2010
EUR million Audited adjustment Note Unaudited
         
Turnover 219.3     219.3
         
Other operating income 0.6     0.6
Changes in inventories of finished        
goods and work in progress 1.3     1.3
         
Use of materials and supplies -154.0     -154.0
Employee benefit expenses -31.0     -31.0
Depreciation  and amortization -4.5     -4.5
Other operating expenses -20.7 -0.3 1) -21.0
         
Operating profit 11.0     10.7
         
Financial income 0.5     0.5
Financial expense -1.6     -1.6
Share of profit of loss of associates -0.2     -0.2
         
Profit before tax 9.6     9.3
         
Income tax -2.9 0.1 1) -2.8
         
Net profit for the period 6.8 -0.2   6.5
         
        Pro forma
  1.1.–30.9.2011 Pro forma   1.1.–30.9.2011
EUR million Audited adjustment Note Unaudited
         
Turnover 172.0     172.0
         
Other operating income 0.2     0.2
Changes in inventories of finished        
goods and work in progress -0.9     -0.9
         
Use of materials and supplies -118.6     -118.6
Employee benefit expenses -22.9     -22.9
Depreciation  and amortization -3.1     -3.1
Other operating expenses -16.5     -16.5
         
Operating profit 10.0     10.0
         
Financial income 0.3     0.3
Financial expense -1.2     -1.2
Share of profit of loss of associates -0.3     -0.3
         
Profit before tax 8.8     8.8
         
Income tax -2.5     -2.5
         
Net profit for the period 6.3     6.3

 

 


 

Pro forma balance sheet

 

Unaudited FAS   IFRS       Pro forma
30.9.2011 New   Scanfil       New
  Scanfil  IFRS EMS       Scanfil
EUR million plc
parent company		 adjustment
parent
company		 Group
+parent company		 Group eliminations Pro
forma adjustments		 Note Group
               
ASSETS              
Non-current assets              
Property, plant and equipment     26.7       26.7
Goodwill     2.2       2.2
Other intangible assets     3.7       3.7
Shares in associated companies 12.6 54.6 67.2 -67.2   3) 0.0
Investments in associated companies     1.2       1.2
Receivables     0.3       0.3
Deferred tax assets     0.3       0.3
Total non-current assets 12.6   101.7       34.4
               
Current assets              
Inventories     33.3       33.3
Trade and other receivables     40.0       40.0
Advance payments     0.5       0.5
Loan receivables from Group     2.6       2.6
Current tax     0.2       0.2
Available-for-sale investments, cash equivalents     19.3       19.3
Cash and cash equivalents 0.1   8.3   -0.2 2) 8.0
Total current assets 0.1   104.0       103.8
               
TOTAL ASSETS 12.7   205.7 -67.2 -0.2   138.3
               
SHAREHOLDER’S EQUITY AND LIABILITIES              
Equity              
Share capital 2.0   4.0 -2.0   3) 2.0
Translation difference     6.5       6.5
Other reserves   54.6 60.1 -54.6   3) 5.5
Reserve for invested non-restricted equity 10.7   21.3 -10.6   3) 10.7
Retained earnings     42.6   -0.2 2) 42.4
Total equity 12.7   134.6       67.1
               
Liabilities              
Non-current liabilities     32.7       32.7
Current liabilities     38.5       38.5
Total liabilities 0.0   71.2       71.2
               
TOTAL SHAREHOLDER’S EQUITY AND LIABILITIES 12.7   205.7 -67.2 -0.2   138.3

3. Notes to unaudited pro forma adjustments

 

The following adjustments and assumptions have been made in the unaudited pro forma income statement and balance sheet for the New Scanfil

1) The total setup costs related to the Demerger and the Listing have been estimated as EUR 0.6 million, of which the share of the New Scanfil is approximately one half, or EUR 0.3 million. In the pro forma income statement, this has been taken into account under other operating expenses, and the corresponding tax asset, EUR 0.1 million, has been adjusted under income taxes.

Costs incurred to the New Scanfil for operating as an independent listed company have not been taken into account in the statement. Annual costs for operating as a listed company are estimated to be about EUR 0.2 million, including, among other items, stock exchange expenses, costs of the book-entry securities system, and remuneration for the members of the Board of Directors.

2) Setup costs related to the Demerger and the Listing, EUR 0.2 million net after taxes, have been taken into account as a reduction in cash and cash equivalents and retained earnings.

3) Scanfil Plc, the parent company of the New Scanfil Group, will be established to execute the Demerger. The New Scanfil Group will continue its accounting on the basis of the same accounting figures that it had when it was part of the consolidated financial IFRS statement of Sievi Capital. Consequently, when the New Scanfil Group is established, the balance sheet items transferred in the Demerger will not be revalued; thus, no new goodwill will be created, and the Group’s total equity will not be changed in the Demerger.