Elektrobit Group Oyj - PRELIMINARY INFORMATION REGARDING THE FINANCIAL INFORMATION OF JOT AUTOMATION GROUP OYJ IN THE YEAR 2000
April 07, 2000
PRELIMINARY INFORMATION REGARDING THE FINANCIAL INFORMATION OF JOT AUTOMATION GROUP OYJ IN THE YEAR 2000
Upon the completion of the merger between JOT Automation Group Oyj and PMJ automec Oyj as proposed by the Boards of Directors of the two companies, the final financial period of JOT Automation Group Oyj, commenced on January 1, 2000, will end on September 30, 2000. Therefore the Group will release two interim reports: on April 26, 2000 for the first quarter and on August 3, 2000 for the second quarter, as well as financial information for the financial period ending September 30, 2000 on November 26, 2000. The first financial period of the new company formed in the combination merger, JOT Automation Group Oyj, will be the fifteen month period October 1, 2000 - December 31, 2001.
The estimates and views about financial information presented in this release are based on preliminary information, and may change when the quarterly results are finalised. The official financial information for the first quarter of the year will be released on April 26, 2000 after the Shareholders' Meeting that decides on the execution of the merger.
The development of net sales and profits
The net sales of the JOT Group have developed positively. The net sales from the period January 1, 2000 - March 31, 2000 is approximately EUR 32 million. Net sales in the corresponding period in the 1999 financial year was EUR 27.6 million. The order book of the JOT Group as of March 31, 2000 was approximately EUR 30 million. The corresponding figure on March 31, 1999 was EUR 19 million. The growth of the order book can be considered good. The net sales of the Group are estimated to develop positively in the future as well.
The JOT Group has invested strongly in the continuation of managed growth. In particular, investments have been made in marketing, product development, production capacity increases, the addition of personnel resources, and making operations more efficient. These investments will burden profitability in the short-term, especially in the first quarter of 2000. Based on the estimates of the Company management, the operating profit of the existing JOT Group for the calender year 2000 will be about 11% of estimated net sales. Company management estimates that revenue growth for the year 2000 will be around 60%.
The proposed combination merger between JOT Automation Group Oyj and PMJ automec Oyj
The Shareholders' Meetings of JOT Automation Group Oyj and PMJ automec Oyj will take place on April 12, 2000 to decide on issues stipulated by the Company's Articles of Association, as well as to decide on the approval of the merger plan proposed by the Boards of Directors of the companies. The notification of the intent to participate at the Shareholders' Meetings shall be delivered before 12.00 PM (noon) on Monday, April 10, 2000.
The actions related to the merger have progressed as planned. The effects of the synergy benefits to be derived from the merger are expected to begin in 2001 and are estimated to be around 4-5% of annual net sales in 2001.
The merger Prospectus is available (in Finnish) in the internet addresses www.jotautomation.com and www.pmjautomec.com and is also available and can be ordered (in Finnish and in English) at the head office of JOT Automation Group Plc at the address Automaatiotie 1, 90460 Oulunsalo, Finland and at the head office of PMJ automec Plc at the address Maksjoentie 11, 08700 Virkkala, Finland. The Prospectus is also available (in Finnish) at the address HEX Gate, Fabianinkatu 14, Helsinki, Finland.
JOT Automation Group Plc specialises in manufacturing and marketing produc-tion automation for the electronics industry. The group has subsidiaries in eight countries. As of December 31, 1999 the group employed 392 people and its net sales in 1999 was 40.6 million euros. The company's shares are listed on the Hel-sinki Exchanges.
NOT FOR DISTRIBUTION IN THE UNITED STATES. THE SECURITIES TO BE ISSUED IN CONNECTION WITH THE MERGER HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 AND, SUBJECT TO CERTAIN EXEMPTIONS, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES.
NOT FOR DISTRIBUTION IN CANADA, AUSTRALIA AND JAPAN.
Oulunsalo, April 7, 2000
JOT Automation Group Plc
The Board of Directors