Nordic Business Report-September 29, 2006-Nordic firms affected by insolvency of BenQ Mobile GmbH & Co OHG
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The Taiwanese electronics group BenQ announced on Thursday (28 September) that it has decided to discontinue capital injection into the loss-making German mobile phone subsidiary BenQ Mobile GmbH & Co OHG.
BenQ Mobile is considering filing for insolvency protection, which could affect several Nordic firms, including the Swedish polymer components manufacturer Nolato AB, Swedish IT consulting company Teleca AB and the Finnish design and manufacturing partner Perlos Corporation.
Nolato AB said on Thursday that its business with BenQ Mobile represents approximately 18% of its turnover, and that outstanding accounts receivables and inventories related to the business are around SEK70m. In addition there could be project costs and obligations to component suppliers.
"We are surprised by the announcement from BenQ today and need further information and contacts to be able to make a more concrete judgement over the repercussion on our operations. However we have already seen signs of deliveries being transferred to BenQ's operations in Shanghai," said Georg Brunstam, CEO of Nolato.
On Friday (29 September) the Swedish IT consulting company Teleca AB said that its accrued revenue and accounts receivables related to BenQ Mobile amount to SEK43m.
Teleca is working on a 3G phone project for BenQ Mobile which was estimated to represent revenues of SEK18m during the fourth quarter of 2006 and the first quarter of 2007.
The Finnish manufacturer Perlos Corporation said on Friday that it estimates its risk exposure regarding accounts receivables and inventories relating to its business with BenQ Mobile to amount to approximately EUR30m.
Perlos also said that it had expected its sales to BenQ Mobile to exceed EUR20m during the fourth quarter.
"Investigations regarding other risks related to the business relationship are ongoing. Perlos has initiated actions to limit the risks and it will start investigations for adjusting operations," Perlos said.
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP). One euro (EUR) is worth approximately 0.67 British pounds (GBP).
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