Tue 08 Aug 2017 08:00:00 AM EEST
SCANFIL PLC HALF YEAR FINANCIAL REPORT 8 AUGUST 2017 8.00 A.M.
SCANFIL GROUP’S HALF YEAR FINANCIAL REPORT 1 JANUARY – 30 JUNE 2017
Stable overall development and strong result, full year outlook specified
April – June 2017
- Turnover totalled to EUR 132.4 million (Q2 2016: 133.6)
- Operating profit EUR 7.1 million (-3.6, before adjustments 4.7), 5.3% of turnover
(-2.7%, before adjustments 3.6%)
- Profit was EUR 4.3 million (-6.1)
- Earnings per share amounted EUR 0.07 (-0.10, before adjustments 0,05)
January – June 2017
- Turnover totalled to EUR 254.7 million (H1 2016: 263.9)
- Operating profit EUR 13.2 million (-3.1, before adjustments 9.9), 5.2% of turnover
(-1.2%, before adjustments 3.8%)
- Profit for the review period was EUR 10.2 million (-7.7)
- Earnings per share were EUR 0.16 (-0.13, before adjustments 0.10)
The half year report does not include any adjustments to report. Adjustments for the year 2016 include the costs of the reorganisation, sale and closure of poorly profitable units of PartnerTech AB's plant network and the Metal Precision business acquired in the year 2015.
Scanfil specifies its estimate of its turnover and operating profit in 2017, estimating that the turnover will be EUR 500–530 million and the operating profit will amount to EUR 28 – 31 million.
Previously Scanfil estimated that its turnover for 2017 will be EUR 480 - 520 million and the operating profit will amount to EUR 26 -31 million.
Petteri Jokitalo, CEO of Scanfil plc:
Scanfil's strong performance in the second quarter shows that the selected strategy works. The factory network is now optimized, and the cost structure is clearly lower and more competitive, enabling profitable business.
In the second quarter, turnover increased by about 10% compared to the first quarter. Growth was driven by generally picked up customer demand and several strong new customer ramp-ups.
Operating profit continued to develop favorably, both in absolute terms and in relative terms, being 5.3% of turnover in the second quarter. The fixed costs of the closed Vantaa and Hungarian factories were still burdening the Q2 result, and the production ramp-ups in Myslowice and Sievi contributed extra costs. The restructuring of the factory network has now been completed, and I expect to see the positive results in full impact during the rest of the year. We are well on the way to targeted 6% operating profit. Net gearing decreased, and the return on equity was 18.5%.
Many of our customers have indicated that the strengthen economic development, especially in North America and Europe, will improve their business outlook. This can also be seen in higher demand in Scanfil’s services. Based on this, we have specified our future outlook for 2017. Our new guidance for the turnover is 500 – 530 MEUR and operating profit 28-31 MEUR.
I thank Scanfil’s personnel for the hard work of meeting our company goals.
The Group’s turnover for January - June was EUR 254.7 (263.9) million with a decrease of 3.5% compared to the previous year. The Group's operating profit for January – June was EUR 13.2 (-3.1) million, representing 5.2% (-1.2%) of turnover. The operating profit for the previous year includes adjustments total of EUR 13.1 million, consisting of the costs of the reorganisation, sale and closure of poorly profitable units of PartnerTech AB's plant network and the Metal Precision business acquired in the year 2015. The result for the review period was EUR 10.2 (-7.7) million. The result for the comparison period without adjustments was EUR 5.9 million. Operating profit without adjustments for the comparison period was EUR 9.9 million, 3.8% of turnover.
Earnings per share for the review period were EUR 0.16 (-0.13). In the previous year, the earnings per share without adjustments were EUR 0.10. Return on investment was 16.0 (-3.1)%.
The Group's turnover for April–June amounted to EUR 132.4 (133.6) million and operating profit was EUR 7.1 (-3.6) million, or 5.3% (-2.7%) of turnover. The second-quarter operating profit includes the sales gain of EUR 1.2 million from the sales of the factory property of Rozalia Invest Kft., Hungary, a 100% owned subsidiary of Scanfil EMS Oy. In addition, the operating profit includes a total of EUR 1.0 million expenses related to the closure of the companies and other individual non-recurring expenses. The previous year's operating profit includes EUR 8.4 million adjustment items and operating profit excluding adjustments in the comparative period was EUR 4.7 million, 3.6% of turnover.
Publication of financial releases
This stock exchange release is a summary of the Scanfil Group’s half year financial report 1 January – 30 June 2017 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company’s website at www.scanfil.com.
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Scanfil is an international contract manufacturer and system supplier for the electronics industry with 40 years of experience in demanding contract manufacturing. Scanfil provides its customers with an extensive array of services, ranging from product design to product manufacturing, material procurement and logistics solutions. Vertically integrated production and a comprehensive supply chain are the foundation of Scanfil’s competitive advantages: speed, flexibility and reliability.
Typical Scanfil products include mobile and communications network devices, automation system modules, frequency converters, lift control systems, analysers, various slot and vending machines, and devices related to medical technology and meteorology. Scanfil services are used by numerous international automation, energy, IT and health service providers, as well as companies operating in the field of urbanisation. Scanfil’s network of factories consists of 10 production units in Europe, Asia and North America. The total number of employees is 3,200.
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.
Half Year Financial Report 1 January - 30 June 2017
Due to legal restrictions, the information on this part of the website is not directed at or accessible to certain persons. We kindly ask you to review the following information and provide the following confirmation each time you wish to access this part of the website. Please note that the terms set out below may be altered or updated and therefore it is important that you review them each time you visit this website.
On 25 May 2015, Scanfil Oyj announced a cash offer to the shareholders in PartnerTech AB regarding acquisition of all the shares in PartnerTech AB (the “Offer”).
The Offer is not being made in any jurisdictions where the Offer or approval of an acceptance of the Offer cannot be made in accordance with laws and regulations in these jurisdictions or where acceptance or ap-proval of an acceptance of the Offer requires additional offer documents, registration or other measures than those required under Swedish law, except in the event of applicable exemptions.
The Offer is not being made to persons whose participation in the Offer requires that any additional offer document is prepared or registration effected or that any other measures are taken in addition to those required under Swedish law. Documentation relating to the Offer must not be mailed, sent or otherwise distributed to, into or in any country in which the distribution or offering would require any additional measures required to be taken by any law or regulation in such country or that would be in conflict with any law or regulation in such country. Any such action will not be permitted or sanctioned by Scanfil Oyj. Any attempt to accept the Offer in direct or indirect violation of the abovementioned restrictions may be disre-garded.
The Offer is not being made, directly or indirectly, in or into Australia, Hong Kong, Japan, New Zealand, South Africa or the United States or in or into any other jurisdiction in which the distribution or acceptance of the Offer would not be made in compliance with the laws of such jurisdiction or where the acceptance or approval of an acceptance of the offer requires additional offer documents, registration or other measures than those required under Swedish law (together, the "Restricted Jurisdictions") by use of mail or any other means or instrumentality (including, without limitation, facsimile transmission, electronic mail, telex, tele-phone and the Internet) of interstate or foreign commerce, or of any facility of national security exchange, of the Restricted Jurisdictions, and the Offer cannot be accepted by any such use, means, instrumentality or facility of, or from within, the Restricted Jurisdictions.
Accordingly, this website should not be accessed from, and any documentation relating to the Offer is not being and should not be sent, mailed or otherwise distributed, forwarded or sent into the Restricted Juris-dictions. The offer document, the acceptance form and any documentation related to the Offer will not be sent, and must not be sent, to shareholders with registered addresses in the Restricted Jurisdictions. Banks, brokers and other institutions holding nominee-registered shares on behalf of persons in the Restricted Jurisdictions may not forward the offer documents or any documentation related to the Offer, or otherwise make the Offer available, to such persons.
By accepting these conditions, I confirm that I have read the information, the conditions and the instructions on this website and that I accept to be bound by them and that I am not a resident of, nor located in Australia, Hong Kong, Japan, New Zealand, South Africa or the United States or any other Restricted Juris-diction.