Thu 27 Apr 2017 08:00:00 AM EEST
SCANFIL PLC INTERIM REPORT 27 APRIL 2017 8.00 A.M.
SCANFIL GROUP’S INTERIM REPORT 1 JANUARY–31 MARCH 2017
- Turnover totalled EUR 122.2 million (Q1 2016: 130.4), down 6.2%
- Operating profit was EUR 6.2 million (0.5, before adjustment items 5.2), 5.0% (0.4%, before adjustment items 4.0%) of turnover
- Profit was EUR 5.8 million (-1.7)
- Earnings per share amounted EUR 0.09 (- 0.03, before adjustment items 0.05)
Scanfil estimates 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:
We proceeded as planned during the first quarter. Our turnover was EUR 122 million and operating profit EUR 6.2 million. The operating profit increased by one fifth compared with adjusted operating profit a year ago and realized 5% operating margin is coming close to the target level. I am particularly satisfied with the return on equity of 21%, as this indicates that our synergy benefits were realized and, that our strategy works. Customer demand improved towards the end of the quarter, and there are still signs of further improvement.
The closedown of the Vantaa and Biatorbagy plants continued, and this work will be completed in the upcoming weeks. We continued our investment program: we installed a new Surface Mount Technology (SMT) line in Suzhou, and punching machines as well as bending lines in Myslowice, and additionally we decided to invest in a SMT line to Scanfil Malmö plant. Furthermore, we made a decision to double our production space in Atlanta.
I would like to extend my thanks to Scanfil personnel for a job well done. I am very happy with Scanfil's development and have strong trust that we reach our goals.
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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.
The Group’s turnover for January-March was EUR 122.2 (130.4) million decrease of 6.2%. The Group's operating profit for January–March was EUR 6.2 (0.5) million, representing 5.0% (0.4%) of turnover. The previous year's operating profit includes EUR 4.7 million in adjustments arising from impairment and provisions related to the discontinued operations of PartnerTech AS. Operating profit without adjustments during the first quarter of 2016 was EUR 5.2 million, comprising 4.0% of turnover.
The result for the period was EUR 5.8 (-1.7) million. The result before adjustment items last year was EUR 3.0 million.
Earnings per share were EUR 0.09 (-0.03). Last year earnings per share before adjustment items were EUR 0.05. The return on investment was 16.7% (1.2%).
Publication of financial releases
This stock exchange release is a summary of the Scanfil Group’s Interim Report 1 January – 31 March 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 3,500.
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.
Scanfil Group’s Interim Report1 January - 31 March 2017
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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.
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