Scanfil Plc is adopting a new disclosure procedure in accordance with Regulations and Guidelines 7/2013 (disclosure obligation on issuers) of the Financial Supervisory Authority and is publishing the financial statements release for January-December 2015 as an attachment to this stock exchange release. This release is a summary of Scanfil’s January-December 2015 financial statements release. Scanfil Group’s financial statements release for January-December 2015 is a PDF file attachment to this stock exchange release and is available on the company’s website at the address

October – December
– Turnover totalled EUR 142.8 million (Q4 2014: 49.6), up to 187.9%
– Operating profit EUR 3.8 million (3.3), 2.7% (6.6%) of turnover, up to 17.5%
– Operating profit excluding non-recurring items EUR 5.3 million (3.3), 3.7%  (6.6%) of turnover,  up to 63.3%
– Profit was EUR 1.2 million (2.5), down 52.7%
– Earnings per share amounted EUR 0.02 (0.04)
– Earnings per share without non-recurring items EUR 0.05

January – December
– Turnover totalled to EUR 377.3 million (2014: 214.5), up to 75.9%
– Operating profit EUR 14.0 million (16.2), 3.7% (7.6%) of turnover, down 13.7%
– Operating profit excluding non-recurring items EUR 19.6 million (16.4), 5.2%  (7.7%) of turnover, 
   up to 19.5%
– Profit for the review period was EUR 8.4 million (12.3), down 31.9%
– Earnings per share were EUR 0.15 (0.21)
– Earnings per share without non-recurring items EUR 0.24

Future prospects

Scanfil estimates that its turnover for 2016 will be EUR 500–550 million and the operating profit before non-recurring items will amount to EUR 22–28 million.

Key Indicators      
  1 – 12 1 – 12  
  2015 2014  
Return on equity, % 8.6 14.0  
Return on investment, % 10.2 16.5  
Interest-bearing liabilities, EUR million 83.4 9.3  
Gearing, % 60.3 -10.5  
Equity ratio, % 34.2 70.6  
Gross investments, EUR million 54.3 8.2  
% of net turnover 14.4 3.8  
Personnel, average 2 690 1 764  
Earnings per share, EUR 0.15 0.21  
Shareholders´ equity per share, EUR 1.76 1.64  
Dividend per share, EUR 0.08 0.07  
Dividend per earnings, % 55.2 32.9  
Effective dividend yield, % 2.10 2.85  
Price-to-earnings ratio (P/E) 26.3 11.5  
Year´s lowest share price, EUR 2.36 1.30  
Year´s highest share price, EUR 4.06 2.74  
Average share price for year, EUR 2.92 1.95  
Share price at year´s end, EUR 3.81 2.46  
Market capitalisation at end of year, EUR million 220.0 142.0  
Number of shares at      
the end of period, 000´s      
 – not counting own shares 57 730 57 730  
 – weighted average 57 730 57 730  
The group has a long-term loan of EUR 50.0 million, which is subject to an interest rate swap.
The purpose of the hedge is to protect against interest rate fluctuations related to a variable-rate loan.
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.


Petteri Jokitalo, CEO of Scanfil plc:

“2015 was a year of great changes for Scanfil. We took a great development stride by acquiring the Swedish contract manufacturer PartnerTech.  The acquisition practically doubled our size with regard to turnover, the number of employees, customer accounts as well as number of plants. Our customer base is now more extensive than ever and our sales are well-balanced between various customer segments and accounts.

2015 was also a year of strong growth for Scanfil, and especially due to the acquisition of PartnerTech.  The turnover increased to approximately EUR 377 million, and sales grew strongly during the second half of the year. Operating profit before extraordinary items was EUR 19.6 million and after extraordinary items EUR 14.0 million. 

We got off to a good start in integrating the companies. For this, I wish to thank our employees, who tackled the integration process with enthusiasm, without procrastination and by working together for a shared goal.  The fact that both companies already shared very similar values and strategies laid down a good foundation for the integration.

We are looking for synergy benefits, for example, from administration, sourcing and by pruning overlaps in plants. The reorganisation of plants with weak performance continues. The decision to close the plant in Norway has been made, statutory negotiations have been started at the English plant and PartnerTech Aerodyn AB (Sweden) has been sold. In China, actions were started to reduce overlapping and streamline the operations. We are aiming at reported operating profit level of 6% in 2017.

We have an excellent starting point for 2016. The expanded customer base gives us much potential for growing our business.  The needs of our customers will also continue to be our priority this year. In fact, the development of customer satisfaction is the best sales work we can do. Our goal is to make Scanfil the most attractive partner for customers and the most interesting workplace for employees. We also work to gain new customers, especially in Central Europe.

I thank Scanfil employees for their hard work and good results. I would also like to thank our customers, suppliers and other partners, as well as the owners, for their confidence and good cooperation in 2015 on behalf of all Scanfil employees.”

Acquired business operations

On 25 May 2015, Scanfil Plc announced a recommended cash offer to the shareholders in PartnerTech AB  to tender all shares in PartnerTech to Scanfil for SEK 35 per share. A total of 12,487,738 shares had been tendered by the end of the acceptance period, corresponding to 98.6 percent of the shares and the voting rights in PartnerTech. At the end of the acceptance period, the company commenced the compulsory acquisition process to acquire the remaining shares. On 19 January 2016, Scanfil obtained “advanced title” to the minority shares in PartnerTech. As a result, Scanfil became, prior to the expiration of the compulsory acquisition process, owner of all shares in PartnerTech against providing collateral in favour of the minority shareholders as security for the purchase price under the compulsory acquisition process.

The acquisition date of PartnerTech AB was 2 July 2015. The purchase price for the 98.6% holding at 31 December 2015 is EUR 47.0 million. Scanfil financed the acquisition with a loan granted by Nordea Bank Finland Plc. Information on the acquired net assets is provided in the tables of the interim report. Of the purchase price’s book value, EUR 10.8 million was allocated to long-term customer relationships (including net deferred tax liabilities), and EUR 7.1 million as unallocated goodwill which was recognised from the acquisition.

Financial development

The Group’s turnover for January – December was EUR 377.3 (214.5) million.  The breakdown of turnover by regional segment was as follows: Europe and USA 74% (60%), Asia 26% (40%).PartnerTech AB has been consolidated into Scanfil Group as of 1 July 2015.

The Group’s operating profit for January–December was EUR 14.0 (16.2) million, representing 3.7% (7.6%) of turnover. The operating profit includes a total of EUR 5.6 million of non-recurring expenses, The non-recurring items are comprised of EUR 2.3 million of entries related to the acquisition of PartnerTech AB, EUR 1.2 million related to the fair value measurement of the subsidiary PartnerTech Aerodyn AB classified as held for sale, and a write-down of EUR 2.1 million in Hungary. The development of the Hungarian business has fallen short of expectations, and the company’s future outlook has been lowered. As a result, a write-down has been recognised based on impairment testing.  

Operating profit excluding non-recurring items was EUR 19.6 million, representing 5.2% of turnover. Non-recurring expenses for the previous year amounted to EUR 0.2 million. The result for the period under review was EUR 8.4 (12.3) million. Earnings per share were EUR 0.15 (0.21), and the return on investment was 10.2% (16.5%). Earnings per share excluding non-recurring items were EUR 0.24.

Turnover for October–December amounted to EUR 142.8 (49.6) and operating profit was EUR 3.8 (3.3) million, or 2.7% (6.6%) of turnover. The operating profit for the quarter includes EUR 0.4 million of non-recurring items related to the acquisition of PartnerTech AB and EUR 1.2 of losses related to the re-measurement of PartnerTech Aerodyn AB. Operating profit excluding non-recurring items was EUR 5.3 million, representing 3.7% of turnover. Earnings for the quarter amounted to EUR 1.2 (2.5) million.

Annual General Meeting 2016 and Board of Directors’ proposals to the Annual General Meeting

Scanfil plc’s Annual General Meeting will be held on 12 April 2016 at the company’s head office in Sievi, Finland.

Dividend for 2015
The company aims to pay dividends amounting to approximately 1/3 of its annual result on a regular basis. The parent company’s distributable funds are EUR 5,075,524.11. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.08 be paid from the unrestricted shareholders’ equity per share, for a total of EUR 4,618,435.12. The dividend matching day is 14 April 2016. The dividend will be paid to those shareholders who, on the matching day, are entered in the Company’s Register of Shareholders, kept by Euroclear Finland Ltd. The dividend payment day is 21 April 2016.

No significant changes have taken place in the company’s financial position since the end of the financial year. In the view of the Board of Directors, the proposed dividend pay-out will not put the company’s liquidity at risk.

The proposal of Scanfil plc’s nomination committee to the General Meeting for the composition of Scanfil plc’s Board of Directors will be published in connection with the invitation to the General Meeting.

The company publishes a notice of the Annual General Meeting later separately.



Petteri Jokitalo


Additional information:
CEO Petteri Jokitalo
Tel +358 8 4882 111



Distribution         NASDAQ OMX, Helsinki
                           Major Media



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 16 production units in Europe, Asia and North America. The total number of employees is 3,800.


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.