SCANFIL PLC          FINANCIAL STATEMENTS RELEASE        24 FEBRUARY 2017      11.15 A.M.   


October – December
– Turnover totalled EUR 122.3 million (Q4 2015: 142.8), down 14.3%
– Operating profit EUR 2.8 million (3.9), 2.3% (2.7%) of turnover,
  adjusted operating profit* EUR 4.7 (5.4) million, 3.8% (3.8%) of turnover
– Profit was EUR 1.3 million (1.2)
– Earnings per share amounted EUR 0.02 (0.02),
  earnings per share before adjustment items* EUR 0.05 (0.05)

January – December
– Turnover totalled to EUR 508.0 million (1-12/2015: 377.3), up to 34.6%
– Operating profit EUR 7.2 million (14.4), 1.4% (3.8%) of turnover,
  adjusted operating profit* EUR 22.3 (20.0) million, 4.4% (5.3%) of turnover
– Profit for the review period was EUR 0.1 million (8.4)
– Earnings per share were EUR 0.00 (0.15),
  earnings per share before adjustment items* EUR 0.25 (0.24)
– Comparison figures for 2015 include the figures of the 2015 acquired PartnerTech AB
  from 1 June 2015 onwards.

Future prospects

Scanfil estimates that its turnover for 2017 will be EUR 480–520 million and the operating profit will amount to EUR 26–31 million.

Key Indicators        
  1 – 12 1 – 12    
  2016 2015    
Return on equity, % 0,1 8,6    
Return on investment, % 4,5 10,6    
Interest-bearing liabilities, EUR million 60,1 87,8    
Gearing, % 36,9 65,4    
Equity ratio, % 40,7 33,4    
Gross investments, EUR million 5,5 54,3    
% of net turnover 1,1 14,4    
Personnel, average 3 649 2 690    
Earnings per share, EUR 0,00 0,15    
Shareholders´ equity per share, EUR 1,70 1,74    
Dividend per share, EUR 0,09 0,08    
Dividend per earnings, % 6 118,9 55,2    
Effective dividend yield, % 2,58 2,10    
Price-to-earnings ratio (P/E) 2 372,8 26,3    
Year´s lowest share price, EUR 2,86 2,36    
Year´s highest share price, EUR 3,80 4,06    
Average share price for year, EUR 3,41 2,92    
Share price at year´s end, EUR 3,49 3,81    
Market capitalization at end of year, EUR million 222,2 220,0    
Number of shares at        
the end of period, 000´s        
 – not counting own shares 63 670 57 730    
 – weighted average 62 423 57 730    
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:

“In 2016, we went through a significant transformation.  The year was strongly marked by the integration of PartnerTech that was acquired in 2015. We combined and streamlined organizations, and harmonized operating processes and IT systems. We eliminated overlapping functions and reorganized unprofitable plants. As a result, our cost structure is significantly lighter than before. We continue operations in ten plants, each of which has a distinct role, a broad customer base, and a sufficient sales volume. Our plant network is in good shape, and all of our plants are well placed for profitable and competitive operations.

We have also kept our foot on the gas; last year we initiated an investment program. We decided to double the production space in Sieradz and Myslowice. We also made an investment in electronics assembly lines for both in Sieradz and Suzhou. Additionally, we invested in punching machines in Myslowice. Parts of production equipment from closed factories are also being transferred to continuing factories. With these transfers, we have enhanced our manufacturing capacity e.g. in Myslowice as well as added new manufacturing technology, such as electronics assembly lines, to Hamburg.

Our current customer base offers a good opportunity for increasing sales. We aim to find new customers, especially in the Nordic countries and Central Europe. We will develop our operations in cooperation with our customers, based on their needs. Our aim is to stand out from our competitors by offering excellent performance and by being our customers’ trusted partner for manufacturing services. Our customers have given us positive feedback on our stronger strategic position and increased potential to add value.

I am extremely satisfied with Scanfil’s development in 2016, and I wish to thank our committed personnel, customers and other stakeholders.”

Financial development

The Group’s turnover for January – December was EUR 508.0 (377.3) million.  The breakdown of turnover by regional segment was as follows: Europe and USA 78% (74%), Asia 22% (26%).

The Group’s operating profit for January – December  was EUR 7.2 (14.4) million, representing 1.4% (3.8%) of turnover. Adjusted operating profit was EUR 22.3 (20.0) million, representing 4.4% (5.3%) of turnover. The operating profit for the period under review includes adjustments of EUR 15.1 million, consisting of the restructuring and reorganisation costs of the plant network related to the divestment and the closure of subsidiaries with low profitability. The adjustments for the previous year consisted of costs related to the acquisition of PartnerTech AB, the fair value measurement of the subsidiary PartnerTech Aerodyn AB and an impairment related to the Hungarian operations, totaling EUR 5.6 million.

The result for the period was EUR 0.1 million (8.4 million), and the result before adjustment items was EUR 15.7 (13.9) million. 

Earnings per share were EUR 0.00 (0.15) for the period under review, and earnings per share before adjustments were EUR 0.25 (0.24). The return on investment was 4.5% (10.6%).

The Group’s turnover for October–December amounted to EUR 122.3 (142.8) million and operating profit was EUR 2.8 (3.9) million, or 2.3% (2.7%) of turnover. The fourth quarter includes a total of EUR 1.9 (1.5) million of adjustments. Operating profit before adjustments was EUR 4.7 (5.4) million, representing 3.8% (3.8%) of turnover.

Annual General Meeting 2017 and Board of Directors’ proposals to the Annual General Meeting

Scanfil plc’s Annual General Meeting will be held on 26 April 2017 at the company’s head office in Sievi, Finland.

Dividend for 2016
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 34,338,367.26 including retained earnings EUR 6,276,359,64. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.09 per share be paid for a total of EUR 5.730.339,51 for the financial year ending on 31 December 2016 .The dividend matching day is 28 April 2017. 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 8 May 2017.

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.

Publication of financial releases

This stock exchange release is a summary of the Scanfil Group’s Financial Statements Release 1 January – 31 December, 2016 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


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 12 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.