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2016-10-21 07:00:01 CEST 2016-10-21 07:00:01 CEST REGULATED INFORMATION Scanfil Oyj - Interim report (Q1 and Q3)SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2016SCANFIL PLC INTERIM REPORT 21 OCTOBER 2016 8.00 A.M. SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2016 Results of restructuring are already visible in profitability July – September - Turnover totalled EUR 121.7 million (Q3 2015: 135.8), down 10.3% - Operating profit EUR 7.4 million (5.2), 6.1% (3.9%) of turnover, adjusted operating profit* EUR 7.6 (8.6) million, 6.2% (6.4%) of turnover - Profit was EUR 6.5 million (2.8) - Earnings per share amounted EUR 0.11 (0.05), earnings per share without adjustment items* EUR 0.11 (0.10) January – September - Turnover totalled to EUR 385.7 million (1-9/2015: 234.5), up to 64.4% - Operating profit EUR 4.0 million (10.2), 1.0% (4.3%) of turnover, adjusted operating profit* EUR 17.2 (14.4) million, 4.5% (6.2%) of turnover - Profit for the review period was EUR -1.2 million (7.2) - Earnings per share were EUR -0.02 (0.12), earnings per share without adjustment items* EUR 0.20 (0.19) * Adjustments (previously referred to as "non-recurring items") 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 the previous year. The corresponding adjustments for 2015 consisted of costs related to the acquisition of PartnerTech AB and an impairment related to the Hungarian operations. Pro forma comparison January–September - Turnover 1–9/2016: EUR 385.7 (1–9/2015 pro forma: 372.4) million, up 3.6% - Operating profit excluding adjustments 1–9/2016: EUR 17.2 (1–9/2015 pro forma: 13.4) million, up 28.7% The pro forma comparison figures have been calculated to illustrate a scenario in which Scanfil plc and PartnerTech AB were merged on 1 January 2015. Future prospects Scanfil specifies its estimate of its turnover and operating profit in 2016, estimating that the turnover will be EUR 500–520 million and the operating profit before adjustments will amount to EUR 22 – 25 million. Previously, Scanfil estimated that its turnover for 2016 would be EUR 500–550 million and the operating profit before adjustments would amount to EUR 22–28 million. Petteri Jokitalo, CEO of Scanfil plc: "I am pleased with our profitability in the third quarter. The operating profit of 6% shows that the restructuring and efficiency measures we have taken can already be seen in our result. We have concentrated on our profitable businesses, and our cost structure is significantly lighter. We will continue to challenge our current ways of operating as well as our cost structure. We target to achieve even more agile operating model and lower fixed costs. January–September turnover was EUR 386 million. The growth in pro forma turnover was 3.6% year-on-year. During the third quarter, customer demand decreased in general, and the market situation was and continues to be challenging. The integration of companies, elimination of overlapping activities as well as the restructuring of unprofitable factories proceeded according to plans. The Dongguan plant in China was closed down, and the statutory labor negotiations to adjust Vantaa plant's operations were started." Key Indicators 1 - 9 1 - 9 1 - 12 2016 2015 2015 Return on equity, % -1.5 9.9 8.6 Return on investment, % 4.1 10.3 10.2 Interest-bearing liabilities, EUR million 76.6 88.7 83.4 Gearing, % 44.7 63.9 60.3 Equity ratio, % 38.0 32.8 34.2 Gross investments, EUR million 3.5 3.6 54.3 % of net turnover 0.9 1.5 14.4 Personnel, average 3 686 1 993 2 690 Earnings per share, EUR -0.02 0.12 0.15 Shareholders´ equity per share, EUR 1.67 1.74 1.76 Number of shares at the end of period, 000´s - not counting own shares 63 670 57 730 57 730 - weighted average 62 000 57 730 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. Financial development The Group’s turnover for January - September was EUR 385.7 (234.5) million. The breakdown of turnover by regional segment was as follows: Europe and USA 79% (69%), Asia 21% (31%). The Group's operating profit for January – September was EUR 4.0 (10.2) million, representing 1.0% (4.3%) of turnover. Adjusted operating profit was EUR 17.2 (14.4) million, representing 4.5% (6.2%) of turnover. The operating profit for the period under review includes adjustments of EUR 13.2 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 and an impairment related to the Hungarian operations, totalling EUR 4.0 million. The result for the period was EUR -1.2 million (7.2 million), and the result before adjustment items was EUR 12.5 (11.4) million. The Group's turnover for July–September amounted to EUR 121.7 (135.8) million and operating profit was EUR 7.4 (5.2) million, or 6.1% (3.9%) of turnover. The third quarter includes a total of EUR 0.1 (3.4) million of adjustments. Operating profit excluding adjustments was EUR 7.6 (8.6) million, representing 6.2% (6.4%) of turnover. Earnings per share were EUR -0.02 (0.12) for the period under review, and earnings per share excluding adjustments were EUR 0.20 (0.19). The return on investment was 4.1% (10.3%). Publication of financial releases This stock exchange release is a summary of the Scanfil Group’s Interim Report 1 January – 30 September, 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 www.scanfil.com. SCANFIL PLC Petteri Jokitalo CEO Additional information: CEO Petteri Jokitalo Tel +358 8 4882 111 Distribution NASDAQ OMX, Helsinki Major Media www.scanfil.com 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. |
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