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2021-10-26

Scanfil Group’s Interim Report for 1 January–30 September 2021: Robust customer demand supported record-high turnover growth. Healthy profitability despite challenges in material availability.

Scanfil plc     Interim report     26 October 2021  8.00 am

Scanfil Group’s Interim Report for 1 January–30 September 2021: Robust customer demand supported record-high turnover growth. Healthy profitability despite challenges in material availability.

July–September

  • Turnover totalled EUR 167.8 million (7-9 2020: 141.6), an increase of 18.5%.
  • Adjusted operating profit was EUR 9.5 (9.9) million, 5.7% (7.0%) of turnover.
  • Operating profit was EUR 9.5 (21.2) million, 5.7% (15.0%) of turnover. Comparison includes a non-recurring capital gain of EUR 11.4 million from the sale of the Hangzhou factory.
  • Adjusted net profit was EUR 6.8 (7.5) million.
  • Net profit was EUR 5.1 (18.0) million. It was negatively impacted by a non-recurring tax item of EUR 1.7 million.
  • Adjusted earnings per share were EUR 0.10 (0.12), earnings per share were EUR 0.08 (0.28).
  • On 13 October Scanfil revised its outlook for turnover and adjusted operating profit.

January–September

  • Turnover totalled EUR 504.0 million (1-9 2020: 441.3), an increase of 14.2%.
  • Adjusted operating profit was EUR 30.0 (28.7) million, 6.0% (6.5%) of turnover.
  • Operating profit was EUR 30.0 (40.1) million, 6.0% (9.1%) of turnover. Comparison includes a non-recurring capital gain of EUR 11.4 million from the sale of the Hangzhou factory.
  • Adjusted net profit was EUR 23.0 (23.3) million.
  • Net profit was EUR 21.3 (33.8) million. It was negatively affected by a non-recurring tax item of EUR 1.7 million.
  • Adjusted earnings per share were EUR 0.36 (0.36), earnings per share were EUR 0.33 (0.52).

Future Outlook

Due to strong customer demand and increasing material prices Scanfil revised its outlook for 2021 on October 13. The outlook is as follows:

Scanfil estimates that its turnover for 2021 will be EUR 670–710 (previous, issued June 11, 2021: 630–680) million and its adjusted operating profit will be EUR 41–44 (41–46) million.

The guidance for 2021 involves uncertainty arising from the potential negative impact of the availability of certain materials, especially semiconductors, and the COVID-19 pandemic on customer demand, as well as the delivery capability of the component supply chain.

Long-Term Target

Scanfil’s long-term target: in 2023, Scanfil is organically aiming for EUR 700 million turnover and 7% operating profit.

Key Figures

 7-9 20217-9 2020Change%1-9 20211-9 2020Change %2020
Turnover, EUR million167.8141.618.5%504.0441.314.2%595.3
Operating Profit, EUR million9.521.2-55.3%30.040.1-25.0%44.4
Operating Profit, Adjusted, EUR million9.59.9-4.0%30.028.74.7%39.1
Operating Profit, %5.715.0 6.09.1 7.5
Operating Profit, Adjusted, %5.77.0 6.06.5 6.6
Net Profit, EUR million5.118.0-71.6%21.333.8-36.9%36.9
Net Profit, Adjusted, EUR million6.87.5-9.9%23.023.3-1.3%32.5
Earnings per Share, EUR0.080.28-71.7%0.330.52-37.2%0.57
Earnings per Share, Adjusted, EUR0.100.12-10.4%0.360.36-1.7%0.50
Return on Equity, %   15.026.1 21.1
Return on Equity, Adjusted, %   16.118.2 18.4
Equity Ratio, %   46.853.3 54.3
Net Gearing, %   25.214.4 9.9
Net Cash Flow from Operations, EUR million  -12.125.9-146.7%35.2
Employees (Average)   3,2673,445-11.0%3,387

CEO Petteri Jokitalo:

The third quarter turnover was EUR 167.8 million, an increase of 18.5% compared to the previous year. Record-high turnover growth was boosted by robust customer demand and also rising material prices. Customer demand was especially strong in the product groups within energy efficiency, indoor climat...

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