Scanfil Group’s interim report for January–March 2022: Strong demand continued under demanding circumstances
2022年4月22日 - 2:00PM
Scanfil Group’s interim report for January–March 2022: Strong
demand continued under demanding circumstances
Scanfil plc Interim
report 22 April 2022 at 8.00
a.m.Scanfil Group’s interim report for
January–March 2022 Strong demand continued under demanding
circumstances
January–March
- Turnover totaled EUR 196.6 million
(1-3 2021: 163.3), an increase of 20.4%.
- Operating profit was EUR 10.3 (10.0)
million, 5.3% (6.1%) of turnover.
- Net profit was EUR 8.0 (7.6)
million, an increase of 5.6%
- Earnings per share were EUR 0.12
(0.12)
- EUR 0.19 dividend per share to be
paid on 2 May 2022, an increase for 9th consecutive year
Future Outlook for 2022
Due to strong customer demand and continuation of spot-market
purchases Scanfil revised its outlook on 14 April 2022. The new
outlook is as follows: Scanfil estimates that its turnover for 2022
will be EUR 750–820 million (previous, issued on 22 February 2022:
EUR 710–760 million) and its adjusted operating profit will be EUR
43–48 (unchanged) million.
The outlook involves uncertainty especially arising from the
availability and price level of semiconductors and the delivery
capability of the supply chain. In addition, the war in Ukraine and
COVID-19 might create risks and uncertainties.
Key Figures
|
Q1 2022 |
Q1 2021 |
Change% |
2021 |
Turnover, EUR
million |
196.6 |
163.3 |
20.4 |
695.7 |
Operating
Profit, EUR million |
10.3 |
10.0 |
3.6 |
39.6 |
Operating
Profit, % |
5.3 |
6.1 |
|
5.7 |
Net Profit, EUR
million |
8.0 |
7.6 |
5.6 |
29.8 |
Earnings per
Share, EUR |
0.12 |
0.12 |
5.2 |
0.46 |
Return on
Equity, % |
15.2 |
16.3 |
|
15.2 |
Equity Ratio,
% |
45.4 |
52.1 |
|
45.3 |
Net Gearing,
% |
36.9 |
5.9 |
|
28.9 |
Net Cash Flow
from Operations, EUR million |
-13.6 |
7.7 |
-276.6 |
-12.5 |
Employees (Average) |
3,296 |
3,225 |
2.2 |
3,267 |
CEO Petteri
Jokitalo:
“The turnover of the first quarter of the year was at the record
high level reaching EUR 196.6 million with an increase of 20%
compared the year before. In general, customer demand has been
strong in all customer segments. To mention some individual
customer products with the robust demand parcel locker solutions,
elevators, reverse vending machines for collecting drinking
containers, lithium battery solutions, and indoor air quality
systems.In addition to strong customer demand, turnover was
affected by increased material prices. To secure component
availability, we purchased semiconductors at a significantly higher
price from the spot market. The excess price we invoiced our
customers, but generally without material margin. In the first
quarter, we had EUR 17 million in our turnover this above mentioned
transitory invoicing in our books. Excluding this revenue, our
turnover was EUR 179 million. The operating profit of EUR 10.3
million was in line with our expectations. Challenges in material
availability caused us additional work, an increase in inventories,
and decreased the productivity of our resources, especially in our
largest electronics factories. We expect operating profit to
develop positively towards the end of the year.Russia’s attack on
Ukraine and continuation of the state of war is condemned and a
massive catastrophe for the people of Ukraine. War has also
generated cost inflation and negatively affected economic growth
expectations in Europe. Since the war began, we have replaced our
material suppliers in Russia and Ukraine with other suppliers and
for now, the war has not had a significant impact on Scanfil’s
business.The COVID-19 epidemic is not over yet. In January-February
the number of infections increased in our European factories. In
March the situation weakened in China, and authorities have ordered
local restrictions and lock-downs. So far, we have been able to
keep our factories running without breaks in production.Cash flow
from operations in the first quarter of the year was EUR 13.6
million negative mainly due to the increase in receivables
attributable to higher turnover and material inventory. The
increase in inventories was affected by rising customer demand,
higher material costs, and a slowdown in inventory turnover, which
was caused by the challenges in material availability. Inventory
management will remain our focus area in 2022.Scanfil has a strong
financial position enabling the execution of all planned
investments. At the end of the period equity ratio was at 45.4% and
net gearing at 36.9%.Our customers are indicating a strong demand
for 2022. Key business risks are related to materials, especially
in the availability of semiconductors, the continuation of the
corona pandemic, particularly in China, and the impacts of war in
Ukraine. We changed our outlook because of the higher than expected
spot market purchases and transitory customer invoicing. We expect
our spot market purchases to be on a high level at least during the
second and the third quarter of the year. The use of spot markets
and the transitory invoicing caused by it will decrease when the
availability of the components improves and the situation
normalizes. We estimated our turnover for 2022 to be EUR 750–820
million. Concerning the adjusted operating profit, we reiterate the
original outlook of EUR 43–48 million.I want to thank our committed
personnel for the good work done in these demanding circumstances
and our customers for the support and
trust”.TurnoverThe Group’s turnover for
January–March was EUR 196.6 (163.3) million, an increase of 20.4%
compared to the previous year. Turnover includes EUR 17.0 million
of spot-market purchases and some other costs related to securing
customer deliveries. These costs are separately agreed with
customers. This revenue is low or no margin to
Scanfil.Turnover by customer segmentAdvanced
Consumer Applications: Turnover was EUR 55.0 (42.9.) million, an
increase of 28.3% compared to January–March in 2021. The key
drivers were new customer ramp-ups and good demand in elevator
products and hand-over solutions. Separately agreed customer
invoicing for the segment was EUR 5.3 million.Automation &
Safety: Turnover was EUR 42.6 (34.5) million, an increase of 23.4%.
Demand was good throughout all customers in the segment. Separately
agreed customer invoicing for the segment was EUR 2.2
million.Connectivity: Turnover was EUR 10.8 (8.1) million, an
increase of 33.7%. Demand in wireless office and network solutions
were good. Separately agreed customer invoicing for the segment was
EUR 0.2 million.Energy & Cleantech: Turnover was EUR 54.6
(40.3) million, an increase of 35.4%. The key drivers behind the
strong growth were the good demand for recycling and energy
solutions. Separately agreed customer invoicing for the segment was
EUR 7.4 million.Medtech & Life Science: Turnover was EUR 33.7
(29.1) million, an increase of 16.0%. Stable demand continued.
Separately agreed customer invoicing for the segment was EUR 1.8
million.In the first quarter of 2022, the largest customer
accounted for about 17% (14%) of turnover and the top ten customers
accounted for about 55% (55%) of turnover.Operating
profit
The Group’s operating profit for January–March was EUR 10.3
(10.0) million, 5.3% (6.1%) of turnover. The operating profit was
positively affected by the continuation of good customer demand.
During the period, exchange rate changes had a slight negative
impact on material expenses. In addition, material shortages caused
lower productivity, especially in the biggest electronic factories.
The operating margin was negatively impacted by the separately
agree customer invoicing with low or no margin.Net
profit
and earningsThe net profit for the review period was EUR
8.0 (7.6) million. Earnings per share were EUR 0.12 (0.12). Return
on investment was 14.0% (17.5%).The Group’s effective tax rate was
14.1% (18.2%). Scanfil Poland Sp.z o.o submitted an application for
an Advance Pricing Agreement (APA) in 2018. The positive decision
has now received by the Polish Ministry of the Finance and EUR 0.4
million deferred tax asset has been booked which lowered the tax
rate. Decisions by the Annual General
Meeting and Board of Directors’
Authorization Scanfil plc's Annual
General Meeting was held on April 21, 2022, at the premises of
Borenius Attorneys Ltd. Due to the COVID-19 pandemic, shareholders
and their proxies had to vote in advance and physical attendance at
the Meeting was not possible. The Meeting authorized the Board of
Directors to decide on the acquisition of the company’s own shares
and to decide on share issue and granting option rights, and
granting shares and issue special rights entitling to shares.The
Board of Directors' proposals to the General Meeting and the
minutes of the Annual General Meeting are available on the company
website at www.scanfil.com/agm.Publication
of financial releasesThis stock exchange release is a
summary of the Scanfil Group’s Interim Report for January-March
2022 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.Webcast
In conjunction with releasing our results, we arrange English
webcast for analysts, investors and media will be held on the same
day at 10:00–11:00 a.m. EET. Results will be presented by CEO
Petteri Jokitalo. You can register and join the webcast at
https://scanfil.videosync.fi/q1_2022/. The audience can ask
questions via Chat. Questions will be addressed at the end of the
conference.An on-demand version of the webcast and the presentation
material will be available on the company's website later on the
same day.Scanfil
plcAdditional information: CEO
Petteri JokitaloTel +358 8 4882 111Scanfil is an international
manufacturing partner and system supplier for the electronics
industry with over 45 years of experience in demanding
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 are modules or
integrated products for e.g. self-service application, automation
systems, wireless connectivity modules, climate control systems,
collection and sorting systems, analyzers and environmental
measurement solutions. Scanfil services are used by numerous
international automation, safety, energy, cleantech and health
service providers, as well as companies operating in the field of
urbanization. Scanfil’s network of factories consists of nine
production units in Europe, Asia and North America.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 plc 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 plc 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 Q1_2022 interim report
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