SCANFIL GROUP’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2020 Helsinki Stock Exchange:SCANFL

October 27, 2020 Off By administrator

SCANFIL PLC          INTERIM REPORT                          27 OCTOBER 2020        8.00 A.M.
 
SCANFIL GROUP’S INTERIM REPORT   1 JANUARY – 30 SEPTEMBER 2020
 
Q3/2020: Solid Performance in Exceptional Environment
 
July – September

– Turnover totalled EUR 141.6 million (Q3 2019: 152.3), decrease of 7.0%
– Adjusted operating profit EUR 9.9 (12.1) million, 7.0% (7.9%) of turnover, decrease of 18.1%
– Operating profit EUR 21.2 (12.1) million, 15.0% (7.9%) of turnover, increase of 76.1%. Operating profit
  includes a non-recurring capital gain from the sale of Hangzhou factory of EUR 11.4 million
– Net profit was EUR 18.0 (8.8) million
– Earnings per share were EUR 0.28 (0.14), adjusted earnings per share EUR 0.12 (0.14)
 
January – September

– Turnover totalled to EUR 441.3 (1-9 2019: 424.8) million, increase of 3.9%
– Adjusted operating profit EUR 28.7 (29.3) million, 6.5% (6.9%) of turnover, decrease of 2.3%
– Operating profit EUR 40.1 (25.3) million, 9.1% (6.0%) of turnover. Operating profit includes a non-recurring
  capital gain from the sale of Hangzhou factory of EUR 11.4 million
– Net profit for the review period was EUR 33.8 (18.3) million
– Earnings per share were EUR 0.52 (0.28), adjusted earnings per share EUR 0.36 (0.35)
 
Future outlook
 
Scanfil updates it’s outlook and estimates that its turnover for 2020 will be EUR 590 – 610 million and adjusted operating profit EUR 38 – 40 million. 
 
Earlier estimate:
Scanfil estimates that its turnover for 2020 will be EUR 580 – 620 million and adjusted operating profit EUR 38 – 42 million. 
 
The 2020 guidance is subject to exceptional uncertainty due to the potential negative effects of the coronavirus pandemic on customer demand, supply chain capacity as well as the safety and operational capability of our own factories and personnel.
 
Key figures

  Q3/2020 Q3/2019 Change% Q1-Q3/2020 Q1-Q3/2019 Change % 2019
Turnover, EUR million 141.6 152.3 -7.0% 441.3 424.8 3.9% 579.4
Operating Profit, EUR million 21.2 12.1 76.1% 40.1 25.3 58.1% 35.3
Operating Profit, Adjusted, EUR million 9.9 12.1 -18.1% 28.7 29.3 -2.3% 39.4
Operating Profit, % 15.0 7.9   9.1 6.0   6.1
Operating Profit, Adjusted, % 7.00 7.9   6.5 6.9   6.8
Net Profit, EUR million 18.0 8.8 103.5% 33.8 18.3 85.0% 28.1
Net Profit, Adjusted, EUR million 7.5 8.8 -14.9% 23.3 22.3 4.6% 32.1
Earnings per Share, EUR 0.28 0.14 100.0% 0.52 0.28 85.7% 0.44
Earnings per Share, Adjusted, EUR 0.12 0.14 -14.3% 0.36 0.35 2.9% 0.50
Return on Equity,  %       26.1 16.2   18.0
Return on Equity, Adjusted. %       18.2 19.5   20.4
Equity Ratio, %       53.3 43.3   49.1
Net Gearing, %       14.4 40.5   27.7
Net Cash Flow from Operations, EUR million       25.9 14.9 74.2% 35.9
Employees (Average)       3 445 3 511 -1.9% 3 530

Petteri Jokitalo, CEO of Scanfil plc:
 
I am pleased with Scanfil’s solid performance in the third quarter.  We succeeded well in our COVID-19 countermeasures, and our profitability development was strong in exceptional circumstances. I am also delighted of the results of the customer…

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