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Scanfil Oyj
Earnings Release • Apr 24, 2024
3290_10-q_2024-04-24_a88d46f9-508d-4927-b64b-651260390284.pdf
Earnings Release
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Scanfil plc January-March 2024 Interim report
24 APRIL 2024
Scanfil Group's interim report for January–March 2024
Solid operational performance and gearing for future growth
January–March
- Turnover totaled EUR 198.9 million (224.6), a decrease of 11.5%
- Operating profit was EUR 12.7 (15.1) million, a decrease of 15.8%
- Operating profit margin was at 6.4% (6.7%)
- Net profit was EUR 9.8 (11.8) million, a decrease of 17.1%
- Earnings per share were EUR 0.15 (0.18)
- Dividend proposal of EUR 0.23 (0.21) per share
Outlook for 2024
Scanfil estimates that its turnover for 2024 will be EUR 820–900 million, and an adjusted operating profit of EUR 57–65 million.
| KEY FIGURES | 1-3 2024 | 1-3 2023 | Change,% | 1-12 2023 |
|---|---|---|---|---|
| Turnover, EUR million | 198.9 | 224.6 | -11.5 | 901.6 |
| Operating Profit, EUR million | 12.7 | 15.1 | -15.8 | 61.3 |
| Operating Profit, % | 6.4 | 6.7 | 6.8 | |
| Net Profit, EUR million | 9.8 | 11.8 | -17.1 | 48.2 |
| Earnings per Share, EUR | 0.15 | 0.18 | -17.8 | 0.74 |
| Return on Equity, % | 14.5 | 20.3 | 19.6 | |
| Equity Ratio, % | 55.5 | 46.5 | 53.7 | |
| Net Gearing, % | 17.1 | 38.7 | 19.4 | |
| Net Cash Flow from Operations, EUR million | 9.7 | -0.9 | 68.9 | |
| Employees, Average | 3,585 | 3,603 | 3,671 |
CHRISTOPHE SUT, CEO:
"I am proud to present the results of Scanfil's first quarter of 2024. Our team improved operational efficiency and prepared for future growth.
As expected, we faced lower market demand compared to the corresponding period of 2023. The focus in the first quarter of 2024 was on improving the efficiency of our operations. The outcome was a solid 6.8% operating margin excluding layoff costs and changes in foreign exchange rates. Reported operating profit was EUR 12.7 million, with an operating margin of 6.4%, compared to 6.7% last year.
Our operational focus translated into improvement in many areas that benefit our customers. The on-time delivery rate exceeded 98%, a notable improvement from 92% in the corresponding period last year. Despite the lower turnover level, we managed to reduce our overall inventory by EUR 10.3 million. We worked closely with our suppliers to build flexibility into our operations and to improve our supply chain competitiveness. The combined improvement in operational efficiency and delivery performance was a positive step in positioning the company for future growth.
On the turnover side, we reached EUR 198 million, equivalent to a decrease of -8.6%, excluding spot market purchases. Reported revenue change was negative 11.5% compared to last year.
The Energy & Cleantech segment continued to grow, and several new customer projects were implemented during the quarter. Turnover excluding the energy saving solutions developed positively and increased by +11.3%. The market remains dynamic and strong as several countries and organizations are building infrastructure for energy transformation. Our outlook for the segment remains positive long term. The overall turnover changed by -3.3% compared to last year's first quarter.
The Industrial, and Medtech & Life Science segments were negatively impacted by demand changes and destocking which continued with some customers. We are continuing to work closely with our customers to adjust operations and inventory to the prevailing market situation. The strong variation in demand we experienced during the last 12 months has created a new situation with our key customers. Our collaboration has become much closer with a true teamwork and partnership mindset.
Our financial position is strong, gearing was 17.1%, and equity ratio was 55.5%. Our solid balance sheet enables us to make the investments required to develop our business. Our net cash flow from operations was EUR 9.7 million, a very positive result in comparison to EUR -0.9 in 2023. Scanfil is well-positioned and very capable of financing the potential expansion of its operations organically and inorganically.
During the quarter, we finalized our strategy update and communicated it during our Capital Markets Day event at the beginning of March.
Empowerment is our new value. The aim is to build both accountability as well as solution-oriented culture across the whole company. This started to be realized and it was very pleasing to see every site took action to adjust their costs to defend their margin and make Scanfil more resilient to business cycle changes. We have clear targets and processes to follow-up KPIs regularly across the organization, and when needed we can take actions for improvements.
In addition, we clarified our market segment focus and have created three sales organizations focused on Industrial, Energy & Cleantech, and Medtech & Life Science customers. The change was implemented during the quarter, and it is creating an improved focus on developing customer relationships and building a stronger pipeline in those segments.
In February, we accelerated our sustainability efforts by committing to the Science Based Targets initiative (SBTi) organization's Net Zero target by 2050. In addition to the good progress in previous years, we are convinced that this new initiative will increase Scanfil's competitiveness in its core market. Our commitment was also received positively by our major customers.
The outlook for 2024 will remain two-fold. In the first half of the year, the market is expected to remain sluggish, impacting on our turnover and operating profit. In these circumstances, we will continue to work on protecting the operating margin and preparing for future growth. We expect the market to pick up in the second half of the year allowing us to further improve our performance.
I am proud of the work done by our dynamic team in the quarter to protect our operating margin in a slow market, while continuing to transform and prepare Scanfil for growth and potential acquisitions."
Scanfil Group's interim report for January-March 2024
TURNOVER
The turnover for January–March was EUR 198.9 (224.6) million, a decrease of 11.5% compared to the previous year's comparison period. The turnover decreased by EUR 25.7 million of which EUR 6.4 million were spot market purchases. Excluding spot market purchases, turnover decreased by 8.6%.
TURNOVER BY CUSTOMER SEGMENT
Industrial
Turnover in January–March was EUR 94.2 (111.2) million, a decrease of 15.3% compared to the same period in 2023. Turnover declined due to destocking and demand changes of a subsegment.
Energy & Cleantech
Turnover in January–March was EUR 70.4 (72.8) million, a decrease of 3.3%. Turnover declined due to lower demand for energy saving solutions. Turnover excluding them increased by 11.3%.
Medtech & Life Science
Turnover in January–March was EUR 34.4 (4o.6) million, a decrease of 15.4% due to destocking and demand changes for some customers.
In January–March, the largest customer accounted for about 11% (13%) of turnover and the top ten customers accounted for about 55% (55%) of turnover.
OPERATING PROFIT
The operating profit for January–March was EUR 12.7 (15.1) million, 6.4% (6.7%) of turnover. Operating profit was impacted by a lower turnover. However, the company strongly adjusted its operational costs to reflect the demand change. An adjustment in personnel caused some lay-off costs. In addition, operating profit was impacted by the negative impact of foreign exchange rates changes. The operating margin excluding the layoff costs and the foreign exchange rates change impact was 6,8% (6.7%).
NET PROFIT AND EARNINGS
The net profit for January–March was EUR 9.8 (11.8) million, a decrease of 17.1%. Earnings per share were EUR 0.15 (0.18). Return on investment was 15.9% (18.7%).
The effective tax rate in January–March was 24.2% (18.9%). The tax rate was negatively impacted by taxes of intercompany dividends and the previous year was impacted positively by EUR 0.3 million tax refund which resulted from a mutual agreement process related to the 2014 tax year in Poland.
FINANCING AND CAPITAL EXPENDITURE
Scanfil has a strong financial position. The consolidated balance sheet total was EUR 518.0 (533.4) million at the end of the review period. Cash and cash equivalents totaled EUR 22.3 (8.7) million. Liabilities amounted to EUR 242.9 (296.1) million, of which non-interestbearing liabilities totaled EUR 173.5 (195.5) million and interest-bearing liabilities totaled EUR 69.5 (100.6) million. Interest-bearing liabilities consisted of EUR 47.5
(77.1) million in liabilities from financial institutions and EUR 22.0 (23.5) million in leasing liabilities. The Group has a strong liquidity position with EUR 88.6 million of unused credit facilities.
The equity ratio at the end of the period was 55.5% (46.5%), and net gearing was 17.1% (38.7%). Equity per share was EUR 4.21 (3.65).
The Group's financial arrangement includes discharge covenants related to equity ratio and interest-bearing net debt/EBITDA ratio. Compliance with the terms of the covenants is reviewed quarterly. At the end of the period under review, the terms have been clearly complied with.
The net cash flow from operating activities for January–March was EUR 9.7 (-0.9) million. The positive change resulted from the EUR -10,3 million reduction in the inventories.
The net cash flow from investing activities in January– March was EUR -4.7 (-5.7) million.
Free cash flow was EUR 5.0 (-6.6) million.
The cash flow from financing activities was EUR -4.0 (- 5.3) million, including EUR -3.0 (-3.0) million in repayments of long-term loans and changes in the leasing liabilities of EUR -1,0 million.
Gross investments in January–March totaled EUR 5.1 (6.0) million, which was 2.6% (2.7%) of the turnover. Depreciations, including impairments, totaled EUR 5.0 (4.7) million.
DECISIONS FROM THE ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS' AUTHORIZATION
The Annual General Meeting held on 27 April 2023 authorized the Board of Directors to decide on the acquisition of the company's own shares and to decide on share issue, granting shares and issuing special rights entitling to shares.
The Board of Directors' proposals for the General Meetings and the minutes are available on the company's website at www.scanfil.com/agm.
OWN SHARES
On 31 March 2024, the company owned 78,738 of its own shares, representing 0.1% of all shares.
SHARE TRADING AND SHARE PERFORMANCE
The number of Scanfil shares was 65,269,993 in total as of 31 March, 2024.
The highest trading price during January–March was EUR 8.47 and the lowest was EUR 7.10, with the closing price for the period standing at EUR 8.36 and the volume weighted average price at EUR 7.76. As of 31 March, 2024, the market value of the shares was EUR 545.7 million.
PERSONNEL
At the end of the period the Group employed 3,545 (3,642) people 3,256 (3,342) of whom worked outside Finland and 289 (300) in Finland. The average number of Group employees during the review period was 3,585 (3,603) people. The change was driven by the shift in turnover.
CHANGES IN GROUP STRUCTURE
There have been no changes in the Group structure during the reporting period.
FUTURE OUTLOOK
Scanfil estimates that its turnover for 2024 will be EUR 820–900 million, and an adjusted operating profit of EUR 57–65 million.
The outlook is based on customer forecasts and Scanfil's normal forecasting process. The outlook is associated
LONG-TERM TARGETS
Scanfil is aiming for 10% annual turnover growth and 7%-8% operating profit level while keeping its net debt/EBITDA ≤1.5. Scanfil aims to pay an increasing dividend of approximately 1/3 of the earnings per share.
OPERATIONAL RISKS AND UNCERTAINTIES
Current recognized risks are strategic risks such as uncertainties in the global economy and risks in the political environment which might prevent the company from achieving its economic targets.
Other recognized risks are related to high inflation, materials prices and availability, exchange rates and cyber security.
The negative development of the global economy may have an impact on Scanfil's revenue and profitability in the midterm.
If conflicts in Ukraine and the Middle East continue and escalate further, it might impact Scanfil and the business environment of its customers. Furthermore, other political and trade tension as well as related actions might impact Scanfil's business environment.
Overall inflation also influences the company's cost structure.
Material availability, especially for semiconductors, was challenging in 2021–2022. The situation has significantly improved during 2023, although availability constraints with specific materials can still be recognized.
The changes in foreign exchange rates are a risk to profitability. Scanfil mitigates the risk by using foreign exchange forward contracts.
Cyber security is recognized as an increasing risk. Scanfil is continuously monitoring and develop its ICT environment and systems to mitigate the risk.
The risk of energy availability and potential increases in energy costs are not expected to have a significant impact on short-term revenue or profitability.
The company's risks and risk management are described on the company's website under Corporate Governance and in the Sustainability report 2023 and notes to the consolidated financial statement for 2023.
ANNUAL GENERAL MEETING 2024 AND PROPOSALS BY THE BOARD OF DIRECTORS
Scanfil plc's Annual General Meeting will be held on 25 April 2024.
The parent company's distributable assets total EUR 60,942,965.89, including undistributed profits of EUR 25,793,374.35. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 14,993,988.65, which is EUR 0.23 (0.21) per share, to be paid for the financial year ending on 31 December 2023.
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 for the General Meeting for the composition of Scanfil plc's Board of Directors was published on 20 March 2024 in the invitation to the General Meeting. Additional information: www.scanfil.com/agm.
KEY INDICATORS
| 1 -3 | 1 - 3 | 1 -12 | |
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| Return on equity, % | 14.5 | 20.3 | 19.6 |
| Return on investment, % | 15.9 | 18.7 | 19.4 |
| Interest-bearing liabilities, EUR million | 69.5 | 100.6 | 73.0 |
| Gearing, % | 17.1 | 38.7 | 19.4 |
| Equity ratio, % | 55.5 | 46.5 | 53.7 |
| Gross investments, EUR million | 5.1 | 6.0 | 22.2 |
| % of net turnover | 2.6 | 2.7 | 2.5 |
| Personnel, average | 3 585 | 3 603 | 3 671 |
| Earnings per share. EUR | 0.15 | 0.18 | 0.74 |
| Shareholders´ equity per share, EUR | 4.21 | 3.65 | 4.08 |
| Number of shares at | |||
| the end of period, 000´s | |||
| - not counting own shares | 65 191 | 64 861 | 65 191 |
| - weighted average | 65 191 | 64 960 | 64 864 |
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.
KEY INDICATORS QUARTERLY
| Q1/24 | Q4/23 | Q3/23 | Q2/23 | Q1/23 | Q4/22 | Q3/22 | Q2/22 | Q1/22 | |
|---|---|---|---|---|---|---|---|---|---|
| Turnover, MEUR |
198.9 | 220.8 | 212.8 | 243.3 | 224.6 | 222.3 | 211.9 | 212.9 | 196.6 |
| Operating profit, MEUR |
12.7 | 13.4 | 15.2 | 17.5 | 15.1 | 13.4 | 11.5 | 10.1 | 10.3 |
| Operating profit, % |
6.4 | 6.1 | 7.2 | 7.2 | 6.7 | 6.0 | 5.4 | 4.8 | 5.3 |
| Net income, MEUR |
9.8 | 10.9 | 11.0 | 14.5 | 11.8 | 10.5 | 9.4 | 7.1 | 8.0 |
CALCULATION OF KEY INDICATORS
| Return on equity, % Net profit for the period x 100 |
||
|---|---|---|
| Shareholders' equity (average) | ||
| Return on investment, % | (Profit before taxes + interest and other financial expenses) x 100 | |
| Balance sheet total - non-interest-bearing liabilities (average) | ||
| Gearing (%) | (Interest-bearing liabilities - cash and other liquid financial assets) x 100 | |
| Shareholders' equity | ||
| Equity ratio (%) | Shareholders' equity x 100 | |
| Balance sheet total - advance payments received | ||
| Earnings per share | Net profit for the period | |
| Average adjusted number of shares during the year | ||
| Shareholders' equity per share | Shareholders' equity | |
| Adjusted number of shares at the end of the financial period | ||
| Market capitalization | Number of shares x last trading price of the financial period | |
| Adjusted item | A non-recurring significant item that deviates from normal business operations, | |
| which affects the comparability between different periods |
CONDENSED CONSOLIDATED INCOME STATEMENT
| 1 - 3 | 1 - 3 | 1 - 12 | |
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| EUR million Note |
|||
| Turnover 1 |
198.9 | 224.6 | 901.6 |
| Other operating income | 0.1 | 0.1 | 0.9 |
| Changes in inventories of finished goods and work in progress |
0.2 | 1.5 | -0.3 |
| Manufacturing for own use | |||
| Expenses | -181.5 | -206.5 | -821.7 |
| Depreciation and amortization | -5.0 | -4.7 | -19.1 |
| Operating profit | 12.7 | 15.1 | 61.3 |
| Financial income and expenses | 0.2 | -0.6 | 0.3 |
| Profit before taxes | 12.9 | 14.5 | 61.6 |
| Income taxes | -3.1 | -2.8 | -13.4 |
| Net profit for the period | 9.8 | 11.8 | 48.2 |
| Attributable to: | |||
| Equity holders of the parent | 9.8 | 11.8 | 48.2 |
| Earnings per share for profit attributable to | |||
| shareholders of the parent: | |||
| undiluted (EUR) | 0.15 | 0.18 | 0.74 |
| diluted ( EUR) | 0.15 | 0.18 | 0.74 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 1 - 3 | 1 - 3 | 1 - 12 | |
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| EUR million | |||
| Net profit for the period | 9.8 | 11.8 | 48.2 |
| Items that may later be recognized in profit or loss | |||
| Translation differences | -0.5 | -1.4 | 3.0 |
| Cash flow hedges | -0.3 | -0.1 | 0.0 |
| Other comprehensive income, net of tax | -0.9 | -1.5 | 2.9 |
| Total Comprehensive Income | 8.9 | 10.3 | 51.2 |
| Attributable to: | |||
| Equity holders of the parent | 8.9 | 10.3 | 51.2 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR million | Note | 31.3.2024 | 31.3.2023 | 31.12.2023 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 2 | 63.9 | 57.9 | 62.7 |
| Right-of-use asset | 2 | 22.0 | 23.2 | 22.6 |
| Goodwill | 3 | 7.5 | 7.6 | 7.7 |
| Other intangible assets | 10.1 | 10.1 | 10.4 | |
| Available-for-sale investments | 0.5 | 0.5 | 0.5 | |
| Deferred tax assets | 8.2 | 8.3 | 7.7 | |
| Total non-current assets | 112.2 | 107.6 | 111.6 | |
| Current assets | ||||
| Inventories | 198.7 | 233.3 | 209.0 | |
| Trade and other receivables | 181.3 | 179.1 | 173.5 | |
| Advance payments | 1.1 | 2.2 | 0.9 | |
| Current tax | 2.5 | 2.5 | 1.8 | |
| Cash and cash equivalents | 22.3 | 8.7 | 21.2 | |
| Total current assets | 405.8 | 425.8 | 406.4 | |
| Total assets | 518.0 | 533.4 | 518.0 | |
| 31.3.2024 | 31.3.2023 | 31.12.2023 | ||
| Shareholder's equity and liabilities | ||||
| Equity attributable to equity holders of the parent | ||||
| Share capital | 2.0 | 2.0 | 2.0 | |
| Reserve for invested unrestricted equity fund | 34.8 | 33.4 | 34.8 | |
| Fair value reserve | 0.6 | 0.9 | 0.9 | |
| Other reserves | 2.6 | 2.6 | 2.6 | |
| Translation differences | -5.1 | -9.0 | -4.6 | |
| Retained earnings | 240.1 | 207.3 | 230.2 | |
| Total equity | 275.1 | 237.3 | 266.0 | |
| Non-current liabilities | ||||
| Deferred tax liabilities | 6.6 | 4.7 | 5.7 | |
| Provisions | 1.2 | 0.9 | 1.1 | |
| Interest bearing liabilities | 33.1 | |||
| Lease liability | 17.7 | 20.6 | 18.6 | |
| Total non-current liabilities | 25.5 | 59.3 | 25.4 | |
| Current liabilities | ||||
| Trade and other liabilities | 162.8 | 184.4 | 166.7 | |
| Current tax | 2.3 | 5.0 | 4.9 | |
| Provisions | 0.6 | 0.4 | 0.6 | |
| Interest bearing liabilities | 47.5 | 44.0 | 50.4 | |
| Lease liability | 4.3 | 3.0 | 3.9 | |
| Total current liabilities | 217.4 | 236.8 | 226.6 | |
| Total liabilities | 242.9 | 296.1 | 252.0 | |
| Total shareholder's equity and liabilities | 518.0 | 533.4 | 518.0 |
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
Equity attributable to equity holders of the parent company
| Reserve for | |||||||
|---|---|---|---|---|---|---|---|
| invested | Fair | ||||||
| EUR million | Share | unrestricted | value | Reserve | Translation | Retained | Equity |
| Equity | capital | equity fund | reserve | fund | differences | earnings | total |
| 1.1.2024 | 2.0 | 34.8 | 0.9 | 2.6 | -4.6 | 230.2 | 266.0 |
| Total comprehensive income |
-0.3 | -0.5 | 9.8 | 8.9 | |||
| Option scheme | 0.1 | 0.1 | |||||
| Equity | |||||||
| 31.3.2024 | 2.0 | 34.8 | 0.6 | 2.6 | -5.1 | 240.1 | 275.1 |
Equity attributable to equity holders of the parent company
| Reserve for | |||||||
|---|---|---|---|---|---|---|---|
| invested | Fair | ||||||
| EUR million | Share | unrestricted | value | Reserve | Translation | Retained | Equity |
| Equity | capital | equity fund | reserve | fund | differences | earnings | total |
| 1.1.2023 | 2.0 | 33.4 | 1.0 | 2.6 | -7.6 | 195.1 | 226.6 |
| Total comprehensive income |
-0.1 | -1.4 | 11.8 | 10.3 | |||
| Option scheme | 0.4 | 0.4 | |||||
| Equity 31.3.2023 |
2.0 | 33.4 | 0.9 | 2.6 | -9.0 | 207.3 | 237.3 |
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
| 1.1.-31.3.2024 | 1.1.-31.3.2023 | 1.1.-31.12.2023 | |
|---|---|---|---|
| EUR million | |||
| Cash flow from operating activities | |||
| Net profit | 9.8 | 11.8 | 48.2 |
| Adjustments for the net profit | 9.2 | 9.5 | 35.7 |
| Change in net working capital | -2.7 | -19.8 | -2.6 |
| Paid interests and other financial expenses | -0.6 | -0.9 | -3.6 |
| Interest received | 0.2 | 0.1 | 0.5 |
| Taxes paid | -6.2 | -1.6 | -9.2 |
| Net cash from operating activities | 9.7 | -0.9 | 68.9 |
| Cash flow from investing activities | |||
| Investments in tangible and intangible assets | -5.1 | -6.0 | -22.2 |
| Sale of tangible and intangible assets | 0.4 | 0.3 | 0.3 |
| Net cash from investing activities | -4.7 | -5.7 | -21.9 |
| Cash flow from financing activities | |||
| Related-party investment company shares | 1.4 | ||
| Repayment of long-term loans | -3.0 | -3.0 | -6.0 |
| Repayment of short-term loans | -1.2 | -24.0 | |
| Repayment of lease liabilities | -1.0 | -1.1 | -4.2 |
| Dividends paid | -13.6 | ||
| Net cash from financing activities | -4.0 | -5.3 | -46.4 |
| Net increase/decrease in cash and cash equivalents | 1.0 | -11.9 | 0.6 |
| Cash and cash equivalents at beginning of period | 21.2 | 20.8 | 20.8 |
| Changes in exchange rates | 0.1 | -0.2 | -0.2 |
| Cash and cash equivalents at end of period | 22.3 | 8.7 | 21.2 |
Notes to the interim report
ACCOUNTING PRINCIPLES
The Group's interim report has been prepared in compliance with the IAS 34 Interim Financial Reporting standard. The report complies with the accounting principles as in the Financial Statement for 2023. All individual figures and totals presented in tables have been rounded, due to which the total sum of individual figures may differ from the sum presented. The key figures have been calculated using precise values. This interim report is unaudited.
In its meeting held on April 23, 2024, the Board of Directors of Scanfil plc approved this report for publication.
1. DISAGGREGATION OF REVENUES
| 1 - 3 2024 |
1 - 3 2023 |
1 - 12 2023 |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Goods | Services | Total | Goods | Services | Total | Goods | Services | Total | |
| Customer Segments | |||||||||
| Industrial | 86,2 | 8,0 | 94,2 | 102.6 | 8.7 | 111.2 | 393.6 | 34.1 | 427.6 |
| Energy & Cleantech | 69,3 | 1,1 | 70,4 | 71.7 | 1.1 | 72.8 | 314.8 | 5.4 | 320.2 |
| Medtec & Life Science | 32,0 | 2,4 | 34,4 | 38.5 | 2.1 | 40.6 | 146.0 | 7.7 | 153.7 |
| Total | 187,5 | 11,4 | 198,9 | 212.8 | 11.8 | 224.6 | 854.4 | 47.2 | 901.6 |
| Timing of revenue recognition | |||||||||
| Goods and services transferred at a point of time |
187,5 | 10,9 | 198,4 | 212.8 | 11.3 | 224.1 | 854.4 | 44.6 | 899.0 |
| Services transferred over time | 0,5 | 0,5 | 0.5 | 0.5 | 2.6 | 2.6 | |||
| Total | 187,5 | 11,4 | 198,9 | 212.8 | 11.8 | 224.6 | 854.4 | 47.2 | 901.6 |
2. CHANGES IN TANGIBLE NON-CURRENT ASSETS
| 1 - 3 | 1 - 3 | 1 - 12 | |
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| EUR million | |||
| Book value at the beginning of the period | 85.3 | 79.7 | 79.7 |
| Additions | 5.2 | 5.9 | 20.9 |
| Deductions | -0.2 | -0.2 | -0.2 |
| Depreciations and decreases in value | -4.5 | -4.0 | -16.5 |
| Exchange rate differences | 0.2 | -0.4 | 1.4 |
| Book value at the end of the period | 85.9 | 81.1 | 85.3 |
3. CHANGES IN GOODWILL
| 1 - 3 | 1 - 3 | 1 - 12 | |
|---|---|---|---|
| 2024 | 2023 | 2023 | |
| EUR million | |||
| Book value at the beginning of the period | 7.7 | 7.7 | 7.7 |
| Exchange rate differences | -0.2 | -0.1 | 0.0 |
| Book value at the end of the period | 7.5 | 7.6 | 7.7 |
4. FINANCIAL ASSETS AND LIABILITIES, CARRYING AMOUNT AND FAIR VALUE
| 31.3.2024 | ||
|---|---|---|
| EUR million | Book values of balance sheet |
Fair values of balance sheet |
| values | values | |
| Non-current assets | ||
| Investments | 0,5 | 0,5 |
| Non-current assets total | 0,5 | 0,5 |
| Current assets | ||
| Trade receivables | 166,5 | 166,5 |
| Derivatives | 0,8 | 0,8 |
| Cash and cash equivalents | 22,3 | 22,3 |
| Current assets total | 189,6 | 189,6 |
| Total financial assets | 190,1 | 190,1 |
| Non-current financial liabilities | ||
| Lease liability | 17,7 | 17,7 |
| Non-current financial liabilities total | 17,7 | 17,7 |
| Current financial liabilities | ||
| Interest bearing liabilities from financial institutions | 33,0 | 33,0 |
| Loans withdrawn from the credit limit | 14,5 | 14,5 |
| Lease liability | 4,3 | 4,3 |
| Trade payables | 107,5 | 107,5 |
| Derivatives | 0,3 | 0,3 |
| Current financial liabilities total | 159,5 | 159,5 |
| Total financial liabilities | 177,2 | 177,2 |
The valuation of derivatives is based on market data (level 2).
The valuation of investments is based on the acquisition cost (level 3) as the fair value of the shares cannot be determined reliably.
5. OPEN DERIVATIVE CONTRACTS
| 31.3.2024 | 31.3.2023 | |||
|---|---|---|---|---|
| Fair net value | Nominal value | Fair net value | Nominal value | |
| EUR million | ||||
| Interest rate swaps | 0.1 | 3.0 | 0.3 | 9.0 |
| Forward exchange contracts | 0.7 | 30.4 | 0.8 | 30.8 |
| Forward exchange contracts, outside hedge accounting | -0.2 | 139.9 | -0.6 | 161.4 |
6. CONTINGENT LIABILITIES
| 31.3.2024 | 31.3.2023 | 31.12.2023 | |
|---|---|---|---|
| EUR million | |||
| Pledged guarantees | 0.9 | 1.1 | 0.8 |
In addition to the above commitments, the following guarantees have been given:
Scanfil plc has given guarantees to Nordea Bank Abp as security for payment of the liabilities which Scanfil Sweden AB has created from time to time towards Nordea Bank Abp on the basis of derivative contracts concluded, as well as to Skandinaviska Enskilda Banken AB replacing the previous liabilities of Scanfil Sweden AB. The maximum liability to Skandinaviska Enskilda Banken AB is EUR 3.6 million. Scanfil plc has provided a guarantee to Nordea Bank Abp as security for the performance and payment of obligations under the derivative contracts concluded between Scanfil Electronics GmbH and Nordea Bank Abp. Scanfil plc has given a guarantee for the lease obligations of its subsidiary Scanfil Inc.
Scanfil EMS Oy has given a guarantee to Nordea Bank AB Shanghai Branch of any obligations arising from a loan facility of CNY 180 million between the subsidiary Scanfil (Suzhou) Co., Ltd. and the Nordea Bank AB Shanghai Branch. Scanfil EMS Oy has given a guarantee of any obligations arising from the subsidiary's delivery contracts with its customers. The guarantee is limited to a maximum of EUR 7.5 million and seven years after the expiry of the last product agreement.
Scanfil Sweden AB has given a guarantee to the lessor as security for the liabilities under the lease contract regarding the premises leased by the Polish subsidiary Scanfil Poland Sp. z o.o.
Scanfil EMS Oy and Scanfil Sweden AB have provided guarantees to Nordea Bank Abp and Nordea Bank AB Shanghai Branch as security for the performance and payment of the obligations under the derivative master agreements entered into between the Group companies Scanfil Oü, Scanfil Poland Sp. z o.o, Scanfil Åtvidaberg AB, Scanfil Malmö AB, Scanfil (Suzhou) Co., Ltd. and Nordea Bank Abp.
On behalf of the group companies may be given usual parent company guarantees from time to time as security for the fulfillment of their customer agreement obligations.
EVENTS AFTER THE REVIEW PERIOD
There were no significant events after the review period.
SCANFIL PLC
Christophe Sut, CEO Tel +46 721 51 75 02
Scanfil 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 applications, 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.