SIEVI, FINLAND – Scanfil reported fourth quarter revenue of €154.1 million (US$186.3 million), down 0.4% year-over-year.

Net profit was €3.1 million, a decrease of 68.4% compared to the fourth quarter of 2019.

Operating profit for the period was €4.3 million, 2.8% of revenue, a decrease of 56.9%.

"The turnover for the fourth quarter was €154.1 million,” said CEO Petteri Jokitalo. “The growth was mainly driven by the Medtec & Life Science, Energy & Automation and Consumer Applications customer segments. Also, demand among several customers, affected negatively by the Covid-19 pandemic earlier in the year, recovered during the fourth quarter.

“The adjusted operating profit for the quarter was €10.4 million, comprising 6.8% of turnover. Our countermeasures to coronavirus were successful, and the performance of our personnel and factories remained high.”

For 2020, revenue was €595.3 million, up 2.7% year-over-year.

Net profit for the year was €36.9 million, an increase of 31.3% compared to 2019.

Operating profit was €44.4, 7.5% of revenue, an increase of 25.8% year-over-year.

“The year 2020 was an operationally strong year for Scanfil, despite exceptionally challenging circumstances and proof of Scanfil's personnel's capability and the flexibility of the company cost structure. The Covid-19 pandemic shaped the year, and the operative focus stayed on employees' safety and ensuring customer deliveries continuity. Our turnover in 2020 was €595.3 million, and our adjusted operating profit was €39.1 million, or 6.6% of turnover.

“The sale of Hangzhou factory was realized in July, and now Scanfil's focus in China is on the manufacture of electronics and integrated products at the Suzhou factory. In December, we decided to close the Hamburg factory and continue its production at other Scanfil factories in Germany and Poland.  Production is expected to be transferred, and the plant to be closed by the end of the third quarter of 2021. The arrangement is expected to result in annual cost savings of approximately €2.5 million. These measures aim to secure and further improve the long-term performance and competitiveness of Scanfil's factory network.

“The reported operating profit for 2020 of €44.4 million includes sales gains from the Hangzhou factory and adjustments related to the Hamburg factory's shutdown.

“We enter 2021 with confidence. Our customers' forecasts for the year are mainly showing growth, and we target for growth in both sales and operating profit. However, it is clear the year also includes uncertainties. The coronavirus pandemic is still here, and there are also signs of risks associated with the availability of certain materials.  We have identified these risks and defined, as well as launched, appropriate actions to mitigate.

“We are also actively investigating acquisition opportunities, especially in the Nordic countries and Central Europe. Overall, I am satisfied with our performance in 2020.”

Scanfil estimates revenue for 2021 will be €600 million to €640 million, and adjusted operating profit will be €40 million to €44 million.

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 and the delivery capability of the component supply chain.

In 2023, Scanfil is organically aiming for €700 million revenue and 7% operating profit.

Ed.: €1 = US$1.21

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