Scanfil Oyj · OMXHEX:SCANFL
Scanfil Oyj — Scanfil Oyj Ord — Q1 2024 Earnings Presentation
22 slides from Scanfil Oyj's earnings presentation, Apr 24, 2024
Slide 1: Q1/2024
Q1/2024 CHRISTOPHE SUT, CEO KAI VALO, CFO 24 APRIL 2024
Slide 2: As expected, turnover declined in the first quarter
• As expected, turnover declined in the first quarter Q1/2024 • On-time delivery improved significantly from 92% to 98% 198.9 M€ / -11.5% • Strong performance in Energy & Cleantech segment, excluding Energy Turnover / YoY, % saving segment turnover increased by 11.3% • The Industrial, and Medtech &
Slide 3: Capital markets day, new EV charger agreement, on-time delivery, net zero
Capital markets day New agreement with an On-time delivery rates Commitment to Net zero by EV charger manufacturer are trending upwards 2050 26-Apr-24 3
Slide 4: Quarterly turnover, MEUR
MEUR 250 5,3 7,9 3,1 14,6 3,1 19,6 1,5 200 17 29,5 14,4 0,7 5,8 11,7 150 100 50 163,3 172,9 167,8 191,7 196,6 212,9 211,9 222,3 224,6 243,3 212,8 220,8 198,9 0 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 4
Slide 5: Adjusted operating profit and margin
MEUR 17,5 15 15,1 15,2 13,4 13,4 12,7 11,5 10 10,6 10,0 10,2 10,3 10,1 9,5 7,2% 7,2% 6,7% 6,4% 6,1% 6,1% 6,0% 6,1% 5,7% 5,4% 5 5,3% 5,3% 4,8% 0 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Adjusted operating profit, MEUR Operating profit, adj., % 5
Slide 6: Turnover by segment
Y/Y: -15.3% 120 100 80 60 40 20 Industrial 0 Y/Y: -3.3% Y/Y: -15.4% 100 45 75 30 50 15 25 Energy & Cleantech 0 Medtech & 0 Life Science
Slide 7: New agreement with an EV charger manufacturer
100% 13% 11% 90% 18% 19% 80% 70% 42% 44% 37% 36% 60% 50% 40% 30% 20% 45% 45% 45% 45% 10% New agreement with an EV charger 0% manufacturer 2021 2022 2023 Q1 2024 Rest TOP10 (ex. Biggest) The biggest customer 26-Apr-24 7
Slide 8: Dividend has increased since 2012
• Dividend has increased since 2012 • Scanfil aims to distribute approximately 1/3 of the EPS CAGR 17.2% 0,25 0,23 0,21 0,20 0,19 0,17 0,15 0,15 0,13 0,11 0,10 0,09 0,08 0,07 0,05 0,05 0,04 0,00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Pay-Out Ratio % 40% 36% 33% 53% n/a 28% 29% 3
Slide 9: Financials
Financials CFO Kai Valo SCANFIL
Slide 10: Turnover, operating profit and net profit
Turnover Operating Profit 250 16 15,1 224,6 198,9 12,7 • Turnover 2024 included EUR 1,5 million revenue 200 12 from spot market purchases (EUR 7,9 million), 150 Impacting EUR -6,4 million in the turnover. -11.5% -15.8% 8 Turnover change without spot market revenue 100 was -8,6%. 4 50 • Operating pro
Slide 11: Solid operational performance with strong focus on expenses
• Solid operational performance with -11,5% strong focus on the expenses. -1,6 MEUR -12,5% -10,6% • Expenses excluding the lay off costs and foreign exchange rates change were lower by -12,5% while the 6,7% revenue declined by -11,5%. 6,8% 6,8% Reduction of expenses in EUR were equal to revenue drop
Slide 12: Balance sheet
518,0 518,0 518,0 518,0 Inventories Equity 198,7 209,0 -10,3 Goodwill 266,0 275,1 +9,1 7,5 7,7 Other Intangible Assets Interest Bearing Debt 10,1 10,4 22,3 21,2 Cash and Equivalent -3,5 69,5 73,0 +7.8 Trade and other Trade and other 181,3 173,5 liabilities receivables Other Assets -3,9 12,2 +0,6 10,
Slide 13: Net cash from operating activities
MEUR 40 • Net cash from the operating activities was EUR 9,7 million 34,8 (EUR -0,9 million). 30 25,2 • Positive cash flow was supported 20 by the EUR -10,3 million reduction of the inventories. 13,9 10 9,8 9,7 7,7 8,0 • Rolling 12 months cash flow was - 0,6 - 0,4 - 0,9 EUR 80 million positive. 0 1,
Slide 14: Net debt
MEUR Net Debt • Net Debt was EUR 47,2 million 100 (EUR 91,9 million), lower by EUR -44,7 million. 80 • Cash and cash equivalents totaled EUR 22.3 (8.7) million. 60 • Interest-bearing liabilities were EUR 69.5 (100.6) million consisted of EUR 47.5 (77.1) 40 million liabilities from financial institut
Slide 15: Equity ratio, ROE, net gearing and EPS
Equity Ratio (%) ROE (%) • Equity ratio 55,5% (46,5%) Equity 60 55,5 25 increased EUR +37,8 million and 20,3 balance sheet total were lower by 50 46,5 20 EUR -15,4 million driven by EUR - 40 15 14,5 34,6 million lower inventories. 30 10 20 • Net Gearing 17,1 (38,7). Interest 10 5 bearing liabilities
Slide 16: Key takeaways and outlook
Key takeaways and outlook SCANFIL
Slide 17: Key takeaways Q1/2024
• Q1/2024 • Solid operational performance in a slow market • Operating margin 6.4%, ex. lay-off costs and foreign exchange 6.8% • On time delivery above 98% • Operating profit of EUR 12.7 million • Net cash flow from operations EUR 9.7 million • Dividend proposal EUR 0.23 per share – growth since 20
Slide 18: 2024 outlook and focus areas
We expect our turnover to be EUR 820–900 million and adjusted operating profit to be EUR 57–65 million. Focus areas: • Continue development of our strong market segments – Energy & Cleantech and Medtech & Life Science • Securing profitability with efficiency improvements: cost base adjustments, auto
Slide 19: Q&A
SCANFIL Q&A
Slide 20: Contact information and analysts
Inderes Oy Antti Viljakainen +358 44 591 2216 antti.viljakainen(at)inderes.fi Evli Pankki Oyj Joonas Ilvonen Contact information +358 44 430 9071 joonas.ilvonen(at)evli.com and analysts Nordea Oyj Pasi Väisänen CHRISTOPHE SUT, CEO +358 9 5300 5192 +358 407 318 411 pasi.vaisanen(at)nordea.com christo
Slide 21: Disclaimer
Disclaimer 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 presentation may constitute "forward-looking" statements which involve known and unknown risks, uncertaintie
Slide 22: Global contract manufacturer and systems supplier
Global contract manufacturer and systems supplier