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Q1
President and CEO Hannu Martola | 27 April 2020
2020
Business review
January-March
27.4.2020 Detection Technology | Business review January-March 20202
Q1 2020 › 19.9 net sales, €m
(23.1)
-13.6net sales change-%
(19.3)
1.2EBIT, €m
(3.9)
5.9EBIT-%(16.7)
27.4.2020 Detection Technology | Business review January-March 20203
Q1 2020 ›Demand and profitability weakened by COVID-19, however succeeded in minimizing adverse effects of the pandemic on DT business
COVID-19-risks realized in the security market, and SBU sales decreased as Asia got the hit first
Medical CT demand grew towards the end of Q1 driven by the pandemic
Operating margin decreased, cash flow however remained strong
Healthy prospects in medical for Q2 and H2, and mid-term growth drivers strong in both of the business units
NET SALES BY QUARTER
4 27.4.2020 Detection Technology | Business review January-March 2020
(EUR 1,000)
0
5 000
10 000
15 000
20 000
25 000
30 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020
OPERATING PROFIT
5 27.4.2020 Detection Technology | Business review January-March 2020
(EUR 1,000)
19.6%20.3%
22.9%
25.4%
19.4%
21.4% 21.0%
19.2%
16.7%17.5%
19.1%
15.6%
5.9%
0%
5%
10%
15%
20%
25%
30%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000Q
117
Q21
7
Q31
7
Q41
7
Q11
8
Q21
8
Q31
8
Q41
8
Q11
9
Q21
9
Q31
9
Q41
9
Q12
0
EBIT excluding NRI (EUR 1,000) EBIT-% excluding NRI Mid-term EBIT-target ≥15%
62%17%
22%
58%
42%
SALES SPLIT Q1 2020
6
SBU11.5 NET SALES €m
-20.3 Y-O-Y CHANGE-%
MBUNET SALES €m 8.4
Y-O-Y CHANGE-% -2.3
BY BUSINESS UNIT ›
-13.9-12.7-13.6 Y-O-Y CHANGE-%
APACAMERICAS
EMEA
BY REGION ›
NET SALES
19.9€m
NET SALES
19.9€m
27.4.2020 Detection Technology | Business review January-March 2020
KEY FIGURES
27.4.2020 Detection Technology | Business review January-March 20207
Q1 2020 Q1 2019 FY 2019
Net sales, EUR 1,000 19,917 23,053 102,480
Change in net sales, % -13.6% 19.3% 9.1%
Operating profit, EUR 1,000 1,181 3,855 17,019
Operating margin, % 5.9% 16.7% 16.6%
R&D costs, EUR 1,000 2,618 2,499 10,706
R&D costs, % of net sales 13.1% 10.8% 10.4%
Cash flow from operating activities, EUR 1,000 3,387 5,047 11,599
Investments, EUR 1,000 695 707 4,041
Earnings per share, EUR 0.06 0.25 0.87
27.4.2020 Detection Technology | Business review January-March 20208
STRATEGY ›Received customer validation for X-Panel, start of sales for dental applications in Q2 2020
Strengthened its competitive position in the line-scan segment thanks to Aurora
Progressed with the key projects of the multi-energy (ME) product line, aims to start commercial production by the end of 2020
Started deliveries to customers from its new production and service site in Wuxi, Greater Shanghai area
BUSINESS OUTLOOK
27.4.2020 Detection Technology | Business review January-March 20209
5%MEDICAL MARKET
annual growth rate
6%SECURITY MARKET
annual growth rate
5%INDUSTRIAL MARKET
annual growth rate
ASIA-PACIFIC IS THE FASTEST GROWING MARKET
• COVID-19 has disrupted market dynamics, DT opines that, apart from medical CT imaging, annual growth will remain lower than the aforementioned industry estimates in 2020.
• Expects lower demand in the security segment to continue and a slight growth in the industrial segment in Q2 and H2, and SBU sales to decrease in 2020.
• Estimates demand in medical CT applications to remain at a good level in Q2 and H2, and MBU sales to increase in 2020.
• The COVID-19 pandemic creates extraordinary uncertainty in the global economy, and the predictability of the market is lower than usual.
27.4.2020 Detection Technology | Business review January-March 202010
FINANCIAL TARGETS › MEDIUM TERM
Annual sales growth
>10%
MEDIUM TERM
Operating margin
≥15%
ANNUAL
Dividend or returned capital
30-60%