3stepIT Annual Report 2020 design review June 18 v2 - Report - Page 14
Summary of financial
2020 was a challenging year for businesses worldwide. No one could have foreseen
the changes that we would all endure on a global scale. When the pandemic hit, at
3stepIT we quickly modelled and prepared for a number of scenarios, based on the
potential length and severity of the crisis. This pre-emptive action ensured we were
able to continue our business focus and maintain the safety of our people.
Our COVID-19 response plan focussed on four areas:
It included policies to keep our people safe at home and
in our refurbishing centres, a dedicated customer and
strategic partners outreach program, and a review of
all projects, with customer-facing activity prioritised.
This comprehensive plan was a significant contributing
factor towards our successful financial performance.
We know that we owe that success to the strong,
trusting relationships we have with our customers and
strategic partners. In 2020, we were proud to support
more than 500 new customers. Today, we have 2.3
million business-critical assets under management.
3stepIT’s revenue was 662.6 million euros in 2020. In
a challenging market our EBITDA reached 30.1 million
euros. When adjusting for the effect of the sale of
our UK business to our joint venture and associated
company, 3stepIT’s total revenue increased by 0.4
per cent vs 2019. We financed over three quarters
of a million devices, and end-of-lease revenues also
In 2020, we generated 665.2M euro in economic value,
with a distributed value of 667.4M euro across all our
activities. See Appendix 1 for full details.
A strong remarketing trading performance, with
improved margins and tight control of costs, led to a YTY
increase in operating profit. Production grew 16%, with
more than 530,000 devices processed – marking another
record year for the team. Our REstepIT service, which
supports businesses to responsibly dispose of redundant
IT equipment, also delivered record results. This was
driven by increased demand for second-hand devices as
many businesses rushed to implement remote working
for their employees.
3stepIT’s Chief Financial
Officer, Jari Lemmilä, said:
We stand by our proud record of
more than two decades of growth.
2020 was an exceptionally difficult
year for everyone but these results
show the trust our customers have
in us and demonstrate what a
talented, hard-working team we
have at 3stepIT.
We are proud to have maintained our industry-leading
record of 98 per cent of IT devices returned to 3stepIT
after the leasing period being remarketed for reuse. This
is evidence of the impact we are having in supporting
our customers’ sustainability goals, eliminating e-waste
and reducing global emissions.
business-critical assets under management.