Aspocomp Group - Interim report (Q1 and Q3)

ASPOCOMP’S INTERIM REPORT JANUARY – MARCH 31, 2014

Espoo, Finland, 2014-04-24 08:00 CEST (GLOBE NEWSWIRE) -- 
Aspocomp Group Plc, Interim Report, April 24, 2014 at 9:00 a.m.

Key figures 1-3/2014 in brief

- Net sales: EUR 5.5 million (EUR 4.9 million 1-3/2013)
- Operating result before depreciation (EBITDA): EUR 0.6 million (-0.4)
- Operating profit excluding non-recurring items (EBIT): EUR 0.3 million (-0.7)
- Earnings per share (EPS): EUR 0.03 (-0.12)
- Operational cash flow: EUR -0.7 million (0.3)

In 2014, net sales are expected to be between EUR 20 and 25 million and
operating profit without one-time items between EUR -0.5 and 1.5 million. 


CEO'S REVIEW

“The market situation improved significantly toward the end of the first
quarter. We responded to the increase in demand by changing over from one to
two shifts at the Teuva plant in March. At the end of the reporting period, the
Oulu plant operated at full capacity utilization. Due to the slow start of the
year, net sales amounted to EUR 5.5 million and the operating result excluding
non-recurring items to EUR 0.3 million, or 5 percent of net sales. It's
encouraging that the heavy loss posted in the previous quarter now turned into
clear profit. 

Operating cash flow dipped clearly into the red at EUR -0.7 million. Increased
demand will bind capital in the coming months, but the company will come out of
this without any special financial arrangements. 

Our short-term challenge is to satisfy increased demand while maintaining an
excellent level of service quality with all customers, including new emerging
ones who still account for a small share of our net sales. On the whole, the
outlook for this year is positive.” 


THE GROUP'S KEY FIGURES

                                         1-3/14  1-3/13      Change      1-12/13
Net sales, M€                               5.5     4.9     11  %           19.3
EBITDA, M€                                  0.6    -0.4    0.9  M€           0.8
Operating profit excluding                  0.3    -0.7    1.0  M€          -1.9
 non-recurring items                                                            
% of net sales                               5%    -15%   19.8  ppts        -10%
Operating profit, M€                        0.2    -0.7    0.9  M€          -0.7
% of net sales                               3%    -15%   18.3  ppts         -4%
Pre-tax- profit, M€                         0.2    -0.7    0.9  M€          -0.8
% of net sales                               3%    -15%     18  ppts         -4%
Profit/loss for the period, M€              0.2    -0.7    0.9  M€          -1.8
% of net sales                               3%    -15%     18  ppts         -9%
Earnings per share, €                      0.03   -0.12   0.15  €          -0.28
Investments, M€                             0.2     0.4   -0.2  M€           1.9
% of net sales                            3.4 %   8.4 %   -4.9  ppts       9.7 %
Cash, end of the period                     1.3     1.7   -0.5  M€           2.4
Equity / share, €                          1.99    2.12  -0.13  €           1.96
Equity ratio, %                             72%     72%      0  ppts         71%
Gearing, %                                   4%    -10%     15  ppts         -3%
Personnel, end of the period                150     153     -3  persons      152


First-quarter net sales amounted to EUR 5.5 million, a year-on-year increase of
11 percent. The five largest customers accounted for 70 percent of net sales
(66% 1-3/2013). In geographical terms, 86 percent of net sales were generated
in Europe (88%) and 14 percent in Asia (12%). 

The level of demand improved toward the end of the reporting period. In
particular, demand in the telecom sector picked up significantly. The net sales
of the other segments were also higher than expected. 

The operating result was EUR 0.2 million (EUR -0.7 million 1-3/2013). At the
end of the period, the Oulu plant operated at full capacity utilization. In
mid-March, the Teuva plant transitioned from one to two shifts per day,
allowing again quick deliveries from Teuva, too. 

Net financial expenses for the review period amounted to EUR 0.0 million (EUR
0.0 million). Earnings per share were EUR 0.03 (EUR -0.12). 


OUTLOOK FOR THE FUTURE

As Aspocomp's business focuses on prototypes and quick-turn deliveries, the
company's order book is very short. As a result, business development is
difficult to predict and profit forecasts involve significant uncertainties. 

In 2014, net sales are expected to be between EUR 20 and 25 million and
operating profit without one-time items between EUR -0.5 and 1.5 million. 


PUBLICATION OF FINANCIAL RELEASES

This stock exchange release is a summary of the Aspocomp Group's Interim Report
January 1 - March 31, 2014 and includes the most relevant information of the
report. The complete report is attached to this release as a pdf file and is
also available on the company's website at www.aspocomp.com. 


ADDITIONAL INFORMATION

For further information, please contact Sami Holopainen, CEO, tel. +358 20 775
6860, sami.holopainen(at)aspocomp.com. 


ASPOCOMP GROUP PLC
Board of Directors


www.aspocomp.com


Aspocomp - PCB technology company

Aspocomp develops and sells PCB manufacturing services. Our seasoned
professionals help customers to create the most optimal PCB designs, both in
terms of performance and cost. Our trimmed production lines produce the most
challenging designs with the shortest lead-times in the industry. Our volume
supply services offer cost-efficient access to all PCB technologies. 

A printed circuit board (PCB) is the principal interconnection method in
electronic devices. PCBs are used for electrical interconnection and as a
component assembly platform in most electronic applications. Aspocomp's PCBs
are used in many applications, such as telecommunication networks and devices,
automotive electronics, security and medical systems, chipset development and
industrial automation.

Attachments:

Aspocomp Interim Report 1.1.-31.3.2014.pdf