Aspocomp Group - Financial Statement Release

ASPOCOMP’S FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2016

Espoo, Finland, 2017-02-14 08:00 CET (GLOBE NEWSWIRE) -- 
Aspocomp Group Plc, Financial Statements, February 14, 2017 at 9:00 a.m.

Key figures 10-12/2016 in brief

- Net sales: EUR 6.6 million (EUR 4.8 million 10-12/2015)
- EBITDA: EUR 1.1 million (-0.1)
- Operating result: EUR 0.8 million (-0.3)
- Earnings per share: EUR 0.19 (-0.01)

Key figures 2016 in brief

- Net sales: EUR 21.6 million (EUR 17.5 million 1-12/2015)
- EBITDA: EUR 1.8 million (0.0)
- Comparable operating result: EUR 0.7 million (-0.9)
- Operating result: EUR 0.7 million (-1.2)
- Earnings per share (EPS): EUR 0.16 (-0.16)
- Operational cash flow: EUR 0.1 million (-0.1)
- Order book at the end of period: EUR 2.4 million (0.7)

In 2017, net sales are expected to grow approximately 10 percent and the
operating result to be better than in 2016. In 2016, net sales amounted to EUR
21.6 million and the operating result was 3 percent of net sales. 


CEO’S REVIEW

“Our main strategic objective for 2016 – ‘Accelerate growth’ – was well
achieved on the whole. The market situation was weak at the beginning of the
year, but sales began growing in line with expectations during the second
quarter and remained strong throughout the year. 

Sales developed well as from the second quarter and peaked in the fourth
quarter, amounting to EUR 6.6 million (EUR 4.8 million 10-12/2015), a
year-on-year increase of 39 percent. Full-year net sales amounted to EUR 21.6
million (EUR 17.5 million/2015), representing very strong annual growth of 24
percent. 

The development of the new generation of computer network systems generated
demand for PCBs, which picked up significantly towards the end of the year and
was the main driver of growth in the fourth quarter. The needs of automotive
industry customers remained firm throughout the year and the entire customer
segment doubled its sales compared to the previous year. 

Profitability improved clearly during the fourth quarter as deliveries focused
on more technologically demanding products. The operating result for the fourth
quarter amounted to EUR 0.8 million, over 12 percent of net sales. Full-year
operating result rose into the black and amounted to EUR 0.7 million, or over 3
percent of net sales. Working capital increased by EUR 1.6 million due to
business growth. In spite of this, the cash flow was positive at EUR 0.1
million. 

The printed circuit board market is estimated to grow by 2 percent in 2017
(source: Custer Consulting Group). Aspocomp expects net sales growth to
continue outpacing the market and reach a level of about 10 percent in 2017.
Profitability is expected to improve from 2016, mainly due to the growing net
sales and more balanced demand. 

Aspocomp will present a more detailed review of its goals and strategy at its
Capital Markets Day on Tuesday, March 14, 2017.” 


NET SALES AND EARNINGS

October-December 2016
Fourth-quarter net sales amounted to EUR 6.6 million, a year-on-year increase
of 39 percent. PCB demand generated by the development of the new generation of
computer network systems picked up significantly towards the end of the year
and was the main driver of growth in the fourth quarter. 

The five largest customers accounted for 62 percent of net sales (49%
10-12/2015). In geographical terms, 97 percent of net sales were generated in
Europe (93%), 3 percent in Asia (3%) and 1 percent in North America (4%). 

The operating result for the fourth quarter amounted to EUR 0.8 million (EUR
-0.3 million 10-12/2015). Fourth-quarter comparable operating result was 12
percent of the net sales. In the fourth quarter, deliveries focused mainly on
higher value-added products, improving profitability significantly. 

Net financial expenses for the fourth quarter amounted to EUR 0.0 million (EUR
0.0 million 10-12/2015). Earnings per share were EUR 0.19 (EUR -0.01). 

Financial year 2016
Net sales amounted to EUR 21.6 million, a year-on-year increase of 24 percent.
The needs of automotive industry customers remained firm throughout the year
and the entire customer segment doubled its sales compared to the previous
year. 

The five largest customers accounted for 53 percent of net sales (47%
1-12/2015). In geographical terms, 93 percent of net sales were generated in
Europe (93%), 5 percent in Asia (5%) and 2 percent in North America (2%). 

Operating result amounted to EUR 0.7 million (EUR -1.2 million 1-12/2015). The
comparable operating result was EUR 0.7 million (EUR -0.9 million 1-12/2015,
excluding the Teuva plant's shutdown costs). Profitability improved in the
second half of the year as revenue grew and deliveries focused on higher
value-added products. 

Net financial expenses amounted to EUR 0.1 million (EUR 0.1 million). Earnings
per share were EUR 0.16 (EUR -0.16). 


THE GROUP’S KEY FIGURES

                    10-12/1  10-12/1    Change *    1-12/1  1-12/1    Change *  
                          6        5                     6       5              
Net sales, M€           6.6      4.8    39  %         21.6    17.5    24  %     
EBITDA, M€              1.1     -0.1   1.2  M€         1.8     0.0   1.8  M€    
Comparable              0.8     -0.3   1.1  M€         0.7    -0.9   1.6  M€    
 operating result                                                               
% of net sales          12%      -6%  18.4  ppts        3%     -5%   8.6  ppts  
Operating result,       0.8     -0.3   1.2  M€         0.7    -1.2   1.9  M€    
 M€                                                                             
% of net sales          12%      -7%  19.4  ppts        3%     -7%  10.0  ppts  
Pre-tax                 0.8     -0.4   1.2  M€         0.6    -1.3   1.9  M€    
 profit/loss, M€                                                                
% of net sales          12%      -8%    20  ppts        3%     -7%    10  ppts  
Profit/loss for         1.2     -0.1   1.3  M€         1.0    -1.0   2.1  M€    
 the period, M€                                                                 
% of net sales          19%      -2%    21  ppts        5%     -6%    11  ppts  
Earnings per           0.19    -0.01  0.20  €         0.16   -0.16  0.32  €     
 share, €                                                                       
Investments, M€         0.2      0.1   0.1  M€         0.4     0.5  -0.1  M€    
% of net sales           3%       1%   1.8  ppts        2%      3%  -0.9  ppts  
Cash, end of the        0.3      0.3   0.0  M€         0.3     0.3   0.0  M€    
 period                                                                         
Equity / share, €      1.64     1.48  0.16  €         1.64    1.48  0.16  €     
Equity ratio, %         68%      69%    -1  ppts       68%     69%    -1  ppts  
Gearing, %              12%      11%     1  ppts       12%     11%     1  ppts  
Personnel, end of       108      106     2  person     108     106     2  person
 the period                                 s                             s     


* The total sum may deviate from the sum totals due to rounding up and down.


OUTLOOK FOR THE FUTURE

A major share of Aspocomp’s net sales is generated by quick-turn deliveries and
R&D series, and thus the company’s order book is short. The company's aim is to
systematically expand its services to cover the PCB needs of customers over the
entire life cycle and thereby balance out variations in demand and the order
book. 

In 2017, net sales are expected to grow approximately 10 percent and the
operating result to be better than in 2016. In 2016, net sales amounted to EUR
21.6 million and the operating result was 3 percent of net sales. 


BOARD OF DIRECTORS' DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING

The Board of Directors will propose to the Annual General Meeting to be held on
March 23, 2017, that no dividend be paid for the financial year January 1, 2016
- December 31, 2016 and that the loss of the parent company, EUR 661,980.67 be
transferred to the company's retained earnings account. The parent company's
distributable funds totaled approximately EUR 7.7 million. 


PUBLICATION OF FINANCIAL RELEASES

This stock exchange release is a summary of the Aspocomp Group’s Financial
Statements January 1 -December 31, 2016 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. 

ASPOCOMP GROUP PLC
Board of Directors


For further information, please contact Mikko Montonen, CEO,
tel. +358 20 775 6860, mikko.montonen(at)aspocomp.com.


Aspocomp – a service company specializing in PCB technologies

Aspocomp specializes in demanding PCB technologies, serving its customers
throughout the entire life cycle of a product. Aspocomp sells and manufactures
PCBs and also provides related design and logistics services as well as
technology solutions. Aspocomp creates value for its customers with unique
products and solutions, strong manufacturing and technology expertise, as well
as fast and reliable deliveries. A wide network of expert partners together
with Aspocomp's own manufacturing enables its customers to cost-effectively buy
their PCBs from a single provider over the entire life cycle of a product. 

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
customers are companies that design and manufacture telecom systems and
equipment, automotive and industrial electronics, security technology and
semiconductor testing systems.

Bifogade filer:

ACGE Financial Statements 2016.pdf