2014-10-23 08:00:02 CEST
2014-10-23 08:00:06 CEST
REGULATED INFORMATION
Aspocomp Group - Interim report (Q1 and Q3)
ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2014
Espoo, Finland, 2014-10-23 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Interim Report, October 23, 2014 at 9:00 a.m.
Key figures 1-9/2014 in brief
- Net sales: EUR 16.9 million (EUR 14.9 million 1-9/2013)
- Operating result before depreciation (EBITDA): EUR 0.8 million (0.9)
- Operating profit excluding non-recurring items (EBIT): EUR -0.2 million (-1.1)
- Earnings per share (EPS): EUR -0.06 (-0.04)
- Operational cash flow: EUR -0.5 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.
COMMENTS BY MIKKO MONTONEN, PRESIDENT AND CEO:
“Deliveries slowed down significantly in July-September, and third-quarter net
sales amounted to EUR 4.9 million, a year-on-year decrease of EUR 0.3 million.
Sales decreased mainly because telecommunication customers had placed overlarge
orders at the beginning of the year. In other respects, both the circuit board
market and demand remained at a reasonable level.
Net sales for the review period amounted to EUR 16.9 million, a year-on-year
increase of EUR 2.0 million. Operating profit excluding non-recurring items
increased by EUR 0.9 million and amounted to EUR -0.2 million in the review
period. In July-September, cash flow from operations turned clearly positive
and amounted to EUR 1.1 million.
Aspocomp's performance in acquiring new customers has remained strong. New
customers and deliveries to them bring additional sales, but do not as yet
sufficiently offset the sudden demand fluctuations of large individual
customers. One of the main focuses of Aspocomp's new strategy is a major
expansion of the customer base in order to reduce our dependence on individual
customers and market segments. Our goal is to build a more diversified and
demand-stable customer base over the next two years.
Under the renewed strategy, Aspocomp focuses on improved services and closer
cooperation with customers. We strive to make every effort to facilitate and
assist our customers with technology solutions and printed circuit board
supplies by utilizing cost-effective and competitive high-volume production
lines in Asia. We also provide strong support to our customers with their
product development and new product ramp-up. High-speed design, short lead
times, flexible production and customized products are characteristic features
of R&D series. These products will be delivered mainly from Finland, where we
will continue to develop and maintain the latest and the most demanding
production technology.
As a part of its new strategy, Aspocomp will look into combining production and
development activities in Finland as well as the possible closing of the Teuva
plant. Combining production and development would significantly enhance
capacity utilization, and simplify the company's internal processes. The
company expects that combining will yield annual savings of approximately EUR
0.9 million.”
NET SALES AND EARNINGS 1-9/2014
Net sales amounted to EUR 16.9 million, a year-on-year increase of 13 percent.
The five largest customers accounted for 66 percent of net sales (66%
1-9/2013). In geographical terms, 88 percent of net sales were generated in
Europe (88%), 11 percent in Asia (12%) and 1 percent in North America (0%).
Net sales saw strong growth in the first half of the year, but began to decline
in July, mainly because telecommunication customers had placed overlarge orders
at the beginning of the year.
The operating result was EUR -0.3 million (EUR -0.2 million 1-9/2013) including
non-recurring items. Operating profit excluding non-recurring items was EUR
-0.2 million, a year-on-year increase of EUR 0.9 million.
Net financial expenses for the review period amounted to EUR 0.0 million (EUR
0.0 million 1-9/2013). Earnings per share were EUR -0.06 (EUR -0.04).
THE GROUP'S KEY FIGURES
7-9/14 7-9/13 Change 1-9/14 1-9/13 Change
Net sales, M€ 4.9 5.2 -6 % 16.9 14.9 13 %
EBITDA, M€ 0.0 0.6 -0.6 M€ 0.8 0.9 -0.1 M€
Operating profit -0.4 0.2 -0.6 M€ -0.2 -1.1 0.9 M€
excluding
non-recurring
items
% of net sales -9% 4% -12.6 ppts -1% -7% 6.3 ppts
Operating profit, -0.4 0.2 -0.6 M€ -0.3 -0.2 -0.1 M€
M€
% of net sales -9% 4% -12.6 ppts -2% -1% -0.6 ppts
Pre-tax- profit, -0.4 0.2 -0.6 M€ -0.4 -0.2 -0.1 M€
M€
% of net sales -9% 4% -12 ppts -2% -2% 0 ppts
Profit/loss for -0.4 0.2 -0.6 M€ -0.4 -0.3 -0.1 M€
the period, M€
% of net sales -9% 4% -12 ppts -2% -2% -1 ppts
Earnings per -0.06 0.03 -0.09 € -0.06 -0.04 -0.02 €
share, €
Investments, M€ 0.3 0.8 -0.4 M€ 0.6 1.8 -1.2 M€
% of net sales 7% 15% -7.5 ppts 3% 12% -8.5 ppts
Cash, end of the 0.8 1.3 -0.4 M€ 0.8 1.3 -0.4 M€
period
Equity / share, € 1.91 2.2 -0.29 € 1.91 2.20 -0.29 €
Equity ratio, % 74% 75% -1 ppts 74% 75% -1 ppts
Gearing, % 5% 0% 5 ppts 5% 0% 5 ppts
Personnel, end of 144 154 -10 person 144 154 -10 person
the period s s
OUTLOOK FOR THE FUTURE
As Aspocomp's business is still dependent 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 - September 30, 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.
ASPOCOMP GROUP PLC
Board of Directors
Additional information:
For further information, please contact Mikko Montonen, CEO, tel. +358 20 775
6860, mikko.montonen(at)aspocomp.com.
Distribution:
Nasdaq OMX Helsinki
Major media
www.aspocomp.com
Aspocomp - PCB technology company
Aspocomp develops and sells PCB manufacturing services, focusing on the
end-to-end fulfillment of customers' PCB needs. 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. Operating as a service business,
we provide one-stop access to technology solutions and competitive products for
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.
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