Aspocomp Group - Interim report (Q1 and Q3)

CORRECTION: ASPOCOMP’S INTERIM REPORT JANUARY 1 – JUNE 30, 2013

Aspocomp Group Plc, Interim Report, August 9, 2013 at 10:55 a.m.

The first chapter “Key figures 1-6/2013 in brief” in the summary of the report
contained spelling errors in Operating result before depreciation and Operating
profit. The correct figures are as follows: Operating result before
depreciation (EBITDA): EUR 0.3 million (1.9) and Operating profit (EBIT) EUR
-0.4 million (1.2). 

The revised summary of the Interim Report January 1 - June 30, 2013 as a whole:


ASPOCOMP'S INTERIM REPORT JANUARY 1 - JUNE 30, 2013

Key figures 1-6/2013 in brief

- Net sales: EUR 9.8 million (EUR 13.1 million 1-6/2012)
- Operating result before depreciation (EBITDA): EUR 0.3 million (1.9)
- Operating profit (EBIT): EUR -0.4 million (1.2)
- Earnings per share (EPS): EUR -0.07 (0.19)
- Operational cash flow: EUR -0.0 million (1.2)

Net sales in 2013 are expected to amount to EUR 20-23 million and operating
result to EUR -1.0-0.0 million. 


CEO'S REVIEW

“Demand has remained slack in 2013. Every time the situation improved, a weaker
period followed, and the market softened as summer approached. The
telecommunications sector remained down. Our net sales remained on a par with
the previous quarter at EUR 4.8 million and therefore the net sales of the
first half of 2013 amounted to a disappointing EUR 9.8 million. The operating
result was EUR -0.4 million, which was improved by a one-time item. 

Cash flow from operations during the period was EUR 0.0 million. Aspocomp's
gearing ratio is negative and the financial ratio is still good, which has
enabled us - and will enable us in the future - to step up our development of
business with new customers and customer segments. In addition to the
intensified sales efforts we have focused on stringent cost control and made
arrangements to optimize our capacity utilization. 

We still expect demand to pick up during the second half of 2013. However, due
to the slow recovery, we have again adjusted our forecasts for full-year net
sales and operating profit slightly downward.” 


NET SALES AND EARNINGS 1-6/2013

Net sales amounted to EUR 9.8 million, a year-on-year decrease of 25 percent.
The five largest customers accounted for 64 percent of net sales (70%
1-6/2012). In geographical terms, 87 percent of net sales were generated in
Europe (95%) and 13 percent in Asia (5%). 

The level of demand was challenging, particularly in the telecom infrastructure
segment, where net sales fell clearly below the budgeted figure. The actual net
sales of the other segments were also weaker than budgeted. 

The operating result was EUR -0.4 million (EUR 1.2 million in 1-6/2012),
representing a negative margin of 4 percent of net sales. The result is
improved by a one-time item of approximately EUR 0.9 million, which is related
to the reversal of a provision for closure expenses (see the company's stock
exchange release dated July 5, 2013). Both plants operated at low capacity
utilization rates, which caused a decrease in profitability in comparison to
the reference period. Production at the company's Teuva plant has been at a
partial standstill since the end of June. Production is planned to resume at
the beginning of September. In the meantime, most of the Teuva plant's
production has been transferred to the company's Oulu plant. 

Net financial expenses for the review period amounted to EUR 0.0 million (EUR
0.0 million). The profit for the period was EUR -0.4 million (EUR 1.2 million)
and earnings per share were EUR -0.07 (EUR 0.19). 


THE GROUP'S KEY FIGURES

                    4-6/13  4-6/12     Change      1-6/13  1-6/12     Change    
Net sales, M€          4.8     6.7    -28  %          9.8    13.1      0  %     
EBITDA, M€             0.7     1.1   -0.4  M€         0.3     1.9   -1.6  M€    
Operating profit,      0.3     0.8   -0.5  M€        -0.4     1.2   -1.6  M€    
 M€                                                                             
% of net sales          7%     12%    -14  ppts       -4%      9%      0  ppts  
Pre-tax profit, M€     0.3     0.8   -0.5  M€        -0.4     1.2   -1.7  M€    
% of net sales          6%     12%     -5  ppts       -4%      9%    -14  ppts  
Profit/loss for        0.3     0.8   -0.5  M€        -0.4     1.2   -1.7  M€    
 the period, M€                                                                 
% of net sales          6%     12%     -5  ppts       -5%      9%    -14  ppts  
Earnings per          0.05    0.12  -0.07  €        -0.07    0.19  -0.26  €     
 share, €                                                                       
Investments, M€        0.6     0.6    0.0  M€         1.0     0.8    0.2  M€    
% of net sales      12.6 %   8.7 %    3.9  ppts    10.6 %   6.1 %    4.5  ppts  
Cash, end of the       1.1     2.8   -1.7  M€         1.1     2.8   -1.7  M€    
 period                                                                         
Equity / share, €     2.17    1.72   0.45  €         2.17    1.84   0.33  €     
Equity ratio, %        74%     66%      8  ppts       74%     66%      8  ppts  
Gearing, %             -3%    -18%     15  ppts       -3%    -18%     15  ppts  
Personnel, end of      153     151      2  person     153     151      2  person
 the period                                s                              s     



OUTLOOK FOR THE FUTURE

As Aspocomp's business focuses on prototypes and quick-turn deliveries, it is
difficult to forecast net sales. Net sales in 2013 are expected to amount to
EUR 20-23 million and operating result to EUR -1.0-0.0 million. 


PUBLICATION OF FINANCIAL RELEASES

Aspocomp has adopted the new disclosure procedure enabled by Standard 5.2b,
which was published by the Finnish Financial Supervision Authority. This stock
exchange release is a summary of the Aspocomp Group's Interim Report January 1
- June 30, 2013 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


Aspocomp - a 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. 

www.aspocomp.com

Some statements in this stock exchange release are forecasts and actual results
may differ materially from those stated. Statements in this stock exchange
release relating to matters that are not historical facts are forecasts. All
forecasts involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performances or achievements of the
Aspocomp Group to be materially different from any future results, performances
or achievements expressed or implied by such forecasts. Such factors include
general economic and business conditions, fluctuations in currency exchange
rates, increases and changes in PCB industry capacity and competition, and the
ability of the company to implement its investment program.

Attachments:

Aspocomp Interim Report 1.1.-30.6.2013.pdf