2014-02-27 08:00:02 CET
2014-02-27 08:00:06 CET
REGULATED INFORMATION
Aspocomp Group - Financial Statement Release
ASPOCOMP’S FINANCIAL STATEMENTS 2013
Espoo, Finland, 2014-02-27 08:00 CET (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Financial Statement release, February 27, 2014 at 9:00 a.m.
Key figures 2013 in brief
- Net sales: EUR 19.3 million (EUR 23.4 million 1-12/2012)
- Operating result before depreciation (EBITDA): EUR 0.8 million (2.1)
- Operating profit (EBIT): EUR -0.7 million (0.6)
- Earnings per share (EPS): EUR -0.28 (0.60)
- Operational cash flow: EUR 0.7 million (1.2)
Key figures 10-12/2013 in brief
- Net sales: EUR 4.4 million (EUR 4.9 million 10-12/2012)
- Operating result before depreciation (EBITDA): EUR -0.1 million (-0.1)
- Operating profit (EBIT): EUR -0.5 million (-0.5)
- Earnings per share (EPS): EUR -0.24 (0.42)
In 2014, net sales are expected to be EUR 20-25 million and operating profit
without one-time items EUR -0.5-1.5 million.
CEO'S REVIEW
“2013 turned out to be a very difficult year. After the weak first half of the
year, the demand situation improved slightly in the third quarter, but weakened
again toward the end of the year. Subdued demand caused many customers to
streamline their operations during the year-end holiday season. Coupled with
the usual optimization of inventory levels, this led to a collapse in demand.
Net sales amounted in the end to only EUR 19.3 million, 17 percent less than in
2012. Operating result was EUR 0.7 million negative.
In spite of the tricky demand situation, the operational cash flow remained
clearly positive at EUR 0.7 million. Aspocomp's net debt is zero and its
financial position has enabled the company to carry out important technology
investments, which in 2013 amounted to nearly EUR 1.9 million. The company
continues to face pressure to make further investments, but not quite to the
same extent.
In 2013, we increased our marketing efforts outside our traditional market
areas in Scandinavia and Germany. We did manage to win new customers.
Developing these new customer relationships is one of our most important
targets in 2014. There are cautious signs of market recovery, opening up
possibilities in both new and existing market areas.”
THE GROUP'S KEY FIGURES
10-12/ 10-12/ Change 1-12/1 1-12/1 Change
13 12 3 2
Net sales, M€ 4.4 4.9 -10 % 19.3 23.4 -17 %
EBITDA, M€ -0.1 -0.1 0.0 M€ 0.8 2.1 -1.3 M€
Operating profit, -0.5 -0.5 0.0 M€ -0.7 0.6 -1.4 M€
M€
% of net sales -12% -11% -1.5 ppts -4% 3% -6.4 ppts
Pre-tax- profit, -0.5 2.7 -3.2 M€ -0.8 0.6 -1.4 M€
M€
% of net sales -12% 55% -67 ppts -4% 3% -7 ppts
Profit/loss for -1.5 2.7 -4.2 M€ -1.8 3.8 -5.6 M€
the period, M€
% of net sales -34% 55% -89 ppts -9% 16% -26 ppts
Earnings per -0.24 0.42 -0.66 € -0.28 0.60 -0.88 €
share, €
Investments, M€ 0.1 0.4 -0.3 M€ 1.9 1.4 0.4 M€
% of net sales 2.0 % 8.4 % -6.4 ppts 9.7 % 6.1 % 3.6 ppts
Cash, end of the 2.4 2.0 0.4 M€ 2.4 2.0 0.4 M€
period
Equity / share, € 1.96 2.23 -0.27 € 1.96 2.23 -0.27 €
Equity ratio, % 71% 73% -2 ppts 71% 73% -2 ppts
Gearing, % -3% -11% 8 ppts -3% -11% 8 ppts
Personnel, end of 152 150 2 person 152 150 2 person
the period s s
Net sales for 2013 amounted to EUR 19.3 million, a year-on-year decrease of 17
percent. The level of demand remained unstable throughout the financial year.
After the cautious recovery seen in the third quarter, the market situation
weakened again and was very difficult during the year-end holiday season. In
particular, net sales of the customers in the telecom infrastructure fell
clearly short of the targeted. The actual sales of the other customers were
also lower than targeted. Demand for quick-turn deliveries, which is essential
for profitability, was also muted in all customer areas.
The operating result was EUR -0.7 million (EUR 0.6 million 1-12/2012). Both
plants operated at low capacity utilization during most of the year. A partial
summer standstill was started at the Teuva plant in late June and ended in
September. For the duration of the standstill, most of the plant's production
was transferred to the company's Oulu plant. After September, the Teuva plant
has been operating in one shift, which is not optimal in terms of
profitability. The Oulu plant has been operating normally in three shifts to
ensure quick-turn delivery capabilities.
The operating result is improved by a one-time item of approximately EUR 1.2
million, which is related to the reversal of a provision for closure expenses
(see the section entitled “Compensation to the former employees of the bankrupt
French subsidiary” in the complete financial statements bulletin).
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 EUR 20-25 million and operating profit
without one-time items EUR -0.5-1.5 million.
DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING
The Board of Directors will propose to the Annual General Meeting to be held on
April 24, 2014, that no dividend be paid for the financial year January 1, 2013
- December 31, 2013. Parent company's distributable funds totaled approximately
EUR 14.3 million.
In December 2011, the Extraordinary General Meeting of the company decided to
decrease its share capital and to use its share premium fund, its special
reserve and its reserve for invested unrestricted equity to cover losses shown
on the balance sheet. As a consequence, the company may distribute dividends
without complying with a procedure for creditor protection only after December
29, 2014.
PUBLICATION OF FINANCIAL RELEASES
This stock exchange release is a summary of the Aspocomp Group's financial
statements bulletin 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 - 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.
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