2016-10-28 08:00:02 CEST
2016-10-28 08:00:02 CEST
REGLERAD INFORMATION
Aspocomp Group - Interim report (Q1 and Q3)
ASPOCOMP’S INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2016
Espoo, Finland, 2016-10-28 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Interim Report, October 28, 2016 at 9:00 a.m.
Key figures 7-9/2016 in brief
- Net sales: EUR 5.6 million (EUR 3.8 million 7-9/2015)
- EBITDA: EUR 0.4 million (-0.2)
- Operating result: EUR 0.2 million (-0.5)
- Earnings per share: EUR 0.02 (-0.08)
Key figures 1-9/2016 in brief
- Net sales: EUR 15.0 million (EUR 12.7 million 1-9/2015)
- EBITDA: EUR 0.6 million (0.0)
- Comparable operating result: EUR -0.1 million (-0.7)
- Operating result: EUR -0.1 million (-0.9)
- Earnings per share (EPS): EUR -0.03 (-0.14)
- Operational cash flow: EUR -0.3 million (0.2)
- Order book at the end of period: EUR 1.8 million (1.6)
The company’s full-year guidance remains unchanged. In 2016, net sales are
expected to grow and the operating result to be in the black. In 2015, net
sales amounted to EUR 17.5 million and the operating result to EUR -1.2
million.
CEO’S REVIEW
“Aspocomp’s sales continued to see strong growth in the third quarter, driven
by automotive industry customers and the German market. The automotive industry
became the company’s largest customer group during the quarter, outperforming
telecommunications. The R&D needs of telecommunication customers slowed down in
July-August, as typical, but clear signs of improved demand were seen at the
end of the third quarter. The company increased its sales successfully in all
customer groups as compared to the previous year. In relative terms, growth was
strongest in the automotive industry and the most moderate in
telecommunications.
Aspocomp's sales in the third quarter increased by 47 percent compared to the
previous year, amounting to EUR 5.6 million (EUR 3.8 million 7-9/2015). In
January-September 2016, net sales increased by 18 percent compared with the
corresponding period of 2015, reaching EUR 15.0 million (EUR 12.7 million).
Aspocomp's operating profit was EUR 0.2 million in the third quarter, while a
year ago it was EUR 0.5 million in the red, an improvement of slightly over EUR
0.6 million. In January-September 2016, the operating result was still EUR 0.1
million in the red (EUR -0.9 million), despite the improvement.
Although sales developed very well, there was clearly room for improvement in
the operating result. The most significant factors that influenced the result
were the maintenance and device installation downtime at the Oulu plant in
August as well as decreased demand for high technology printed circuit boards
during the summer season, which weakened the product mix.
Aspocomp's customer base is expanding in accordance with the strategic plans,
supporting the growth and stability of net sales. Optimization of the product
portfolio and the improvement of profitability will play a key role after a
sufficient and steady business volume is achieved.”
NET SALES AND EARNINGS
July-September 2016
Third-quarter net sales amounted to EUR 5.6 million, a year-on-year increase of
47 percent. The five largest customers accounted for 57 percent of net sales
(51% 7-9/2015). In geographical terms, 94 percent of net sales were generated
in Europe (94%), 4 percent in Asia (4%) and 2 percent in North America (2%).
Sales continued to increase in the third quarter, driven by automotive industry
customers and the German market. Compared to the corresponding quarter of the
previous year, sales increased in all customer groups.
Although sales grew well, there was room for improvement in profitability. The
most significant factors that influenced the result were the maintenance and
device installation downtime at the Oulu plant in August as well as decreased
demand for high technology printed circuit boards during the summer season,
which weakened the product mix.
The operating result for the third quarter amounted to EUR 0.2 million (EUR
-0.5 million 7-9/2015). Third-quarter comparable operating result was EUR 0.6
million higher than a year earlier. The total sum may deviate from the sum
totals due to rounding up and down.
Net financial expenses for the third quarter amounted to EUR 0.0 million (EUR
0.0 million). Earnings per share were EUR 0.02 (EUR -0.08).
January-September 2016
Net sales amounted to EUR 15.0 million, a year-on-year increase of 18 percent.
The five largest customers accounted for 52 percent of net sales (47%
1-9/2015). In geographical terms, 92 percent of net sales were generated in
Europe (94%), 5 percent in Asia (5%) and 3 percent in North America (1%).
Operating result amounted to EUR -0.1 million (EUR -0.9 million 1-9/2015). The
comparable operating result was EUR -0.1 million (EUR -0.7 million 1-9/2015,
including the Teuva plant's shutdown costs).
Net financial expenses amounted to EUR 0.1 million (EUR 0.1 million). Earnings
per share were EUR -0.03 (EUR -0.14).
THE GROUP’S KEY FIGURES
7-9/16 7-9/15 Change * 1-9/16 1-9/15 Change *
Net sales, M€ 5.6 3.8 47 % 15.0 12.7 18 %
EBITDA, M€ 0.4 -0.2 0.6 M€ 0.6 0.0 0.6 M€
Comparable 0.2 -0.5 0.6 M€ -0.1 -0.7 0.5 M€
operating result
% of net sales 3% -12% 15.2 ppts -1% -5% 4.4 ppts
Operating result, 0.2 -0.5 0.6 M€ -0.1 -0.9 0.7 M€
M€
% of net sales 3% -12% 15.2 ppts -1% -7% 5.9 ppts
Pre-tax 0.1 -0.5 0.6 M€ -0.2 -0.9 0.7 M€
profit/loss, M€
% of net sales 2% -14% 16 ppts -1% -7% 6 ppts
Profit/loss for 0.1 -0.5 0.6 M€ -0.2 -0.9 0.7 M€
the period, M€
% of net sales 2% -14% 16 ppts -1% -7% 6 ppts
Earnings per 0.02 -0.08 0.10 € -0.03 -0.14 0.11 €
share, €
Investments, M€ 0.1 0.1 0.1 M€ 0.2 0.4 -0.2 M€
% of net sales 2% 2% 0.6 ppts 1% 3% -1.9 ppts
Cash, end of the 0.4 0.3 0.1 M€ 0.4 0.3 0.1 M€
period
Equity / share, € 1.45 1.53 -0.08 € 1.45 1.53 -0.08 €
Equity ratio, % 64% 75% -11 ppts 64% 75% -11 ppts
Gearing, % 16% 5% 11 ppts 16% 5% 11 ppts
Personnel, end of 109 108 1 person 109 108 1 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 seeks 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.
The company estimates that the pick-up in demand that started in February will
continue and that the full year as a whole will be better than 2015. The
company expects to grow particularly in the automotive industry, industrial
electronics and different kinds of security applications. Furthermore,
next-generation R&D projects are anticipated to generate growth in telecom
equipment.
The company’s full-year guidance remains unchanged. In 2016, net sales are
expected to grow and the operating result to be in the black. In 2015, net
sales amounted to EUR 17.5 million and the operating result to EUR -1.2
million.
PUBLICATION OF FINANCIAL RELEASES
This stock exchange release is a summary of the Aspocomp Group’s Interim Report
January 1 -September 30, 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.
Distribution:
Nasdaq 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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