2009-02-25 08:00:00 CET
2009-02-25 08:08:26 CET
REGULATED INFORMATION
Aspocomp Group - Financial Statement Release
ASPOCOMP'S FINANCIAL STATEMENTS BULLETIN 2008
ASPOCOMP GROUP OYJ Stock Exchange Release February, 25 2009
at 9:00 AM
ASPOCOMP'S FINANCIAL STATEMENTS BULLETIN 2008
In this financial statements bulletin, the Group's business has been
presented in line with IFRS standards, divided into continuing
operations as well as divested and discontinued operations.
Continuing operations refer to the structure of the Aspocomp Group
after restructuring, including the divestment of a majority holding
in the company's former subsidiary in Thailand, announced in October.
Continuing operations now comprise Aspocomp Oulu Oy and Aspocomp
Group Oyj's headquarter operations. These businesses form one
business segment.
- Net sales: EUR 20.7 million (EUR 25.9 million/2007).
- Operating profit before depreciation (EBITDA): EUR 2.2 million
(-10.7).
- Operating profit: EUR 0.5 million (-12.3). Operating profit
includes a non-recurring cost of EUR 0.4 million from the sale of the
Oulu property.
- Earnings per share from continuing operations: EUR -0.06 (-0.38).
- Earnings per share from divested and discontinued operations: EUR
0.06 (-0.93).
- Cash flow from operations: EUR -2.2 million (-25.8).
- Investments in continuing operations: EUR 1.2 million (0.4).
OUTLOOK FOR THE FUTURE
Aspocomp's financial position is satisfactory thanks to the
structural arrangements that have been implemented. The Group's lean
cost structure and the outlook for operations in Oulu enable the
continuity of operations.
Net sales in 2009 are expected to decline due to the solutions the
Group has implemented to reduce risks. Operating profit before
depreciation (EBITDA) is estimated to remain positive.
In addition to developing the continuing operations of the Group, the
Board of Directors is looking into various structural development
solutions, including carrying out company reorganization in the
future.
ISTO HANTILA, PRESIDENT AND CEO:"The objectives set for 2008 - for instance, with respect to
restructuring - were achieved and the Group is now stable. We have
downscaled costs to match our present structure, sold properties, and
eliminated or identified risks. Our remaining line operations are in
competitive shape.
The Group significantly reduced its operational and liquidity risks
by divesting its majority holding in the Thai company. The
transaction reduced consolidated interest-bearing liabilities by
about EUR 15 million and released the Group from its BHT 212 million
parent company guarantee.
The capital gains from the sale of properties were used to repay
about EUR 8.6 million of the Group's interest-bearing debts to
Finnish bank creditors. Interest-bearing liabilities, including a EUR
10.3 million convertible bond, had a nominal value of about EUR 25.6
million and amounted to about EUR 22.8 million under IFRS at the end
of the financial year and. Interest-bearing liabilities have been
restructured such that the debt and interest will be repaid mainly in
2013.
The actions taken by the Group strengthened the consolidated balance
sheet structure during the financial year. The equity ratio rose to
16 percent and the Group's cash assets amounted to about EUR 4.3
million at the turn of the year. Aspocomp's liquidity position is
satisfactory.
The Oulu plant supplies PCBs for the needs of the telecom, automotive
and industrial electronics industries, primarily in Europe. Its
robust technical expertise and specialization in prototypes, ramp-up
and express deliveries for customers have proven to be the right
strategic choice. The Oulu business is well poised to thrive in the
long run, too.
The Aspocomp Group's restructuring has now progressed to the point
that we can continue operations under the type of structure we have
now or, alternatively, we can develop the Group through company
reorganization."
THE BUSINESS OF THE GROUP
The Aspocomp Group company Aspocomp Oulu Oy supplies PCBs for the
needs of the telecom, automotive and industrial electronics
industries and provides PCBs for prototyping, ramp up and small
series. Its service portfolio includes express deliveries, fulfilling
urgent PCB needs (also in high-volume deliveries), developing and
commercializing new technologies, carrying out material reports as
well as close cooperation with high-volume manufacturers. Aspocomp
Oulu Oy's primary PCB technologies are HDI (High Density
Interconnection), multilayer (up to 28 layers), Heat Sink (mainly for
the automotive industry) and Teflon- or ceramic-based PCBs. Despite
of challenging market situation the operations of Oulu factory
continued to be profitable.
The Aspocomp Group has a substantial 20% stake in the joint venture
Meadville Aspocomp Holdings. The financial crisis spilled over into
the real economy and consequently demand for high-volume PCBs
declined substantially in the entire industry. Meadville Aspocomp
Holdings reacted to the market slump by holding up the Indian plant
project. The personnel strength of the Chinese plant was adjusted in
line with current demand. Due to the weak market situation and the
actions that have been carried out, the joint venture posted a loss
for 2008. Losses carried out by the jointventure do not have any
impact on the minimum price on the agreed buy- and sell options of
the 20 % stake owned by Aspocomp.
In addition Aspcomp holds 5.34% in Imbera Electronics and 6.17% in
Aspocomp Thailand.
The structure of the Group was streamlined during the report year by
initiating the termination of Aspocomp Trading Shanghai and Aspocomp
Hongkong. It is expected that these processes will be seen to
completion in the first half of 2009. The ownership of the sales
companies Aspocomp Ab and Aspocomp GmbH was transferred to Aspocomp
Oulu Oy in December 2008. In addition the CAD planning department
located in Espoo was closed down during autumn 2008.
CONSOLIDATED NET SALES AND OPERATING PROFIT, OCTOBER-DECEMBER
(Reference figures are for 10-12/2007, includes only continuing
operations)
Net sales and operating profit, EUR million
10-12/2008 Change, 10-12/2007
%
Net sales 4.4 -30.1 6.2
Operating 0.1 -1.6
profit
Operating profit includes a non-recurring cost of EUR 0.4 million
from the sale of the Oulu property.
Aspocomp's five largest customers accounted for 71 percent of net
sales (71%).
The Group's net financial expenses were EUR -1.7 million (1.9). Loss
for the fourth quarter from continuing operations was EUR 1.6 million
(0.3) and earnings per share from continuing operations were EUR
-0.03 (0.01).
CONSOLIDATED NET SALES AND OPERATING PROFIT, JANUARY-DECEMBER
(Reference figures are for 1-12/2007, includes only continuing
operations)
Net sales and operating profit, EUR million
2008 Change, % 2007
Net sales 20.7 -20.3 25.9
Operating 0.5 -12.3
profit
Operating profit includes a non-recurring cost of EUR 0.4 million
from the sale of the Oulu property.
Aspocomp's five largest customers accounted for 74 percent of net
sales (63%).
The Group's net financial expenses were EUR -2.9 million (-4.2). Loss
for the period from continuing operations was EUR 2.5 million (-18.7)
and earnings per share from continuing operations were EUR -0.06
(-0.38).
FINANCING, INVESTMENTS AND EQUITY RATIO
The Aspocomp Group's consolidated cash flow from operations during
the period was EUR -2.2 million (-25.8). Consolidated net liquid
assets at the end of the period amounted to EUR 4.3 million (8.4).
Interest-bearing net debt was EUR 18.6 million (39.0). Gearing
decreased to 332.5 percent (724.7%). Non-interest bearing liabilities
amounted to EUR 6.0 million (14.6).
Investments in continuing operations were EUR 1.2 million (0.4).
Net financial expenses amounted to 14.0 percent of net sales (16.2%).
The Group's equity ratio at the end of December stood at 16.1 percent
(7.8%).
SHAREHOLDERS' EQUITY OF THE PARENT COMPANY
In accordance with the requirements of the new Companies Act, the
Trade Register has been notified of the loss of share capital on May
14, 2008. The shareholders' equity of Aspocomp Group's parent
company, Aspocomp Group Oyj, was EUR 1.3 million negative at the end
of the financial year. However, the shareholders' equity of Aspocomp
Group was EUR 5.6 million positive at the end of the financial year.
RESEARCH AND DEVELOPMENT
In connection with the transfer of business operations, Aspocomp
transferred its technologies and R&D to Meadville and the joint
venture.
Aspocomp Oulu Oy engages in R&D primarily through cooperation with
its customers and suppliers. Each year, its main customers report
their views on their future technology choices. Research is targeted
on the basis of these reports. Correct timing of investments is vital
for maintaining efficiency and technological viability. Research and
product development costs are recognized in plant overhead.
SHARES AND SHARE CAPITAL
The total number of Aspocomp's shares at December 31, 2008, was
49,905,130 and the share capital stood at EUR 20,082,052. Of the
total shares outstanding, the company held 200,000 treasury shares,
representing 0.4 percent of the aggregate votes conferred by all the
shares. The number of shares adjusted for the treasury shares was
49,705,130.
A total of 26,537,415 Aspocomp Group Oyj shares were traded on OMX
Helsinki Stock Exchange during the period from January 1 to December
31, 2008. The aggregate value of the shares exchanged was EUR
2,213,767. The shares traded at a low of EUR 0.04 (December 16, 2008)
and a high of EUR 0.13 (January 8, 2008). The average share price was
EUR 0.08. The closing price at December 31, 2008, was EUR 0.06. At
the end of the period, nominee-registered shares accounted for 6.6
percent of the total shares and 0.08 percent were directly held by
non-Finnish owners.
The market-making agreement between Aspocomp Group Oyj and the
Finnish branch of Kaupthing Bank hf. ended on November 23, 2008.
Market making under the agreement was discontinued on May 11, 2007
when the price of the Aspocomp share fell below EUR 0.50 (Aspocomp
stock exchange release dated May 11, 2007).
PERSONNEL
During the review period, the Aspocomp Group had an average of 140
employees (169). The personnel count on December 31, 2008 was 115
(153). Of them, 80 (87) were non-salaried and 35 (66) salaried
employees.
ASPOCOMP'S HEAD OFFICE MOVED TO ESPOO IN JANUARY
In January, the company's head office was moved from the center of
Helsinki to Sinikalliontie street, Espoo.
NEW CLAIMS BY FORMER EMPLOYEES OF ASPOCOMP S.A.S.
21 former employees of Aspocomp Group Oyj's French subsidiary
Aspocomp S.A.S., who were not involved in the previous litigation in
France, raised claims against Aspocomp Group Oyj in a French court in
February. The total amount of the claims is about EUR 750,000. It was
expected that the Court would give its decisions in 2008.
ASPOCOMP SELLS ITS PLANT PROPERTIES IN SALO AND OULU
The Örninkatu 15 plant property and its buildings in Salo, leased by
Aspocomp under an operating lease, were sold in February. The
transaction price decreased Aspocomp's interest-bearing debts to
Finnish bank creditors by about EUR 6.3 million.
The Oulu property was sold at the end of December. The transaction
price decreased Aspocomp's interest-bearing debts to bank creditors
by EUR 2.3 million.
ASPOCOMP GROUP OYJ AGREES ON AMENDMENTS TO CONVERTIBLE DEBENTURE LOAN
I/2006
The meeting of Aspocomp Group Oyj's EUR 10,300,000 Debenture Loan
I/2006 bondholders decided upon amending the terms of the Debenture
Loan in such a manner that the interest on the loan falls due and
payable in one installment on December 1, 2011.
In addition, the company and the bondholders representing 85.92
percent of the Debenture Loan principal agreed upon amending the
terms of the Debenture Loan in such a manner that the principal and
interest accruing thereon falls due and payable in one installment on
December 1, 2013 (the "2013 Amendment Agreement"). 96.80 percent of
debtors have adhered to the Amendment Agreement by December 31, 2008.
Pursuant to the original loan terms the principal fell due and
payable on December 1, 2011 and the interest fell due and payable
twice a year.
Pursuant to the 2013 Amendment Agreement, on the basis of the
authorization granted by the Annual General Meeting on May 10, 2007,
the Board of Directors of the company will issue a maximum of
20,000,000 new stock options to those Debenture Loan I/2006
bondholders who have signed or will sign, by the date set by the
Board of Directors, the 2013 Amendment Agreement. To the extent that
all the Debenture Loan holders do not sign the 2013 Amendment
Agreement, the number of stock options will be reduced in the same
proportion. The exercise period for the shares commences immediately
upon the issuance of the stock options and terminates on October 31,
2013. The stock option holders may use the options for share
subscription only in the event that the company is placed in
corporate reorganization pursuant to the Corporate Reorganization Act
(47/1993, as amended), and the outstanding principal under the
Debenture Loan is reduced in such reorganization proceedings. In such
case, the stock options may be used for share subscription only to
the extent that the outstanding principal under the Debenture Loan is
reduced. In the opinion of the Board of Directors of the company,
there are important financial reasons for the company to issue the
stock options, because the issuance of the stock options will enable
the amendment of the Debenture Loan terms in such manner that the
interest and the principal shall not fall due before the year 2013.
The amendments of the Debenture Loan terms are necessary considering
the company's financial situation.
The subscription price for the shares subscribed on the basis of the
stock options is EUR 0.00001 per share. The total aggregate
subscription price payable by each stock option holder is rounded
upwards to the nearest 10 cent. When determining the subscription
price, the relationship between the stock options and the 2013
Amendment Agreement as well as the importance of the 2013 Amendment
Agreement to the company's financial situation have been taken into
account. In addition, particular emphasis has been placed on the fact
that the stock option holders may exercise the stock options for
share subscriptions only in the event that the company is placed in
corporate reorganization in accordance with the Corporate
Reorganization Act (47/1993, as amended), and the outstanding
principal under the Debenture Loan is reduced in such reorganization
proceedings. The purpose of the stock options is to compensate any
reductions in the loan receivables of the bondholders under the
Debenture Loan in corporate reorganization. Considering the
relationship to the 2013 Amendment Agreement, the company's financial
situation and the exercisability of the stock options only in
corporate reorganization, the Board of Directors considers the
subscription price to be appropriate.
In respect of the bondholders that signed the 2013 Amendment
Agreement, due to the deferral of repayment under the Debenture Loan,
the subscription period under the stock options issued in connection
with the Debenture Loan needs to be continued until October 31, 2013.
According to the 2013 Amendment Agreement, this will be accomplished
by the company issuing to the bondholders signing the 2013 Amendment
Agreement stock options in an amount corresponding to the number of
stock options currently held by them under the Debenture Loan, on the
same terms as the original stock options originally issued in
connection with the Debenture Loan except that the exercise period
under such new stock options commences at the expiry of the original
stock options on October 31, 2011 and ends on October 31, 2013
provided that the original stock options have not been exercised.
On April 2, 2008, the Board of Directors of Aspocomp Group Oyj
resolved to issue a maximum of 20,000,000 stock options in connection
with the amendment of the Debenture Loan terms as described in more
detail in the stock exchange release dated March 31, 2008.
ASPOCOMP REDUCES ITS HOLDING IN ITS THAI SUBSIDIARY AND IS RELEASED
FROM ITS CORPORATE GUARANTEE OBLIGATIONS
On October 16, 2008, Aspocomp signed agreements whereby it decreased
its shareholding in its subsidiary Aspocomp (Thailand) Co., Ltd to
about 6 percent. The new majority owners of Aspocomp (Thailand) Co.,
Ltd are certain private persons belonging to the immediate circle of
Aspocomp's present Joint Venture partner, Saha Pathana Inter-Holding
Plc. Aspocomp Group Oyj gave a loan of BHT 48 million to Aspocomp
(Thailand) Co., Ltd for partial repayment of its loans to Bangkok
Bank. Due to these arrangements Bangkok Bank released Aspocomp Group
Oyj from its BHT 212 million corporate guarantee obligations.
As Aspocomp (Thailand) Co., Ltd is no longer consolidated into
Aspocomp Group, this transaction decreased consolidated
interest-bearing liabilities by about EUR 15 million.
BOARD OF DIRECTORS, PRESIDENT AND CEO AND AUDITORS
The Annual General Meeting of April 23, 2008 decided that the number
of Board members is three and re-elected Tuomo Lähdesmäki, Johan
Hammarén and Kari Vuorialho as members of the Board. At its
organization meeting, the Board re-elected Tuomo Lähdesmäki as the
chairman of the Board. Because the Board has three members, no
committees were established. In addition to the above members, Aimo
Eloholma, Yoshiki Sasaki and Anssi Soila served on the Board until
the Annual General Meeting.
Isto Hantila, M.Sc. (Eng.), has served as the president and CEO of
Aspocomp Group Oyj as from November 9, 2007.
The meeting re-elected PricewaterhouseCoopers Oy as the company's
auditor for the 2008 financial year.
RESOLUTIONS OF ASPOCOMP'S ANNUAL GENERAL MEETING
The Annual General Meeting of Aspocomp Group Oyj, held on April 23,
2008 decided to amend the Articles of Association of the company,
authorized the Board of Directors to issue and/or grant, on the basis
of special rights, a maximum of 55,000,000 new shares, and to convey
and/or receive, on the basis of special rights, a maximum of 200,000
own shares held by the company and to issue stock options to the
present or future CEO of the company. In addition, the Annual General
Meeting decreased the number of Board members and remunerations of
the members of the Board. The Meeting also decided not to pay
dividends for the financial year 2007.
The Annual General Meeting decided to amend the Articles of
Association of the company such that the Board shall consist of no
fewer than three (3) and no more than eight (8) members and that the
company may be represented by the President and CEO alone. The new
Articles of Association can be read on the company's Internet site
under "Company Overview".
Annual remuneration of EUR 24,000 will be paid to the chairman of the
Board and EUR 12,000 to the members. The annual remuneration will be
paid such that 60 percent is paid in cash and the remaining 40
percent is used to buy shares in the company for conveyance to Board
members. The shares were acquired in accordance with the decision of
the Annual General Meeting after the publication of the
second-quarter interim report.
EUR 1,000 per meeting will be paid to the chairman and EUR 500 per
meeting to the other members. The members of the Board residing
outside of the Greater Helsinki area are reimbursed for reasonable
travel and lodging costs. The auditor will be paid according to
invoice.
The Annual General Meeting authorized the Board to decide on issuing
new shares and conveying the Aspocomp shares held by the company. A
maximum of 55,000,000 new shares can be issued and/or granted on the
basis of special rights. A maximum of 200,000 own shares held by the
company can be conveyed and/or received on the basis of special
rights.
The new shares can be issued and the company's own shares conveyed
either against payment (rights issue) or for free (bonus issue) to
the company's shareholders in proportion to their holding, or by
means of a directed issue, waiving the pre-emptive subscription right
of shareholders, if there is a weighty financial reason for the
company to do so, such as the use of the shares as consideration in
acquisitions or other business arrangements, to finance investments
or as part of the company's incentive scheme. The directed issue can
be a bonus issue only if there is an especially weighty reason for
the company to do so, taking the interests of all shareholders into
account.
The authorization also includes the right to grant special rights, as
specified in Article 1 of Chapter 10 of the Companies Act, to receive
new shares in the company or Aspocomp shares held by the company
against payment such that either the share subscription price will be
paid in cash or the subscriber's receivables will be offset against
the subscription price.
In addition, the authorization includes the right to decide on a
bonus issue to the company itself such that the number of shares
issued to the company can amount to no more than one-tenth (1/10) of
all the company's shares. Own shares held by the company or its
subsidiaries will be included in this amount as specified in
paragraph 1, Article 11, Chapter 15 of the Companies Act.
The Board of Directors has the right to decide on other particulars
of the share issues and the granting of special rights. The
authorizations are valid for five (5) years from the date of the
decision of the Annual General Meeting. The new authorization cancels
the previous unexercised share issue authorizations.
The Annual General Meeting decided to issue stock options to the
present or future Chief Executive Officer of Aspocomp Group Oyj
(CEO). The Annual General Meeting clarified the terms and conditions
to the effect that the stock options may be distributed to the CEO in
several installments as separately decided by the Board. The Annual
General Meeting further obligated the Board to amend the terms and
conditions with a view to improving the effect of the stock option
program.
The company has a weighty financial reason for the issue of stock
options, since the stock options are intended to form part of the
incentive and commitment program for the CEO. The purpose of the
stock options is to encourage the CEO to work on a long-term basis to
increase the shareholder value. The purpose of the stock options is
also to commit the CEO to the company.
The maximum total number of stock options issued is 5,520,000. The
stock options entitle him to subscribe for a maximum total of
5,520,000 new shares in the company or existing shares held by the
company. The stock options now issued can be exchanged for shares
constituting a maximum total of 10.0% of the company's shares and the
votes conferred by the shares, after the potential share
subscription, if new shares are issued in the share subscription.
The share subscription price of the stock option is EUR 0.10 and it
is based on the prevailing market price of the Aspocomp Group Oyj
share on the OMX Nordic Exchange Helsinki Oy in March 2008. The share
subscription price will be recorded in the invested non-restricted
equity fund.
The share subscription period for stock options 2008A will be April
1, 2010 - April 30, 2014, for stock options 2008B April 1, 2011 -
April 30, 2014, for stock options 2008C April 1, 2012 - April 30,
2014 and for stock options 2008D April 1, 2013 - April 30, 2014. The
CEO will, however, be entitled to subscribe for shares with all stock
options within thirty (30) days from the date when the company has
received the Confirmation of Acceptance concerning the stock options
from him. However, the subscribed shares cannot be freely transferred
and pledged until the share subscription period with the exercised
stock options has begun. If the service contract of the CEO
terminates before the beginning of the actual share subscription
period, the subscribed shares cannot be freely transferred and
pledged until six months have lapsed from the termination of the
service contract.
The Board of Directors did not grant said stock options to the CEO
during the financial year.
BOARD OF DIRECTORS' DIVIDEND PROPOSAL
The Board of Directors will propose to the 2009 Annual General
Meeting that no dividend be paid to shareholders for 2008 (EUR 0.00
in 2007).
EVENTS AFTER THE FINANCIAL PERIOD
THE DECISION GIVEN BY THE LABOR COURT OF EVREUX IN FRANCE CONCERNING
THE CLAIMS RAISED BY FORMER EMPLOYEES OF ASPOCOMP S.A.S.
In January 2009, the Labor Court of Evreux in France ruled that
Aspocomp Group Oyj has to pay approximately EUR 510,000 in
compensation, with interest, to 13 former employees of its French
subsidiary, Aspocomp S.A.S.
The decision of the French Court concerns the claims raised by 21
former Aspocomp S.A.S employees (Aspocomp stock exchange release
dated February 18, 2008).
Two of the 21 employees accepted Aspocomp's settlement offer. The
Court did not proceed with the remaining six claims.
The compensation to be paid does not have an effect on Aspocomp's
earnings, because the company made sufficient provisions in its 2007
financial statements.
Aspocomp will appeal the decision to the next instance in France.
OUTLOOK FOR THE FUTURE
Aspocomp's financial position is satisfactory thanks to the
arrangements that have been implemented. The Group's lean cost
structure and the outlook for operations in Oulu enable the
continuity of operations.
Net sales in 2009 are expected to decline due to the solutions the
Group has implemented to reduce risks. Operating profit before
depreciation (EBITDA) is estimated to remain positive.
In addition to developing the continuing operations of the Group, the
Board of Directors is looking into various structural development
solutions, including carrying out company reorganization in the
future.
ASSESSMENT OF BUSINESS RISKS
Significant indebtedness
Aspocomp Group Oyj had in 2005 given a parent company guarantee of
THB 212 million to the Bangkok Bank as collateral for the loans it
had granted to Aspocomp Thailand Ltd.
Due to the Thai arrangements, the Bangkok Bank released Aspocomp from
the parent company guarantee, and consolidated interest-bearing
liabilities declined by about EUR 15 million.
The Aspocomp Group's interest-bearing liabilities at December 31,
2008 amounted to about EUR 22.8 million under IFRS and had a nominal
value of about EUR 25.6 million.
Liquidity and financial risks
Because of the agreement on debt restructuring, management of the
Group's liquidity risk is based on the cash assets of the parent
company and the cash flow generated by the Oulu plant. If Aspocomp
Group Oyj does not obtain financing from Aspocomp Oulu Oy, or its
associated company Meadville Aspocomp Holdings in the form of
dividends or other income, or other ways of financing, to cover its
expenses by 2013, the company may ultimately become insolvent.
Litigations
With its decisions of June 19, 2007, the French Supreme Court upheld
the former decisions of the Rouen appellate court, announced in March
2005, in the legal case initiated by Aspocomp S.A.S's former
employees against Aspocomp Group Oyj, and ordered it to pay a total
of approximately EUR 11 million, including annual interest of about 7
percent, to 388 former employees of Aspocomp S.A.S. In addition to
these employees, 21 former employees of Aspocomp S.A.S. have brought
a suit against Aspocomp Group Oyj.
The Labor Court of Evreux in France ruled that Aspocomp Group Oyj has
to pay approximately EUR 510,000 in compensation, with interest, to
13 former employees of its French subsidiary, Aspocomp S.A.S.
(Aspocomp stock exchange release dated February 3, 2009.)
The decision of the French Court concerns the claims raised by 21
former Aspocomp S.A.S employees (Aspocomp stock exchange release
dated February 18, 2008).
Two of the 21 employees accepted Aspocomp's settlement offer. The
Court did not proceed with the remaining six claims.
There is a risk that the remaining approximately 100 employees may
also institute proceedings. In France, the statute of limitations for
filing a suit is 30 years.
ACCOUNTING POLICIES
Aspocomp's financial statements bulletin has been prepared in
accordance with IAS 34, Interim Financial Reporting. The accounting
principles that were applied in the preparation of the financial
statements of December 31, 2008 have been applied in the preparation
of this report. The following amendments and interpretations were
adopted in 2008:
IFRIC 11, IFRS 2 - Group and Treasury Share Transactions. The
interpretation clarifies the treatment of transactions concerning
treasury shares or Group companies in the financial statements of the
parent company and Group companies by providing guidance on their
classification as equity-settled or cash-settled share-based payment
transactions. This interpretation does not affect the consolidated
financial statements.
IAS 39 (Amendment) and IFRS 7 (Amendment), Reclassification of
Financial Assets. The amendment permits the reclassification of
financial assets out of the available-for-sale or held-for-trading
categories under certain conditions and only in particular
circumstances. In such cases, additional information must be provided
in the financial statements. The amendment became effective on July
1, 2008. This interpretation does not affect the consolidated
financial statements.
All figures are unaudited.
INCOME STATEMENT,
OCTOBER-DECEMBER 10-12/08 10-12/07
MEUR % MEUR %
NET SALES 4,4 100,0 6,2 100,0
Other operating income 0,1 1,3 0,1 1,4
Materials and services -1,6 -36,6 -1,6 -25,0
Personnel expenses -1,0 -21,9 -3,5 -56,0
Other operating expenses -1,4 -31,6 -2,4 -38,1
Depreciation and amortization -0,4 -9,3 -0,5 -7,5
OPERATING PROFIT/LOSS 0,1 1,9 -1,6 -25,2
Financial income and expenses -0,7 -15,8 1,9 30,0
Share of loss of associate -1,0 -23,3 0,0 0,0
PROFIT/LOSS ON CONTINUING
OPERATIONS BEFORE TAX -1,6 -37,2 0,3 4,8
Taxes 0,0 0,0 0,0 0,0
PROFIT/LOSS ON CONTINUING
OPERATIONS -1,6 -37,2 0,3 4,8
PROFIT/LOSS ON DISCONTINUING
OPERATIONS 3,9 89,9 -8,1 -129,4
PROFIT/LOSS FOR THE PERIOD 2,3 52,7 -7,8 -124,6
Attributable to:
minority interests 0,1 1,1 0,0 -0,6
equity shareholders 2,3 51,6 -7,7 -124,0
INCOME STATEMENT,
JANUARY-DECEMBER 1-12/08 1-12/07
MEUR % MEUR %
NET SALES 20,7 100,0 25,9 100,0
Other operating income 1,6 7,8 0,2 0,9
Materials and services -8,7 -42,1 -9,4 -36,2
Personnel expenses -6,2 -30,1 -9,1 -35,0
Other operating expenses -5,1 -24,9 -18,4 -70,9
Depreciation and amortization -1,7 -8,2 -1,7 -6,4
OPERATING PROFIT/LOSS 0,5 2,6 -12,3 -47,6
Financial income and expenses -1,9 -9,1 -4,0 -15,3
Share of loss of associate -1,0 -4,9 -0,2 -0,9
PROFIT/LOSS ON CONTINUING
OPERATIONS BEFORE TAX -2,4 -11,4 -16,5 -63,8
Taxes -0,1 -0,7 -2,2 -8,5
PROFIT/LOSS ON CONTINUING
OPERATIONS -2,5 -12,1 -18,7 -72,3
PROFIT/LOSS ON DISCONTINUING
OPERATIONS 2,8 13,7 -46,1 -177,9
PROFIT/LOSS FOR THE PERIOD 0,3 1,6 -64,9 -250,1
Attributable to:
minority interests 0,3 1,3 0,4 1,4
equity shareholders 0,1 0,3 -65,3 -251,6
Earnings per share from
continuing operations
Basic earnings per share -0,06 -0,38
Diluted earnings per share -0,06 -0,38
Earnings per share from
discontinued operations
Basic earnings per share 0,06 -0,93
Diluted earnings per share 0,06 -0,93
CONSOLIDATED BALANCE SHEET
12/08 12/07 Change
ASSETS MEUR MEUR %
NON-CURRENT ASSETS
Intangible assets 3,1 3,4 -9,1
Tangible assets 3,4 20,3 -83,3
Investments in
associated companies 15,8 16,9 -6,1
Investment property 0,0 2,9 -100,0
Available for sale
investments 0,0 0,1 -100,0
TOTAL NON-CURRENT ASSETS 22,3 43,5 -48,6
CURRENT ASSETS
Inventories 2,1 6,6 -68,6
Short-term receivables 6,0 10,5 -42,4
Cash and bank deposits 4,3 8,4 -49,2
TOTAL CURRENT ASSETS 12,4 25,5 -51,4
TOTAL ASSETS 34,7 69,0 -49,7
SHAREHOLDERS' EQUITY
AND LIABILITIES
Share capital 20,1 20,1 0,0
Share premium fund 27,9 27,9 0,0
Treasury shares -0,8 -0,8 0,0
Special reserve fund 46,0 46,0 0,0
Funds for investments for
non-restricted equity 23,9 23,9 0,0
Retained earnings -112,2 -112,4 -0,2
Equity attributable
to shareholders 4,9 4,7 4,3
Minority interest 0,7 0,7 -6,6
TOTAL EQUITY 5,6 5,4 2,8
Long-term borrowings 22,5 30,7 -26,7
Provisions 0,3 1,5 -79,8
Short-term borrowings 0,4 16,7 -97,8
Trade and other payables 6,0 14,6 -59,3
TOTAL LIABILITIES 29,1 63,5 -54,2
TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES 34,7 69,0 -49,7
CONSOLIDATED CHANGES IN EQUITY,
JANUARY-DECEMBER
Funds
for
in-vest-
ments Trans-
Spe- of lation
Share cial non- Trea- dif- Ret- Mino-
Share pre- re- rest- sury fer- ained rity Total
capi- mium serve ricted sha- en- earn- inte- equi-
tal fund fund equity res ces ings rests ty
Balance
at
31.12.07 20,1 27,9 46,0 23,9 -0,8 -1,4 -111,1 0,7 5,4
Trans-
lation
differ-
ences 0,0 0,0
Loss
for the
period 0,1 0,3 0,3
Mino-
rity
inte-
rest -0,3 -0,3
Balance
at
31.12.08 20,1 27,9 46,0 23,9 -0,8 -1,3 -110,9 0,7 5,6
Funds
for
in-
vest-
ments Trans-
Spe- of lation
Share cial non- Trea- dif- Ret- Mino-
Share pre- re- rest- sury fer- ained rity Total
capi- mium serve ricted sha- en- earn- inte- equi-
tal fund fund equity res ces ings rests ty
Balance
at
31.12.06 20,1 27,9 46,0 1,9 -0,8 -4,8 -45,7 23,7 68,3
Share
issue 22,0 22,0
Trans-
lation
differ-
ences 3,4 3,4
Loss
for the
period -65,3 0,4 -64,9
Other
items -0,1 -0,1
Purchase
of
minority
interest -24,1 -24,1
Minority
interest 0,8 0,8
Balance
at
31.12.07 20,1 27,9 46,0 23,9 -0,8 -1,4 -111,1 0,7 5,4
CONSOLIDATED CASH FLOW STATEMENT, 1-12/08 1-12/07
JANUARY-DECEMBER MEUR MEUR
Profit/loss for the period 0,1 -65,3
Adjustments -0,3 40,6
Change in working capital -1,5 6,1
Received interest income and dividends 0,3 1,5
Paid interest expenses -0,8 -8,4
Paid taxes 0,0 -0,3
Operational cash flow -2,2 -25,8
Investments -2,4 -49,4
Proceeds from sale of property, plant and equipment 9,4 55,8
Cash flow from investments 7,0 6,4
Share issue 0,0 22,0
Decrease in financing -8,9 -71,3
Increase in financing 0,0 54,7
Cash flow from financing -8,9 5,4
Change in cash and cash equivalents -4,1 -14,0
Cash and cash equivalents
at the beginning of period 8,4 22,7
Currency exchange differences 0,0 -0,4
Cash and cash equivalents
at the end of period 4,3 8,4
Reference data includes discontinued operations
KEY FINANCIAL INDICATORS 12/08 12/07
Equity per share, EUR 0,10 0,11
Equity ratio, % 16,1 7,8
Gearing, % 332,5 724,2
Earnings per share from
continuing operations
Basic and diluted earnings
per share -0,06 -0,38
Earnings per share from
discontinued operations
Basic and diluted earnings
per share 0,06 -0,93
CONTINGENT LIABILITIES 12/08 12/07
MEUR MEUR
Mortgages given for
security for liabilities 15,4 25,4
Operating lease liabilities 0,1 0,1
Other liabilities 0,1 0,4
Total 15,6 25,9
Mortgages as collateral for debt have declined due to the divestment
of the Thai subsidiary. With regards to other commitments, the
customs bonds of the parent company have been discontinued, as they
are no longer necessary.
FORMULAS FOR CALCULATION OF KEY FIGURES
Equity/share, EUR = Equity attributable to shareholders
_____________________________________
Number of shares at the end of period
Equity ratio, % = Total equity
_______________________________________ x
100
Balance sheet total - advances received
Gearing, % = Net interest-bearing liabilities
________________________________ x 100
Total equity
Earnings per share
(EPS), EUR = Profit attributable to equity shareholders
__________________________________________
Adjusted weighted average number of shares
outstanding
All figures are unaudited.
Espoo, February 25, 2009
ASPOCOMP GROUP OYJ
Board of Directors
Isto Hantila
President and CEO
For further information, please contact Isto Hantila, CEO, tel. +358
50 406 0656.
Distribution:
NASDAQ OMX Helsinki
Major media
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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