2015-10-29 07:45:00 CET
2015-10-29 07:45:02 CET
REGULATED INFORMATION
Aspocomp Group - Interim report (Q1 and Q3)
ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2015
Espoo, Finland, 2015-10-29 07:45 CET (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Interim Report, October 29, 2015 at 8:45 a.m.
Key figures 1-9/2015 in brief
- Net sales: EUR 12.7 million (EUR 16.9 million 1-9/2014)
- Operating result before depreciation (EBITDA): EUR 0.0 million (0.8)
- Operating result excluding non-recurring items (EBIT): EUR -0.7 million (-0.2)
- Earnings per share (EPS): EUR -0.14 (-0.06)
- Operational cash flow: EUR 0.2 million (-0.5)
Outlook for the full year 2015 remains unchanged. In 2015, net sales are
expected to be between EUR 18 and 20 million and operating result excluding
non-recurring items between EUR -0.7 and 0.5 million.
CEO'S REVIEW
“Third-quarter net sales amounted to only EUR 3.8 million, as demand from our
main customers was more muted than usual in July and August. In line with
previous expectations, demand swung to clear growth in September. Due to the
low net sales, operating profit was very low at EUR 0.5 million in the red.
Net sales for the review period amounted to EUR 12.7 million, down EUR 4.2
million compared to the reference period of the previous year. The operating
result excluding non-recurring items was EUR 0.7 million in the red, whereas a
year earlier it was EUR 0.2 million in the red. Cash flow remained EUR 0.2
million in the black.
The order book and demand began to strengthen sharply during September. The
company is expected to post its highest net sales for the year in the fourth
quarter. Operating profit for the fourth quarter is expected to turn into the
black.”
NET SALES AND EARNINGS 1-9/2015
Net sales amounted to EUR 12.7 million, a year-on-year decrease of 25 percent.
However, from September onwards, demand picked up in all of the company's
customer segments.
The five largest customers accounted for 47 percent of net sales (66%
1-9/2014). In geographical terms, 94 percent of net sales were generated in
Europe (88%), 5 percent in Asia (11%) and 1 percent in North America (1%).
Operating result was EUR -0.9 million (EUR -0.3 million 1-9/2014) including
non-recurring items. Operating result excluding non-recurring items was EUR
-0.7 million (EUR -0.2 million 1-9/2014).
In the second quarter, the company recorded additional non-recurring expenses
of approximately EUR 0.2 million on the closure of the Teuva plant; the
previous EUR 1.5 million reserve was exceeded by approximately EUR 0.2 million,
mainly as regards employee termination expenses.
Net financial expenses for the review period amounted to EUR 0.1 million (EUR
0.0 million). Earnings per share were EUR -0.14 (EUR -0.06).
THE GROUP'S KEY FIGURES
7-9/15 7-9/14 Change 1-9/15 1-9/14 Change
Net sales, M€ 3.8 4.9 -22 % 12.7 16.9 -25 %
EBITDA, M€ -0.2 0.0 -0.2 M€ 0.0 0.8 -0.8 M€
Operating result -0.5 -0.4 -0.1 M€ -0.7 -0.2 -0.5 M€
excluding
non-recurring
items
% of net sales -12% -9% -3.9 ppts -5% -1% -4.1 ppts
Operating result, -0.5 -0.4 -0.1 M€ -0.9 -0.3 -0.5 M€
M€
% of net sales -12% -9% -3.9 ppts -7% -2% -4.8 ppts
Pre-tax- -0.5 -0.4 -0.1 M€ -0.9 -0.4 -0.6 M€
profit/loss, M€
% of net sales -14% -9% -5 ppts -7% -2% -5 ppts
Profit/loss for -0.5 -0.4 -0.1 M€ -0.9 -0.4 -0.5 M€
the period, M€
% of net sales -14% -9% -5 ppts -7% -2% -5 ppts
Earnings per -0.08 -0.06 -0.02 € -0.14 -0.06 -0.08 €
share, €
Investments, M€ 0.1 0.3 -0.3 M€ 0.4 0.6 -0.2 M€
% of net sales 2% 7% -5.5 ppts 3% 3% -0.1 ppts
Cash, end of the 0.3 0.8 -0.6 M€ 0.3 0.8 -0.6 M€
period
Equity / share, € 1.53 1.91 -0.38 € 1.53 1.91 -0.38 €
Equity ratio, % 75% 74% 1 ppts 75% 74% 1 ppts
Gearing, % 5% 5% 0 ppts 5% 5% 0 ppts
Personnel, end of 108 144 -36 person 108 144 -36 person
the period s s
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.
Outlook for the full year 2015 remains unchanged. In 2015, net sales are
expected to be between EUR 18 and 20 million and operating result excluding
non-recurring items between EUR -0.7 and 0.5 million.
PUBLICATION OF FINANCIAL RELEASES
This stock exchange release is a summary of the Aspocomp Group's Interim Report
January 1 - September 30, 2015 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 (on Thursday October 29, 2015 between 8:45 a.m. and 11
a.m.) or mikko.montonen(at)aspocomp.com.
Distribution:
Nasdaq OMX Helsinki Ltd
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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