Aspocomp Group - Interim report (Q1 and Q3)

ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2013

Espoo, Finland, 2013-10-24 08:00 CEST (GLOBE NEWSWIRE) -- 
Aspocomp Group Plc, Interim Report, October 24, 2013 at 9:00 a.m.

Key figures 1-9/2013 in brief

- Net sales: EUR 14.9 million (EUR 18.5 million 1-9/2012)
- Operating result before depreciation (EBITDA): EUR 0.9 million (2.2)
- Operating profit (EBIT): EUR -0.2 million (1.1)
- Earnings per share (EPS): EUR -0.04 (0.18)
- Operational cash flow: EUR 0.3 million (1.4)

Outlook for the full year 2013 remains unchanged. Net sales are expected to
amount to EUR 20-23 million and operating result to EUR -1.0-0.0 million. 


CEO'S REVIEW

“The demand environment has remained difficult and uncertain in 2013. Our net
sales increased slightly in the third quarter compared to previous quarters,
but remained at an unsatisfactory level. However, thanks to strict cost
control, the third-quarter operating result was positive, being EUR 0.2 million
or 4 percent of net sales. Net sales for the three reported quarters amounted
to EUR 14.9 million and the operating result was EUR 0.2 million negative. 

Operational cash flow was EUR 0.3 million. Aspocomp's net debt is zero and its
financial position has enabled important technology investments as well as
intense efforts among new customers and customer segments.” 


NET SALES AND EARNINGS 1-9/2013

Net sales amounted to EUR 14.9 million, a year-on-year decrease of 19 percent.
The five largest customers accounted for 66 percent of net sales (68%
1-9/2012). In geographical terms, 88 percent of net sales were generated in
Europe (93%) and 12 percent in Asia (7%). 

The level of demand was unstable in the first three quarters of 2013 and
particularly weak 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 -0.2 million (EUR 1.1 million in 1-9/2012),
representing a negative margin of 1 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.  The capacity utilization rate has improved slightly
towards the end of the reporting period, but is still at an unsatisfactory
level. 

Net financial expenses for the review period amounted to EUR 0.0 million (EUR
0.0 million in 1-9/2012). The profit for the period was EUR -0.2 million (EUR
1.1 million) and earnings per share were EUR -0.04 (EUR 0.18). 


THE GROUP'S KEY FIGURES

                     7-9/13  7-9/12  Change        1-9/13  1-9/12  Change       
Net sales, M€           5.2     5.4    -4  %         14.9    18.5    -19  %     
EBITDA, M€              0.6     0.3   0.3  M€         0.9     2.2   -1.3  M€    
Operating profit,       0.2    -0.1   0.3  M€        -0.2     1.1   -1.3  M€    
 M€                                                                             
% of net sales           4%     -2%    -8  ppts       -1%      6%      0  ppts  
Pre-tax- profit, M€     0.2    -0.1   0.3  M€        -0.2     1.1   -1.4  M€    
% of net sales           4%     -2%     5  ppts       -2%      6%     -8  ppts  
Profit/loss for the     0.2    -0.1   0.3  M€        -0.3     1.1   -1.4  M€    
 period, M€                                                            
% of net sales           4%     -2%     5  ppts       -2%      6%     -8  ppts  
Earnings per share,    0.03   -0.01  0.04  €        -0.04    0.18  -0.22  €     
 €                                                                              
Investments, M€         0.8     0.2   0.5  M€         1.8     1.0    0.8  M€    
% of net sales       14.6 %   3.8 %  10.7  ppts    12.0 %   5.4 %    6.5  ppts  
Cash, end of the        1.3     2.7  -1.4  M€         1.3     2.7   -1.4  M€    
 period                                                                         
Equity / share, €      2.20    1.81  0.39  €         2.20    1.81   0.39  €     
Equity ratio, %         75%     68%     6  ppts       75%     68%      6  ppts  
Gearing, %               0%    -18%    18  ppts        0%    -18%     18  ppts  
Personnel, end of       154     147     7  person     154     147      7  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 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
- September 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.-30.9.2013.pdf