Aspocomp Group - Interim report (Q1 and Q3)

ASPOCOMP’S INTERIM REPORT JANUARY 1 – MARCH 31, 2016

Espoo, Finland, 2016-04-28 08:00 CEST (GLOBE NEWSWIRE) -- 

Aspocomp Group Plc, Interim Report, April 28, 2016 at 9:00 a.m.

Key figures 1-3/2016 in brief

- Net sales: EUR 4.1 million (EUR 4.6 million 1-3/2015)
- Operating result before depreciation (EBITDA): EUR -0.2 million (0.4)
- Operating result: EUR -0.4 million (0.1)
- Earnings per share (EPS): EUR -0.07 (0.02)
- Operational cash flow: EUR -0.6 million (-0.5)
- Order book at the end of period: EUR 1.4 million (1.3)

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

“The order intake started to decline rapidly at the end of last year, but we
returned it to growth in February. Due to weak demand, first-quarter net sales
amounted to only EUR 4.1 million, a year-on-year decrease of EUR 0.4 million.
Very low sales in January pushed the first-quarter operating result EUR 0.4
million into the red. However, performance improved rapidly during the first
quarter and the operating result turned positive in March as the order intake
picked up and delivery volumes increased. 

The company's order book is typically very short, only a few weeks, and is
therefore exposed to rapid changes. We aim to systematically expand our
customer base and customer segment in order to reduce fluctuations in overall
demand. 

The quality management system of the Oulu plant, which complies with the
requirements of the automotive industry, was audited early this year. Quality
certification is an important milestone in the realization of the strategy. It
enables the Oulu plant to produce a wider product range for the automotive
industry and thus complements our end-to-end service offering to our customers.
The majority of Aspocomp’s automotive industry products are manufactured for
the company at its partners' factories in Asia. We expect automotive industry
customers to grow in the near future. 

Despite the difficult early months of the year, the company expects net sales
to grow and the operating result to be in the black in 2016.” 


THE GROUP’S KEY FIGURES

                                         1-3/16  1-3/15      Change      1-12/15
Net sales, M€                               4.1     4.6     -9  %           17.5
EBITDA, M€                                 -0.2     0.4   -0.6  M€           0.0
Operating result excluding                  0.0     0.0                     -0.9
 non-recurring items                                                            
% of net sales                                                               -5%
Operating result, M€                       -0.4     0.1   -0.6  M€          -1.2
% of net sales                             -11%      3%  -13.2  ppts         -7%
Pre-tax- profit/loss, M€                   -0.5     0.1   -0.6  M€          -1.3
% of net sales                             -11%      3%    -14  ppts         -7%
Profit/loss for the period, M€             -0.5     0.1   -0.6  M€          -1.0
% of net sales                             -11%      3%    -14  ppts         -6%
Earnings per share, €                     -0.07    0.02  -0.09  €          -0.16
Investments, M€                             0.0     0.1   -0.1  M€           0.5
% of net sales                               1%      2%   -1.3  ppts          3%
Cash, end of the period                     0.3     1.0   -0.7  M€           0.3
Equity / share, €                          1.41    1.69  -0.28  €           1.48
Equity ratio, %                             66%     68%     -1  ppts         69%
Gearing, %                                  18%     10%      8  ppts         11%
Personnel, end of the period                104     141    -37  persons      106


First-quarter net sales amounted to EUR 4.1 million (EUR 4.6 million 1-3/2015),
a year-on-year decrease of 9 percent. The decline in net sales was due to weak
demand in January. 

The five largest customers accounted for 51 percent of net sales (50%
1-3/2015). In geographical terms, 88 percent of net sales were generated in
Europe (95%), 6 percent in Asia (3%) and 6 percent in North America (2%). 

The low net sales and weak operating result in January pushed the operating
result for the entire first quarter into the red, EUR -0.4 million (EUR 0.1
million 1-3/2015). 

Net financial expenses for the review period amounted to EUR -0.0 million (EUR
0.0 million). Earnings per share were EUR -0.07 (EUR 0.02). 


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 – March 31, 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.

Attachments:

Aspocomp Interim Report 1.1.-31.3.2016.pdf