2016-08-04 08:00:01 CEST
2016-08-04 08:00:01 CEST
REGLERAD INFORMATION
Aspocomp Group - Half Year financial report
ASPOCOMP’S HALF YEAR FINANCIAL REPORT 2016
Espoo, Finland, 2016-08-04 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Half year financial report, August 4, 2016 at 9:00 a.m.
Key figures 4-6/2016 in brief
- Net sales: EUR 5.3 million (EUR 4.4 million 4-6/2015)
- EBITDA: EUR 0.4 million (-0.2)
- Comparable operating result: EUR 0.2 million (-0.3)
- Operating result: EUR 0.2 million (-0.5)
- Earnings per share: EUR 0.02 (-0.08)
Key figures 1-6/2016 in brief
- Net sales: EUR 9.5 million (EUR 8.9 million 1-6/2015)
- EBITDA: EUR 0.2 million (0.2)
- Comparable operating result: EUR -0.3 million (-0.2)
- Operating result: EUR -0.3 million (-0.4)
- Earnings per share (EPS): EUR -0.05 (-0.06)
- Operational cash flow: EUR -0.2 million (0.2)
- Order book at the end of period: EUR 2.4 million (1.1)
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
“Sales increased during the second quarter to EUR 5.3 million and were EUR 1.2
million higher than in the first quarter. Growth was 22 percent in comparison
to the previous year's second quarter, or almost EUR 1.0 million. Demand
improved, driven especially by automotive industry customers, but demand for
printed circuit boards that support telecommunications customers' product
development also picked up after a weak start to the year. The focus of growth
during the second quarter was on Central Europe and especially Germany, which
is Europe's largest printed circuit board market.
The company's order book continued to grow throughout the second quarter and
was EUR 2.4 million at the end of the reporting period. The increase in the
order book was mainly due to new projects in the automotive industry.
Second-quarter operating profit increased to EUR 0.2 million, representing
slightly more than 3 percent of net sales. Comparable operating profit saw a
year-on-year improvement of EUR 0.5 million. Operating result for the first
half of the year was still EUR 0.3 million in the red. The strong order book is
expected to support favorable result performance during the latter half of the
year.”
NET SALES AND EARNINGS
April-June 2016
Second-quarter net sales amounted to EUR 5.3 million, a year-on-year increase
of 22 percent. The five largest customers accounted for 52 percent of net sales
(48% 4-6/2015). In geographical terms, 92 percent of net sales were generated
in Europe (92%), 6 percent in Asia (7%) and 2 percent in North America (1%).
Orders from automotive industry customers increased significantly and
deliveries to telecommunications customers improved after a weak start to the
year.
The operating result for the second quarter amounted to EUR 0.2 million (EUR
-0.5 million 4-6/2015).
Second-quarter comparable operating result was EUR 0.5 million higher than a
year earlier.
Net financial expenses for the second quarter amounted to EUR 0.0 million (EUR
0.0 million). Earnings per share were EUR 0.02 (EUR -0.08).
First half of 2016
First-half net sales amounted to EUR 9.5 million (EUR 8.9 million 1-6/2015), a
year-on-year increase of 6 percent.
The five largest customers accounted for 50 percent of net sales (47%
1-6/2015). In geographical terms, 90 percent of net sales were generated in
Europe (94%), 6 percent in Asia (5%) and 4 percent in North America (1%).
First-half operating result amounted to EUR -0.3 million (EUR -0.4 million
1.6/2015). The comparable operating result was EUR -0.3 million (EUR -0.2
million 1-6/2015, including the Teuva plant's shutdown costs).
Net financial expenses amounted to EUR 0.0 million (EUR 0.0 million). Earnings
per share were EUR -0.05 (EUR -0.06).
THE GROUP’S KEY FIGURES
4-6/16 4-6/15 Change 1-6/16 1-6/15 Change
Net sales, M€ 5.3 4.4 22 % 9.5 8.9 6 %
EBITDA, M€ 0.4 -0.2 0.6 M€ 0.2 0.2 0.0 M€
Comparable 0.2 -0.3 0.5 M€ -0.3 -0.2 -0.1 M€
operating result
% of net sales 3% -7% 10.1 ppts -3% -2% -0.8 ppts
Operating result, 0.2 -0.5 0.7 M€ -0.3 -0.4 0.1 M€
M€
% of net sales 3% -12% 14.6 ppts -3% -4% 1.4 ppts
Pre-tax 0.1 -0.5 0.7 M€ -0.3 -0.4 0.1 M€
profit/loss, M€
% of net sales 3% -12% 15 ppts -3% -5% 1 ppts
Profit/loss for 0.1 -0.5 0.7 M€ -0.3 -0.4 0.1 M€
the period, M€
% of net sales 3% -12% 15 ppts -3% -5% 1 ppts
Earnings per 0.02 -0.08 0.11 € -0.05 -0.06 0.01 €
share, €
Investments, M€ 0.1 0.3 -0.2 M€ 0.1 0.4 -0.3 M€
% of net sales 1% 6% -5.1 ppts 1% 4% -3.1 ppts
Cash, end of the 0.3 0.4 -0.1 M€ 0.3 0.4 -0.1 M€
period
Equity / share, € 1.43 1.61 -0.18 € 1.43 1.61 -0.18 €
Equity ratio, % 66% 74% -8 ppts 66% 74% -8 ppts
Gearing, % 15% 5% 10 ppts 15% 5% 10 ppts
Personnel, end of 105 110 -5 person 105 110 -5 person
the period s s
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 half-year
financial report 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 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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