2011-07-22 08:00:00 CEST
2011-07-22 08:00:07 CEST
REGULATED INFORMATION
Aspocomp Group - Interim report (Q1 and Q3)
ASPOCOMP'S INTERIM REPORT JANUARY 1 - JUNE 30, 2011
Espoo, Finland, 2011-07-22 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc., Interim Report, July 22, 2011 at 9:00 AM
Key figures in brief
- Net sales: EUR 11.5 million (EUR 9.8 million 1-6/2010)
- Operating result before depreciation (EBITDA): EUR 2.3 million (2.2)
- Operating result (EBIT): EUR 1.6 million (1.6)
- Result for the period: EUR 4.8 million (1.0)
- Earnings per share (EPS): EUR 0.08 (0.02)
- Cash flow from operations: EUR 0.0 million (2.5)
The company expects to see a clear net sales growth in 2011. The operating
result is anticipated to be higher than in 2010.
CEO'S REVIEW
“Demand picked up in the first quarter of 2011 and remained brisk in the
second. As the holiday season drew near, demand for quick-turn deliveries was
particularly robust. Thanks to the favorable market, our net sales grew and we
posted a nice operating result of EUR 1.6 million, 14 percent of net sales.
“As usual, demand is expected to slacken during the holiday season, which falls
in the third quarter. In addition, the bad news in the global economy dims the
outlook for the rest of the year. Annual net sales are nevertheless anticipated
to grow.
“Net sales growth still tied up capital, as a result of which the cash flow
from operations was zero. That said, cash flow is expected to rise into the
black during the current quarter.
“Aspocomp carried out a major restructuring in April-May, substantially
improving the company's financial position and streamlining its structure.”
RESTRUCTURING 2011
In April-May, Aspocomp Group (the Company) carried out restructuring measures
whereby:
- The Company received early payment of its receivables related to Meadville
Aspocomp (BVI) Holdings (MAH). The redemption price was EUR 14.5 million (the
carrying amount of the receivables in March 2011 amounted to EUR 16.7 million).
- The Company acquired a 10 percent minority holding in its subsidiary Aspocomp
Oulu Oy. The payment was made by means of a directed share issue. The
consideration amounted to 12,274,355 Aspocomp Group Plc. shares.
- The Company repaid its bank loans, which had a carrying amount of EUR 12.2
million and a nominal value of EUR 12.9 million. The accrued interest on said
loans, which in March 2011 totaled EUR 1.3 million, was forfeited.
- The Company redeemed 94.9 percent of its convertible bonds, which had a
nominal value of EUR 10.3 million. The consideration amounted to 66.7 percent
of the nominal value of the bonds, or a total of EUR 6.5 million. The interest
on the redeemed bonds, which totaled EUR 1.9 million in March 2011, was
forfeited. After the redemption of the bonds, the nominal value of the
convertible bonds still outstanding was about EUR 0.5 million.
- The repayment of bank loans and the redemption of convertible bonds were
financed with existing cash balances, proceeds from the MAH receivables, and a
new bank loan of EUR 1 million. In addition, a EUR 0.5 million working capital
credit facility was established.
As a result of the restructuring:
- The Company owns 100 percent of Aspocomp Oulu Oy.
- The Company's number of shares grew to 62,179,485 and TTT Technologies Inc.
became the largest shareholder in the Company with a stake of about 19 percent.
- The nominal value of the Company's interest-bearing loans declined from EUR
23.5 million (March 2011) to EUR 1.9 million.
- The Company recognized non-recurring financial income of EUR 3.7 million.
- The Company's equity grew by EUR 2.9 million.
The Company booked a total of EUR 0.3 million in restructuring expenses in the
second quarter, of which EUR 0.2 million were recognized in other operating
expenses and EUR 0.1 million in shareholders' equity in the balance sheet.
More information about the restructuring can be found at
www.aspocomp.com/sijoittaja under “Järjestely 2011” (available in Finnish
only).
NET SALES AND EARNINGS IN APRIL-JUNE
Second-quarter net sales amounted to EUR 6.6 million, up 21 percent on
4-6/2010. The five largest customers accounted for 83 percent of net sales
(82%). In geographical terms, 90 percent of net sales were generated in Europe
(96%) and 10 percent in Asia (4%).
The operating result was EUR 1.2 million (1.2).
As a result of the aforementioned restructuring (“Restructuring 2011”), the
Group's net financial income amounted to EUR 1.7 million (-0.3).
As a result of the aforementioned restructuring (“Restructuring 2011”), the
Group's result for the review period was EUR 4.7 million (0.9) and earnings per
share were EUR 0.08 (0.02).
NET SALES AND EARNINGS IN JANUARY-JUNE
Net sales for the first half of the year amounted to EUR 11.5 million, up 17
percent on 1-6/2010. The five largest customers accounted for 81 percent of net
sales (78% 1-6/2010). In geographical terms, 91 percent of net sales were
generated in Europe (93%) and 9 percent in Asia (7%).
The operating result was EUR 1.6 million (1.6).
As a result of the aforementioned restructuring (“Restructuring 2011”), the
Group's net financial income amounted to EUR 1.6 million (-0.6).
As a result of the aforementioned restructuring (“Restructuring 2011”), the
Group's result was EUR 4.8 million (1.0) and earnings per share were EUR 0.08
(0.02).
INVESTMENTS AND R&D
Investments amounted to EUR 0.6 million (EUR 1.1 million 1-6/2010).
The majority of the investments were related to the implementation of a new
image transfer process in the outer-layer process of PCB manufacturing and
laser drilling.
R&D costs are recognized in overheads.
FINANCING
The aforementioned restructuring (“Restructuring 2011”) substantially changed
the Group's financial position.
Cash flow from operations during the period was EUR 0.0 million (EUR 2.5
million 1-6/2010).
Cash assets amounted to EUR 0.2 million at the end of the period (EUR 4.2
million 6/2010). In addition, the company had drawn down about EUR 0.1 million
from its EUR 0.5 million working capital credit facility.
The nominal value of interest-bearing liabilities was EUR 1.9 million (EUR 24.1
million 6/2010). Gearing decreased to 22.2 percent (436.2%).
Non-interest-bearing liabilities amounted to EUR 5.7 million (7.0). Based on
the existing financing agreement the Group may draw a 1.0 million long term
loan.
The Group's equity ratio at the end of the period stood at 50.1 percent (12.4%).
GROUP STRUCTURE
Aspocomp Oulu Oy - in which Aspocomp has a 100 percent holding - manufactures
and sells PCBs for telecom, industrial, and automotive electronics
applications. Its service portfolio includes prototype and quick-turn
deliveries, fulfillment of urgent PCB needs in high-volume operations as well
as development and commercialization of new technologies. Aspocomp Oulu Oy's
primary technologies are HDI (High Density Interconnection), multilayer and
special material PCBs.
In addition, Aspocomp holds a 13.2 percent share in PCB Center, a Thai company.
PCB Center's production is currently stopped due to a fire at the plant in June
2010. PCB Center went into liquidation in April 2011. It is highly likely that
the operations of the company will be wound up. However, this has no financial
impact on Aspocomp, as the related holding has no value in Aspocomp's balance
sheet and Aspocomp has no outstanding receivables from PCB Center.
Aspocomp also has a 5.3 percent shareholding in Imbera Electronics Inc., which
provides state-of-the-art embedding solutions for the electronics industry.
SHAREHOLDERS' EQUITY OF THE PARENT COMPANY
In accordance with the requirements of the Companies Act, the Trade Register
has been notified of the loss of share capital on May 14, 2008. As a result of
the aforementioned restructuring (“Restructuring 2011”), the shareholders'
equity of Aspocomp Group's parent company, Aspocomp Group Plc., is once again
positive, amounting to EUR 3.9 million at the end of the review period. The
shareholders' equity of Aspocomp Group was EUR 7.6 million positive.
SHARES AND SHARE CAPITAL
The total number of Aspocomp's shares at June 30, 2011 was 62,179,485 and the
share capital stood at EUR 20,082,052. The company held 200,000 treasury
shares, representing 0.3 percent of the aggregate votes conferred by all the
shares.
A total of 70,003,218 Aspocomp Group Plc. shares were traded on NASDAQ OMX
Helsinki during the period from January 1 to June 30, 2011. The aggregate value
of the shares exchanged was EUR 18,220,195. The shares traded at a low of EUR
0.17 and a high of EUR 0.37. The average share price was EUR 0.26. The closing
price at June 30, 2011 was EUR 0.28, which translates into market
capitalization of EUR 17,410,256.
Nominee-registered shares accounted for 22.8 percent of the total shares.
PERSONNEL
During the period, Aspocomp had an average of 102 employees (97). The personnel
count on June 30, 2011 was 106 (96). Of them, 75 (66) were non-salaried and 31
(30) salaried employees.
DECISIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting of Aspocomp Group Plc. held on April 20, 2011
re-elected the current Board and decided that the remunerations of the members
of the Board will remain the same as in 2010. The Meeting decided not to pay
dividends for the 2010 financial year.
The Annual General Meeting decided to set the number of Board members at three
(3) and re-elected the current members of the Board: Johan Hammarén, Tuomo
Lähdesmäki, and Kari Vuorialho. The Meeting re-elected PricewaterhouseCoopers
Oy as the company's auditor for the 2011 financial year.
The Annual General Meeting resolved that annual remuneration of EUR 24,000 will
be paid to the chairman of the Board and EUR 12,000 to the other Board members.
60% of the annual remuneration will be paid in cash and the other 40% will be
paid in shares of the company. The Annual General Meeting decided that shares
corresponding to 40% of the annual remuneration of the members of the Board of
Directors can be conveyed from the 200,000 shares currently in the possession
of the company on the basis of the share issue authorization of the Annual
General Meeting of 2008. The shares will be issued to the members of the Board
of Directors within two weeks following the publication of the result for the
second quarter of the year 2011. The number of the remuneration shares is to be
determined based on the weighted average market quotation of the company's
share on the date of the publication of the result for the second quarter of
the year 2011 and the following four days to the effect that any trades prior
to the publication date shall not be taken into consideration.EUR 1,000 per
meeting will be paid to the chairman and EUR 500 per meeting to the other
members. The Board of Directors shall be reimbursed for reasonable travel and
lodging costs. However, travel and lodging costs shall not be compensated to
those members of the Board of Directors who reside in the greater Helsinki area
when the meetings are held in the greater Helsinki area.The auditor will be
paid according to invoice.
The Annual General Meeting decided to terminate the stock option programs
2006A, 2006B and 2006C issued by the 2006 Annual General Meeting. These options
have not been exercised and they have all been returned to the possession of
the company.
THE BOARD OF ASPOCOMP GROUP PLC., AUTHORIZATIONS GIVEN TO THE BOARD
In its organization meeting, the Board of Directors of Aspocomp Group Plc.
re-elected Tuomo Lähdesmäki as chairman of the Board. As the Board only
comprises three (3) members, Board committees were not established.
The Annual General Meeting 2008 of Aspocomp Group Plc. 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. The authorization is valid five years from the
respective Annual General Meeting. During the aforementioned restructuring
(“Restructuring 2011”), the Board of Directors exercised part of its share
issue authorization.
The Annual General Meeting 2008 also decided about issuing stock options to the
CEO. The Board of Directors has not granted the said stock options.
Details of the authorizations can be found on pages 10-11 of the Annual Report
2008 (www.aspocomp.com/linked/investor/ar_2008.pdf).
ASSESSMENT OF BUSINESS RISKS
Liquidity and financial risks
Aspocomp's liquidity is based on the Group's cash assets, the cash flow
generated by the Oulu plant, and external financing. Due to its financial
difficulties in recent years, the company might face problems in securing
external financing in the scope and under the terms and conditions that its
financial position would allow. In addition, due to the financing agreement
signed on May 20, 2011, the company may not acquire more than a total of EUR
0.2 million in external financing without the prior consent of the financing
bank. Furthermore, the company is liable to pay damages, which might also have
a negative impact on its liquidity (see “Litigations” below).
If Aspocomp Group Plc. does not obtain financing from its operations, external
providers of finance, or other sources of financing, the company may ultimately
become insolvent. This could have a materially negative impact on the company's
business operations, financial position and result of operations.
Litigations
In 2007, the French Supreme Court ordered the company to pay approximately EUR
11 million to 388 former employees of Aspocomp S.A.S. The company made the
payment in 2007.
In January 2009, the Labor Court of Evreux, France ruled that the company has
to pay approximately EUR 0.5 million in compensation, with interest, to a
further 13 former employees. Aspocomp appealed, but the Court of Appeal of
Rouen confirmed the decision in May 2010. The payment has not been made, but
Aspocomp made a related provision in its 2007 financial statements.
In October 2010, Aspocomp was informed that six former employees reasserted
their suspended claims in a French Court. In addition, one new claim has been
made. These hearings were held in May 2011. The total amount of the claims is
EUR 0.3 million. Aspocomp has not yet been informed about the court decision.
The aforementioned compensations and claims do not have a profit impact during
the financial year, because Aspocomp has made a reservation in its 2007
financial statements.
There is a risk that the remaining approximately 90 employees may also
institute proceedings. Under legislation that came into effect in June 2008,
the statute of limitations for filing a suit is five years after the law came
into effect.
Increased material cost and lack of capacity
Strong global PCB demand and higher raw material prices have raised the prices
of laminates and chemicals used in PCB production. If Aspocomp fails to
transfer the increased raw material cost to its products, profitability will
weaken.
Increasingly complicated PCB designs add load to certain parts of the PCB
production process. If the company fails to add capacity to these
sub-processes, the total production volume will suffer, and the potential
demand will not materialize as net sales growth.
OUTLOOK FOR THE FUTURE
The outlook for operations in Oulu and Group's lean cost structure enable the
continuity of Aspocomp's operations. The Group's financial position is fair.
As operations focus on prototypes and quick-turn deliveries, it is very
difficult to forecast full-year net sales. The company expects to see a clear
net sales growth in 2011. The operating result is anticipated to be higher than
in 2010.
TABLES AND ACCOUNTING POLICIES
The reported operations include Aspocomp Oulu Oy and the Group's parent
company, Aspocomp Group Plc. These operations comprise a single business
segment.
All figures are unaudited. The interim report 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, 2010
have been applied in the preparation of this report, with the exception of the
following new or modified standards that the company has applied as from
January 1, 2011:
- IAS 1 (amendment), Presentation of Financial Statements - Statement of
Changes in Equity
- IAS 24 (revised), Related Party Disclosures
- IAS 27 (amendment), Consolidated and Separate Financial Statements
- IAS 32 (amendment), Financial Instruments: Presentation - Classification of
Rights Issues
- IAS 34 (amendment), Interim Financial Reporting
- IFRS 3 (amendments), Measurement of Non-controlling Interests
- IFRS 7 (amendment), Financial Instruments: Financial Statement Disclosures
- IFRIC 14 (amendment), Prepayments of a Minimum Funding Requirement
- IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments
The application of the aforementioned standards did not have a significant
impact on the reported figures.
PROFIT & LOSS STATEMENT, 4-6/11 4-6/10
APRIL-JUNE
1000 e % 1000 e %
NET SALES 6 558 100,0 5 435 100,0
Other operating income 17 0,3 65 1,2
Materials and services -2 006 -30,6 -1 346 -24,8
Personnel expenses -1 726 -26,3 -1 667 -30,7
Other operating costs -1 316 -20,1 -975 -17,9
Depreciation and amortization -324 -4,9 -321 -5,9
-----------------------------------------------------------------
OPERATING PROFIT/LOSS 1 204 18,4 1 191 21,9
Financial income and expenses 3 486 53,2 -286 -5,3
-----------------------------------------------------------------
PROFIT/LOSS BEFORE TAX 4 690 71,5 905 16,7
Income taxes -3 -0,1 -2 0,0
-----------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD 4 686 71,5 903 16,6
Other comprehensive income for the period, net of tax
Redemption of convertible bond -680 10,4 0 0,0
Translation differences -3 0,0 2 0,0
-----------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR 4 004 61,1 905 16,6
THE PERIOD
Profit/loss for the period attributable to:
Non-controlling interests 0 0,0 154 2,8
Equity shareholders 4 686 71,5 749 13,8
Total comprehensive income attributable to:
Non-controlling interests 0 0,0 154 2,8
Equity shareholders 4 004 71,4 751 13,8
JANUARY-JUNE 1-6/11 1-6/10 1-12/1
0 1000 e % 1000 e % 1000 e %
NET SALES 11 479 100,0 9 783 100,0 18 785 100,0
Other operating income 18 0,2 130 1,3 231 1,2
Materials and services -3 571 -31,1 -2 838 -29,0 -5 912 -31,5
Personnel expenses -3 279 -28,6 -2 884 -29,5 -5 750 -30,6
Other operating costs -2 349 -20,5 -1 975 -20,2 -4 250 -22,6
Depreciation and amortization -651 -5,7 -637 -6,5 -1 265 -6,7
--------------------------------------------------------------------------------
OPERATING PROFIT/LOSS 1 646 14,3 1 579 16,1 1 841 9,8
Financial income and expenses 3 179 27,7 -591 -6,0 -1 167 -6,2
--------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAX 4 825 42,0 988 10,1 673 3,6
Income taxes -6 0,0 -1 0,0 2 0,0
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD 4 819 42,0 987 10,1 675 3,6
Other comprehensive income for the period, net of tax
Redemption of convertible bond -680 5,9 0 0,0 0 0,0
Translation differences -2 0,0 10 0,1 15 0,1
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR 4 137 36,0 997 10,2 690 3,7
THE PERIOD
Profit/loss for the period attributable to:
Non-controlling interests 0 0,0 217 2,2 293 1,6
Equity shareholders 4 819 42,0 771 7,9 382 2,0
Total comprehensive income attributable to:
Non-controlling interests 0 0,0 217 2,2 293 1,6
Equity shareholders 4 137 42,0 780 8,0 397 2,1
Earnings per share
Basic EPS 0,08 0,02 0,01
Diluted EPS 0,08 0,02 0,01
CONSOLIDATED BALANCE SHEET 6/11 6/10 Change 12/10
1000 e 1000 e % 1000 e
ASSETS
NON-CURRENT ASSETS
Intangible assets 3 000 3 000 0,0 3 000
Tangible assets 3 509 3 466 1,3 3 669
Available for sale investments 16 44 -62,9 16
Other non-current receivables 0 16 409 -100,0 16 601
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 6 525 22 918 -71,5 23 287
CURRENT ASSETS
Inventories 2 283 1 978 15,4 2 114
Short-term receivables 6 283 4 306 45,9 3 763
Cash and bank deposits 183 4 228 -95,7 4 712
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 8 748 10 512 -16,8 10 589
TOTAL ASSETS 15 274 33 430 -54,3 33 876
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital 20 082 20 082 0,0 20 082
Share premium 27 918 27 918 0,0 27 918
Treasury shares -758 -758 0,0 -758
Special reserve 45 989 45 989 0,0 45 989
Reserve for invested non-restricted equity 25 544 23 885 6,9 23 885
Retained earnings -111 123 -113 898 -2,4 -114 281
Equity attributable to shareholders 7 652 3 218 137,8 2 835
Non-controlling interests 0 922 -100,0 758
--------------------------------------------------------------------------------
TOTAL EQUITY 7 652 4 140 84,8 3 593
Long-term financing loans 895 22 115 -96,0 20 522
Provisions 215 342 -37,0 215
Short-term financing loans 986 172 473,3 1 503
Trade and other payables 5 526 6 662 -17,0 8 042
--------------------------------------------------------------------------------
TOTAL LIABILITIES 7 622 29 290 -74,0 30 283
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 15 274 33 430 -54,3 33 876
CONSOLIDATED CHANGES IN EQUITY, JANUARY-JUNE
1000 e
Equity attributable to the shareholders of the parent company
Trans Non
la Re cont
tion tai rol
Share Share Other Own diffe ned ling
capi pre re sha ren earn inte Total
tal mium serve res ces ings Total rests equity
--------------------------------------------------------------------------------
Balance at 20 082 27 918 69 874 -758 6 -114 287 2 835 758 3 593
1.1.11
Comprehensive income
Comprehensive income for the period 4 819 4 819 4 819
Other comprehensive income for the period, net of tax
Translation differences -2 -2 -2
Redemtion of convertible -1 945 1 265 -680 -680
bond
--------------------------------------------------------------------------------
Comprehensi 0 0 -1 945 0 -2 6 084 4 137 0 4 137
ve income
for the
period,
total
Business transactions with owners
Directed issue and 3 682 -2 924 758 -758 0
redemption of
non-controlling interests
Direct cost of issuing new -78 -78 -78
shares
--------------------------------------------------------------------------------
Business transactions with 3 604 -2 924 680 -758 -78
owners, total
--------------------------------------------------------------------------------
Balance at 20 082 27 918 71 533 -758 3 -111 127 7 652 0 7 652
30.6.11
Equity attributable to the shareholders of the parent company
Trans Non
la Re cont
tion tai rol
Share Share Other Own diffe ned ling
capi pre re sha ren earn inte Total
tal mium serve res ces ings Total rests equity
--------------------------------------------------------------------------------
Balance at 20 082 27 918 69 874 -758 -9 -114 669 2 438 706 3 143
1.1.10
Comprehensive income for the period 771 771 217 987
Other comprehensive income for the period, net of tax
Translation differences 10 10 10
--------------------------------------------------------------------------------
Balance at 20 082 27 918 69 874 -758 1 -113 898 3 218 922 4 140
30.6.10
CONSOLIDATED CASH FLOW STATEMENT, JANUARY-JUNE
1000 e 1-6/11 1-6/10 1-12/10
Profit for the period 4 819 987 675
Adjustments -2 524 1 270 2 286
Change in working capital -2 259 192 1 096
Received interest income and dividends 7 18 43
Paid interest expenses -51 -3 -6
Paid taxes -6 -1 1
------------------------------------------------------------------------------
Operational cash flow -14 2 464 4 095
Investments -581 -1 126 -1 754
Proceeds from sale of property, plant and equipment 14 500 9 75
------------------------------------------------------------------------------
Cash flow from investments 13 919 -1 117 -1 679
Decrease in financing -19 504 -156 -742
Increase in financing 1 149 0 0
Issue -78 0 0
------------------------------------------------------------------------------
Cash flow from financing -18 434 -156 -742
Change in cash and cash equivalents -4 529 1 191 1 674
Cash and cash equivalents at the beginning of period 4 712 3 038 3 038
Currency exchange differences 0 0 0
------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 183 4 228 4 712
KEY FINANCIAL INDICATORS 6/11 6/10
Equity per share, EUR 0,12 0,06
Equity ratio, % 50,1 12,4
Gearing, % 22,2 436,2
Earnings per share (EPS)
Basic and diluted EPS, EUR 0,08 0,02
CONTINGENT LIABILITIES
1000 e 6/11 6/10 12/10
Mortgages given as security for bank loans
shares of a subsidiary 0 5 514 5 514
other receivables 0 16 313 16 601
Business mortage 4 000 0 0
Operating lease liabilities 670 666 670
Other liabilities 100 100 100
----------------------------------------------------------
Total 4 770 22 593 22 885
FORMULAS FOR KEY INDICATORS
Equity/share, EUR = Equity attributable to
shareholders
--------------------------
Number of shares at the
end of period
Equity ratio, % = Equity x 100
--------------------------
Total assets - advances
received
Gearing, % = Net interest-bearing x 100
liabilities
--------------------------
Total equity
Earnings/share (EPS), EUR = Profit attributable to
equity shareholders
-------------------------------------------------
Adjusted weighted average number of shares
outstanding
All figures are unaudited.
Espoo, July 22, 2011
Aspocomp Group Plc.
Board of Directors
For further information, please contact Sami Holopainen, CEO,
tel. +358 9 59 181.
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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