ASPOCOMP’S FINANCIAL STATEMENTS 2012

Aspocomp Group Plc
Financial Statement Release

ASPOCOMP’S FINANCIAL STATEMENTS 2012

Espoo, Finland, 2013-02-27 08:00 CET (GLOBE NEWSWIRE) —

Aspocomp Group Plc, Financial Statements release, February 27, 2013 at 9:00 a.m.

Key figures 2012 in brief

– Net sales: EUR 23.4 million (EUR 23.6 million 1-12/2011)
– Operating result before depreciation (EBITDA): EUR 2.1 million (5.4)
– Operating profit (EBIT): EUR 0.6 million (4.1)
– Earnings per share (EPS): EUR 0.60 (1.23*)
– Cash flow from operations: EUR 1.2 million (4.0)

Key figures 10-12/2012 in brief

– Net sales: EUR 4.9 million (EUR 5.8 million 10-12/2011)
– Operating result before depreciation (EBITDA): EUR -0.1 million (1.5)
– Operating profit (EBIT): EUR -0.5 million (1.2)
– Earnings per share (EPS): EUR 0.42 (0.19*)

*Due to the implementation of a reverse split, the previous period is made comparable by multiplying by ten.

Net sales in 2013 are expected to amount to EUR 24-28 million and operating result to EUR 0.7-1.9 million.

CEO’S REVIEW

“2012 started reasonably well, but ended in disappointment. In spite of the acquisition of the Teuva plant, our net sales remained on a par with the previous year. The second plant increased our indirect costs, depressing profit to EUR 0.6 million, or three percent of net sales. Cash flow from operations was clearly in the black, around EUR 1.2 million.

After the first quarter of 2012, the market situation was difficult, both in Europe and globally. The value of PCB production declined in all regions. Estimates of the decline in Europe range from eight to ten percent. The number of manufacturers in Europe has also continued to decline, but average net sales of under EUR 8 million per manufacturer is an unsustainable state of affairs, considering the investment needs in the industry.

Although there have been signs of a recovery from time to time, the short-term market outlook remains difficult. However, we strongly believe that our expertise and ability to invest in new technology will see us through this tough period, and that in the future Aspocomp will thrive in the thinning ranks of European PCB manufacturers.”

DEFERRED TAX ASSETS

Aspocomp will book a total of about EUR 3.2 million in deferred tax assets in its 2012 financial statements, which have a corresponding positive effect on the Group’s result for the financial year. The deferred tax assets are primarily due to decelerated tax depreciation and an estimate of the future use of losses confirmed in taxation based on the historical earnings performance of the company.

THE GROUP’S KEY FIGURES

 
Net sales for 2012 amounted to EUR 23.4 million, a year-on-year decrease of one percent. Net sales did not develop as expected, taking into account the Teuva plant acquisition. The particular reason for that was the weak demand during the latter part of the year. The demand for quick-turn deliveries were nearly halved compared with the first half of the year.

The operating result was EUR 0.6 million (EUR 4.1 million 1-12/2011). Profitability was weakened by low demand for quick-turn deliveries and by increased indirect costs of one million due to the Teuva plant acquisition.

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 24-28 million and operating result to EUR 0.7-1.9 million.

Aspocomp aims to reach net sales of EUR 40 million in 2016.

DIVIDEND PROPOSAL

The Board of Directors will propose to the Annual General Meeting to be held on April 23, 2013, that no dividend be paid for the financial year January 1, 2012 – December 31, 2012.

In December 2011 the extraordinary general meeting of the company decided to decrease its share capital and to use its share premium fund, its special reserve and its reserve for invested unrestricted equity to cover losses shown on the balance sheet. As a consequence, the company is not allowed to distribute dividends during the following three years without complying with a procedure for creditor protection. As the company has open legal processes relating to its French subsidiary that was placed into bankruptcy in 2002, the company’s understanding is that such procedure for creditor protection would prevent any dividend distribution. Consequently, the company may distribute dividends after December 29, 2014.

PUBLICATION OF FINANCIAL RELEASES

Aspocomp has adopted the new 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 financial statements bulletin for 2012 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

www.aspocomp.com

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