ASPOCOMP GROUP INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2003

ASPOCOMP GROUP OYJ STOCK EXCHANGE RELEASE Oct 30, 2003 8:00AM 1(11)

ASPOCOMP GROUP INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2003

– Due to good volume growth the Q3 net sales grew by 15.4 % to EUR
48.6 million compared to the Q2 net sales, despite the pressures
coming from the depreciation of the exchange rates and price level.

– Q3 profit before extraordinary items increased to EUR 0.4 million
from the loss of EUR 1.9 million during Q2.

– Both the net sales and profit during the last quarter of the year
2003 are expected to continue growing. The result of the fiscal year
2003 before the non-recurring costs is expected to be slightly
positive, but after the non-recurring costs negative. The financial
status is expected to be stronger.

– General economic environment continued to be unstable during the
Q3. The rapid depreciation of the US dollar compared to the Euro
stabilized. The average currency rate of the US Dollar compared to
the Euro during the third quarter was about 2 % above the second
quarter level and about 10 % below the level of the third quarter
previous year.

– The capacity utilization rate of the global printed wiring board
(PWB) market was higher than during the Q2. At the same time more
electronics manufacturing was moved to low labor cost countries in
Asia, especially to China.

GROUP NET SALES AND PROFIT, JULY – SEPTEMBER 2003 (comparable
figures, 7-9 / 2002)

Net sales totaled EUR 48.6 million for the third quarter compared
with EUR 44.8 million during the corresponding period previous year.
The negative impact of the depreciation of the US Dollar on the net
sales was about EUR 2.5 million.
Profit before depreciation totalled EUR 7.3 million (EUR 8.9
million). Operating profit for the period totaled EUR 0.7 million
(EUR 1.6 million). Net financial expenses were EUR 0.3 million (EUR
0.7 million).

The profit before taxes was EUR 0.4 million (EUR 0.9 million). The
net profit after taxes and minority interest for the period was EUR
1.4 million (EUR 3.7 million). The reported earnings per share
totaled EUR 0.14 (EUR 0.36). Cash flow from operations totalled EUR
4.6 million (EUR 3.7 million).

GROUP NET SALES AND PROFIT, JANUARY – SEPTEMBER 2003 (comparable
figures, 1-9 / 2002)

Net sales totaled EUR 131.8 million for the first nine months of the
year compared with the reported EUR 131.3 million during the
corresponding period previous year. The negative impact of the
depreciation of the US Dollar on the net sales was about EUR 7.5
million.

2(11)
The share of the sales to company’s five biggest customers, Nokia,
Sanmina-SCI, Elcoteq, Siemens and Ericsson, was 60 % (the share of
the five biggest during the corresponding period in 2002 was 67 %).

Profit before depreciation totaled EUR 16.1 million (EUR -5.0
million). Operating loss for the period totaled EUR 7.3 million (loss
of EUR 28.0 million). The operating loss for the period include the
EUR 4.8 million’s non-recurring costs, EUR 4.1 million of which
resulted from the downsizing of the Padasjoki factory. Net financial
expenses decreased to EUR 1.1 million (EUR 2.3 million).

The loss before extraordinary items was EUR 8.4 million (loss of EUR
30.3 million). The loss before taxes was EUR 8.4 million (loss of EUR
30.3 million), and the net loss for the period after taxes and
minority interest was EUR 4.8 million (loss of EUR 23.7 million).
Earnings per share totaled EUR -0.48 (EUR -2.37). Cash flow from
operations totaled EUR 9.1 million (EUR 8.6 million).

BUSINESS SEGMENTS

7-9/03 7-9/02 1-9/03 1-9/02 2002
Printed Wiring Boards
Net Sales, MEUR 39.9 36.1 104.0 106.2 150.0

Printed Wiring Boards
EBIT, MEUR -0.7 1.6 -11.0 -27.9 -24.0

Mechanics and Modules
Net Sales, MEUR 8.7 8.8 27.8 25.0 32.9

Mechanics and Modules
EBIT, MEUR 1.4 0.0 3.7 -0.1 0.8

Printed Wiring Boards (PWB), July – September 2003 (comparable
figures, 7-9 / 2002)

Third-quarter net sales for the PWB segment increased to EUR 39.9
million (7-9/2002: EUR 36.1 million). The negative impact of the
depreciation of the US Dollar on the PWB net sales was about EUR 2.5
million. The net sales of the Asian units increased almost 53 % and
their share of the segment’s net sales was close to 40 % (21 %).
The EBIT was EUR -0.7 million (EUR 1.6 million). Capacity utilization
rates are expected to grow during the last quarter of the year.

Printed Wiring Boards (PWB), January – September 2003 (comparable
figures, 1-9 / 2002)

The PWB segment net sales for the period decreased to EUR 104.0
million (1-9/2002: EUR 106.2 million). The negative impact of the
depreciation of the US Dollar on the segment’s net sales was about
EUR 7.5 million. The EBIT was EUR -11.0 million (EUR -27.9 million).

3(11)
As a result of the personnel negotiations concluded on May 26, 2003
the operations of the Padasjoki PWB factory were notably downsized.
The Padasjoki factory’s share of the Group net sales in 2002 was
about 5 %. The non-recurring cost related to the downsizing totaled
EUR 4.1 million. The share of the fixed assets was EUR 3.2 million
and the share of the personnel costs related to the redundancy were
EUR 0.5 million.

Aspocomp Group’s subsidiary Aspocomp Oy sold the fixed assets and
inventories related to the printed wiring board business of its Teuva
factory to Cibo-Print Oy. The sale of the business does not have any
significant effect on the Aspocomp Group’s profitability. The closing
date was in the beginning of September. Aspocomp Oy became a
shareholder of the company with a 19.1 % share. The share of the
Teuva PWB factory of the Aspocomp Group’s net sales in 2002 was about
6 %.

P.C.B. Center (Thailand) Co., Ltd. increased its share in its
subsidiary Calcorp Ltd. from 50 % to 100 %. As a result, the Aspocomp
Group’s share in P.C.B. Center increased to 56.4 %.

Mechanics and Modules, MM, July – September 2003 (comparable figures,
7-9 / 2002)

Net sales for the Mechanics and Modules business segment during the
third quarter totaled EUR 8.7 million (EUR 8.8 million). As a result
of the structural change in the sales of the segment the EBIT
increased to EUR 1.4 million or to 16.1 % of the net sales (EUR 0.0
million).

Mechanics and Modules, MM, January – September 2003 (comparable
figures, 1-9 / 2002)

The Mechanics and Modules segment net sales for the period increased
to EUR 27.8 million (1-9/2002: EUR 25.0 million). The EBIT for the
segment was EUR 3.7 million (EUR -0.1 million).

Joint Ventures

The research and development companies Asperation Oy and Imbera
Electronics Oy made good progress according to their plans during the
period under review.

Asperation Oy, a research and product development company jointly
owned by Aspocomp Group Oyj and Perlos Corporation, announced its
first year achievements to investors, analysts and media on September
19, 2003 in Helsinki. The company showcased two new product
prototypes, a speaker and a microphone, both of which can be
integrated into the casing of a mobile phone. Size, weight, cost,
manufacturability, acoustic quality and design flexibility in product
design of mobile devices are all obviously key issues that these
solutions address admirably. The principles and manufacturing
processes of the aforesaid innovations are filed for patents.

4(11)
Business by area

During the first nine months of the year 2003 the Aspocomp Group net
sales were divided by area as follows: Europe 66 % (59 %), Asia 17 %
(14 %) and the Americas 17 % (27 %). The transfer from the Americas
to Europe is related to the product project life cycles of the
Aspocomp’s customers.

The total manufacturing by area was as follows: Europe 70 % (79 %)
and Asia 30 % (21 %).

FINANCING, INVESTMENTS AND EQUITY RATIO

The Group’s liquidity during the period under review was good.
Interest-bearing net debt for the period totaled EUR 39.8 million
(EUR 56.2 million), including EUR 27.1 million (EUR 31.7 million) in
financial leasing liabilities, consolidated in the Group balance
sheet. The liquid funds of the Group totaled EUR 19.2 million (EUR
7.3 million) and the gearing was 32.7 % (42.0 %). The gearing without
the consolidated financial leasing liabilities was 10.4 % (18.3 %).
The non-interest-bearing debts were EUR 32.9 million (EUR 25.6
million).

Gross investments for the period totaled EUR 8.9 million (EUR 14.5
million) or 6.8 % of the net sales (11.0 %). Most of the investments,
EUR 5.3 million, were in Asia. Net financial expenses as a percentage
of the net sales totaled 0.8 % (1.7 %). The equity ratio at the end
of the period was 56.9 % (60.0 %) and at the end of the year 2002 61
%.

SHARES AND SHARE CAPITAL

The number of Aspocomp’s issued shares on September 30, 2003, was
10,041,026 and the share capital was EUR 10,041,026. 100,000 shares
were in the possession of the company. The number of shares adjusted
for the treasury shares was 9,941,026. During the period from January
1 to September 30, a total of 1,517,870 shares with a value of EUR
11,816,775.98 were traded on the Helsinki Exchanges. The nominee-
registered portion of the shareholding was 15.85 % and the foreign
portion 0.73 % at the end of the period. The share price reached a
high of EUR 8.82 and a low of EUR 6.11 between January 1 and
September 30, 2003. The average price was EUR 7.79. The closing price
on September 29, 2003, was EUR 8.10 and the market capitalization of
the company was EUR 80,522,310.60.

The Aspocomp Group Oyj’s Annual General Meeting of April 4, 2003,
authorized the Board of Directors to decide on acquiring and
conveying of own shares and on increasing the share capital by a
share issue and/or by taking a convertible loan. The authorizations
are valid for one year from the date of the Annual General Meeting.

5(11)
On September 18, 2003 the insurance company Sampo Plc announced that
the share of the insurance company Sampo Life in the voting rights
and share capital of Aspocomp Group Oyj has exceeded 10 %.

On September 18, 2003 the insurance company If Skadeförsäkring
Holding Ab announced that the share of the If P&C Insurance Company
Ltd in the voting rights and share capital of Aspocomp Group Oyj
decreased to less than 5 %.

PERSONNEL

The number of employees averaged 3,123 from January 1 to September
30, 2003, compared with 3,090 for the same period in the previous
year. At the end of September 2003 there were 3,183 employees in all
(2,894).

Average number Average number Number Number Number
2003 2002 2003 2002 2002
Jan 1-Sept 30 Jan 1-Sept 30 Sept 30 Sept 30 Dec 31

Europe 1,074 1,525 966 1,093 1,076
Thailand 1,108 897 1,176 1,025 973
China 941 668 1,041 776 858
Total 3,123 3,090 3,183 2,894 2,907

A proposal related to the personnel negotiations of the Padasjoki
printed wiring board factory was given on April 9, 2003 and the
negotiations were concluded on May 26, 2003. As a consequence of the
negotiations the operations of the factory were notably downsized. A
part of the personnel was relocated to the other Group factories,
about 30 persons continue to run the Padasjoki operations and about
40 persons were redundant.
The Padasjoki factory’s share of the Group personnel in 2002 was
about 3 %.

As a result of the sale of the fixed assets and inventories related
to the printed wiring board business of the Teuva factory, the whole
personnel of the factory is employed by Cibo-Print Oy. The number of
the personnel of the Teuva PWB factory on June 30, 2003 was about
100.

The Aspocomp Group has incentive systems that cover the whole
personnel of the Group. In Finland factory personnel belong to a
result-related bonus system and other personnel is included in the
economic value added (EVA) based bonus system. The Group companies in
China and in Thailand have their own incentive systems.
The management and certain key persons are included in a new
shareholding based incentive scheme started during the period.
Precondition for belonging to the incentive scheme is that the
participants to the scheme own Aspocomp Group Oyj shares. The bonus
is based on the share price increase of the Aspocomp Group Oyj share
during the next two years and the potential bonus will be paid in
June 2005, provided that the person is still employed by the Aspocomp
Group.
A person is able to belong only to one incentive system at a time.

6(11)
MANAGEMENT

The Annual General Meeting of Aspocomp Group Oyj decided at its
meeting on April 4, 2003, that the number of the Board Members is
six. Mr. Gustav Nyberg was re-elected as a Board Member.
At its meeting of April 4, 2003, the Board of Directors elected Mr.
Tuomo Lähdesmäki as Chairman of the Board and Mr. Jorma Eloranta as
Vice-Chairman of the Board. The Board elected also Members for the
Board Committees: Mr. Tuomo Lähdesmäki is Chairman of the
Compensation and Nomination Committees and Mr. Jorma Eloranta a
Member. The Chairman of the Auditing Committee is Mr. Gustav Nyberg,
Mr. Karl Van Horn being a Member.

The Annual General Meeting of Aspocomp Group Oyj decided that the
remuneration of the Board Members is paid on an annual basis. The
Members of the Board of Directors decided that they acquire directly
or indirectly Aspocomp Group Oyj shares with 40% of their gross
remuneration during the time period from May 6 to June 15, 2003. The
purchases were made within the limits set by the insider regulations.
The Board Members have decided not to convey the acquired shares
before the Annual General Meeting of 2004.

The President and Chief Executive Officer of Aspocomp Group Oyj, Mr
Jarmo Niemi requested to resign from his post as President and CEO of
the company effective August 14, 2003. The Board of Directors of
Aspocomp Group Oyj accepted Mr Niemi’s request to resign and agreed
with him that he will be at the Board’s disposal until the end of the
year 2003.

The Board of Directors of Aspocomp Group Oyj has started the search
for a new CEO. The duties of Chief Executive Officer of the company
will be performed by Mr Pertti Vuorinen, Chief Financial Officer and
Deputy CEO of Aspocomp, until the new CEO has been nominated.

ENVIRONMENT

The environmental issues at the Aspocomp Group are developed in
accordance with the principles for environmental management of the
Business Charter for Sustainable Development defined by the
International Chamber of Commerce.
All the Aspocomp Group production sites are ISO 14001 certified.

PROSPECTS

Net sales of the PWB segment during the fourth quarter is expected to
exceed the level of the previous quarter.
In 2003 the growth of the mobile phone market is estimated to reach
the level of about 15 %. In the automotive and industrial business
the steady yearly growth of about 5 % is estimated to continue. The
telecommunication infrastructure market, instead, is expected to
decrease about 15 % this year.
7(11)
Outlook for the net sales of the Mechanics and Modules segment during
the fourth quarter is estimated to be on the current level.

Aspocomp’s net sales are expected to increase also during the fourth
quarter and the global PWB market position to strengthen during 2003.
The Asian units’ share of the Group monthly net sales is forecasted
to be close to 40 % by the end of 2003 (22 % in 2002).

The profit before extraordinary items during the last quarter of the
year 2003 is expected to continue growing. The result of the fiscal
year 2003 before the non-recurring costs is expected to be slightly
positive, but after the non-recurring costs negative. The financial
status is expected to be stronger.

ASPOCOMP GROUP INCOME STATEMENT, JULY – SEPTEMBER

7-9/03 7-9/02
MEUR % MEUR %

NET SALES 48.6 100.0 44.8 100.0

Other operating income 0.1 0.1 -0.1 -0.3
Depreciation and
write-downs 6.5 13.5 7.2 16.1

OPERATING PROFIT
AFTER DEPRECIATION 0.7 1.5 1.6 3.6

Financial income
and expenses -0.3 -0.6 -0.7 -1.7

PROFIT BEFORE EXTRAORDINARY
ITEMS AND TAXES 0.4 0.9 0.9 1.9

Extraordinary income 0.0 0.0 0.0 0.0
Extraordinary expenses 0.0 0.0 0.0 0.0

PROFIT BEFORE TAXES 0.4 0.9 0.9 1.9

Minority interest 0.6 1.3 0.7 1.6

PROFIT FOR THE
PERIOD 1.4 2.9 3.7 8.2

Earnings / Share, EUR 0.14 0.36

Accrued taxes for this interim period have been calculated in
accordance with the corporate tax rate in force during the period
under review and they include taxes brought forward from earlier
periods.

CASH FLOW STATEMENT
7-9/03 7-9/02
MEUR MEUR

8(11)
Cash flow from operations 4.6 3.7
Cash flow from investments -0.4 -0.7
Cash flow before financing 4.2 3.1
Decrease in long-term financing -1.5 -0.2
Increase/decrease
in short-term financing 3.4 -5.5
Dividends paid – –
Other financing – -0.1
Total financing 1.9 -5.8
Increase/decrease in liquid funds 6.1 -2.7
Liquid funds at the end of the period 19.2 7.3

ASPOCOMP GROUP INCOME STATEMENT, JANUARY – JUNE

1-9/03 1-9/02 1-12/02
MEUR % MEUR % MEUR %

NET SALES 131.8 100.0 131.3 100.0 182.9 100.0

Other operating income 0.0 0.0 0.1 0.1 1.0 0.1
Depreciation and
write-downs 23.4 17.8 23.1 17.6 30.4 16.6

Non-recurring costs 4.8 28.6 27.7
(included both in depreciation and other costs)

OPERATING PROFIT/LOSS
AFTER DEPRECIATION -7.3 -5.5 -28.0 -21.4 -23.2 -12.7

Financial income
and expenses -1.1 -0.8 -2.3 -1.7 -2.7 -1.5

PROFIT/LOSS BEFORE EXTRAORDINARY
ITEMS AND TAXES -8.4 -6.4 -30.3 -23.1 -25.9 -14.2

Extraordinary income 0.0 0.0 0.0 0.0 0.0 0.0
Extraordinary expenses 0.0 0.0 0.0 0.0 0.0 0.0

PROFIT/LOSS BEFORE TAXES -8.4 -6.4 -30.3 -23.1 -25.9 -14.2

Minority interest 2.0 1.5 3.0 2.2 3.7 2.0

PROFIT/LOSS FOR THE
PERIOD -4.8 -3.6 -23.7 -18.1 -18.6 -10.1

Earnings / Share, EUR -0.48 -2.37 -1.86

9(11)
ASPOCOMP GROUP BALANCE SHEET

9/03 9/02 Change 12/02
MEUR MEUR % MEUR
Non-Current Assets

Intangible assets 4.8 4.2 15.1 5.7
Tangible assets 111.3 140.5 -20.8 131.3
Investments 1.7 3.0 -41.5 1.6

Current Assets

Inventories 21.3 21.2 0.4 20.0
Receivables 55.9 47.6 17.5 43.9
Investments 0.0 0.0 – 0.0
Cash and bank deposits 19.2 7.3 161.7 19.7

TOTAL ASSETS 214.3 223.8 -4.3 222.2

Shareholders’ equity

Share capital 10.0 10.0 0.0 10.0
Other shareholders’ equity 89.9 94.7 -5.0 98.6
Minority interest 22.4 29.9 -25.1 27.3
Mandatory reserves 1.9 2.7 -29.0 2.1
Long-term liabilities 31.7 45.7 -30.6 38.4
Short-term liabilities 58.3 40.8 43.0 45.7

TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 214.3 223.8 -4.3 222.2

CASH FLOW STATEMENT
1-9/03 1-9/02 1-12/02
MEUR MEUR MEUR

Cash flow from operations 9.1 8.6 26.0
Cash flow from investments -6.5 -13.6 -19.7
Cash flow before financing 2.7 -5.0 6.4
Increase/decrease in
long-term financing -5.7 1.0 -6.7
Increase/decrease in
short-term financing 4.6 -9.1 -3.8
Dividends paid 2.5 – –
Other financing – 0.1 1.8
Total financing -3.6 -8.0 -8.7
Decrease in liquid funds -0.9 -12.9 -2.4
Liquid funds at the end of the period 19.2 7.3 19.7

10(11)
KEY FIGURES
9/03 9/02 12/02

Equity/share, EUR 9.98 10.46 10.85

Equity ratio, % 56.9 60.0 61.0

Gearing, % 32.7 42.0 30.0

Gross investments, MEUR 8.9 14.5 19.8

Average Personnel 3,123 3,090 3,075

Accumulated excess depreciation and voluntary reserves totaling EUR
0.1 million have been divided among shareholders’ equity and nominal
tax liabilities.

CONTINGENT LIABILITIES

9/03 12/02
MEUR MEUR
Securities on Group liabilities 30.9 9.6
Operational leasing liabilities 0.1 0.1
Other liabilities 0.3 0.3

TOTAL 31.3 10.0

There are no derivative contracts.

All figures are unaudited.

Vantaa, October 30, 2003

ASPOCOMP GROUP OYJ

Board of Directors

For more information, please contact Acting CEO Pertti Vuorinen
at +358 9 7597 0714.

ASPOCOMP GROUP OYJ

Pertti Vuorinen
Acting CEO

11(11)
ASPOCOMP IN BRIEF

Aspocomp Group serves the electronics industry by supplying high-tech
electronic components and services like PWBs (printed wiring boards),
PWB-related design as well as mechanics and modules. Aspocomp’s
products are used in mobile handsets, telecommunications
infrastructure, automotive and other industrial applications.

Aspocomp Group’s production sites are located near the customers in
Finland, China and Thailand. The Group net sales in 2002 were about
EUR 180 million and the number of personnel was about 3000.

The Group parent company Aspocomp Group Oyj is listed on the Helsinki
Stock Exchanges since year 1999.

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 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; fluctuation of
currency exchange rates; increases in PWB industry capacity and
competition; the ability of the company to implement its investment
program and to continue to expand its business outside the European
market.

DISTRIBUTION:
Helsinki Exchanges
Press and Media
www.aspocomp.com

ASPOCOMP GROUP INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2003

Inside Information: Manu Skyttä starts as the President and CEO of Aspocomp Group Plc

Decisions of Aspocomp Group Plc’s Annual General Meeting 2024 and Board of Directors’ organization meeting

Correction: Aspocomp’s Interim Report January 1 – March 31, 2024: Net sales and operating result decreased from the comparison period

Aspocomp’s Interim Report January 1 – March 31, 2024: Net sales and operating result decreased from the comparison period

Aspocomp has published its Annual Report 2023 and Corporate Governance Statement 2023