ASPOCOMP GROUP OYJ STOCK EXCHANGE RELEASE Aug, 3 2005 at 8:00 AM 1(12)ASPOCOMP GROUP INTERIM REPORT JANUARY 1 – JUNE 30, 2005
ASPOCOMP’S SECOND-QUARTER EARNINGS PER SHARE: EUR -0.28Aspocomp’s second-quarter result was in the red, as expected, with earnings per
share amounting to EUR -0.28 (Q2/2004: 0.14). Net sales came in at EUR 39.1
million (52.9). Earnings per share in the January-June period were EUR -0.39
(0.23) and net sales EUR 82.5 million (100.5).The figures of the Interim report are prepared in accordance with the principles
of recognition and measurement laid down in the IFRS.SECOND-QUARTER 2005 HIGHLIGHTS (reference figures are for Q2/2004):
– The delivery chain of the electronics industry was once again subjected to
price pressures on a global scale during the quarter now ended. Aspocomp’s net
sales decreased by 26% compared with the corresponding period of last year. Net
sales were down 10% on the first quarter of the present year. The drop in net
sales was due largely to the weak performance of the Salo printed circuit board
facility and the Modules segment. A major transition process geared towards
increasing competitiveness is currently under way at the Salo plant. Its
implementation significantly cuts into net sales for the present year. The high-
volume product of the Oulu module plant is in the final stage of its life cycle,
decreasing the net sales of the Modules segment.– The operating result was EUR -5,0 million (4.0). The main reasons underlying
the weakened operating result were the poor performance of the Salo plant and
the decline in the previously high earnings of the Modules segment. In addition,
the result is weakened by product inventory write-downs of EUR 0.6 million at
the Thai plant.– The result before taxes and minority interest was EUR -5.3 million (3.7) and
earnings per share amounted to EUR -0.28 (0.14). The net result was EUR -5,6
million (2.8).– Investments in fixed assets amounted to EUR 7.1 million (3.7). The major
investments were earmarked for the Salo plant.OUTLOOK:
It is anticipated that the Aspocomp Group’s net sales will grow in the second
half of the year compared with the first half, but consolidated net sales this
year are estimated to fall significantly short of the previous year’s figure
(2004: EUR 197.4 million). The third quarter will most likely be similar to the
quarter now ended and in the last quarter net sales are expected to improve. The
Group’s result for 2005 is expected to be clearly in the red.The net sales and profitability of the main business segment, Printed Circuit
Boards, are forecast to improve in the latter part of the year. The net sales
and profitability of the Modules segment are estimated to remain at the same
level as in the second quarter.MAIJA-LIISA FRIMAN, PRESIDENT AND CEO OF ASPOCOMP:
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“Aspocomp’s second-quarter earnings trend was unsatisfactory. We expect the
result for 2005 to be weak on the whole. We have started up numerous measures
at our units with a view to increasing cost-effectiveness and honing both
flexibility and design expertise. Our objective is to achieve profitable
long-term growth. The measures we have implemented at Aspocomp units, the
trend in our business environment, and the company’s strategy and objectives
are discussed in greater detail in a separate release that will be released
today.”NET SALES AND EARNINGS, APRIL-JUNE 2005 (reference figures are for Q2/2004)
During the second quarter, net sales of the Aspocomp Group totaled EUR 39.1
million (52.9). The operating result before depreciation declined to EUR 0.0
million (10.0), or 0.1% of net sales (18.9%).The operating result was EUR -5.0 million (4.0).
Net financial expenses amounted to EUR 0.3 million (0.2). The result before taxes
and minority interest was EUR -5.3 million (3.7), and the result after taxes and
minority interest was EUR -5.6 million (2.8). Earnings per share were EUR -0.28
(0.14). Cash flow from operations was EUR 0.9 million (5.2). Per-share cash flow
after investments was EUR -0.31 (0.08).NET SALES AND EARNINGS, JANUARY-JUNE 2005 (reference figures are for Q1-Q2/2004)
During the first half of the year, net sales of the Aspocomp Group totaled EUR
82.5 million (100.5).The Aspocomp Group’s net sales in the first half of the year were divided by
market area as follows: Europe 69% (67%), Asia 23% (17%) and the Americas 8%
(16%). The Finnish plants’ share of net sales was 61% (68%), while the Asian
plants accounted for 39% (32%). Products used in mobile phones and telecom
systems accounted for approximately 71% (70%) of consolidated net sales, and
approximately 29% (30%) came from automotive, industrial and consumer
electronics.The Group’s five largest customers – Nokia, Sanmina-SCI, Philips, Tellabs and
Elcoteq – accounted for 52% of net sales (61%) during the report period.The operating result before depreciation declined to EUR 3.6 million (18.7), or
4.3% of net sales (18.6%).The operating result was EUR -6.8 million (6.9).
Net financial expenses amounted to EUR 0.6 million (0.6). The result before
taxes and minority interest was EUR -7.4 million (6.2), and the result after
taxes and minority interest was EUR -7.8 million (4.6). Earnings per share were
EUR -0.39 (0.23). Cash flow from operations was EUR 3.0 million (9.8).BUSINESS SEGMENTS Q2/2005 (reference figures are for Q2/2004)
Printed Circuit Boards
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Second-quarter net sales of the PCB segment were down 23.0% to EUR 31.5 million
(40.7). The drop was mainly attributable to the Salo plant’s lower net sales
than a year ago. A transition process is currently under way at Salo with a view
to improving competitiveness. This will limit the plant’s production and net
sales during the present year. This plant has manufactured high-volume products,
but is now being converted into a more flexible unit capable of managing a
larger number of products. In addition, the result of the Salo plant is weakened
by the fact that its current products are in a late stage of their life cycles,
which means that their average price is relatively low. It is estimated that the
product structure will be significantly overhauled during the fourth quarter of
the present year.The net sales of the Chinese plant declined by slightly over 10% because its
capacity utilization ratio was lower than in the previous year. It is
expected that the plant’s sales will see growth during the latter part of the
year. The net sales of the Thai plant were at the previous year’s level, and
the net sales of the Oulu plant rose by slightly over 10%.The regional breakdown of the PCB segment’s second-quarter net sales was: Europe
65% (58%), Asia 25% (22%) and the Americas 10% (20%). The Finnish plants
accounted for 51% (56%) of net sales while the Asian factories accounted for 49%
(44%).The segment reported a second-quarter operating result of EUR -3.3 million (3.5).
On February 16, 2005, Aspocomp’s subsidiary ACP Electronics in Suzhou, China,
decided to build a new production unit and to expand the production unit that
manufactures HDI printed circuit boards. The new production unit will be the
Suzhou plant’s third, and it is estimated to achieve full capacity utilization
by the end of 2006.On June 3, 2005, Aspocomp Group Oyj increased its stake in its Thai
subsidiary P.C.B. Center Co., Ltd to 75% (previously 51%) by purchasing 24%
of P.C.B. Center’s shares from the company’s minority shareholders. In
consequence of this, Aspocomp Group’s shareholding increased to 82.9%
(previously 56.4%).Modules
Second-quarter net sales by the Modules segment were down 55% to EUR 4.2
million (9.3). The main reason underlying the decline in net sales was that
deliveries of the Oulu plant’s high-volume product for the telecom network
market were substantially smaller than last year. This product is nearing the
end of its life cycle, but Aspocomp will continue to make deliveries for the
maintenance of this product in 2005 and 2006. The volume of products
delivered to other industrial sectors remained at a good level in the second
quarter.The Modules business is engaged in a long-term effort to identify new business
opportunities and bring new products to market. In the short term, these
measures will not suffice to offset gradually discontinuing manufacture of the
Oulu plant’s high-volume product. It is estimated that the Modules unit’s net
sales in the latter half of the year will remain at the same level as in the
second quarter.The segment reported an operating result of EUR 0.0 million (2.5).
4(12)Mechanics
Net sales of the Mechanics segment rose to EUR 3.6 million (3.1). The
operating result of the segment was EUR 0.0 million (a loss of 0.1 million).
In accordance with the strategy that Aspocomp outlined in the autumn of 2004,
the Mechanics operations are not one of the company’s core businesses.FINANCING, INVESTMENTS AND EQUITY RATIO
The Group’s liquidity during the period under review was good. At the end of the
report period, the Group’s liquid assets amounted to EUR 15.0 million (26.1).
Interest-bearing net debt totaled EUR 23.5 million (24.6). Gearing was 20.1%
(19.7%). Non-interest-bearing liabilities amounted to EUR 30.0 million (35.2).Investments totaled EUR 8.9 million (6.1), or 10.8% of net sales (6.0%). Capital
expenditures totaled EUR 1.7 million in Asia and EUR 4.2 million in Europe. In
addition, it was invested EUR 3.0 million in the shares of P.C.B. Center. Net
financial expenses were 0.7% of net sales (0.6%).The Group’s equity ratio at the end of June was 63.0% (59.4%).
SHARES AND SHARE CAPITAL
The total number of Aspocomp’s shares at June 30, 2005, was 20,082,052 and the
share capital stood at EUR 20,082,052. Of the total shares outstanding, the
company held 200,000 treasury shares with a book counter value of EUR 200,000,
representing 1.0% of the aggregate votes conferred by all the shares. The number
of shares adjusted for the treasury shares was 19,882,052. A total of 5,054,955
Aspocomp Group Oyj shares were traded on the Helsinki Stock Exchange during the
report period. The aggregate value of the shares exchanged was EUR 23,115,536.
The shares traded at a low of EUR 3.55 (June 17, 2005) and a high of EUR 5.30
(March 8, 2005). The average share price was EUR 4.57. The closing price at June
30, 2005, was EUR 3.90 and the company had a market capitalization of EUR 77.5
million. Nominee-registered shares accounted for 6.82% of the share capital and
0.47% was directly held by foreigners.Erkki Etola and Etra Invest Oy, a company controlled by him, announced,
following a share purchase on February 22, 2005, that their joint shareholding
of Aspocomp Group Oyj’s share capital and voting rights had exceeded 5%.On March 29, 2005, Aspocomp Group Oyj and Kaupthing Bank Oyj entered into a
market making agreement for the Aspocomp Group Oyj share in accordance with the
Helsinki Stock Exchange’s Liquidity Providing (LP) arrangements. Market making
according to the agreement began on April 1, 2005, and under its terms,
Kaupthing Bank Oyj will provide both bid and sell quotations for the Aspocomp
Group Oyj share such that the difference between the quote prices is a maximum
of 1.50% of the best bid at any given time. Quote prices will be provided for at
least 500 shares, corresponding to ten round lots. After a 6-month fixed period,
the agreement will be in effect for the time being, with one month’s notice.The Annual General Meeting of Aspocomp Group Oyj on April 7, 2005, passed a
resolution authorizing the Board of Directors to decide on buying back and/or
transferring the company’s own shares as well as on a rights issue and/or an
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issue of convertible bonds. The authorizations will be in effect for one year
from the resolution of the Annual General Meeting. At the same time, the Annual
General Meeting canceled the corresponding authorizations made on April 2, 2004.The Extraordinary General Meeting of Aspocomp Group Oyj that was held after
the report period on July 26, 2005, decided, in accordance with the Board’s
proposal, that EUR 45,989,038.00 shall be transferred from the premium fund
to a fund administered by the General Meeting (the special reserve fund). The
assets to be transferred to the special reserve fund are non-restricted
equity. The lowering of the premium fund is intended to balance out non-
restricted and restricted equity at the Group level. Permission from the
registration authorities is required before the decision can be implemented.PERSONNEL
The Aspocomp Group had an average payroll of 3,439 employees from January 1 to
June 30, 2005 (3,494). At the end of June 2005, the number of employees was
3,525 (3,592).
Average number Average number Number Number
2005 2004 2005 2004
Jan 1-June 30 Jan 1- June 30 June 30 June 30Europe 991 994 1,040 1,063
Thailand 1,316 1,381 1,341 1,398
China 1,132 1,119 1,144 1,131
Total 3,439 3,494 3,525 3,592In April 2005, Aspocomp started up a four-year program for building a work
fitness management system at its units in Finland. The program aims to improve
the employees’ ability to cope with job stress and preventing the detrimental
effects of work-related exhaustion. The new operating model also aims to reduce
Aspocomp’s occupational disability-related pension liabilities in the years
ahead. The company also set in motion an online dialogue between the personnel
and management with the objective of making use of the employees’ views on how
to implement the chosen growth strategy. The employees have taken part actively
in the initiative by commenting on strategy and putting forth concrete proposals
for actions to be taken.MANAGEMENT
Maire Laitinen, LL.M., was appointed general counsel of the Aspocomp Group on
March 4, 2005, and a member of the Group’s Management Team, effective May 1,
2005.The Annual General Meeting of Aspocomp Group Oyj on April 7, 2005, resolved that
the number of members of the Board of Directors be set at five. Re-elected to
seats on the Board were Aimo Eloholma, Roberto Lencioni, Tuomo Lähdesmäki,
Gustav Nyberg and Anssi Soila. The firm of independent public accountants
PricewaterhouseCoopers Oy was elected as the Group’s auditor. The chief auditor
is Jouko Malinen, Authorized Public Accountant.At its organization meeting on April 7, 2005, the Board of Directors elected
Tuomo Lähdesmäki as its chairman and Gustav Nyberg as vice chairman. The Board
elected as members of the Compensation and Nomination Committees Aimo Eloholma,
6(12)
Roberto Lencioni and Tuomo Lähdesmäki, who was elected chairman of both the
committees. The Board appointed to the Audit Committee Gustav Nyberg and Anssi
Soila, of whom Gustav Nyberg was elected chairman of the committee.The directors decided on April 7, 2005, that each director will spend 40% of his
or her annual bonuses on purchasing the company’s shares between May 6 and June
17, 2005, taking into account the restrictions set by insider regulations. The
shares purchased shall not be transferred before the Annual General Meeting in
2006. The shares were purchased as planned.Vasu Velayuthan became the Chief Executive Officer of Aspocomp’s Thai subsidiary
P.C.B. Center in July.ASPOCOMP S.A.S.
In March, the Appellate Court of Rouen issued a ruling on the dismissals in 2002
connected with the closure of the heavily loss-making Aspocomp S.A.S. plant in
Evreux. On the basis of the ruling by the appellate court, Aspocomp Group Oyj
would have to pay the 388 dismissed employees compensation for unfair dismissal
corresponding to six to eighteen months’ wages and salaries. The total amount of
the compensation would thus be about EUR 11 million. The cost has not been
entered. Aspocomp contests the legal grounds of the court ruling and has
appealed to the French Supreme Court in consequence of the legal proceedings
continue.The legal proceedings connected with the closure of Aspocomp S.A.S. plant in
Evreux Commercial Court have been terminated. The liquidators of Aspocomp
S.A.S. have waived their claim that Aspocomp Group Oyj should be held liable
for the obligations of Aspocomp S.A.S. Due to the waiver the proceedings have,
by the decision of the Commercial Court of Evreux, been terminated on 12 May
2005.ADOPTION OF IFRS RULES
The Aspocomp Group adopted IFRS reporting at the beginning of 2005. The
statement of reconciliations was published as a stock exchange release on April
26, 2005.RESEARCH AND DEVELOPMENT
Aspocomp Group Oyj and Perlos Corporation agreed, in April 2005, on demerging
their joint research and development company Asperation Ltd. Asperation was
founded in the spring of 2002 to engage in R&D on the integration of components
used in the products of the mobile phone and electronics industries.
Asperation’s aim was to generate innovations that can be utilized by the owner
companies in their own operations. Its original objectives have now been
achieved. In the future, the two owner companies can most effectively harness
Asperation’s innovations on their own. Dozens of innovations have been
developed.Asperation’s fixed assets, agreements and employees will be divided evenly
between Aspocomp and Perlos such that each company receives the innovations and
personnel that are of greatest importance to it.
7(12)OUTLOOK FOR THE FUTURE
Market researchers and equipment manufacturers currently forecast volume
growth of about 15-20% for the handheld devices market this year. The telecom
network market is also estimated to see growth, albeit at a significantly
slower rate than the mobile phone market. Demand for PCBs in the automotive
industry is expected to develop favorably, growing by just under 5%.In the PCB market, the continuing trend is that volumes are weakening in
Europe, while significant growth is seen in China. The share of demand
accounted for by exacting multimedia devices is surging in Europe and North
America, providing opportunities for flexible and technologically advanced
plants. The fastest-growing market in China comprises HDI PCBs, estimated to
increase by about 15% this year.It is anticipated that the Aspocomp Group’s net sales will grow in the second
half of the year compared with the first half, but consolidated net sales this
year are estimated to fall significantly short of the previous year’s figure
(2004: EUR 197.4 million). The third quarter will most likely be similar to the
quarter now ended and in the last quarter net sales are expected to improve. The
Group’s result for 2005 is expected to be clearly in the red.The net sales and profitability of the main business segment, Printed Circuit
Boards, are estimated to improve in the latter part of the year. The net sales
and profitability of the Modules segment during the two last quarters of the
year are estimated to remain at the same level as in the second quarter.INCOME STATEMENT, APRIL-JUNE
4-6/05 4-6/04
MEUR % MEUR %NET SALES 39.1 100.0 52.9 100.0
Other operating income 0.3 0.9 0.3 0.5
Depreciation and amortization -5.0 -12.9 6.0 11.3
OPERATING PROFIT/LOSS -5.0 -12.8 4.0 7.5
Financial income and expenses -0.3 -0.7 -0.2 -0.5
PROFIT/LOSS
BEFORE TAXES -5.3 -13.5 3.7 7.1Taxes 0.0 0.0 -0.1 -0.1
Profit before minority interest -5.3 -13.5 3.6 6.8
Minority interest -0.3 -0.7 -0.9 -1.7
PROFIT/LOSS FOR THE PERIOD -5.6 -14.2 2.8 5.2
EARNINGS PER SHARE -0.28 0.14
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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.INCOME STATEMENT, JANUARY-JUNE
1-6/05 1-6/04 1-12/04
MEUR % MEUR % MEUR %NET SALES 82.5 100.0 100.5 100.0 197.4 100.0
Other operating income 0.5 0.6 0.4 0.4 1.3 0.6
Depreciation and amortization -10.3 -12.5 -11.9 -11.8 -23.1 -11.7
OPERATING PROFIT/LOSS -6.8 -8.2 6.9 6.8 10.4 5.3
Financial income and expenses -0.6 -0.7 -0.6 -0.6 -0.7 -0.3
PROFIT/LOSS
BEFORE TAXES -7.4 -8.9 6.2 6.2 9.8 4.9Taxes 0.4 0.5 -0.1 -0.1 -0.5 -0.3
Profit before
minority interest -6.9 -8.4 6.1 6.0 9.2 4.7Minority interest -0.8 -1.0 -1.4 -1.4 -2.3 -1.1
PROFIT/LOSS FOR THE PERIOD -7.8 -9.4 4.6 4.6 6.9 3.5
EARNINGS PER SHARE -0.39 0.23 0.35
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.BALANCE SHEET
6/05 6/04 Change 12/04
MEUR MEUR % MEUR
ASSETSIntangible assets 5.7 4.0 42.7 4.1
Tangible assets 89.9 99.3 -9.5 89.7
Long-term investments 0.3 0.8 -65.4 1.0
Long-term receivables 2.6 1.9 35.1 2.0Inventories 21.2 25.0 -15.1 22.6
Trade and other receivables 50.7 55.2 -8.1 46.5
Marketable securities 8.0 13.0 -38.5 25.0
Cash and cash equivalents 7.0 13.1 -46.6 8.29(12)
TOTAL ASSETS 185.4 212.2 -12.7 199.2SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital 20.1 10.0 100.0 20.1
Share premium fund and other funds 73.9 83.9 -12.0 73.9
Retained earnings -1.6 9.3 – 9.4
Equity attributable to shareholders 92.4 103.3 -10.5 103.4
Minority interest 24.4 22.8 7.1 22.3
Total equity 116.8 126.0 -7.3 125.6Long-term liabilities 18.8 25.6 -26.5 20.8
Mandatory reserves 1.8 2.4 -24.2 2.1
Short-term liabilities 47.9 58.2 -17.7 50.7
TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES 185.4 212.2 -12.7 199.2STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, APRIL-JUNE
MEUR Share Share Revaluation Retained Minority Share-
capital premium and other earnings interest holders’
fund funds equity,
totalShareholders’
equity,
Apr. 1, 2005 20.1 73.9 8.2 23.9 126.1Translation
differences 1.7 1.5 3.2Profit/loss
for the period -5.6 0.3 -5.3Dividend payout -6.0 -6.0
Change in
minority interest -1.2 -1.2Shareholders’
equity,
June 30, 2005 20.1 73.9 -1.6 24.4 116.8STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, JANUARY-JUNE
MEUR Share Share Revaluation Retained Minority Share-
capital premium and other earnings interest holders’
fund funds equity.
totalShareholders’
equity,
Jan. 1, 2005 20.1 73.9 9.4 22.3 125.610(12)
Translation
differences 2.8 2.6 5.4Profit/loss
for the period -7.8 0.8 -7.0Dividend payout -6.0 -6.0
Change in
minority interest -1.2 -1.2Shareholders’
equity,
June 30, 2005 20.1 73.9 -1.6 24.4 116.8CASH FLOW STATEMENT
4-6/05 4-6/04
MEUR MEURCash flow from operations 0.9 5.2
Cash flow from investments -7.1 -3.7
Cash flow before financial items -6.1 1.5
Change in long-term and
short-term financing -4.0 -0.9
Dividends paid -6.0 -3.0
Cash flow from financing -10.1 -3.9
Change in cash and cash equivalents -16.2 -2.4
Cash and cash equivalents at the end of the period 15.0 26.1CASH FLOW STATEMENT
1-6/05 1-6/04 1-12/04
MEUR MEUR MEURCash flow from operations 3.0 9.8 29.8
Cash flow from investments -8.9 -6.1 -15.7
Cash flow before financial items -5.9 3.7 14.1
Change in long-term and
short-term financing -5.5 -4.3 -9.3
Dividends paid -6.0 -3.0 -3.0
Minority interest
in the subsidiary share issue 1.1
Cash flow from financing -11.6 -7.2 -11.2
Change in cash and cash equivalents -17.4 -3.5 2.9
Cash and cash equivalents
at the end of the period 15.0 26.1 33.2BUSINESS SEGMENTS
4-6/05 4-6/04 1-6/05 1-6/04 1-12/04
MEUR MEUR MEUR MEUR MEUR
Net salesPrinted Circuit Boards 31.5 40.7 65.5 77.1 152.8
Modules 4.2 9.3 10.8 17.3 32.5
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Mechanics 3.6 3.1 7.1 6.4 12.6
Intra-Group sales -0.2 -0.3 -1.0 -0.4 -0.4
Total 39.1 52.9 82.5 100.5 197.4Operating profit
Printed Circuit Boards -3.3 3.5 -4.8 5.9 8.6
Modules 0.0 2.5 1.3 4.3 8.0
Mechanics 0.0 -0.1 0.0 -0.2 0.1
Group administration -1.8 -2.0 -3.3 -3.3 -6.3
Total -5.0 4.0 -6.8 6.8 10.4KEY FINANCIAL INDICATORS
6/05 6/04 12/04Return on investment (ROI), % -7.7 8.8 6.9
Return on equity (ROE), % -11.5 9.2 7.5
Equity per share, EUR 4.65 5.22 5.20
Equity ratio, % 63.0 59.4 63.1
Gearing, % 20.1 19.7 8.3
Gross investments, MEUR 8.9 6.1 15.7
Average number of personnel 3,439 3,494 3,508
CONTINGENT LIABILITIES
6/05 12/04
MEUR MEURMortgages given as security for liabilities 33.3 27.3
Operating lease liabilities 0.1 0.1
Other liabilities 2.3 2.3TOTAL 35.7 29.7
All figures are unaudited.
Vantaa, August 3, 2005
ASPOCOMP GROUP OYJ
Board of Directors
For further information, please contact CEO Maija-Liisa Friman, Tel. +358 9 7597
0711.ASPOCOMP GROUP OYJ
12(12)
Maija-Liisa Friman
President and CEOPRESS CONFERENCE
A press conference for investors, analysts and media representatives will be
held on August 3, 2005 at 11:00 a.m. in the Paavo Nurmi conference hall of the
Hotel Kämp at Pohjoisesplanadi 29, Helsinki.Aspocomp: Innovative interconnection solutions for the electronics industry
The Aspocomp Group offers and develops innovative interconnection solutions for
the electronics industry in close cooperation with its customers. We hold a
strong and recognised position as a supplier of mobile data terminal equipment
components and we aim to further strengthen our position as a supplier to the
automotive industry and data communications networks. We offer our global
customers a fast road to mass production through flexible and cost-effective
adaptation of new technologies, to which our balanced production structure in
Europe and Asia is well adapted.We strive to offer solutions to our customers that enable increased flexibility
in their own product development. We believe that this will give a greater edge
for our customers as end product lifecycles continue to shorten.The Aspocomp Group’s production facilities are located close to its customers in
Finland, China and Thailand. In 2004 Group net sales stood at around 200 million
euros with a staff of some 3,500.Some statements in this stock exchange release are forward-looking and actual
results may differ materially from those stated. Statements in this stock exchange
release relating to matters that are not historical facts are forward-looking
statements. All forward-looking statements 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 forward-looking
statements. 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 and to continue to expand its business outside the European
market.Distribution:
The Helsinki Stock Exchange
Major Media
www.aspocomp.com