CEO’s review

The year got off to a great start, although typically the first quarter is the most challenging of the year. Net sales increased by 45 percent to EUR 9.0 million, supported by a strong order book. New equipment installations in February caused a production shutdown that cut production capacity by a couple of weeks and thus reduced net sales.

All customer segments were growing, but the Semiconductor Industry clearly developed the best, with net sales quadrupling to EUR 2.8 million. The growth of the Semiconductor Industry customer segment was driven by ongoing global investments in significant increases in chip capacity.

New orders totaled EUR 13.0 million in the first quarter and the order book rose to a new record of 20.5 million. The order book strengthened, especially due to strong demand in the Semiconductor customer segment. Of the order book, EUR 19.4 million is scheduled for delivery this year and the remaining EUR 1.1 million next year.

The operating result increased to EUR 0.8 million from EUR -0.5 million in the comparison period, amounting to just under 9 percent of net sales. Operating result increased mainly due to higher net sales and improved product mix. On the other hand, the February shutdown caused additional costs, which weakened the result.

The war in Ukraine and the sanctions imposed on Russia have not had a direct impact on Aspocomp’s business. As the geopolitical situation changes, Aspocomp’s strategy of manufacturing PCBs in Europe is working. Despite the significant risks, we are adopting the guidance for 2022.

Espoo, April 26, 2022

Mikko Montonen, President and CEO