ASPOCOMP GROUP FINANCIAL PERFORMANCE 2002

ASPOCOMP GROUP OYJ STOCK EXCHANGE RELEASE Feb 13, 2003,8:00 AM 1(10)

ASPOCOMP GROUP FINANCIAL PERFORMANCE 2002
OCTOBER – DECEMBER (Comparable figures, 7-9/2002)

– Net sales for the fourth quarter grew by 15.2 % compared with the

third quarter and totaled EUR 51.6 million (EUR 44.8 million).

– Operating profit totaled EUR 4.8 million or 9.3 % of the net sales

(EUR 1.6 million; 3.6 %).

– Operative cash flow was EUR 17.4 million (EUR 3.7 million).

– Earnings per share were EUR 0.51 (EUR 0.36).
JANUARY – DECEMBER (Comparable figures, 1-12/2001)

– Net sales for the period totaled EUR 182.9 million (EUR 221.8

million).

– Operating loss was EUR 23.2 million (loss of EUR 27.4 million).

– Operating profit without Aspocomp S.A.S was EUR 4.5 million.

– Earnings per share were EUR -1.86 (EUR -2.66).

– Equity ratio was 61.0 % (56.5 %) and equity per share EUR 10.85

(EUR 13.01).

– The dividend proposal will be EUR 0.25 per share.
BUSINESS REVIEW
Production
Aspocomp’s capacity utilization rate for the fourth quarter was

better than the other quarters of 2002. Printed wiring board (PWB)

demand is growing most rapidly in Asia, especially in China. Aspocomp

has two subsidiaries in Asia, P.C.B. Center in Thailand and ACP

Electronics in China. The production of the Asian units has grown

during the full year 2002 almost 44 % compared to the full year 2001.
Research and Development
On March 1, 2002, Aspocomp Group Oyj and Perlos Corporation founded a

joint research and development company, Asperation Oy. The ownership

of the company is shared equally between the parent companies.

Asperation Oy focuses on research and development of integrated

components for the telecommunications and electronics industry. The

target of the co-operation is to produce innovations beneficial for

the both owner companies in their activities as well as to shorten

the time-to-market of the innovations.
On April 12, 2002, Aspocomp Group Oyj and Elcoteq Network Corporation

established a joint venture, Imbera Electronics Oy, which

concentrates on the development and commercialization of the

Integrated Module Board (IMB) technology. Imbera Electronics Oy’s

ownership is shared equally between the parent companies. The target

of the company is to develop an innovative production process using

the IMB technology to integrate active components inside the printed

wiring board structure. The use of the IMB technology in demanding
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consumer electronic applications is expected to start up within a

couple of years.
Both of the joint venture companies made good progress during 2002.
BUSINESS ENVIRONMENT
Telecommunications industry, especially the mobile phone sector, grew

strongly during the years 1999 and 2000. Our main target was to

create enough capacity for our customers. Now the mobile phone growth

is moderate and in the telecommunications networks the market

shrinks. The companies in the electronics industry strive for

profitability by trying to reach controlling position in the value

chain. New technologies change the market by enabling the

manufacturing of products that have more functions with lower price.

The value chains force companies to geographically relocate their

operations in order to save labour costs. Original equipment

manufacturers concentrate on the sales and marketing and the role of

the electronics manufacturing service companies as well as the

original design manufacturer companies grows in importance. The

supply chains become more complicated, the production is getting

global and the ownership concentrates in fewer hands. The growth

focus of the electronics industry will be in Asia also in 2003.
GROUP NET SALES AND PROFIT, OCTOBER – DECEMBER (Comparable figures 7-

9/ 2002)
Fourth-quarter net sales grew by 15.2 % compared to the third quarter

and totaled EUR 51.6 million (EUR 44.8 million, 7-9/2002).
Fourth-quarter EBITDA increased by 37.3% and totaled EUR 12.2 million

(EUR 8.9 million). EBIT totaled EUR 4.8 million or 9.3 % of the net

sales (EUR 1.6 million; 3.6 %). Earnings per share totaled EUR 0.51

(EUR 0.36). Operative cash flow was EUR 17.4 million (EUR 3.7

million).
GROUP NET SALES AND PROFIT, JANUARY – DECEMBER (Comparable figures 1-

12/2001)
Net sales totaled EUR 182.9 million for the period from January 1 to

December 31, 2002, compared with EUR 221.8 million during the

previous year. Other operating income totaled EUR 0.2 million (EUR

0.9 million, 1-12/2001). The share of net sales by the company’s five

biggest customers, Nokia, Sanmina-SCI, Siemens, Tellabs and Ericsson,

was 68 % (the share of the five biggest in 2001 was 62 %). Net sales

by region were as follows: Europe 56 % (81 %), Asia 17 % (8 %), and

the Americas 27 % (11 %).
Operating loss for the period totaled EUR 23.2 million or -12.7 % of

net sales (EUR -27.4 million; -12.3 %). Operating profit for the

period, net of the write-downs and losses related to the French

subsidiary Aspocomp S.A.S. in the first quarter, totaled EUR 4.5

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million. Net financial costs totaled EUR 2.7 million (EUR 2.6

million).
The loss before extraordinary items was EUR 25.9 million (loss of EUR

29.9 million). The loss before taxes was EUR 25.9 million (loss of

EUR 29.9 million), and the net loss for the period was EUR 18.6

million (loss of EUR 26.9 million). Earnings per share totaled EUR –

1.86 (EUR -2.66).
BUSINESS UNITS, OCTOBER – DECEMBER
Printed Wiring Boards (PWB)
Fourth-quarter net sales for the PWB business unit increased by 21.1

% compared to the third quarter and totaled EUR 43.7 million(EUR 36.1

million, 7-9/2002). Net sales for the Mobile segment reached EUR 25.1

million (EUR 19.1 million), net sales for the Telecom segment totaled

EUR 7.7 million (EUR 5.6 million) and for the Auto & Industry segment

totaled EUR 10.9 million (EUR 11.4 million).
Electronics Manufacturing Services (EMS)
Net sales for the EMS business unit decreased by 9.7 % and totaled

EUR 7.9 million (EUR 8.8 million).
BUSINESS UNITS, JANUARY – DECEMBER
Printed Wiring Boards (PWB)
The downturn in net sales for the PWB business unit was 16.2%

compared to the same period in the previous year. Net sales for the

PWB business unit were EUR 150.0 million (EUR 179.0 million, 1-

12/2001). Net sales of the Mobile segment decreased by 9.3 % and

totaled EUR 79.0 million (EUR 87.1 million). Net sales of the Telecom

segment declined by 41.8 % and totaled EUR 27.8 million (EUR 47.8

million). The downturn in net sales for the Auto & Industry segment

was 2.0 % and totaled EUR 43.2 million (EUR 44.1 million).

The EBIT of the PWB business unit for the period was EUR -24.0

million (EUR -29.2 million).
ELECTRONICS MANUFACTURING SERVICES (EMS)
Net sales of the EMS business unit decreased by 23.0 % and totaled

EUR 32.9 million (EUR 42.8 million, 1-12/2001). The EBIT of the EMS

business unit for the period was EUR 0.8 million (EUR 1.8 million).
FINANCING, INVESTMENTS AND EQUITY RATIO
The Group’s liquidity during the period under review was good. The

liquid reserve at the year-end was EUR 19.7 million (EUR 20.3

million). Net interest-bearing debt for the period totaled EUR 40.5

million, including EUR 30.5 million in financial leasing liabilities

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(EUR 58.7 million; EUR 34.9 million). The non-interest-bearing debts

totalled EUR 26.1 million (EUR 47.8 million). Gross investments for

the period totaled EUR 19.8 million (EUR 73.3 million) or 10.8 % of

the net sales (33.0 %). The investments were primarily in Asia (EUR

13.5 million). Investments in Finland totaled EUR 6.3 million,

including the share capital in the joint venture companies Asperation

Oy and Imbera Electronics Oy as well as the share buybacks totaling

EUR 2 million. The development of the exchange rate between the Euro

and the USD during the period under review strengthened the price

competitiveness of the Asian units, but on the other hand weakened

the price competitiveness of the European units. Net financial costs

as a percentage of the net sales totaled 1.5 % (1.2 %). The equity

ratio at the end of the period was 61 % (56.5 %).
SHARES AND SHARE CAPITAL
The number of Aspocomp’s issued shares on December 31, 2002, was

10,041,026 and the share capital was EUR 10,041,026. 100,000 shares

of the total issued number were in the possession of the company. The

average number of shares, adjusted by buybacks, was 9,984,654. During

the period extending from January 2 to December 30, a total of

2,309,047 shares with a value of EUR 17,450,476.52 were traded on the

Helsinki Stock Exchange. The nominee-registered proportion of the

stockholdings was 15.34 % and the non-domestic share 0.78 % at the

end of the period. The share price reached a high of EUR 13.25 and a

low of EUR 4.22 between January 2 and December 30, 2002. The average

price was EUR 7.56. The closing price on December 30, 2002, was EUR

6.25 and the market capitalization of the company was EUR 62,131,413.
The Aspocomp Group Oyj’s Annual General Meeting of April 5, 2002,

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.

On May 7, 2002, the Board of Directors decided to exercise the

authorization regarding share buybacks by acquiring a maximum of

100,000 company shares on the market by the end of June 2002. The

acquisition began on May 14, 2002, and by June 28, 2002, the maximum

amount of 100,000 own share was reached. After the financial period,

by January 31, 2003, the amount of own shares in the possession of

the Company was still 100,000. The information on the share buybacks

is given in the table below.
Period of time        Amount         Average price/  Total price,

                      of shares      share, EUR      EUR
May 1 – 31, 2002      24,400           7.99          194,982.50

June 1 – 30, 2002     75,600           7.45          563,122.50
Total                100,000           7.58          758,105.00
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The counter book value of the shares was EUR 100,000, representing

1.0% of the company’s share capital and voting rights. The share

buybacks did not have any significant impact on the distribution of

the shareholdings or the voting rights in the company
The other authorizations have not been used yet.
On April 5, the Annual General Meeting passed a resolution to

decrease the company’s share capital by invalidating 100,900 company

shares. The new share capital, EUR 10,041,026, and the number of

shares, 10,041,026, were entered in the Finnish Trade Register on

April 9.
At an Extraordinary Aspocomp Group Oyj Shareholders’ Meeting held on

October 22, 1999, it was decided that 750,000 stock options would be

given to key persons to be named separately by Aspocomp Group Oyj and

to a wholly owned subsidiary of the Group. Of this total, 375,000

were subscribed as A Options and 375,000 as B Options. The options

allow for conversion into a total maximum of 750,000 Aspocomp Group

Oyj shares, representing a total of 7.5 % of the company’s post-

subscription stock outstanding. Share capital will rise by a maximum

total of 750,000 euros at a subscription price of 25 euros, net of

pre-subscription dividends paid on the stock. The current

subscription price is 24 euros. The shares, once subscribed, entitle

the holder to dividend rights starting from the period during which

they were converted. Other shares offer dividend rights from the

point of registration. The subscription period is staggered, starting

with the A Options on November 1, 2001, and with the B Options

following on November 1, 2003. The subscription period for all

options will expire on November 30, 2005. The above-mentioned options

were registered on December 29, 1999. The Board of Directors of

Aspocomp Group Oyj resolved to apply for listing of all the A Options

1999 on the main list of the Helsinki Exchanges so that the listing

commenced on November 23, 2001. In relation to the listing both A and

B Options were transferred to book-entry securities system.
On May 17, 2002, the insurance company If Skadeförsäkring Ab

announced that its share in the voting rights and share capital of

Aspocomp Group Oyj exceeds 5 %.
PERSONNEL
The number of employees averaged 3,075 from January 1 to December 31,

2002, compared with 3,314 for the same period in the previous year.

At the end of the financial period there were 2,907 employees in all

(3,178).
              Average number   Average number    Number    Number

                   2002             2001         2002      2001

               Jan 1-Dec 31     Jan 1-Dec 31     Dec 31    Dec 31

Europe            1,503            1,902         1,076     1,785

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Thailand            862            1,074           973       882

China               710              338           858       511

Total             3,075            3,314         2,907     3,178
Negotiations with the Working Council at Aspocomp S.A.S. PWB plant in

Evreux, France began on October 18, 2001, and were concluded on

January 24, 2002, and the decision was to give notice to

approximately 200 persons based on both productional and economical

reasons. Aspocomp S.A.S. filed for bankruptcy at the local French

Commercial Court on March 6, 2002, and as a result the Liquidator of

the bankruptcy estate gave notice to the whole personnel of the

company. Aspocomp S.A.S. has not been included in the Aspocomp Group

figures after February 28, 2002.

The adjustment of personnel amount at all production sites continued

during the financial period.
ASPOCOMP S.A.S.
The HDI capacity of the French plant was built for the forecasted

ramp-up of the 3G infrastructure and carefully estimated growth of

the handset demand based on market information available. However,

these markets did not develop as generally expected in 2001. The

loading in France was very low and operations continued unprofitably

for the third year in line; in 2001 the loss of 23.9 million euros on

EBIT level was generated. Aspocomp S.A.S. filed for bankruptcy on

March 6, 2002, and the liquidation of its assets was started on June

20, 2002.
The administrators of the bankruptcy estate filed a lawsuit against

Aspocomp Group Oyj. The bankruptcy estate calls for the bankruptcy

proceedings of the subsidiary and liability for its debts to be

extended to include Aspocomp Group Oyj. Aspocomp Group Oyj submitted

its rebuttal to the Commercial Court in Evreux, France, on September

10, 2002. The plaintiff was supposed to submit its rebuttal after the

financial period, on January 14, 2003. However, the administrators

were not able to submit their rebuttal and the handling was postponed

March 2003. According to expert opinion available, the writ of

summons and the claims presented therein are unfounded. As a

consequence, it is estimated that the writ of summons will have no

effect on the profitability position of the company, its balance

sheet or financial position.
PROPOSAL FOR THE DISTRIBUTION OF DIVIDEND
The Board of Directors will propose at the Annual General Meeting to

be held on April 4, 2003, that a dividend of EUR 0.25 per share to be

distributed to the shareholders. According to the proposal of the

Board the dividend record date will be April 9, 2003 and the

dividends will be paid on April 16, 2003.
PROSPECTS
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The market situation continues to be uncertain. Based on the

estimations of our customers, we expect the total growth of the

mobile phone market in 2003 to be between 0 and 10 % and the

telecommunication infrastructure market to decrease. The first

quarter is expected to be the weakest due to seasonality, net sales

are expected to remain on the level of the corresponding quarter of

the previous year and the EBIT will be slightly negative. The latter

half of the year is expected to be stronger and the EBIT for the year

2003 clearly positive. Our current cash position is very strong and

will be strengthening throughout the year. We are confident in our

ability to increase our global market share by increasing our market

position in Asia. Asian units’ share of net sales in 2002 was 22 %

and is forecasted to be close to 40 % in 2003.
ASPOCOMP GROUP INCOME STATEMENT, OCTOBER – DECEMBER
                           10-12/02         7-9/02       10-12/01

                           MEUR   %        MEUR   %      MEUR   %
NET SALES                51.6  100.0     44.8  100.0    54.0 100.0

Other operating

income                    0.0    0.0     -0.1   -0.3     0.3   0.6

Depreciation and

write-downs               7.3   14.2      7.2   16.1    12.5  23.1
OPERATING PROFIT/LOSS

AFTER DEPRECIATION        4.8    9.3      1.6    3.6   -15.2 -28.1

Financial income

and expenses             -0.4   -0.8     -0.7   -1.7    -0.7  -1.2
PROFIT/LOSS BEFORE EXTRAORDINARY

ITEMS AND TAXES           4.4    8.5      0.9    1.9   -15.9 -29.4

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  4.4    8.5      0.9    1.9   -15.9 -29.4

Minority interest         0.7    1.4      0.7    1.6     2.6   4.8
PROFIT/LOSS FOR THE

PERIOD                    5.1   10.0      3.7    8.2   -14.6 -27.0
CASH FLOW STATEMENT, OCTOBER – DECEMBER
                                       10-12/02   7-9/02  10-12/01

                                         MEUR      MEUR     MEUR

Net operational cash flow                17.4       3.7      2.7

Total cash flow from investments         -6.1      -0.7    -16.3

Cash flow before financing               11.3       3.1    -13.6

Total financing                          -0.8      -5.8      4.3

Increase/Decrease in liquid funds        12.4      -2.7     -9.3

Liquid funds at the end of the period    19.7       7.3     20.3

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ASPOCOMP GROUP INCOME STATEMENT, JANUARY – DECEMBER
                                       1-12/02            1-12/01

                                      MEUR    %          MEUR    %
NET SALES                            182.9 100.0        221.8 100.0

Other operating

income                                 0.2   0.1          0.9   0.4

Depreciation and

write-downs                           30.4  16.6         39.1  17.6
OPERATING PROFIT/LOSS

AFTER DEPRECIATION                   -23.2 -12.7        -27.4 -12.3

Financial income

and expenses                          -2.7  -1.5         -2.6  -1.2
PROFIT/LOSS BEFORE EXTRAORDINARY

ITEMS AND TAXES                      -25.9 -14.2        -29.9 -13.5

Extraordinary income                   0     0            0     0

Extraordinary expenses                 0     0            0     0
PROFIT/LOSS BEFORE TAXES             -25.9 -14.2        -29.9 -13.5
Minority interest                      3.7   2.0          3.6   1.6
PROFIT/LOSS FOR THE

PERIOD                               -18.6 -10.1        -26.9 -12.1
EARNINGS PER SHARE, EUR              -1.86              -2.66
ASPOCOMP GROUP BALANCE SHEET
                              12/02      12/01          Change

                               MEUR       MEUR      MEUR      %

Non-Current Assets
Intangible assets              5.7         5.3       0.4     7.8

Tangible assets              131.3       195.3     -64.0   -32.7

Investments                    1.6         1.5       0.1     8.7
Current Assets
Inventories                   20.0        30.7     -10.7   -35.0

Receivables                   43.9        39.1       4.8    12.3

Investments                    0           0         0       0

Cash and bank deposits        19.7        20.3      -0.6    -3.0
TOTAL ASSETS                 222.2       292.1     -69.9   -23.9
Shareholders’ equity
                                                           9(10)

Share capital                 10.0        10.1      -0.1    -1.0

Other shareholders’ equity    98.6       121.5     -22.9   -18.8

Minority interest             27.3        33.8      -6.5   -19.1

Mandatory reserves             2.1        11.5      -9.4   -81.5

Long-term liabilities         38.4        55.1     -16.7   -30.3

Short-term liabilities        45.7        60.1     -14.4   -23.9
TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY         222.2       292.1     -69.9   -23.9
CASH FLOW STATEMENT

                                         1-12/02           1-12/01

                                          MEUR              MEUR

Net operational cash flow                 26.0              16.4

Total cash flow from investments         -19.7             -72.3

Cash flow before financing                 6.4             -55.8

Total financing                           -8.7              42.3

Increase/Decrease in liquid funds         -2.4             -13.5

Liquid funds at the end of the period     19.7              20.3
KEY FIGURES

                                         12/02             12/01
Equity/share, EUR                        10.85             13.01
Equity ratio, %                          61.0              56.5
Gearing, %                               30.0              35.7
Return on Equity (ROE), %               -14.9             -18.7
Return on Investment (ROI), %           -10.2             -11.5
Gross investments, MEUR                  19.8              73.3
Average Personnel                       3.075             3.314
Accumulated excess depreciation and voluntary reserves totaling EUR

1.0 million have been divided among shareholders’ equity and nominal

tax liabilities.
CONTINGENT LIABILITIES
                                        12/02             12/01

                                         MEUR              MEUR

Securities on Group liabilities           9.6               3.2

Operational leasing liabilities           0.1               0.2

Other liabilities                         0.3               0.3

TOTAL                                    10.0               3.7
There are no derivative contracts.
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All figures are unaudited.
ANNUAL GENERAL MEETING
The Aspocomp Group Oyj Annual General Meeting will be held on Friday,

April 4, 2003, at 2:00 p.m.
ANNUAL REPORT 2002
The Aspocomp Group Annual Report 2002 will be published on week 13.
FINANCIAL INFORMATION IN 2003
The Aspocomp Group will release its quarterly reports during the year

2002 on May 6, July 31 and October 30.
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.
Vantaa, February 13, 2003
ASPOCOMP GROUP OYJ
Board of Directors
For more information, please contact CEO Jarmo Niemi

at +358 9 7597 0711.
ASPOCOMP GROUP OYJ
Jarmo Niemi

President and CEO
DISTRIBUTION:

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