ASPOCOMP GROUP FINANCIAL PERFORMANCE 2003


ASPOCOMP GROUP OYJ STOCK EXCHANGE RELEASE Feb 11, 2004 8:00AM 1(13)

ASPOCOMP GROUP FINANCIAL PERFORMANCE 2003

– The net sales for the year 2003 was EUR 182.3 million (EUR 182.9
million in 2002), the result improved to EUR -0.9 million (EUR -18.6
million). The negative currency impact on sales was EUR 10.0 million.

– The Q4 net sales grew by 3.9 % to EUR 50.5 million compared to the
Q3 net sales. Q4 profit before extraordinary items increased to EUR
2.0 million from EUR 0.7 million during Q3.

– The Board of Directors will propose a dividend of EUR 0.30 per
share to be distributed to the shareholders.

GROUP NET SALES AND PROFIT, OCTOBER – DECEMBER 2003 (comparable
figures, 10-12 / 2002)

Although the general economic environment continued to be unstable
during the Q4 the capacity utilization rate of the global printed
wiring board (PWB) market in Q4 was higher than during the Q3.

Net sales totaled EUR 50.5 million for the fourth quarter compared
with EUR 51.6 million during the corresponding period previous year.
The depreciation of the US dollar compared to the Euro continued,
especially during December. The negative impact of the depreciation
of the US Dollar on the net sales was about EUR 3 million. The
average currency rate of the US Dollar compared to the Euro during
the fourth quarter was about 6 % below the third quarter level and
about 19 % below the level of the fourth quarter previous year.

Profit before depreciation totalled EUR 8.3 million (EUR 12.2
million). Operating profit for the period totaled EUR 2.0 million
(EUR 4.8 million). Net financial expenses were EUR 0.2 million (EUR
0.4 million).

The profit before taxes was EUR 1.8 million (EUR 4.4 million). The
net profit after taxes and minority interest for the period was EUR
3.9 million (EUR 5.1 million). The reported earnings per share
totaled EUR 0.39 (EUR 0.51). Cash flow from operations totalled EUR
16.2 million (EUR 17.4 million).

GROUP NET SALES AND PROFIT, JANUARY – DECEMBER 2003 (comparable
figures, 1-12 / 2002)

Net sales totaled EUR 182.3 million for the fiscal year 2003 compared
with the reported EUR 182.9 million during the corresponding period
previous year. The negative impact of the depreciation of the US
Dollar on the net sales was about EUR 10.0 million.

Widening the customer base according to the Aspocomp Group’s strategy
continued as planned. The share of the sales to company’s five

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biggest customers, Nokia, Sanmina-SCI, Elcoteq, Siemens and Ericsson,
was 59 % (the share of the five biggest in 2002 was 68 %).

Profit before depreciation totaled EUR 24.4 million (EUR 7.2
million). Operating loss for the period totaled EUR 5.3 million (loss
of EUR 23.2 million). The operating loss for the period includes the
EUR 4.3 million’s non-recurring costs, EUR 3.6 million of which
resulted from the downsizing of the Padasjoki printed wiring board
factory. Net financial expenses decreased to EUR 1.3 million (EUR 2.7
million).

The loss before extraordinary items was EUR 6.6 million (loss of EUR
25.9 million). The loss before taxes was EUR 6.6 million (loss of EUR
25.9 million), and the net loss for the period after taxes and
minority interest was EUR 0.9 million (loss of EUR 18.6 million).
Earnings per share totaled EUR -0.09 (EUR -1.86). Equity per share
was EUR 10.20 (EUR 10.85). Cash flow from operations totaled EUR 25.4
million (EUR 26.0 million).

BUSINESS SEGMENTS

10-12/03 10-12/02 1-12/03 1-12/02
Printed Wiring Boards
Net Sales, MEUR 38.5 43.7 142.5 150.0

Printed Wiring Boards
EBIT, MEUR -0.1 3.9 -11.1 -24.0

Mechanics and Modules
Net Sales, MEUR 12.0 7.9 39.8 32.9

Mechanics and Modules
EBIT, MEUR 2.2 0.9 5.8 0.8

Printed Wiring Boards (PWB), October – December 2003 (comparable
figures, 10-12 / 2002)

Fourth-quarter net sales for the PWB segment totaled EUR 38.5 million
(10-12/2002: EUR 43.7 million). The negative impact of the
depreciation of the US Dollar on the PWB net sales was about EUR 3
million. The net sales of the Asian units increased almost 97 % and
their share of the segment’s net sales was close to 40 % (26 %).
The EBIT was EUR -0.1 million (EUR 3.9 million).

Printed Wiring Boards (PWB), January – December 2003 (comparable
figures, 1-12 / 2002)

The PWB segment net sales for the period decreased to EUR 142.5
million (1-12/2002: EUR 150.0 million). The negative impact of the
depreciation of the US Dollar on the segment’s net sales was about
EUR 10.0 million. The EBIT was EUR -11.1 million (EUR -24.0
3(13)
million). Utilization rates of all the PWB factories are expected to
increase towards the year-end 2004.

As a result of the changes in the business environment the operations
of the Padasjoki PWB factory were notably downsized after the
personnel negotiations concluded on May 26, 2003
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 3.6 million. The share of the fixed assets was EUR 2.7 million
and the share of the personnel costs related to the redundancy was
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 %.

During the summer of 2003 P.C.B. Center (Thailand) Co., Ltd.
increased its share in its subsidiary Calcorp Ltd. from 50 % to 100
%. Eliminating the cross ownership the Aspocomp Group’s share in
P.C.B. Center’s ownership and voting rights increased to 56.4 %.

Mechanics and Modules, MM, October – December 2003 (comparable
figures, 10-12 / 2002)

Net sales for the Mechanics and Modules business segment during the
fourth quarter totaled EUR 12.0 million (EUR 7.9 million). As a
result of the increased sales to the customers in the
telecommunications industry, the segment’s EBIT increased to EUR 2.2
million or to 18.1 % of the net sales (EUR 0.9 million; 11.4 %).

Mechanics and Modules, MM, January – December 2003 (comparable
figures, 1-12 / 2002)

The Mechanics and Modules segment net sales for the period increased
to EUR 39.8 million (1-12/2002: EUR 32.9 million). The EBIT for the
segment was EUR 5.8 million (EUR 0.8 million).

R&D Joint Ventures

The research and product 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
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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.

Business by area

During the year 2003 the Aspocomp Group net sales were divided by
area as follows: Europe 66 % (56 %), Asia 17 % (17 %) 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 69 % (78 %)
and Asia 31 % (22 %).

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 24.8 million
(EUR 40.5 million), including EUR 26.3 million (EUR 30.5 million) in
financial leasing liabilities, consolidated in the Group balance
sheet. The liquid funds of the Group totaled EUR 29.8 million (EUR
19.7 million) and the gearing was 20.3 % (30.0 %). The gearing
without the consolidated financial leasing liabilities was -1.3 %
(7.4 %). The non-interest-bearing debts were EUR 37.1 million (EUR
26.1 million).

Gross investments for the period totaled EUR 13.8 million (EUR 19.7
million) or 7.6 % of the net sales (10.8 %). EUR 7.2 million of the
investments were in Asia and EUR 6.6 million in Europe. Net financial
expenses as a percentage of the net sales totaled 0.7 % (1.5 %). The
equity ratio at the end of the fiscal year was 57.1 % (61.0 %).

SHARES AND SHARE CAPITAL

The number of Aspocomp’s issued shares on December 31, 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 December 31, a total of 2,462,800 shares with a value of EUR
21,696,045.81 were traded on the Helsinki Exchanges. The nominee-
registered portion of the shareholding was 12.43 % and the foreign
portion 1.04 % at the end of the period. The share price reached a
high of EUR 12.25 and a low of EUR 6.11 between January 1 and
December 31, 2003. The average price was EUR 8.81. The closing price
on December 31, 2003, was EUR 11.60 and the market capitalization of
the company was EUR 115,315,901.60.

5(13)
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 %.

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.
The Board of Directors has not used the authorizations.

The Aspocomp Group Oyj’s Annual General Meeting of April 4, 2003,
decided that a dividend of EUR 0.25 per share will be distributed for
the fiscal year 2002. The Extraordinary General Meeting held on
December 10, 2003, decided that an extra dividend of EUR 0.05 per
share, total of EUR 497,051.30, will be distributed for the fiscal
year 2002.
The confirmed tax surplus of Aspocomp Group Oyj on December 31, 2002
was EUR 12.8 million and the confirmed loss was EUR 29.3 million.

The Board of Directors of Aspocomp Group Oyj has at its meeting of
November 20, 2003 defined a long-term dividend policy for the
company. In its consideration, the Board of Directors weighed the
dividend target in relation to the company’s long-term result and
cash flow expectations after maintenance investments. The Board of
Directors aim at annually proposing a dividend distribution that on
the long-term distributes a minimum EUR 0.30 dividend per share per
financial year, subject to the current number of issued shares.

PERSONNEL

The number of employees averaged 3,330 from January 1 to December 31,
2003, compared with 3,075 for the same period in the previous year.
At the end of December 2003 there were 3,426 employees in all
(2,907).

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

Europe 1,053 1,503 955 1,076
Thailand 1,296 862 1,360 973
China 981 710 1,111 858
Total 3,330 3,075 3,426 2,907

A proposal related to the personnel negotiations of the Padasjoki
printed wiring board factory was given on April 9, 2003 and the
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negotiations were concluded on May 26, 2003. After the negotiations
the operations of the factory were notably downsized as a consequence
of the changes in the business environment. 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 August 31, 2003 was about
80. Aspocomp Oy’s share in Cibo-Print Oy is 19.1 %.

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.

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
subscription period with the A Options started on November 1, 2001,
and with the B Options on November 1, 2003. The subscription period
for all options will expire on November 30, 2005. The subscription
price is EUR 25, net of pre-subscription dividends paid on the stock,
the current subscription price being EUR 23.70. The Board of
Directors of Aspocomp Group Oyj is preparing to cancel the Warranty
Program of 1999 and to nullify the A and B Options.

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. Authorized
Public Accounting Firm PricewaterhouseCoopers Oy was appointed as the
auditor of the company.

7(13)
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, M. 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 duties of Chief Executive Officer of the company are
for now being performed by Mr Pertti Vuorinen, Chief Financial
Officer and Deputy CEO of Aspocomp.

After the period, on February 2, 2004, the Board of Directors of
Aspocomp Group Oyj has appointed Ms Maija-Liisa Friman as the new
President and CEO of the company. Ms Friman will take up her new
appointment no later than May 1, 2004.

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.

The environmental management system of the printed wiring board
factory in China, ACP Electronics Co., Ltd. was certified in June and
as a result all the Aspocomp Group production sites are ISO 14001
certified.

LITIGATIONS

Legal actions related to the closing of the French company Aspocomp
S.A.S. are still in process. According to expert opinion available,
the writs of summons and the claims presented therein are unfounded.
As a consequence, it is estimated that the writs of summons will have
no effect on the profitability position of the company, its balance
sheet or financial position.

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IFRS IMPLEMENTATION

The Aspocomp Group will implement the reporting according to IFRS
from the beginning of the year 2005. The Aspocomp Group has already
from the year 1999 recorded all the financial leasing agreements as
assets and liabilities. The value of inventories includes the
variable expenses as well as their share of the fixed expenses of
purchasing and manufacturing costs. The deferred taxes have been
recorded. Employee benefits of the Finnish subsidiaries have been
mainly recorded. It is estimated that the changes in the accounting
principles will not have a significant effect on the Financial
Statements of the Group.

PROPOSAL FOR THE DISTRIBUTION OF DIVIDEND

The Board of Directors will propose at the Annual General Meeting to
be held on April 2, 2004, that a dividend of EUR 0.30 per share to be
distributed to the shareholders. According to the proposal of the
Board the dividend record date will be April 7, 2004 and the
dividends will be paid on April 16, 2004.

PROSPECTS

The mobile phone market is estimated to grow faster than during the
year 2003. In the automotive and industrial business the steady
yearly growth is estimated to continue. The telecommunication
infrastructure market is expected to recover during the year.

The capacity situation in the PWB business is expected to improve and
the industry to enter into a new growth trend during 2004.

Aspocomp’s net sales are expected to increase meaningfully in 2004,
with the growth being stronger towards the end of the year. The Asian
share of the Group net sales is expected to be around 40 % in 2004 on
a full year basis. During the year 2004 Asperation Oy and Imbera
Electronics Oy are planning for commercialization.

The result of the fiscal year 2004 is expected to be positive. The
beginning of the year remains challenging but clearly better than in
2003. The financial status is expected to continue to be strong.

ASPOCOMP GROUP INCOME STATEMENT, OCTOBER – DECEMBER

10-12/03 10-12/02
MEUR % MEUR %

NET SALES 50.5 100.0 51.6 100.0

Other operating income 0.5 1.0 0.0 0.0
Depreciation and
write-downs 6.3 12.5 7.3 14.2
9(13)
OPERATING PROFIT
AFTER DEPRECIATION 2.0 4.0 4.8 9.3

Financial income
and expenses -0.2 -0.5 -0.4 -0.8

PROFIT BEFORE EXTRAORDINARY
ITEMS AND TAXES 1.8 3.5 4.4 8.5

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

PROFIT BEFORE TAXES 1.8 3.5 4.4 8.5

Minority interest 0.2 0.4 0.7 1.4

PROFIT FOR THE
PERIOD 3.9 7.8 5.1 10.0

Earnings / Share, EUR 0.39 0.51

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
10-12/03 10-12/02
MEUR MEUR

Cash flow from operations 16.2 17.4
Cash flow from investments -4.8 -6.1
Cash flow before financing 11.4 11.3
Decrease in long-term financing -1.3 -7.7
Increase in short-term financing 0.3 5.3
Dividends paid -0.5 –
Other financing – –
Total financing -1.4 -2.4
Increase/decrease in liquid funds 10.0 11.6
Liquid funds at the end of the period 29.8 19.7

ASPOCOMP GROUP INCOME STATEMENT, JANUARY – DECEMBER

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

NET SALES 182.3 100.0 182.9 100.0

Other operating income 1.2 0.7 1.0 0.1
Depreciation and
write-downs 29.7 16.3 30.4 16.6
10(13)
Non-recurring costs 4.3 27.7
(included both in depreciation and other costs)

OPERATING PROFIT/LOSS
AFTER DEPRECIATION -5.3 -2.9 -23.2 -12.7

Financial income
and expenses -1.3 -0.7 -2.7 -1.5

PROFIT/LOSS BEFORE EXTRAORDINARY
ITEMS AND TAXES -6.6 -3.6 -25.9 -14.2

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

PROFIT/LOSS BEFORE TAXES -6.6 -3.6 -25.9 -14.2

Minority interest 2.2 1.2 3.7 2.0

PROFIT/LOSS FOR THE
PERIOD -0.9 -0.5 -18.6 -10.1

Earnings / Share, EUR -0.09 -1.86

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.

ASPOCOMP GROUP BALANCE SHEET

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

Intangible assets 4.2 5.6 -26.6
Tangible assets 105.2 131.3 -19.9
Investments 1.7 1.6 6.0

Current Assets

Inventories 20.8 20.0 4.0
Receivables 52.7 43.9 19.8
Investments 20.8 0.0
Cash and bank deposits 8.9 19.7 -54.5

TOTAL ASSETS 214.2 222.2 -3.6

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Shareholders’ equity

Share capital 10.0 10.0 0.0
Other shareholders’ equity 92.1 98.6 -6.6
Minority interest 20.5 27.3 -25.0
Mandatory reserves 1.7 2.1 -21.6
Long-term liabilities 28.7 38.4 -25.3
Short-term liabilities 61.3 45.7 34.0

TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 214.2 222.2 -3.6

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

Cash flow from operations 25.4 26.0
Cash flow from investments -11.3 -19.7
Cash flow before financing 14.1 6.4
Decrease in long-term financing -7.0 -6.7
Increase/decrease in
short-term financing 5.0 -3.8
Dividends paid -3.0 –
Other financing – 1.8
Total financing -5.0 -8.7
Increase/decrease in liquid funds 9.0 -2.4
Liquid funds at the end of the period 29.8 19.7

KEY FIGURES
12/03 12/02

Equity/share, EUR 10.20 10.85

Equity ratio, % 57.1 61.0

Gearing, % 20.3 30.0

Gross investments, MEUR 13.8 19.8

Average Personnel 3,330 3,075

CONTINGENT LIABILITIES

12/03 12/02
MEUR MEUR
Securities on Group liabilities 8.0 9.6
Operational leasing liabilities 0.2 0.1
Other liabilities 24.4 0.3

TOTAL 32.6 10.0
12(13)
DERIVATIVE CONTRACTS

Foreign Currency Forward Contracts
Market Value 0.0 0.0
Nominal Value 4.6 0.0

Electricity Forward Contracts
Market Value 0.0 0.0
Nominal Value 0.7 0.0

All figures are unaudited.

Vantaa, February 11, 2004

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

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 2003 were about
EUR 180 million and the number of personnel was about 3,300.

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.

13(13)
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