– Net sales for the first three months decreased 30.5% totalling EUR
44.3 million (EUR 63.7 million in Q1 2001)
– Operating profit was EUR -28.2 million (EUR 2.6 million) and profit
before taxes was EUR -29.0 million (EUR 2.3 million)
– Operating profit without Aspocomp S.A.S. was EUR 0.3 million
– Earnings per share was EUR -3.00 (EUR 0.18)
– Equity per share was EUR 10.42 (EUR 15.83)


Improving operative profit

During Interim Report period the capacity utilisation rate of
Aspocomp´s factories was poor due to the radical changes in the
telecommunication market. Based on economical reasons Aspocomp Group
Oyj as the parent company didn´t see feasible possibilities to
continue its financial support to its heavily loss-making French
subsidiary, Aspocomp S.A.S. The subsidiary filed for bankcruptcy on
March 6, 2002. As a consequence of the filing the Group level non-
recurring one-time costs were EUR 24.5 million. These are mainly
balance sheet items which don’t generate material cash flow out.
Aspocomp S.A.S. is reported as part of the Group in the first two
months, during which its net sales were EUR 2.6 million and the
operating loss was EUR 4.0 million. The non-recurring one time costs
and negative EBIT totalled EUR 28.5 million. Excluding Aspocomp
S.A.S., Group´s EBITDA was EUR 6.9 million and operating profit EUR
0.3 million.

The growth focus in Asia

As a consequence of the current market situation and the worldwide
overcapacity in the printed wiring board (PWB) industry the focus on
production has moved to lower cost level Asia, especially to China.
The PWB market in China is still growing. The Asian share of
Aspocomp´s total production has tripled compared to last year´s first

Aspocomp has two subsidiaries in Asia, P.C.B. Center in Thailand and
ACP Electronics in China, where the HDI (High Density
Interconnection) PWB production was started in December, 2001.
Aspocomp´s ownership in both subsidiaries is 51%.

Building the research network

As a consequence of the outsourcing trend of the production, more
responsibilities for developing new components are transferred from
OEMs (Original Electronics Manufacturers) to the component suppliers.
The development and commercialization of new technologies utilized in
high tech component manufacturing require co-operation between
companies with different type of competences. As the high tech
component manufacturer Aspocomp has been actively involved in
creating an effective network for research co-operation between

different suppliers. The Joint Venture companies, Asperation Oy and
Imbera Electronics Oy, are result of this.

Asperation Oy is a research and development company which was
established on March 1, 2002 by Aspocomp and Perlos Corporation. Its
ownership is shared equally. Asperation focuses on research and
development of integrated components for the mobile phone and
electronics industry. Mr Jukka Ranta, D.Sc. (Electrical Engineering
and Computer Sciences), Senior Vice President, Business Development &
Research of Aspocomp Group was appointed as Managing Director of the
company. The objective of the company is to create new innovations
which both owner companies can use in their own operations. Moreover,
the co-operation aims to cut down the time to market of innovations
and new products. Already during its first year of operation,
Asperation is expected to create commercially significant and value-
adding solutions for the customers.

After the closing of the reporting period, on April 12, Aspocomp and
Elcoteq Network Corporation established a Joint Venture called Imbera
Electronics Oy concentrating on the development and commercialization
of the IMB (Intergrated Module Board) technology. The ownership of
the Imbera is shared equally. Mr Risto Tuominen, M.Sc. Engineering,
Research Manager of Aspocomp was appointed as Managing Director of
the company. Imbera´s objective is to finalize the development of an
innovative production process where active components are integrated
inside a PWB. The IMB technology is expected to become commercially
available within three years.


After the record year of 2000 PWB industry turned into a bad
overcapacity situation. The estimated value of the global PWB market
was EUR 36.4 billion for the year 2001. This is 25% less than in
2000. In Western Europe the value of PWB production decreased by 13%
to EUR 5.2 billion.

The share of HDI PWBs, Aspocomp´s main products, was 6.7% of the
total PWB market. In 2001, the production of HDI PWBs decreased over
18% when the growth of over 18% was forecasted. Aspocomp’s share of
the global HDI PWB market was about 4%.

Based on research institutions´ estimates the constant annual average
growth rate (CAAGR) is estimated to be about 6% up till 2005. CAAGR
estimate for the Western Europe is slightly below 5%, for Asia over
7% and for China almost 18%. The most rapidly growing segment is HDI
PWBs with an estimated growth rate of close to 30%.

In 2002 PWB market is expected to grow by about 5%. The growth areas
are Asia and South America. Other areas will recover with moderate
growth, between 1.5% and 2.5%, which is not much compared to the
crash of market in 2001. The downsizing of capacity started already
in 2001 both in North America and in Europe will probably continue
through out the year.



Printed Wiring Boards (PWB)

The net sales decrease for the PWB business unit was 28% compared to
the corresponding period in the previous year. The net sales for the
PWB business unit was EUR 35.4 million (EUR 49.1 million). The net
sales of the Mobile segment decreased by 32% and totalled EUR 16.0
million (EUR 23.4 million). The net sales of the Telecom segment
decreased by 47% and totalled EUR 7.6 million (EUR 14.3 million). The
net sales growth for the Auto & Industry segment was 4% and totalled
EUR 11.9 million (EUR 11.4 million).


The net sales of the EMS business unit decreased by 39% and totalled
EUR 8.9 million (EUR 14.6 million).


The net sales totalled EUR 44.3 million for the period from January 1
to March 31, 2002, compared with EUR 63.7 million during the
corresponding period the previous year. Other operating income
totalled EUR 0.6 million (EUR 0.4 million). The share of net sales of
the Group’s five biggest customers, Nokia, Ericsson, Sanmina-SCI,
Siemens and Benq (Acer), was 63%. Direct export from Finland totalled
EUR 19.0 million (EUR 10.8 million) and offshore net sales totalled
EUR 11.8 million (EUR 26.4 million). Net sales by region were as
follows: Finland 32% (58%), other Europe 30% (38%), Asia 14% (1%) and
Americas 24% (3%).

Operating profit for the period totalled EUR -28.2 million or -63.8%
of net sales (EUR 2.6 million; 4.1%). Net financial costs totalled
EUR 0.7 million (EUR 0.3 million).

Profit before extraordinary items was EUR -29.0 million (EUR 2.4
million). Profit before taxes was EUR -29.0 million (EUR 2.3 million)
and net profit for the period was EUR -26.2 million (EUR 1.8
million). Earnings per share totalled EUR -3.00 (EUR 0.18).


The Group’s liquidity was good. Gross investments for the period
totalled EUR 8.1 million (EUR 17.1 million) or 18.3% of net sales
(26.8%). The investments were primarily in China. Net financial costs
as a percentage of net sales totalled 1.7% (0.4%). The equity ratio
was 56.6% (60.7%) at the period end compared with the year end figure
of 56.5%.


On March 31, the company owned 100,900 Aspocomp shares and the
counter book value of the shares was EUR 100,900, representing 0,99%


of the company´s shares outstanding. The number of issued shares was
10,141,926 on March 31 and the share capital was EUR 10,141,926.
During the period extending from January 1 to March 31 a total of
772,918 shares with a value of EUR 6,826,401.00 were traded on the
Helsinki Stock Exchange. The non-domestic share in the ownership of
the stock was 18.72%, as of the end of the period. The share price
reached a high of EUR 13.25 and a low of EUR 7.53 between January 1
and March 31, 2002. The average price was EUR 8.83. The closing price
on March 27, 2002 was EUR 7.60 and the capital market value of the
company was EUR 76.3 million.

After the fiscal period, at the Annual General Meeting on April 5 the
company´s share capital was decided to be decreased by invalidating
100,900 own 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. In addition the Annual General Meeting decided
to authorize the Board to decide on acquiring own shares and decide
on new issues and/or convertible loans. The authorizations are valid
for one year from the date of AGM. The Board of Directors has today
decided to use the authorization regarding the acquisition of own
shares by acquiring 100.000 own shares by the end of June 2002. There
are no decisions regarding the other authorizations.


The Annual General Meeting elected new Board Members on April 5,
2002. Mr Jorma Eloranta, Mr Karl Van Horn, Mr Aimo Eloholma and Mr
Roberto Lencioni were re-elected. Mr Tuomo Lähdesmäki was elected as
a new Board Member. Mr Gustav Nyberg continues as Board Member. At
its meeting on April 11 the Board of Directors re-elected Mr Jorma
Eloranta as the Chairman and Mr Karl Van Horn the Vice-Chairman.


The number of employees averaged 3,154 from January 1 to March 31,
2001, compared to 2,606 for the same period the previous year.
Personnel averaged 3,314 for 2001. At the end of March 2002 there
were total of 2,681 employees.

Average Average Number Number Number
number number
2002 2001 2002 2001 2001
Jan 1-Mar 31 Jan 1-Mar 31 Mar 31 Mar 31 Dec 31

Europe 1,720 1,925 1,194 1,906 1,785
Thailand 879 450 896 1,350 882
China 555 231 591 243 511
Total 3,154 2,606 2,681 3,499 3,178



Aspocomp expects that the market situation remains challenging.
According to the latest estimates the total mobile phone market
volume in 2002 will be between 400 and 420 million. This means that
the mobile phones sales would stay approximately at the same level

than in 2000 and 2001. Operators´ investments in telecommunication
infrastructure has been estimated to decline compared to previous
year. As a result of this the overcapacity situation continues and
the PWB production moves to Asia. Aspocomp´s EMS business unit is as
well dependent on operators´ investments in telecom networks.

Stopping the financing of the unprofitable French operation was one
action to adapt Aspocomp to the current market situation. In addition
Aspocomp has expanded PWB production to Asia on-time and created the
cost-effective research network to strengthen its market position in
the electronics industry supply chain. Despite the challenging market
situation Aspocomp´s target for 2002 is to maintain clearly positive
cash flow.


1-3/02 1-3/01 1-12/01

NET SALES 44.3 100.0 63.7 100.0 221.8 100.0
Other operating
income 0.6 1.4 0.4 0.6 0.9 0.4
Depreciation and
write-downs 8.4 19.0 9.0 14.2 39.1 17.6

AFTER DEPRECIATION -28.2 -63.8 2.6 4.1 -27.4 -12.4
Financial income
and expenses -0.7 -1.7 -0.3 -0.4 -2.6 -1.2

ITEMS AND TAXES -29.0 -65.4 2.4 3.7 -29.9 -13.5
Extraordinary income 0.0 0.0 0.0
Extraordinary expences 0.0 -0.1 -0.2 0.0

PROFIT/LOSS BEFORE TAXES -29.0 -65.4 2.3 3.6 -29.9 -13.5
Minority interest 0.8 1.7 0.2 0.2 3.6 1.6

PROFIT/LOSS FOR THE PERIOD -26.2 59.2 1.8 2.9 -26.9 -12.1

EARNINGS PER SHARE, EUR -3,00 0.18 -2.66

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. The calculation of earnings/share excludes taxes on
extraordinary items.



3/02 3/01 Change 12/01

Non-Current Assets

Intangible Assets 4.1 11.3 -63.8 5.3
Tangible Assets 156.5 168.1 -6.9 195.3
Investments 2.6 0.5 1.5

Current Assets

Inventories 24.1 41.5 -41.9 30.7
Receivables 44.2 58.9 -26.7 39.1
Investments 0.0 17.6 0.0
Cash and bank deposits 17.1 7.7 123.9 20.3

TOTAL ASSETS 248.7 305.6 -18.6 292.1

Shareholders’ equity

Share capital 10.1 10.1 0.0 10.1
Other shareholders´equity 95.5 150.3 -36.5 121.5
Minority interest 36.1 24.9 44.9 33.8
Mandatory reserves 2.4 5.5 -56.4 11.5
Long-term liabilities 51.4 35.8 43.5 55.1
Short-term liabilities 53.2 78.9 -32.5 60.1

SHAREHOLDERS’ EQUITY 248.7 305.6 -18.6 292.1


Equity / share, EUR 10.42 15.83 13.01

Equity Ratio, % 56.6 60.7 56.5

Gearing, % 43.7 14.3 35.7

Gross Investments, MEUR 8.1 17.1 73.3

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



3/02 12/01

Securities on Group liabilities 3.2 3.2
Operational leasing liabilities 0.1 0.2
Other liabilities 0.3 0.3
TOTAL 3.6 3.7
All figures are unaudited. Some statements in this interim report are
forward looking and actual results may differ materially from those

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 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; 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, May 7, 2002


Board of Directors

For more information, please contact CEO Jarmo Niemi
at +358 9 759 70711.


Jarmo Niemi
President and CEO

Helsinki Exchanges
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