ASPOCOMP INTERIM REPORT JANUARY 1 – JUNE 30, 2001

ASPOCOMP GROUP Oyj STOCK EXCHANGE BULLETIN July 30, 2001 at8:30 1(6)

ASPOCOMP INTERIM REPORT JANUARY 1 – JUNE 30, 2001
Net sales for the first six months of the year decreased 3.9%

totalling EUR 117.5 million (the figure of the corresponding period

the previous year is bracketed; here EUR 122.2 million), profit

before extraordinary items was EUR -9.7 million (EUR 12.5 million)

including the estimated cost of EUR 5.2 million of closing the Espoo

PWB factory. Earnings per share were EUR -0.76 (EUR 0.98).
GROUP NET SALES AND PROFITS
Aspocomp Group net sales totalled EUR 117.5 million for the period

from January 1 to June 30, 2001, compared with EUR 122.2 million

during the corresponding period the previous year. The new operations

in South-East Asia generated net sales of EUR 12.6 million. Other

operating income totalled EUR 0.6 million (EUR 1.1 million). The

share of net sales of the company’s five biggest customers, Nokia,

Ericsson, SCI, Philips and Tellabs, was 59%. Direct export from

Finland totalled EUR 16.5 million (EUR 12.4 million) and offshore net

sales totalled EUR 33.1 million (EUR 35.4 million).
Operating profit for the period totalled EUR -8.8 million or -7.5% of

net sales (EUR 13.3 million; 11.0%). Net financial costs totalled EUR

0.9 million (EUR 0.7 million). The mandatory reserve of EUR 5.2

million related to the estimated cost of closing the Espoo PWB

factory is included in all the profit levels presented in this

interim report.
Profit before extraordinary items was EUR -9.7 million (EUR 12.5

million). Profit before taxes was EUR -9.7 million (EUR 12.3 million)

and net profit for the period was EUR -7.7 million (EUR 8.6 million).

Earnings per share totalled EUR -0.76 (EUR 0.98).
FINANCING, INVESTMENTS AND EQUITY RATIO
The Group’s liquidity for the period remains solid. Investments in

the fixed assets were EUR 23.3 million. Another EUR 4.1 million were

invested in acquiring the majority of the company P.C.B. Center

(Thailand) Co., Ltd in March, 2001. Gross investments for the period

totalled EUR 27.4 million (EUR 29.7 million) or 23.3% of net sales

(24.3%). In addition the Group parent company raised the share

capital of ACP Electronics Co., Ltd. by EUR 35.6 million. This amount

is still included in the Group liquid assests for investments in

fixed assets. Net financial costs as a percentage of net sales

totalled 0.8% (0.6%). The equity ratio was 57.7% (62.7%) at the

period end. In June 2001 Aspocomp Group raised a loan of USD 15

million in order to protect the shareholders’ equity from the

negative effects on the result of the changes in the exchange rates

in the Group companies in South-East Asia as well as to complete the

above-mentioned increase in the share capital of ACP Electronics Ltd

in China.
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SHARES AND SHARE CAPITAL
As of June 30, 2001 the company’s share capital totalled 10,141,926

euros with a total 10,141,926 shares outstanding.

During the period extending from January 1 to June 30, 2001 a total

of 1,376,027 shares with a value of 26,230,183.05 euros were traded

on the Helsinki Stock Exchange. The non-domestic share in the

ownership of the stock was 20.68%, as of the end of the period. The

share price reached a high of 30.00 euros and a low of 11.70 euros

between January 1 and June 30, 2001. The average price was 19.06

euros. The closing price on June 29, 2001 was 12.00 euros and the

market capitalization of the company was 121.7 million euros.
On March 23, 2001 the Annual General Meeting authorized the Board to

acquire own shares. The authorisation remains valid for one year from

the date of the Annual General Meeting.

On July 16, 2001 the Board of Directors decided to use the

authorization and acquire 100,000 own shares from the market. The

actual purchases will be executed by Svenska Handelsbanken and the

acquisition program will begin after the publishing of this interim

report.
PERSONNEL
                 Average number of employees      Number of employees

                2000        2000         2001

             1.1.-30.6.  1.1.-31.12.  1.1.-30.6.         30.6.2001
Europe          2023        2007         1916              1984

Thailand         —          —          1207              1132

China            —          —           256               296
Total           2023        2007         3379              3412
SIGNIFICANT EVENTS DURING THE PERIOD
Aspocomp Group Oyj and the Taiwanese listed company Chin-Poon

Industrial Co., Ltd. concluded on January 5, 2001 an agreement to

start a Joint Venture, ACP Electronics Co., Ltd. in Suzhou, China.

Aspocomp’s share of the total investment of 68 million euros is 35

million euros and the increase in the share capital related to the

financing has already been paid. Aspocomp’s 51% holding was acquired

by special issues. As a result of the investment Aspocomp is the

first European company producing PWBs in China.

Aspocomp Group Oyj increased its ownership in the Thai printed wiring

board company, P.C.B. Center (Thailand) Co., Ltd. to a majority of

51% by an agreement signed on March 1, 2001. The majority was

acquired partly by purchasing existing shares and partly by a special

issue. After the additional investment of 4.1 million euros the total

investment in shares is 5.1 million euros.
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March 1, 2001 Pohjola Group Insurance Corporation Ltd notified that

its share in Aspocomp Group Oyj’s voting rights and share capital has

fallen below 5%.

On April 10, 2001 European Renaissance Fund notified that its share

in Aspocomp Group Oyj’s voting rights and share capital has increased

over 5%.
In May the Aspocomp Group started to investigate the possibility of

closing down the Aspocomp Oy’s PWB factory in Espoo for both

production and financial reasons. The proposal relating to the

personnel negotiations regarding the possible employee reductions and

reorganization of the all personnel groups, total of about 137

persons, was given on May 23, 2001.

The negotiations were continued until July 12, 2001. On July 12, 2001

the Board of Directors of Aspocomp Group Oyj decided to close down

the Espoo factory. Among the reasons for the closing of the Espoo

factory are the continuous unprofitability of the factory, the price

pressure in the standard technology PWB market and the global

overcapacity situation.
At the moment the total cost of the closing of the Espoo factory is

estimated to be about EUR 5.2 million. The Espoo plant’s share of the

Group net sales for the first six months of 2001 was 5 % and its

share of the Group personnel at the end of the period was 4 %.
Other Group factories have also adapted their operations to the

current demand situation.
CHANGE IN ORGANISATION AND IN DEPRECIATION PRINCIPLES
In relation to the consolidation of the new South-East Asian

companies the Group organisation was changed by having the sales and

production of printed wiring boards as separate functions. This way

the Group is able to serve the global clientel optimally.

At the same time the depreciation schedules were updated in order to

have an uniform Group depreciation policy consistent with generally

followed international conservative practice. The depreciation

schedules for the high-tech production machines remained at five

years. The changes were the lengthening of the depreciation schedules

for the production buildings by five years to thirty years and for

the chemical lines by three years to eight

years. The depreciation schedules for other machinery were lengthened

by two years to seven years. The new depreciation schedules are

adapted to all investments from the beginning of the current fiscal

year.
PROSPECTS FOR 2001
Our strategy is to be cost-effective and one of the leading

manufacturers of technologically advanced PWB’s globally. To reach

this objective we have invested significantly in R&D and new capacity

both in Europe and Asia at the same time sustaining our solid balance

sheet. We have reached a strong market position in Europe and we are

the first European PWB company to have production in China. Our
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customer base includes several major players in the global

telecommunication industry.

We believe our strategy will enable us to resume our profitable

secular growth. In the short term we see soft demand continuing also

in the third quarter of this year, although the visibility remains

limited. Despite the capacity modifications and the cost cutting

program the result of the third quarter may still be negative.

We are prepared for the launching of new mobile phones and 3G

networks during the second half of this year. Based on our customers’

estimates the development during the second half of the year should

be positive both in sales and profits.

We are confident in our ability to retain our market share at least

on the current level and even to increase penetration in our

specialized segment.
BUSINESS UNITS
PRINTED WIRING BOARDS
The net sales for the PWB business unit decreased 8% compared to the

corresponding period in previous year and the profit was negative.

The net sales of the European factories decreased EUR 17.1 million

which could not be compensated by the consolidation of the South-East

Asian companies. The strongest decrease in net sales was experienced

in Evreux, France, where the demand of the key customers dropped

drastically, especially during the second quarter.
The net sales of the Mobile segment decreased by 22%. The net sales

development for the key customer of the Mobile segment met estimates,

but another important customer’s demand collapsed as a consequence of

the re-organisation of its sourcing.
The net sales decrease of the Telecom segment was 4%. The segment was

affected by the high year-end inventory levels of certain customers

as a result of the too optimistic demand expectations at the end of

2000. In addition, the demand in mobile networks did not reach the

forecasted level in the second quarter. This lead to a low capacity

utilization rate during the first half of the year and the sales

target was not reached.
The net sales growth for the Auto & Industry segment was 29%, mainly

generated from the consolidation of the South-East Asian companies in

the Group figures.
ELECTRONICS MANUFACTURING SERVICES (EMS)
The net sales of the EMS business unit increased by 14% and were

almost according to expectations. The profit was satisfactory,

although high inventory levels of certain customers of the Telecom

segment lead to lower than expected demand and capacity utilization

rate.
ASPOCOMP GROUP INCOME STATEMENT

                        1-6/01       1-6/00         1-12/00

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                         MEUR   %     MEUR     %     MEUR    %
NET SALES               117.5 100.0  122.2   100.0  239.8  100.0

Other operating

income                    0.6   0.5    1.1     0.9    3.0    1.2

Depreciation and

write-downs              17.5  14.9   12.2    10.0   26.2   10.9
OPERATING PROFIT

AFTER DEPRECIATION       -8.8  -7.5   13.3    11.0   21.6    9.0

Financial income

and expenses             -0.9  -0.8   -0.7    -0.6   -0.4   -0.2
PROFIT BEFORE EXTRAORDINARY

ITEMS AND TAXES	         -9.7  -8.3   12.5    10.2   21.2    8.8

Extraordinary income      0.0          0.0            0.0

Extraordinary expences    0.0         -0.2    -0.2   -0.9   -0.4
PROFIT BEFORE TAXES      -9.7  -8.3   12.3    10.1   22.0    9.2
MINORITY INTEREST         0.8   0.6
PROFIT FOR THE PERIOD    -7.7  -6.6    8.6     7.0   16.2    6.7
EARNINGS/SHARE, EUR     -0.76         0.98           1.59
Accrued taxes for this interim period have been calculated in

accordance with the corporate tax rate in force during the period

under review and include taxes brought forward from earlier periods.

The calculation of earnings/share excludes taxes on extraordinary

items.
ASPOCOMP GROUP BALANCE SHEET

                        6/01   6/00   Change    12/00

                        MEUR   MEUR      %       MEUR
Fixed and other long-

term assets            190.1  115.1    65.1     138.0

Inventories             39.0   28.2    38.3      29.3

Receivables             47.8   43.4    10.4      49.4

Investments             21.0   49.8   -57.8      29.1

Cash and bank deposits  33.2    9.6   245.6       4.7

TOTAL ASSETS           331.1  246.1    34.5     250.5
Shareholders’ equity   152.0  154.4    -1.5     161.9

Minority interest       38.9    0.0               0.0

Mandatory reserves      10.6    0.3               5.5

Long-term liabilities   49.9   34.6    44.2      35.3

Short-term liabilities  79.6   56.8    40.2      47.8

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY   331.1  246.1    34.5     250.5
EQUITY / SHARE, EUR    14.99  15.22             15.96
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EQUITY RATIO, %         57.7   62.7              64.6
Accumulated excess depreciation and voluntary reserves totalling EUR

14.0 million have been divided among shareholders’ equity and nominal

tax liabilities.
CONTINGENT LIABILITIES           6/01         12/00

                                 MEUR          MEUR
Securities on Group liabilities   1.8           1.8

Operational leasing liabilities   0.2           0.2

Other liabilities                 0.3            –

TOTAL                             2.3           2.0
All figures are unaudited.
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.
Helsinki, June 30, 2001
ASPOCOMP GROUP Oyj
Board of Directors
For more information, please contact CEO Jarmo Niemi

at +358 9 759 70711.
ASPOCOMP GROUP Oyj
Jarmo Niemi

President and CEO
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