ASPOCOMP INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2001

ASPOCOMP GROUP Oyj STOCK EXCHANGE RELEASE Oct 29, 2001 at8:30 1(7)

ASPOCOMP INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2001
Net sales for the first nine months of the year decreased 5.6%

totalling EUR 167.8 million (the figure of the corresponding period

the previous year is bracketed; here EUR 177.8 million), profit

before extraordinary items was EUR -14.0 million (EUR 16.1 million)

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

PWB factory. Earnings per share were EUR -1.21 (EUR 1.22).
GROUP NET SALES AND PROFITS
Aspocomp Group net sales totalled EUR 167.8 million for the period

from January 1 to September 30, 2001, compared with EUR 177.8 million

during the corresponding period the previous year. The new operations

in Asia generated net sales of EUR 20.6 million (EUR 0 million).

Other operating income totalled EUR 0.6 million (EUR 1.7 million).

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

Nokia, Ericsson, SCI, Philips and Tellabs, was 60%. Direct export

from Finland totalled EUR 28.0 million (EUR 19.1 million) and

offshore net sales totalled EUR 52.6 million (EUR 51.8 million).
Earnings before depreciations (EBITDA) were EUR 14.4 million (EUR

35.3 million). Operating profit for the period totalled EUR -12.2

million or -7.3% of net sales (EUR 16.6 million; 9.3%). Net financial

costs totalled EUR 1.8 million (EUR 0.5 million). The mandatory

reserve related to the estimated cost of closing the Espoo PWB

factory is included in this interim report. The effect to the EBITDA

is EUR -4.2 million and to the EBIT (earnings before interests and

taxes) EUR -5.2 million.
Profit before extraordinary items was EUR -14.0 million (EUR 16.1

million). Profit before taxes was EUR -14.0 million (EUR 15.9

million) and net profit for the period was EUR -12.3 million (EUR

11.3 million). Earnings per share totalled EUR -1.21 (EUR 1.22).
FINANCING, INVESTMENTS AND EQUITY RATIO
The Group’s liquidity for the period remains solid. Investments in

the fixed assets were EUR 49.5 million. 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 51.5 million (EUR 48.9 million) or 30.8% of net sales (27.5%). In

addition the Group parent company raised the share capital of ACP

Electronics Co., Ltd. by EUR 35.6 million. Out of this EUR 28.6

million is still included in the Group liquid assests for investments

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

totalled 1.1% (0.3%). The equity ratio was 56.5% (63.5%) at the

period end.
SHARES AND SHARE CAPITAL
As of September 30, 2001 the company’s share capital totalled

10,141,926 euros with a total 10,141,926 shares outstanding.
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During the period extending from January 1 to September 30, 2001 a
total of 2,171,343 shares with a value of 34,366,063.18 euros were

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

ownership of the stock was 20.5%, as of the end of the period. The

share price reached a high of 30.00 euros and a low of 8.90 euros

between January 1 and September 30, 2001. The average price was 15.83

euros. The closing price on September 28, 2001 was 10.55 euros and

the market capitalization of the company was 107.0 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 were executed by Svenska Handelsbanken. The

acquisition program began on July 30, 2001 and was finished after the

period, on October 5, 2001, when the total of 100,000 own shares were

acquired.

After the period end, on October 24, 2001, the Board of Directors of

Aspocomp Group Oyj has decided to further acquire a maximum of

100,000 Aspocomp shares through public trading in addition to the

already acquired 100,000 own shares. The shares will be used for the

purposes of developing the capital structure of the company, for

financing and implementing corporate acquisitions and other

transactions, other transfers or invalidation. The repurchases will

commence on October 31, 2001 at the earliest.
PERSONNEL
                 Average number of employees      Number of employees

                2000        2000         2001

             1.1.-30.9.  1.1.-31.12.  1.1.-30.9.         30.9.2001
Europe          2031        2007         1901              1846

Thailand         —          —          1145              1025

China            —          —           301               438
Total           2031        2007         3347              3309
SIGNIFICANT EVENTS
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
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issue. After the additional investment of 4.1 million euros the total

investment in shares is 5.1 million euros.
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%.
On May 23, 2001 a proposal related to personnel negotiations of the

possibility of closing down the Aspocomp Oy’s PWB factory in Espoo

for both production and financial reasons was given. The proposal

included all personnel groups, total of about 137 persons. The

negotiations ended on July 12, 2001 and on the same day the Board of

Directors of Aspocomp Group Oyj decided to close down the Espoo

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

Other Group factories have also adapted their operations to the

current demand situation.
After the period end, on October 18, 2001 personnel negotiations were

started at the Group’s PWB factory in Evreux, France in order to

adapt the capacity to the existing market demand. The negotiations

regarding possible personnel reductions concern about 210 employees.

Total number of personnel of the Evreux factory in the end of

September was 545.

The planned actions would take place by the end of the year 2001.
After the period, at its meeting of October 24, 2001, the Board of

Directors of Aspocomp Group Oyj has resolved to apply for listing of

all the A-warrants 1999 on the main list of the Helsinki Exchanges so

that the listing will commence approximately on November 23, 2001.

The total amount of A-warrants is 375,000. Each warrant entitles its

holder to subscribe for one (1) Aspocomp Group Oyj share. In the

aggregate, the warrants entitle holders to subscribe for 375,000

shares. The present share subscription price with warrants is EUR

24/share. The dividends payable annually shall be deducted from the

share subscription price.
CHANGE IN ORGANISATION AND IN DEPRECIATION PRINCIPLES
In relation to the consolidation of the new 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 a uniform Group depreciation policy consistent with generally

followed international conservative practice. The depreciation

schedules for the high-tech production machines remained at five
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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 as the

first European PWB company we will start HDI production in China in

December this year. Our customer base includes several major players

in the global telecommunication industry.

We believe our strategy will enable us to resume our profitable

secular growth. Based on our customers’ estimates the development

during the rest of the year compared to the third quarter should be

positive both in sales and profits.

Despite the continued capacity modifications and the cost cutting

program the EBIT-level result of the fourth quarter may still be

negative. The possible personnel reductions in Evreux may lead to an

extra one-time cost.

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 6% compared to the

corresponding period in previous year and the profit was negative.

The net sales of the European factories decreased 16%, which could

not be compensated by the consolidation of the 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 15%. 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 19%. 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

fully recover in the third quarter. This lead to a low capacity

utilization rate during the first nine months of the year and the

sales target was not reached.
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The net sales growth for the Auto & Industry segment was 52%, mainly

generated from the consolidation of the Asian companies in the Group

figures.
ELECTRONICS MANUFACTURING SERVICES (EMS)
The net sales of the EMS business unit decreased by 6%. 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

                        1-9/01       1-9/00         1-12/00

MEUR   %     MEUR     %     MEUR    %
NET SALES               167.8 100.0  177.8   100.0  239.8  100.0

Other operating

income                    0.6   0.4    1.6     0.9    3.0    1.2

Depreciation and

write-downs              26.6  15.8   18.7    10.5   26.2   10.9
OPERATING PROFIT

AFTER DEPRECIATION      -12.2  -7.3   16.6     9.3   21.6    9.0

Financial income

and expenses             -1.8  -1.1   -0.5    -0.3   -0.4   -0.2
PROFIT BEFORE EXTRAORDINARY

ITEMS AND TAXES	        -14.0  -8.3   16.1     9.0   21.2    8.8

Extraordinary income      0.0          0.0            0.0

Extraordinary expences    0.0   0.0   -0.2    -0.1   -0.9   -0.4
PROFIT BEFORE TAXES     -14.0  -8.4   15.9     8.9   22.0    9.2
MINORITY INTEREST         1.0   0.6
PROFIT FOR THE PERIOD   -12.3  -7.3   11.3     6.4   16.2    6.7
EARNINGS/SHARE, EUR     -1.21         1.22           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

                        9/01   9/00   Change    12/00

                        MEUR   MEUR      %       MEUR
Fixed and other long-

term assets            202.5  126.8    59.7     138.0

Inventories             37.2   27.9    33.3      29.3

Receivables             50.8   46.1    10.2      49.4

Investments             17.0   31.0   -45,2      29.1

Cash and bank deposits  12.6   15.6   -19.2       4.7

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TOTAL ASSETS           320.1  247.3    29.4     250.5
Shareholders’ equity   145.6  157.0    -7.3     161.9

Minority interest       35.8    0.0               0.0

Mandatory reserves       9.4    0.8               5.5

Long-term liabilities   54.4   35.8    51.9      35.3

Short-term liabilities  74.9   53.7    39.3      47.8

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY   320.1  247.3    29.4     250.5
EQUITY / SHARE, EUR    14.39  15.48             15.96
EQUITY RATIO, %         56.5   63.5              64.6
Accumulated excess depreciation and voluntary reserves totalling EUR

14.1 million have been divided among shareholders’ equity and nominal

tax liabilities.
CONTINGENT LIABILITIES           9/01         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, October 29, 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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