Aspocomp Group Plc
Financial Statement Release
ASPOCOMP’S FINANCIAL STATEMENTS 2011
Espoo, Finland, 2012-02-16 08:00 CET (GLOBE NEWSWIRE) —
Aspocomp Group Plc, Financial Statements release, February 16, 2012 at 9:00 a.m.
Key figures 2011 in brief
– Net sales: EUR 23.6 million (EUR 18.8 million 1-12/2010)
– Operating result before depreciation (EBITDA): EUR 5.4 million (3.1)
– Operating profit (EBIT): EUR 4.1 million (1.8)
– Earnings per share (EPS): EUR 1.23 (0.07*)
– Cash flow from operations: EUR 4.0 million (4.1)
Key figures 10-12/2011 in brief
– Net sales: EUR 5.8 million (EUR 4.5 million 10-12/2010)
– Operating result before depreciation (EBITDA): EUR 1.5 million (0.0)
– Operating profit (EBIT): EUR 1.2 million (-0.3)
– Earnings per share (EPS): EUR 0.19 (-0.10**)
*In the 2010 financial year, earnings per share were EUR 0.01. Due to the consolidation of shares (reverse split), the comparable figure is EUR 0.07.
**In the financial period 10-12/2010, earnings per share were EUR -0.01. Due to the consolidation of shares (reverse split), the comparable figure is EUR -0.10.
CEO’S REVIEW
“2011 was in all respects a successful year for Aspocomp. Our net sales grew by 26 percent to EUR 23.6 million, which boosted our operating result to EUR 4.1 million, representing more than 17 percent of net sales. Cash flow from operations after investments amounted to EUR 2.8 million.
Thanks to the corporate and debt restructuring completed in June, Aspocomp’s financial position improved substantially. At the end of 2011, gearing was -17 percent, whereas a year earlier it had been 482 percent. During the restructuring, Aspocomp assumed full ownership of the Oulu plant, and our Asian partner TTM Technologies became the largest shareholder in Aspocomp with a holding of slightly less than 20 percent.
The Extraordinary General Meeting held in December resolved to cover losses from previous financial periods with funds from unrestricted equity and the share premium fund as well as by reducing the share capital. This simplified the structure of our shareholders’ equity and increased the ratio of unrestricted equity to restricted equity. In addition, the General Meeting decided on a reverse split, whereby the number of shares declined to a tenth and, correspondingly, the share price increased tenfold.
Also in December, Aspocomp entered into a Business Purchase Agreement to acquire a PCB factory in Teuva. The transaction increases Aspocomp’s capacity and expands both our product range and clientele.
Thanks to the arrangements carried out in 2011 and our strong operating result, Aspocomp is confidently preparing for the next boom.”
THE GROUP’S KEY FIGURES
|
|
10-12/11 |
10-12/10 |
1-12/11 |
1-12/10 |
|
Net sales, M€ |
5,8 |
4,5 |
23,6 |
18,8 |
|
EBITDA, M€ |
1,5 |
0 |
5,4 |
3,1 |
|
Operating profit, M€ |
1,2 |
-0,3 |
4,1 |
1,8 |
|
% of net sales |
21 % |
-7 % |
17 % |
10 % |
|
Pre-tax profit, M€ |
1,2 |
-0,6 |
7,2 |
0,7 |
|
% of net sales |
20 % |
-13 % |
31 % |
4 % |
|
Profit/loss for the |
1,2 |
-0,6 |
7,2 |
0,7 |
|
period, M€ |
|
|
|
|
|
% of net sales |
20 % |
-13 % |
31 % |
4 % |
|
Earnings per share, € |
0,19 |
-0,10 |
1,23 |
0,07 |
|
Investments, M€ |
0,5 |
0,1 |
1,2 |
1,8 |
|
% of net sales |
8,6 % |
2,2 % |
5,0 % |
9,3 % |
|
Equity / share, € |
|
|
1,59 |
0,06 |
|
Equity ratio, % |
|
|
61,6 % |
10,6 % |
|
Gearing, % |
|
|
-17 % |
481,9 % |
|
Personnel, end of period |
|
104 |
98 |
Net sales for 2011 amounted to EUR 23.6 million, up 26 percent on 2010. The quarterly trend in net sales was in line with 2010, with the exception of the third quarter, when demand was exceptionally strong in spite of the holiday season. The first quarter was the weakest season, as is typical, while the second and third were very good. Net sales growth was primarily generated by excellent sales in quick-turn deliveries and fulfillment of urgent needs. In the fourth quarter, sales declined as expected in line with the global market, but remained substantially greater than in the comparison period.
The operating result was EUR 4.1 million (EUR 1.8 million 1-12/2010), representing 17 percent of net sales. The company’s excellent earnings trend was driven by uncommonly strong demand for quick-turn deliveries and fulfillment of urgent needs, thanks to which the capacity utilization ratio remained consistently high from the second quarter onwards. In addition, other operating expenses remained under control during the entire financial year.
OUTLOOK FOR THE FUTURE
As Aspocomp’s business focuses on prototypes and quick-turn deliveries, it is difficult to forecast full-year net sales. It is estimated that net sales will rise substantially in 2012 thanks to the acquisition of the business operations of Teuva. The operating result is expected to be at a good level with respect to the industry sector, but to fall significantly short of 2011.
PUBLICATION OF FINANCIAL RELEASES
Aspocomp has adopted the new disclosure procedure enabled by Standard 5.2b, which was published by the Finnish Financial Supervision Authority. This stock exchange release is a summary of the Aspocomp Group’s financial statements bulletin for 2011 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company’s website at www.aspocomp.com. Aspocomp will follow this disclosure procedure in the publication of all future financial reports.
ADDITIONAL INFORMATION
For further information, please contact Sami Holopainen, CEO, tel. +358 9 59 181, sami.holopainen(at)aspocomp.com.
ASPOCOMP GROUP PLC
Board of Directors
www.aspocomp.com
Aspocomp: Flexibility of product design
Aspocomp Group Plc provides services for the design and manufacture of high-tech PCBs. Aspocomp’s products are used in the electronics industry, for instance, in telecommunications networks, automobiles and many types of industrial applications.
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