Aspocomp Group Plc., Interim Report, April 30, 2010 at 9:00 AM
ASPOCOMP'S INTERIM REPORT JANUARY 1 - MARCH 31, 2010
Key figures in brief
- Net sales: EUR 4.3 million (EUR 3.3 million 1-3/2009)
- Operating result before depreciation (EBITDA): EUR 0.7 million (0.0)
- Operating result (EBIT): EUR 0.4 million (-0.3)
- Profit for the period: EUR 0.1 million (-0.5)
- Earnings per share (EPS): EUR 0.00 (-0.01)
- Cash flow from operations: EUR 0.8 million (0.7)
Thanks to the improvement in demand, it is expected that net sales will grow and
company aims at positive net result for full year 2010.
PRESIDENT AND CEO'S REVIEW
Year 2010 has started with fair demand. The first quarter net sales grew
significantly compared to the last year and also slightly compared to the
previous quarter, which seasonally is the best quarter. Due to the improved
sales and cost savings measures carried through in 2009, both operating and net
results were positive.
The cash flow stayed on black although almost half of the planned investments
for full year 2010 were made during the first quarter.
As there is presently no signs of weakening demand, Aspocomp aims at positive
result for the period of 2010.
NET SALES AND EARNINGS IN JANUARY-MARCH
First-quarter net sales amounted to EUR 4.3 million, up 32 percent on 1-3/2009.
The five largest customers accounted for 79 percent of net sales (74%). In
geographical terms, 90 percent of net sales were generated in Europe (82%) and
10 percent in Asia (18%).
The operating result was EUR 0.4 million (-0.3). Earnings improved thanks to
better demand and the cost structure adjustments implemented in 2009.
The Group's net financial expenses amounted to EUR -0.3 million (-0.2).
The result for the review period was EUR 0.1 million (-0.5) and earnings per
share were EUR 0.00 (-0.01).
INVESTMENTS AND R&D
Investments amounted to EUR 0.7 million (EUR 0.1 million 1-3/2009).
Majority of the investments were related the implementation of new image
transfer process on outer-layer process of PCB manufacturing.
R&D costs are recognized in overhead.
FINANCING
The Group's financial position remained challenging, but stable. Cash assets
amounted to EUR 3.1 million at the end of the period (EUR 4.8 million 3/2009).
Cash flow from operations during the period was EUR 0.8 million (EUR 0.7 million
1-3/2009).
The nominal value of interest-bearing liabilities was EUR 24.2 million (EUR 25.5
million). Gearing rose to 591.2 percent (350.3%). Non-interest-bearing
liabilities amounted to EUR 6.5 million (6.1).
The Group's equity ratio at the end of the period stood at 10.1 percent (15.2%).
GROUP STRUCTURE
Aspocomp Oulu Oy - in which Aspocomp has a 90 percent holding - manufactures and
sells PCBs for telecom, industrial, and automotive electronics applications. Its
service portfolio includes prototype and quick-turn deliveries, fulfillment of
urgent PCB needs in high-volume operations as well as development and
commercialization of new technologies. Aspocomp Oulu Oy's primary technologies
are HDI (High Density Interconnection), multilayer and special material PCBs.
Aspocomp has a 20 percent stake in Meadville Aspocomp (BVI) Holdings Limited
(MAH). The company's production facility in Suzhou, China is a volume
manufacturer of HDI and multilayer PCBs.
Aspocomp's 20 percent stake is booked into the balance sheet at its minimum
value, which is based on the option agreement made in connection with the
ownership arrangements in 2007. The minimum value is EUR 16.3 million at the end
of the period, and it increases by 2.5 percent annually until the option is
exercised. Details of the option agreement can be found in the press release of
Meadville Holdings published on November 16, 2007: Major transaction -
acquisitions and resumption of trading, pages 8-9
(www.meadvillegroup.com/announcements.html).
As MAH-stake is related to the aforementioned option arrangement, it is
categorized as other non-current receivables in the balance sheet.
As the stake is valued at the minimum value based on the option agreement, the
financial performance of MAH does not impact on the value of the stake.
On November 16, 2009, Meadville announced that it will sell its PCB business to
TTM Technologies, Inc., which is listed on the NASDAQ in the United States. The
deal was completed on April 9, 2010. Meadville's 80 percent stake in MAH and 10
percent holding in Aspocomp Oulu Oy are included in this deal. The parties have
signed transfer agreements, in which Meadville's rights and liabilities related
to the MAH are transferred to TTM.
In addition, Aspocomp holds a 13.2 percent share in the Thai company PCB Center
and a 5.3 percent share in Imbera Electronics.
SHAREHOLDERS' EQUITY OF THE PARENT COMPANY
In accordance with the requirements of the Companies Act, the Trade Register has
been notified of the loss of share capital on May 14, 2008. The shareholders'
equity of Aspocomp Group's parent company, Aspocomp Group Plc., was EUR 4.2
million negative at the end of the first quarter. However, the shareholders'
equity of Aspocomp Group was EUR 3.2 million positive.
SHARES AND SHARE CAPITAL
The total number of Aspocomp's shares at March 31, 2010 was 49 905 130 and the
share capital stood at EUR 20 082 052. The company held 200 000 treasury shares,
representing 0.4 percent of the aggregate votes conferred by all the shares.
A total of 12 603 863 Aspocomp Group Plc. shares were traded on NASDAQ OMX
Helsinki during the period from January 1 to March 31, 2010. The aggregate value
of the shares exchanged was EUR 1 816 676. The shares traded at a low of EUR
0.12 and a high of EUR 0.18. The average share price was EUR 0.14. The closing
price at March 31, 2010 was EUR 0.15, which translates into market
capitalization of EUR 7 485 770.
Nominee-registered shares accounted for 4.6 percent of the total shares.
PERSONNEL
During the period, Aspocomp had an average of 98 employees (112). The personnel
count on March 31, 2010 was 97 (113). Of them, 67 (76) were non-salaried and 30
(37) salaried employees.
DECISIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting of Aspocomp Group Plc. held on April 13, 2010
re-elected the current Board and decided that the remunerations of the members
of the Board will remain the same as in 2009. The General Meeting also decided
to amend the company's Articles of Association. Furthermore, the Meeting decided
not to pay dividend for the period.
The Annual General Meeting decided to set the number of Board members at three
(3) and re-elected the current members of the Board: Johan Hammarén, Tuomo
Lähdesmäki, and Kari Vuorialho. The Meeting re-elected PricewaterhouseCoopers Oy
as the company's auditor for the 2010 financial year.
Annual remuneration of EUR 24 000 will be paid to the chairman of the Board and
EUR 12 000 to the other Board members. 60 percent of the annual remuneration
will be paid in cash and 40 percent in company shares, which will be acquired
and distributed to Board members. EUR 1 000 per meeting will be paid to the
chairman and EUR 500 per meeting to the other members. The members of the Board
residing outside of the Greater Helsinki Area are reimbursed for reasonable
travel and lodging expenses. The auditor will be paid according to invoice.
The Annual General Meeting decided to amend the Articles of Association so that
a following sentence was added at the end of the Article 10 (notice of meeting):
However, the notice to the Annual General Meeting must be conveyed no later
than nine (9) days before the record date of the Annual General Meeting. The
amendment is based on the recent amendment of Companies Act.
THE BOARD OF ASPOCOMP GROUP PLC., AUTHORIZATIONS GIVEN TO THE BOARD
In its organization meeting, the Board of Directors of Aspocomp Group Plc.
re-elected Tuomo Lähdesmäki as chairman of the Board. As the Board only
comprises three (3) members, Board committees were not established.
The Annual General Meeting 2008 of Aspocomp Group Plc. authorized the Board to
decide on issuing new shares and conveying the Aspocomp shares held by the
company. A maximum of 55 000 000 new shares can be issued and/or granted on the
basis of special rights. The authorization is valid five years from the
respective Annual General Meeting.
The Annual General Meeting 2008 also decided about issuing stock options to the
CEO. The Board of Directors has not granted the said stock options.
Details of the authorizations can be found on pages 10-11 of the Annual Report
2008 (www.aspocomp.com/linked/investor/ar_2008.pdf).
EVENTS AFTER THE FINANCIAL PERIOD
On April 7, 2010 Aspocomp, Meadville and TTM signed transfer agreements, where
all Meadville's rights and liabilities related to the MAH company, including the
option deed, are transferred from Meadville to TTM. The transfer is an
implication of the deal, in which Meadville sold it PCB business to TTM. The
Meadville-TTM deal was completed on April 9, 2010.
ASSESSMENT OF BUSINESS RISKS
Significant indebtedness
The Aspocomp Group's interest-bearing liabilities at March 31, 2010 had a
nominal value of about EUR 24.2 million and amounted to about EUR 22.2 million
under IFRS.
Liquidity and financial risks
Because of the agreement on debt restructuring, management of the Group's
liquidity risk is based on the cash assets of the parent company and the cash
flow generated by the Oulu plant. If Aspocomp Group Plc. does not obtain
financing from Aspocomp Oulu Oy or other ways of financing, the company may
ultimately become insolvent.
Litigations
In 2007, the French Supreme Court ordered the company to pay approximately EUR
11 million, including annual interest of about 7 percent, to 388 former
employees of Aspocomp S.A.S. In January 2009, the Labor Court of Evreux, France
ruled that the company has to pay approximately EUR 0.5 million in compensation,
with interest, to a further 13 former employees. Aspocomp has appealed the
January 2009 decision to the next instance in France. The aforementioned
compensations do not have a profit impact during the financial year.
The claims are related to the notice time salaries of the closed, heavily
loss-making Evreux plant. The closure took place in 2002.
There is a risk that the remaining approximately 100 employees may also
institute proceedings. Under legislation that came into effect in June 2008, the
statute of limitations for filing a suit is five years after the law came into
effect.
OUTLOOK FOR THE FUTURE
Aspocomp's financial position is satisfactory. The lean cost structure and the
outlook for operations in Oulu enable the continuity of the Group's operations.
As operations focus on prototypes and quick-turn deliveries, it is very
difficult to forecast full-year net sales. Thanks to the improvement in demand,
it is expected that net sales will grow and company aims at positive net result
for full year 2010.
In addition to developing the continuing operations of the company, the Board of
Directors is looking into various structural development solutions, including
carrying out company reorganization in the future.
TABLES AND ACCOUNTING POLICIES
The reported operations include Aspocomp Oulu Oy and the Group's parent company,
Aspocomp Group Plc. These operations comprise a single business segment.
All figures are unaudited. The interim report has been prepared in accordance
with IAS 34, Interim Financial Reporting. The accounting principles that were
applied in the preparation of the financial statements of December 31, 2009 have
been applied in the preparation of this report. However, as of January 1, 2010
the company has applied the following new or modified standards:
- IFRS 3 (revised), Business Combinations
- IAS 27 (revised), Consolidated and Separate Financial Statements
The application of the aforementioned standards did not have significant impact
on the reported figures.
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| PROFIT & LOSS STATEMENT, | 1-3/10 | | 1-3/09 | | 1-12/09 |
| JANUARY-MARCH | | | | | |
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| | 1000 | % | 1000 e | % | 1000 e | % |
| | e | | | | | |
--------------------------------------------------------------------------------
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| NET SALES | 4 348 | 100,0 | 3 304 | 100,0 | 13 161 | 100,0 |
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| Other operating income | 65 | 1,5 | 52 | 1,6 | 238 | 1,8 |
--------------------------------------------------------------------------------
| Materials and services | -1 | -34,3 | -1 142 | -34,6 | -4 323 | -32,8 |
| | 493 | | | | | |
--------------------------------------------------------------------------------
| Personnel expenses | -1 | -28,0 | -1 411 | -42,7 | -5 575 | -42,4 |
| | 216 | | | | | |
--------------------------------------------------------------------------------
| Other operating costs | -1 | -23,0 | -784 | -23,7 | -4 026 | -30,6 |
| | 000 | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -316 | -7,3 | -282 | -8,5 | -1 145 | -8,7 |
| amortization | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | 387 | 8,9 | -263 | -8,0 | -1 670 | -12,7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | -304 | -7,0 | -187 | -5,7 | -969 | -7,4 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAX | 83 | 1,9 | -450 | -13,6 | -2 639 | -20,1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | 2 | 0,0 | -1 | 0,0 | 136 | 1,0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE | 85 | 2,0 | -451 | -13,6 | -2 503 | -19,0 |
| PERIOD | | | | | | |
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| Other comprehensive income for the period, net | | | |
| of tax | | | |
--------------------------------------------------------------------------------
| Translation | 7 | 0,2 | -4 | -0,1 | 10 | 0,1 |
| differences | | | | | | |
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| TOTAL COMPREHENSIVE | 92 | 2,1 | -455 | -13,8 | -2 493 | -18,9 |
| INCOME FOR THE PERIOD | | | | | | |
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| Profit/loss for the period attributable | | | | |
| to: | | | | |
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| Non-controlling | 63 | 1,4 | 2 | 0,0 | 12 | 0,1 |
| interests | | | | | | |
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| Equity shareholders | 22 | 0,5 | -452 | -13,7 | -2 515 | -19,1 |
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| Total comprehensive income attributable | | | | |
| to: | | | | |
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| Non-controlling | 63 | 1,4 | 2 | 0,0 | 12 | 0,1 |
| interests | | | | | | |
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| Equity shareholders | 29 | 0,7 | -457 | -13,8 | -2 505 | -19,0 |
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| Earnings per share | | | | | | |
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| Basic EPS | | 0,00 | | 0,00 | | -0,05 |
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| Diluted EPS | | 0,00 | | -0,01 | | -0,05 |
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| CONSOLIDATED BALANCE SHEET | 3/10 | 3/09 | Change | 12/09 |
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| | 1000 e | 1000 e | % | 1000 e |
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| ASSETS | | | | |
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| NON-CURRENT ASSETS | | | | |
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| Intangible assets | 3 000 | 3 075 | -2,4 | 3 000 |
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| Tangible assets | 3 408 | 3 232 | 5,5 | 3 066 |
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| Available for sale investments | 44 | 44 | 0,0 | 44 |
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| Other non-current receivables | 16 313 | 15 925 | 2,4 | 16 217 |
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| TOTAL NON-CURRENT ASSETS | 22 765 | 22 275 | 2,2 | 22 327 |
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| CURRENT ASSETS | | | | |
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| Inventories | 1 816 | 2 024 | -10,3 | 1 963 |
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| Short-term receivables | 4 309 | 5 102 | -15,5 | 4 058 |
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| Cash and bank deposits | 3 056 | 4 765 | -35,9 | 3 038 |
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| TOTAL CURRENT ASSETS | 9 181 | 11 890 | -22,8 | 9 059 |
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| TOTAL ASSETS | 31 946 | 34 165 | -6,5 | 31 386 |
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| SHAREHOLDERS' EQUITY AND | | | | |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | 20 082 | 20 082 | 0,0 | 20 082 |
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| Share premium | 27 918 | 27 918 | 0,0 | 27 918 |
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| Treasury shares | -758 | -758 | 0,0 | -758 |
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| Special reserve | 45 989 | 45 989 | 0,0 | 45 989 |
--------------------------------------------------------------------------------
| Reserve for invested | 23 885 | 23 885 | 0,0 | 23 885 |
| non-restricted equity | | | | |
--------------------------------------------------------------------------------
| Retained earnings | -114 | -112 630 | 1,8 | -114 678 |
| | 649 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to | 2 467 | 4 486 | -45,0 | 2 438 |
| shareholders | | | | |
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| Non-controlling interests | 769 | 696 | 10,5 | 706 |
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| TOTAL EQUITY | 3 236 | 5 182 | -37,6 | 3 143 |
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--------------------------------------------------------------------------------
| Long-term financing loans | 21 996 | 22 641 | -2,8 | 21 878 |
--------------------------------------------------------------------------------
| Provisions | 319 | 176 | 81,1 | 319 |
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| Short-term financing loans | 189 | 276 | -31,6 | 242 |
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| Trade and other payables | 6 205 | 5 890 | 5,4 | 5 804 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 28 710 | 28 984 | -0,9 | 28 243 |
--------------------------------------------------------------------------------
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| TOTAL SHAREHOLDERS' EQUITY AND | 31 946 | 34 165 | -6,5 | 31 386 |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
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| CONSOLIDATED CHANGES IN EQUITY, | | | | | |
| JANUARY-MARCH | | | | | |
--------------------------------------------------------------------------------
| 1000 e | | | | | | | | | |
--------------------------------------------------------------------------------
| | Equity attributable to the shareholders of the parent | |
| | company | |
--------------------------------------------------------------------------------
| | Shar | Shar | Othe | Own | Trans | Retai | Total | Non- | Total |
| | e | e | r | shar | latio | ned | | cont | equit |
| | capi | prem | rese | es | n | earni | | roll | y |
| | tal | ium | rve | | diffe | ngs | | ing | |
| | | | | | rence | | | inte | |
| | | | | | s | | | rest | |
| | | | | | | | | s | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -9 | -114 | 2 438 | 706 | 3 143 |
| at 1.1.10 | 082 | 918 | 874 | | | 669 | | | |
--------------------------------------------------------------------------------
| Comprehensive income | | | | 22 | 22 | 63 | 85 |
| for the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | | 7 | | 7 | | 7 |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -2 | -114 | 2 467 | 769 | 3 236 |
| at | 082 | 918 | 874 | | | 647 | | | |
| 31.03.10 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| | Equity attributable to the shareholders of the parent | |
| | company | |
--------------------------------------------------------------------------------
| | Shar | Shar | Othe | Own | Trans | Retai | Total | Non- | Total |
| | e | e | r | shar | latio | ned | | cont | equit |
| | capi | prem | rese | es | n | earni | | roll | y |
| | tal | ium | rve | | diffe | ngs | | ing | |
| | | | | | rence | | | inte | |
| | | | | | s | | | rest | |
| | | | | | | | | s | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -19 | -112 | 4 943 | 694 | 5 637 |
| at 1.1.09 | 082 | 918 | 874 | | | 154 | | | |
--------------------------------------------------------------------------------
| Comprehensive income | | | | -452 | -452 | 2 | -450 |
| for the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | | -4 | | -4 | | -4 |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -23 | -112 | 4 486 | 696 | 5 182 |
| at | 082 | 918 | 874 | | | 606 | | | |
| 31.03.09 | | | | | | | | | |
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| CONSOLIDATED CASH FLOW STATEMENT, | | | |
| JANUARY-MARCH | | | |
--------------------------------------------------------------------------------
| 1000 e | 1-3/10 | 1-3/09 | 1-12/09 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 85 | -450 | -2 503 |
--------------------------------------------------------------------------------
| Adjustments | 642 | 319 | 1 999 |
--------------------------------------------------------------------------------
| Change in working capital | 78 | 807 | 1 404 |
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| Received interest income and dividends | 1 | 15 | 17 |
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| Paid interest expenses | -2 | -11 | -37 |
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| Paid taxes | 2 | -1 | -3 |
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| Operational cash flow | 805 | 680 | 877 |
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| Investments | -691 | -128 | -819 |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 0 | 49 | 99 |
| equipment | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments | -691 | -79 | -720 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Decrease in financing | -96 | -91 | -1 375 |
--------------------------------------------------------------------------------
| Increase in financing | 0 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | -96 | -91 | -1 375 |
--------------------------------------------------------------------------------
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| Change in cash and cash equivalents | 18 | 510 | -1 217 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 3 038 | 4 255 | 4 255 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Currency exchange differences | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 3 056 | 4 765 | 3 038 |
| period | | | |
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| KEY FINANCIAL INDICATORS | 3/10 | 3/09 |
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| | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | 0,05 | 0,09 |
--------------------------------------------------------------------------------
| Equity ratio, % | 10,1 | 15,2 |
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| Gearing, % | 591,2 | 350,3 |
--------------------------------------------------------------------------------
| Earnings per share (EPS) | | |
--------------------------------------------------------------------------------
| Basic and diluted EPS, EUR | 0,00 | -0,01 |
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| CONTINGENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| 1000 e | 3/10 | 3/09 | 12/09 |
--------------------------------------------------------------------------------
| Mortgages given for security for | 15 400 | 15 400 | 15 400 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Operating lease liabilities | 666 | 844 | 666 |
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| Other liabilities | 100 | 100 | 100 |
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| Total | 16 166 | 16 344 | 16 166 |
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FORMULAS FOR CALCULATION OF KEY FIGURES
Equity/share, EUR = Equity attributable to shareholders
____________________________________
Number of shares at the end of period
Equity ratio, % = Total equity
_______________________________________ x 100
Balance sheet total - advances received
Gearing, % = Net interest-bearing liabilities
________________________________ x 100
Total equity
Earnings per share
(EPS), EUR = Profit attributable to equity shareholders
__________________________________________
Adjusted weighted average number of shares
outstanding
All figures are unaudited.
Espoo, April 30, 2010
Aspocomp Group Plc.
Board of Directors
For further information, please contact Sami Holopainen, CEO, tel. +358 40 820
3352.
www.aspocomp.com
Some statements in this stock exchange release are forecasts and actual results
may differ materially from those stated. 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 the 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, fluctuations in currency exchange
rates, increases and changes in PCB industry capacity and competition, and the
ability of the company to implement its investment program.
