ASPOCOMP’S INTERIM REPORT JANUARY 1 – MARCH 31, 2012

Published:
2012-04-26 08:00:05 CEST
Aspocomp Group Plc
Interim report

ASPOCOMP’S INTERIM REPORT JANUARY 1 – MARCH 31, 2012

Espoo, Finland, 2012-04-26 08:00 CEST (GLOBE NEWSWIRE) —

Aspocomp Group Plc, Interim Report, April 26, 2012 at 9:00 a.m.

Key figures 1-3/2012 in brief

– Net sales: EUR 6.4 million (EUR 4.9 million 1-3/2011)
– Operating result before depreciation (EBITDA): EUR 0.8 million (0.8)
– Operating profit (EBIT): EUR 0.4 million (0.4)
– Earnings per share (EPS): EUR 0.07 (0.06)
– Operational cash flow: EUR 0.1 million (-0.7)

CEO’S REVIEW

“Year 2012 started reasonably well for Aspocomp in spite of the unstable market. Net sales grew to EUR 6.4 million following the acquisition of the Teuva plant, but profitability fell short of our target. Operating profit amounted to EUR 0.4 million, about seven percent of net sales.

Operational cash flow was slightly in the black. The acquisition of the Teuva plant increased tied-up working capital, thereby weakening cash flow. The effect of the acquisition is non-recurring and only impacts on the first quarter of the present year. In operational terms, the integration of Teuva into Aspocomp has proceeded according to plans.

Although the near-term market outlook remains murky, seasonal demand for quick-turn deliveries is expected to pick up. Our full-year outlook remains unchanged: we expect that net sales will rise clearly and that the operating result will be at a good level with respect to the industry sector, but to fall significantly short of 2011.”

THE GROUP’S KEY FIGURES

  1-3/12 1-3/11 Change 1-12/11
Net sales, M€ 6,4 4,9 30 % 23,6
EBITDA, M€ 0,8 0,8 0,0 M€ 5,4
Operating profit, M€ 0,4 0,4 0,0 M€ 4,1
   % of net sales 7 % 9 % -2.1 %-unit 17 %
Pre-tax  profit, M€ 0,4 0,1 0,3 M€ 7,2
   % of net sales 7 % 3 % 4 %-unit 31 %
Profit/loss for the period, M€ 0,4 0,1 0,3 M€ 7,2
   % of net sales 7 % 3 % 4 %-unit 31 %
Earnings per share, € 0,07 0,06 0,0 € 1,23
Investments, M€ 0,2 0,1 0,1 M€ 1,2
   % of net sales 3,3 % 2,0 % 1,3 %-unit 5,0 %
Equity / share, € 1,72 0,06 1,66 € 1,59
Equity ratio, % 63,1 % 11,1 % 52.0 %-unit 61,6 %
Gearing, % -14,6 % 490,8 % -505,4 %-unit -17,0 %
Personnel, end of the period 149 101 48 104


First-quarter net sales amounted to EUR 6.4 million, a year-on-year increase of 30 percent. The five largest customers accounted for 67 percent of net sales (80% 1-3/2011). In geographical terms, 96 percent of net sales were generated in Europe (93%) and 4 percent in Asia (7%). Net sales grew largely due to the acquisition of the Teuva plant, which also reduced the share of total net sales accounted for by the five largest customers. 

The operating result was EUR 0.4 million (EUR 0.4 million 1-3/2011), representing 7 percent of net sales. Demand for quick-turn deliveries was more muted than in both the previous quarter and the comparison quarter, which weakened the operating margin.

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 profit 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 Interim Report January 1 – March 31, 2012 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.

ADDITIONAL INFORMATION

For further information, please contact Sami Holopainen, CEO, tel. +358 20 775 6860, sami.holopainen(at)aspocomp.com.

ASPOCOMP GROUP PLC
Board of Directors

www.aspocomp.com

Aspocomp: Providing design flexibility

Aspocomp Group Plc sells and manufactures high-tech PCBs. Aspocomp’s products are used in the electronics industry, for instance, in telecommunications networks, automobiles and many types of industrial applications.
 


Aspocomps_interim_report_1.1.-31.3.2012.pdf