Aspocomp Group Plc
Interim report
ASPOCOMP’S INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2012
Espoo, Finland, 2012-10-18 08:00 CEST (GLOBE NEWSWIRE) —
Aspocomp Group Plc, Interim Report, October 18, 2012 at 9:00 a.m.
Key figures 1-9/2012 in brief
– Net sales: EUR 18.5 million (EUR 17.8 million 1-9/2011)
– Operating result before depreciation (EBITDA): EUR 2.2 million (3.9)
– Operating profit (EBIT): EUR 1.1 million (2.9)
– Earnings per share (EPS): EUR 0.18 (1.05*)
– Operational cash flow: EUR 1.4 million (2.4)
*Due to the implementation of a reverse split, the previous period is made comparable by multiplying by ten.
CEO’S REVIEW
”The challenging market situation in the third quarter weakened demand within all of Aspocomp’s customer segments. Due to weak demand, third-quarter net sales amounted to only EUR 5.4 million. January-September net sales amounted to EUR 18.5 million, a year-on-year increase of 4 percent.
The third-quarter operating result went slightly into the red. However, the operating result for January-September was clearly positive, amounting to over one million euros and about 6 percent of net sales. Cash flow from operations also stayed clearly in the black, amounting to nearly one and a half million euros.
The near-term market outlook remains murky but no further decline in demand is anticipated. We expect that full-year net sales will be slightly higher than in 2011 and the operating result is anticipated to be at a satisfactory level with respect to the industry sector, but to fall significantly short of 2011.”
NET SALES AND EARNINGS
Net sales amounted to EUR 18.5 million, a year-on-year increase of approximately 4 percent. The five largest customers accounted for 68 percent of net sales (82% 1-9/2011). In geographical terms, 93 percent of net sales were generated in Europe (93%) and 7 percent in Asia (7%). Net sales grew 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 1.1 million (EUR 2.9 million in 1-9/2011), representing 6 percent of net sales. Profitability was weakened by increased indirect costs due to the Teuva plant acquisition.
Net financial expenses for the review period amounted to EUR 0.0 million (EUR -3.2 million). The profit for the period was EUR 1.1 million (EUR 5.4 million) and earnings per share were EUR 0.18 (EUR 1.05). The profit for the reference period includes one-time financial income of about EUR 3.7 million.
THE GROUP’S KEY FIGURES
|
Key indicator |
7-9/12 |
7-9/11 |
Change |
|
1-9/12 |
1-9/11 |
Change |
|
|
Net sales, M€ |
5.4 |
6.3 |
-14 |
% |
18.5 |
17.8 |
3.8 |
% |
|
EBITDA, M€ |
0.3 |
1.6 |
-1.3 |
M€ |
2.2 |
3.9 |
-1.6 |
M€ |
|
Operating profit, M€ |
-0.1 |
1.3 |
-1.3 |
M€ |
1.1 |
2.9 |
-1.8 |
M€ |
|
% of net sales |
-2% |
20% |
-21.6 |
ppts |
6% |
16% |
-10.2 |
ppts |
|
Profit/loss for the period, M€ |
-0.1 |
1.2 |
-1.3 |
M€ |
1.1 |
5.4 |
-4.2 |
M€ |
|
% of net sales |
-2% |
20% |
-21.4 |
ppts |
6% |
30% |
-24 |
ppts |
|
Earnings per share, € |
-0.01 |
0.20 |
-0.2 |
€ |
0.18 |
1.05 |
-0.9 |
€ |
|
Investments, M€ |
0.2 |
0.1 |
0.1 |
M€ |
1.0 |
0.7 |
0.3 |
M€ |
|
% of net sales |
3.8% |
1.7% |
2.1 |
ppts |
5.4% |
3.9% |
1.6 |
ppts |
|
Equity ratio, % |
68.2% |
56.1% |
12.1 |
ppts |
68.2% |
56.1% |
12.1 |
ppts |
|
Gearing, % |
-18.4% |
-6.7% |
-11.7 |
ppts |
-18.4% |
-6.7% |
-11.7 |
ppts |
|
Personnel, end of the period |
147 |
105 |
42 |
|
147 |
105 |
42 |
persons |
OUTLOOK FOR THE FUTURE
As Aspocomp’s business focuses on prototypes and quick-turn deliveries, it is difficult to forecast full-year net sales. Due to the weak demand within all customer segments, Aspocomp lowered its net sales and operating result forecast for 2012 (Company Announcement on October 11, 2012). According to this forecast, net sales will be slightly higher than in 2011 and the operating result is anticipated to be at a satisfactory level with respect to the industry sector, but to fall significantly short of 2011.
In its previous outlook (Company Announcement on August 20, 2012), Aspocomp estimated that net sales will be somewhat higher than in 2011. The guidance for the operating result remained unchanged and was anticipated 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 – September 30, 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.
|
