CORRECTION: ASPOCOMP’S INTERIM REPORT JANUARY 1 – JUNE 30, 2013

Aspocomp Group Plc
Interim report

CORRECTION: ASPOCOMP’S INTERIM REPORT JANUARY 1 – JUNE 30, 2013

Aspocomp Group Plc, Interim Report, August 9, 2013 at 10:55 a.m.

The first chapter “Key figures 1-6/2013 in brief” in the summary of the report contained spelling errors in Operating result before depreciation and Operating profit. The correct figures are as follows: Operating result before depreciation (EBITDA): EUR 0.3 million (1.9) and Operating profit (EBIT) EUR -0.4 million (1.2).

The revised summary of the Interim Report January 1 – June 30, 2013 as a whole:

ASPOCOMP’S INTERIM REPORT JANUARY 1 – JUNE 30, 2013

Key figures 1-6/2013 in brief

– Net sales: EUR 9.8 million (EUR 13.1 million 1-6/2012)
– Operating result before depreciation (EBITDA): EUR 0.3 million (1.9)
– Operating profit (EBIT): EUR -0.4 million (1.2)
– Earnings per share (EPS): EUR -0.07 (0.19)
– Operational cash flow: EUR -0.0 million (1.2)

Net sales in 2013 are expected to amount to EUR 20-23 million and operating result to EUR -1.0-0.0 million.

CEO’S REVIEW

“Demand has remained slack in 2013. Every time the situation improved, a weaker period followed, and the market softened as summer approached. The telecommunications sector remained down. Our net sales remained on a par with the previous quarter at EUR 4.8 million and therefore the net sales of the first half of 2013 amounted to a disappointing EUR 9.8 million. The operating result was EUR -0.4 million, which was improved by a one-time item.

Cash flow from operations during the period was EUR 0.0 million. Aspocomp’s gearing ratio is negative and the financial ratio is still good, which has enabled us – and will enable us in the future – to step up our development of business with new customers and customer segments. In addition to the intensified sales efforts we have focused on stringent cost control and made arrangements to optimize our capacity utilization.

We still expect demand to pick up during the second half of 2013. However, due to the slow recovery, we have again adjusted our forecasts for full-year net sales and operating profit slightly downward.”

NET SALES AND EARNINGS 1-6/2013

Net sales amounted to EUR 9.8 million, a year-on-year decrease of 25 percent. The five largest customers accounted for 64 percent of net sales (70% 1-6/2012). In geographical terms, 87 percent of net sales were generated in Europe (95%) and 13 percent in Asia (5%).

The level of demand was challenging, particularly in the telecom infrastructure segment, where net sales fell clearly below the budgeted figure. The actual net sales of the other segments were also weaker than budgeted.

The operating result was EUR -0.4 million (EUR 1.2 million in 1-6/2012), representing a negative margin of 4 percent of net sales. The result is improved by a one-time item of approximately EUR 0.9 million, which is related to the reversal of a provision for closure expenses (see the company’s stock exchange release dated July 5, 2013). Both plants operated at low capacity utilization rates, which caused a decrease in profitability in comparison to the reference period. Production at the company’s Teuva plant has been at a partial standstill since the end of June. Production is planned to resume at the beginning of September. In the meantime, most of the Teuva plant’s production has been transferred to the company’s Oulu plant.

Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million). The profit for the period was EUR -0.4 million (EUR 1.2 million) and earnings per share were EUR -0.07 (EUR 0.19).

THE GROUP’S KEY FIGURES

OUTLOOK FOR THE FUTURE

As Aspocomp’s business focuses on prototypes and quick-turn deliveries, it is difficult to forecast net sales. Net sales in 2013 are expected to amount to EUR 20-23 million and operating result to EUR -1.0-0.0 million.

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 – June 30, 2013 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

Aspocomp – a PCB technology company

Aspocomp develops and sells PCB manufacturing services. Our seasoned professionals help customers to create the most optimal PCB designs, both in terms of performance and cost. Our trimmed production lines produce the most challenging designs with the shortest lead-times in the industry. Our volume supply services offer cost-efficient access to all PCB technologies.

A printed circuit board (PCB) is the principal interconnection method in electronic devices. PCBs are used for electrical interconnection and as a component assembly platform in most electronic applications. Aspocomp’s PCBs are used in many applications, such as telecommunication networks and devices, automotive electronics, security and medical systems, chipset development and industrial automation.

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.