Aspocomp Group Oyj Quarterly report August 14, 2008 at
09:00 am
In this financial statement bulletin Group business has been
presented in line with IFRS standards, divided in continued
operations and discontinued operations. The continued operations mean
the structure after the restructuring of the Aspocomp group including
Aspocomp Oulu, Aspocomp Thailand and the headquarter operations.
These businesses form one business segment.
- Net sales: EUR 19.4 million (EUR 22.1 million 1-6/2007)
- Profit before depreciation (EBITDA): EUR 1.4 million (EUR -10.4)
- Operating loss: EUR -0.4 million (-12.1)
- Earnings per share from continuing operations: EUR -0.03 (-0.36)
- Earnings per share from discontinued operations EUR 0.00 (-0.60)
- Cash flow from operations: EUR -3.0 million (-2.1)
- Investments: EUR 0.9 million (0.5).
OUTLOOK FOR THE FUTURE
Aspocomp's main priority in 2008 is the restructuring of the Group.
The transaction with Meadville Holdings Limited strengthened the
liquidity of the Aspocomp Group, but further actions are needed to
secure liquidity and to finalize the restructuring.
The Aspocomp Group is expected to have full-year net sales of about
EUR 40 million in 2008 and a positive EBITDA due to more efficient
operations and the leaner cost structure.
ISTO HANTILA, PRESIDENT AND CEO:"During the first quarter, Aspocomp forged ahead with the
restructuring started up in late 2007 and risk management measures.
The Group's structure has been streamlined, the subsidiaries in Oulu
and Thailand operate independently. The number of staff in central
functions has been reduced in line with the plans and CAD planning
department (part of Oulu plant) will be closed by the end of the
year.
The operations of the Oulu plant were profitable during the first
half of the year and its operating profit was positive.
The Thailand plant's deep loss was turned around during the
first-quarter. During the second quarter the operating profit was
however negative. The financial situation of the Thai company remains
critical and the risk of a liquidity crisis is very high.
The Group is now at the end of the project related to the
restructuring of the business and debts completed at the end of last
year. If the problems of the financial situation of the Thai company
will be solved, the Aspocomp Group has better possibilities to ensure
the development of the operations in the future.
Aspocomp holds a strategic investment of 20 percent of Meadville
Aspocomp Holdings Limited. Meadville Holdings Limited who owns 80
percent of the join venture will publish its half year financial
report today August, 14th 2008."
THE BUSINESS OF THE GROUP
The Aspocomp Group company Aspocomp Oulu Oy supplies PCBs for the
needs of the telecom, automotive and industrial electronics
industries and provides PCBs for prototyping, ramp up and small
series. Its service portfolio includes express deliveries, fulfilling
urgent PCB needs (also in high-volume deliveries), developing and
commercializing new technologies, carrying out material reports as
well as close cooperation with high-volume manufacturers. Aspocomp
Oulu Oy's primary PCB technologies are HDI (High Density
Interconnection), multilayer (up to 28 layers), Heat Sink (mainly for
the automotive industry) and Teflon- or ceramic-based PCBs.
Aspocomp Thailand manufactures double-sided and multilayer PCBs for
applications in industrial and telecom electronics and the automotive
industry. The bulk of production comprises four- and six-layer PCBs.
The highest number of layers is 12. In addition, the plant
manufactures semi-flex PCBs, which feature both a rigid and flexible
section. Semi-flex PCBs are made for use in the automotive industry
and industrial electronics. These PCBs provide a cost-effective
alternative when the shape of the final assembly requires the
stacking of the assembled PCB or PCBs. Components can be assembled on
a semi-flex PCB on a planar surface and in a single phase. After
assembly, the flexible section makes it possible to bend the
semi-flex PCB into its final shape. Thanks to this solution, no PCB
connectors are required.
Industrial electronics comprise the most diverse application area in
terms of both the product range and volume. Aspocomp Thailand focuses
on small and medium volumes and on products that have certain special
characteristics. Products can thus be priced slightly higher than the
very low average prices per square foot offered in China.
CONSOLIDATED NET SALES AND OPERATING PROFIT, APRIL-JUNE
(Reference figures are for 4-6/2007, includes only continuing
operations)
Net sales and operating loss, EUR million
4-6/2008 change, % 4-6/2007
Net sales 9.3 -7.5 10.0
Operating loss -0.4 -10.7
The Group's comparable net sales by plant were as follows:
- Oulu plant, 53 percent (56%)
- Thai plant, 47 percent (44 %)
The Group's comparable net sales by market area were as follows:
- Europe, 78 percent (81%)
- Asia, 12 percent (10%)
- the Americas, 10 percent (9%)
The Group's comparable net sales per product area were as follows:
- telecom, 60 percent (60%)
- automotive, industrial and consumer electronics, 40 percent (40%)
During the second quarter, HDI PCBs accounted for 26 percent of
Aspocomp's total PCB production.
Aspocomp's five largest customers were Continental Temic, Nokia
Siemens Network, Sanmina SCI, Scanfil and Wabco. The five largest
customers accounted for 54 percent of net sales (49%).
The Group's net financial expenses were EUR -0.7 million (-2.9). Loss
for the second quarter from continuing operations was EUR -1.1
million (-15.8) and earnings per share from continuing operations
were EUR -0.02 (-0.36).
CONSOLIDATED NET SALES AND OPERATING PROFIT, JANUARY-JUNE
(Reference figures are for 1-6/2007, includes only continuing
operations)
Net sales and operating loss, EUR million
1-6/2008 change, % 1-6/2007
Net sales 19.4 -12.1 22.1
Operating loss -0.4 -12.1
The Group's comparable net sales by plant were as follows:
- Oulu plant, 53 percent (57%)
- Thai plant, 47 percent (43 %)
The Group's comparable net sales by market area were as follows:
- Europe, 79 percent (77%)
- Asia, 11 percent (12%)
- the Americas, 10 percent (11%)
The Group's comparable net sales per product area were as follows:
- telecom, 56 percent (54%)
- automotive, industrial and consumer electronics, 44 percent (46%)
During the review period, HDI PCBs accounted for 25 percent of
Aspocomp's total PCB production.
Aspocomp's five largest customers during the review period were
Continental Temic, Nokia Siemens Network, Sanmina SCI, Scanfil and
Wabco. The five largest customers accounted for 56 percent of net
sales (49%).
The Group's net financial expenses were EUR -1.1 million (-3.7). Loss
for the period from continuing operations was EUR -1.5 million
(-18.1) and earnings per share from continuing operations were EUR
-0.03 (-0.36).
FINANCING, INVESTMENTS AND EQUITY RATIO
The Aspocomp Group's consolidated cash flow from operations during
the period was EUR -3.0 million (-2.1). Consolidated net liquid
assets at the end of the period amounted to EUR 4.8 million (29.6).
Interest-bearing net debt was EUR 38.2 million (74.9). Gearing
increased to 857.7 percent (340.8%). Non-interest bearing liabilities
amounted to EUR 12.6 million (54.4).
Investments in continuing operations were EUR 0.9 million (0.5).
Investments in Asia totaled EUR 0.3 million (0.2) and in Europe EUR
0.6 million (0.3). Net financial expenses represented 5.8 percent
(16.9%) of net sales.
The Group's equity ratio at the end of June stood at 7.2 percent
(13.0%).
SHAREHOLDERS EQUITY OF THE PARENT COMPANY
In accordance with the requirements of the new Companies Act, the
Trade Register has been notified of the loss of share capital May 14,
2008. The shareholders equity of Aspocomp Group's parent company,
Aspocomp Group Oyj, was EUR 1.3 million negative at the end of the
second quarter. However, the shareholders equity of Aspocomp Group
was EUR 3.1 million positive at the end of the second quarter.
RESEARCH AND DEVELOPMENT
In connection with the transfer of business operations, Aspocomp
transferred its technologies and R&D to Meadville and the joint
venture.
Aspocomp Oulu Oy engages in R&D primarily through cooperation with
its customers and suppliers. Each year, its main customers report
their views on their future technology choices. Research is targeted
on the basis of these reports. Correct timing of investments is vital
for maintaining efficiency and technological viability. Research and
product development costs are recognized in plant overhead.
Aspocomp Thailand's product development continued to research the
reliability and manufacturability of high Tg laminates, started up in
2007. The development of the semi-flex PCB production process to
increase the number of layers was also ongoing. All development costs
have been recognized in production and technology overhead.
SHARES AND SHARE CAPITAL
The total number of Aspocomp's shares at June 30, 2008, was
49,905,130 and the share capital stood at EUR 20,082,052. Of the
total shares outstanding, the company held 200,000 treasury shares,
representing 0.4 percent of the aggregate votes conferred by all the
shares. The number of shares adjusted for the treasury shares was
49,705,130.
A total of 12,848,830 Aspocomp Group Oyj shares were traded on OMX
Helsinki Stock Exchange during the period from January 1 to June 30,
2008. The aggregate value of the shares exchanged was EUR 1,278,462.
The shares traded at a low of EUR 0.07 (January 23, 2008) and a high
of EUR 0.13 (January 8, 2008). The average share price was EUR 0.10.
The closing price at June 30, 2008, was EUR 0.10. At the end of the
period, nominee-registered shares accounted for 5.4 percent of the
total shares and 0.6 percent were directly held by non-Finnish
owners.
PERSONNEL
During the review period, the Aspocomp Group had an average of 1,023
employees (1,302). The personnel count on June 30, 2008 was 1,024
(1,209). Of them, 703 (862) were non-salaried and 321 (347) salaried
employees.
Personnel by region, average
1-6/2008 Change 1-6/2007
Europe 149 -36.9 236
Asia 874 -18.0 1,066
Total 1,023 -21.4 1,302
ASPOCOMP'S HEAD OFFICE MOVED TO ESPOO IN JANUARY
In January, the company's head office was moved from the center of
Helsinki to Sinikalliontie street, Espoo. The office already housed
the Oulu plant's CAD design department and the company's IT
administration.
ASPOCOMP S.A.S.; NEW CLAIMS BY FORMER EMPLOYEES
21 former employees of Aspocomp Group Oyj's French subsidiary
Aspocomp S.A.S., who were not involved in the previous litigation in
France, have raised claims against Aspocomp Group Oyj in a French
court. The total amount of the claims is about EUR 750,000. The
decisions of the Court will be given in fall 2008.
Aspocomp Group Oyj announced on June 20, 2007 that with its decisions
of June 19, 2007 the French Supreme Court has upheld the former
decisions of the Rouen appellate court, announced in March 2005, in
the legal case initiated by Aspocomp S.A.S's former employees against
Aspocomp Group Oyj. Aspocomp Group Oyj was ordered to pay
approximately EUR 11 million, plus annual interest of about 7
percent, to former employees of Aspocomp S.A.S. The case relates to
the closing of the heavily unprofitable Aspocomp S.A.S. in 2002 and
the dismissals that ensued.
SALO PROPERTY LEASED BY ASPOCOMP SOLD IN FEBRUARY
The Örninkatu 15 plant property and its buildings in Salo, leased by
Aspocomp under an operating lease, have been sold. The transaction
price decreases Aspocomp's interest-bearing debts to Finnish bank
creditors by about EUR 6 million.
ASPOCOMP GROUP OYJ AGREES ON AMENDMENTS TO CONVERTIBLE DEBENTURE LOAN
I/2006
The meeting of Aspocomp Group Oyj's EUR 10,300,000 Debenture Loan
I/2006 bondholders decided upon amending the terms of the Debenture
Loan in such a manner that the interest on the loan falls due and
payable in one installment on December 1, 2011.
In addition, the company and the bondholders representing 85.92
percent of the Debenture Loan principal agreed upon amending the
terms of the Debenture Loan in such a manner that the principal and
interest accruing thereon falls due and payable in one installment on
December 1, 2013 (the "2013 Amendment Agreement"). 96.80 percent of
debtors have adhered to the Amendment Agreement by June 30, 2008.
Pursuant to the original loan terms the principal fell due and
payable on December 1, 2011 and the interest fell due and payable
twice a year.
Pursuant to the 2013 Amendment Agreement, on the basis of the
authorization granted by the Annual General Meeting on May 10, 2007,
the Board of Directors of the company will issue a maximum of
20,000,000 new stock options to those Debenture Loan I/2006
bondholders who have signed or will sign, by the date set by the
Board of Directors, the 2013 Amendment Agreement. To the extent that
all the Debenture Loan holders do not sign the 2013 Amendment
Agreement, the number of stock options will be reduced in the same
proportion. The exercise period for the shares commences immediately
upon the issuance of the stock options and terminates on October 31,
2013. The stock option holders may use the options for share
subscription only in the event that the company is placed in
corporate reorganization pursuant to the Corporate Reorganization Act
(47/1993, as amended), and the outstanding principal under the
Debenture Loan is reduced in such reorganization proceedings. In such
case, the stock options may be used for share subscription only to
the extent that the outstanding principal under the Debenture Loan is
reduced. In the opinion of the Board of Directors of the company,
there are important financial reasons for the company to issue the
stock options, because the issuance of the stock options will enable
the amendment of the Debenture Loan terms in such manner that the
interest and the principal shall not fall due before the year 2013.
The amendments of the Debenture Loan terms are necessary considering
the company's financial situation.
The subscription for the shares subscribed on the basis of the stock
options is EUR 0.00001 per share. The total aggregate subscription
price payable by each stock option holder is rounded upwards to the
nearest 10 cent. When determining the subscription price, the
relationship between the stock options and the 2013 Amendment
Agreement as well as the importance of the 2013 Amendment Agreement
to the company's financial situation have been taken into account. In
addition, particular emphasis has been placed on the fact that the
stock option holders may exercise the stock options for share
subscriptions only in the event that the company is placed in
corporate reorganization in accordance with the Corporate
Reorganization Act (47/1993, as amended), and the outstanding
principal under the Debenture Loan is reduced in such reorganization
proceedings. The purpose of the stock options is to compensate any
reductions in the loan receivables of the bondholders under the
Debenture Loan in corporate reorganization. Considering the
relationship to the 2013 Amendment Agreement, the company's financial
situation and the exercisability of the stock options only in
corporate reorganization, the Board of Directors considers the
subscription price to be appropriate.
In respect of the bondholders that sign the 2013 Amendment Agreement,
due to the deferral of repayment under the Debenture Loan, the
subscription period under the stock options issued in connection with
the Debenture Loan needs to be continued until October 31, 2013.
According to the 2013 Amendment Agreement, this will be accomplished
by the company issuing to the bondholders signing the 2013 Amendment
Agreement stock options in an amount corresponding to the number of
stock options currently held by them under the Debenture Loan, on the
same terms as the original stock options originally issued in
connection with the Debenture Loan except that the exercise period
under such new stock options commences at the expiry of the original
stock options on October 31, 2011 and ends on October 31, 2013
provided that the original stock options have not been exercised.
On April 2, 2008, The Board of Directors of Aspocomp Group Oyj
resolved to issue a maximum of 20,000,000 stock options as described
in more detail in the stock exchange release dated March 31, 2008.
ASPOCOMP'S ANNUAL GENERAL MEETING
The Annual General Meeting of Aspocomp Group Oyj, held on April 23,
2008 decided to amend the Articles of Association of the company,
authorized the Board of Directors to issue and/or grant, on the basis
of special rights, a maximum of 55,000,000 new shares, and to convey
and/or receive, on the basis of special rights, a maximum of 200,000
own shares held by the company and to issue stock options to the
present or future CEO of the company. In addition, the Annual General
Meeting decreased the number of Board members and remunerations of
the members of the Board. The Meeting also decided not to pay
dividends for the financial year 2007.
The Annual General Meeting decided to amend the Articles of
Association of the company such that the Board shall consist of no
fewer than three (3) and no more than eight (8) members and that the
company may be represented by the President and CEO alone. The new
Articles of Association can be read on the company's Internet site
under "Company Overview".
The Annual General Meeting decided that the number of Board members
is three and re-elected Mr. Johan Hammarén, Mr. Tuomo Lähdesmäki, and
Mr. Kari Vuorialho as Board members. The Meeting re-elected
PricewaterhouseCoopers Oy as the company's auditor for the financial
year 2008.
Annual remuneration of EUR 24,000 will be paid to the chairman of the
Board and EUR 12,000 to the members. The annual remuneration will be
paid such that 60 percent is paid in cash and the remaining 40
percent is used to buy shares in the company for conveyance 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 costs. The auditor will be paid
according to invoice.
The Annual General Meeting 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. A maximum of 200,000 own shares held by the
company can be conveyed and/or received on the basis of special
rights.
The new shares can be issued and the company's own shares conveyed
either against payment (rights issue) or for free (bonus issue) to
the company's shareholders in proportion to their holding, or by
means of a directed issue, waiving the pre-emptive subscription right
of shareholders, if there is a weighty financial reason for the
company to do so, such as the use of the shares as consideration in
acquisitions or other business arrangements, to finance investments
or as part of the company's incentive scheme. The directed issue can
be a bonus issue only if there is an especially weighty reason for
the company to do so, taking the interests of all shareholders into
account.
The authorization also includes the right to grant special rights, as
specified in Article 1 of Chapter 10 of the Companies Act, to receive
new shares in the company or Aspocomp shares held by the company
against payment such that either the share subscription price will be
paid in cash or the subscriber's receivables will be offset against
the subscription price.
In addition, the authorization includes the right to decide on a
bonus issue to the company itself such that the number of shares
issued to the company can amount to no more than one-tenth (1/10) of
all the company's shares. Own shares held by the company or its
subsidiaries will be included in this amount as specified in
paragraph 1, Article 11, Chapter 15 of the Companies Act.
The Board of Directors has the right to decide on other particulars
of the share issues and the granting of special rights. The
authorizations are valid for five (5) years from the date of the
decision of the Annual General Meeting. The new authorization cancels
the previous unexercised share issue authorizations.
The Annual General Meeting authorized the Board of directors to issue
stock options to the present or future Chief Executive Officer of
Aspocomp Group Oyj (CEO). The Annual General Meeting clarified the
terms and conditions to the effect that the stock options may be
distributed to the CEO in several installments as separately decided
by the Board. The Annual General Meeting further obligated the Board
to amend the terms and conditions with a view to improving the effect
of the stock option program.
The company has a weighty financial reason for the issue of stock
options, since the stock options are intended to form part of the
incentive and commitment program for the CEO. The purpose of the
stock options is to encourage the CEO to work on a long-term basis to
increase the shareholder value. The purpose of the stock options is
also to commit the CEO to the company.
The maximum total number of stock options issued is 5,520,000. The
stock options entitle him to subscribe for a maximum total of
5,520,000 new shares in the company or existing shares held by the
company. The stock options now issued can be exchanged for shares
constituting a maximum total of 10.0 percent of the company's shares
and the votes conferred by the shares, after the potential share
subscription, if new shares are issued in the share subscription.
The share subscription price of the stock option is EUR 0.10 and it
is based on the prevailing market price of the Aspocomp Group Oyj
share on the OMX Nordic Exchange Helsinki Oy in March 2008. The share
subscription price will be recorded in the invested non-restricted
equity fund.
The share subscription period for stock options 2008A will be April
1, 2010 - April 30, 2014, for stock options 2008B April 1, 2011 -
April 30, 2014, for stock options 2008C April 1, 2012 - April 30,
2014 and for stock options 2008D April 1, 2013 - April 30, 2014. The
CEO will, however, be entitled to subscribe for shares with all stock
options within thirty (30) days from the date when the company has
received the Confirmation of Acceptance concerning the stock options
from him. However, the subscribed shares cannot be freely transferred
and pledged until the share subscription period with the exercised
stock options has begun. If the service contract of the CEO
terminates before the beginning of the actual share subscription
period, the subscribed shares cannot be freely transferred and
pledged until six months have lapsed from the termination of the
service contract.
OUTLOOK FOR THE FUTURE
Aspocomp's main priority in 2008 is the restructuring of the Group.
The transaction with Meadville Holdings Limited strengthened the
liquidity of the Aspocomp Group, but further actions are needed to
secure liquidity and to finalize the restructuring.
The Aspocomp Group is expected to have full-year net sales of about
EUR 40 million in 2008 and a positive EBITDA due to more efficient
operations and the leaner cost structure.
ASSESSMENT OF BUSINESS RISKS
Significant indebtedness
Aspocomp Group's interest-bearing debt at June 30, 2008 amounted
according to the IFRS standards to a total of approximately EUR 38
million and according to nominal value to a total of approximately
EUR 41 million, from which Finnish interest bearing debts share was
approximately EUR 28 million. Aspocomp Group Oyj had in 2005 given a
parent company guarantee of THB 212 million to the Bangkok Bank as
collateral for the loans it had granted to Aspocomp Thailand Ltd. The
debt restructuring agreed with the Finnish banks restricts management
of the Group's centralized financing exclusively to Finland, which
means that the Thai plant will have to arrange its financing
independently. If Aspocomp Group Oyj does not obtain agreements on
debt restructuring with the Bangkok Bank, the operational stability
of Aspocomp will weaken.
Liquidity and financial risks
Because of the agreement on debt restructuring, management of the
liquidity risk of the operations in Finland is based on the cash
assets of the parent company and the cash flow generated by the Oulu
plant. The possibilities of the Thai plant to manage its liquidity
risk are rather limited, which occasionally has a highly significant
impact on the company's operations. If Aspocomp does not obtain
financing from Aspocomp Oulu Oy, or its associated company Meadville
Aspocomp Holdings in the form of dividends or other income, or other
ways of financing, to cover its expenses by 2013, the company may
ultimately become insolvent.
Litigations
With its decisions of June 19, 2007, the French Supreme Court upheld
the former decisions of the Rouen appellate court, announced in March
2005, in the legal case initiated by Aspocomp S.A.S's former
employees against Aspocomp Group Oyj, and ordered it to pay a total
of approximately EUR 11 million, including annual interest of about 7
percent, to 388 former employees of Aspocomp S.A.S. In addition to
these employees, 21 former employees of Aspocomp S.A.S. have brought
a suit against Aspocomp Group Oyj, and there is a risk that the
remaining approximately 100 employees may also institute proceedings.
In France, the statute of limitations for filing a suit is 30 years.
Financial Statements for year 2007 include more accurate description
of the company's risks. Financial Statement can be downloaded from
company's web pages.
ACCOUNTING POLICIES
The figures in this report have not been audited. 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 year financial statements dated have been applied
in the preparation of this interim report.
INCOME STATEMENT,
APRIL-JUNE 4-6/08 4-6/07
MEUR % MEUR %
NET SALES 9,3 100,0 10,0 100,0
Other operating income 0,9 9,4 0,4 3,7
Materials and services -4,6 -49,4 -4,0 -39,9
Personnel expenses -2,8 -29,9 -2,9 -29,0
Other operating expenses -2,3 -25,3 -13,3 -132,8
Depreciation and amortization -0,9 -9,2 -0,9 -9,0
OPERATING LOSS -0,4 -4,2 -10,7 -106,9
Financial income and expenses -0,7 -7,3 -2,9 -28,5
LOSS ON CONTINUING
OPERATIONS BEFORE TAX -1,1 -11,5 -13,6 -135,4
Taxes 0,0 0,0 -2,2 -21,9
LOSS ON CONTINUING
OPERATIONS -1,1 -11,5 -15,8 -157,3
LOSS ON DISCONTINUING
OPERATIONS 0,0 0,0 -24,5 -243,6
LOSS FOR THE PERIOD -1,1 -11,5 -40,2 -400,9
Attributable to:
minority interests 0,1 0,6 0,0 0,0
equity shareholders -1,1 -12,1 -40,2 -400,9
INCOME STATEMENT,
JANUARY-JUNE 1-6/08 1-6/07 1-12/07
MEUR % MEUR % MEUR %
NET SALES 19,4 100,0 22,1 100,0 42,4 100,0
Other operating income 1,8 9,2 0,8 3,6 1,6 3,7
Materials and services -9,1 -46,9 -10,4 -47,2 -18,5 -43,6
Personnel expenses -5,8 -30,0 -6,1 -27,8 -13,3 -31,4
Other operating expenses -4,9 -25,1 -16,7 -75,5 -24,3 -57,4
Depreciation and amortization -1,8 -9,1 -1,8 -8,0 -3,7 -8,6
OPERATING LOSS -0,4 -1,9 -12,1 -54,9 -15,8 -37,3
Financial income and expenses -1,1 -5,8 -3,7 -16,9 -5,2 -12,3
LOSS ON CONTINUING
OPERATIONS BEFORE TAX -1,5 -7,8 -15,9 -71,8 -21,0 -49,6
Taxes 0,0 0,0 -2,2 -10,0 -2,2 -5,2
LOSS ON CONTINUING
OPERATIONS -1,5 -7,8 -18,1 -81,7 -23,2 -54,8
LOSS ON DISCONTINUING
OPERATIONS 0,0 0,0 -29,9 -135,4 -41,7 -98,1
LOSS FOR THE PERIOD -1,5 -7,8 -48,0 -217,2 -64,9 -152,9
Attributable to:
minority interests 0,1 0,7 0,4 1,8 0,4 0,9
equity shareholders -1,6 -8,5 -48,4 -219,0 -65,3 -153,8
Earnings per share from
continuing operations
Basic earnings per share -0,03 -0,36 -0,54
Diluted earnings per share -0,03 -0,36 -0,54
Earnings per share from
discontinued operations
Basic earnings per share 0,00 -0,60 -0,95
Diluted earnings per share 0,00 -0,60 -0,95
CONSOLIDATED BALANCE SHEET
6/08 6/07 Change 12/07
ASSETS MEUR MEUR % MEUR
NON-CURRENT ASSETS
Intangible assets 3,3 24,9 -86,7 3,4
Tangible assets 11,4 73,4 -84,5 20,3
Investments in
associated companies 15,3 0,1 21 803,3 16,9
Investment property 2,4 2,8 -14,9 2,9
Available for sale
investments 0,0 0,5 -90,8 0,1
Deferred income tax assets 0,0 1,1 -100,0 0,0
Other long-term receivables 2,5 4,2 -42,1 0,0
TOTAL NON-CURRENT ASSETS 35,0 107,0 -67,3 43,5
CURRENT ASSETS
Inventories 4,5 17,0 -73,5 6,6
Short-term receivables 9,6 15,0 -35,8 10,5
Cash and bank deposits 4,8 29,6 -83,8 8,4
TOTAL CURRENT ASSETS 18,9 61,6 -69,2 25,5
TOTAL ASSETS 53,9 168,6 -68,0 69,0
SHAREHOLDERS' EQUITY
AND LIABILITIES
Share capital 20,1 20,1 0,0 20,1
Share premium fund 27,9 27,9 0,0 27,9
Treasury shares -0,8 -0,8 0,0 -0,8
Special reserve fund 46,0 46,0 0,0 46,0
Revaluation and other funds 0,1
Funds for investments for
non-restricted equity 23,9 27,3 -12,7 23,9
Retained earnings -114,8 -98,6 16,4 -112,4
Equity attributable
to shareholders 2,3 22,0 -89,7 4,7
Minority interest 0,8 0,0 0,7
TOTAL EQUITY 3,1 22,0 -86,0 5,4
Long-term borrowings 24,7 59,5 -58,5 30,7
Provisions 1,3 0,6 102,8 1,5
Short-term borrowings 13,5 32,7 -58,6 16,7
Trade and other payables 11,3 53,8 -79,0 14,6
TOTAL LIABILITIES 50,8 146,6 -65,3 63,5
TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES 53,9 168,6 -68,0 69,0
CONSOLIDATED CHANGES IN EQUITY,
JANUARY-JUNE
Funds
for
in-
vest-
Re- ments Trans-
Spe- valu- of lation
Share cial ation non- Trea- dif- Ret- Mino-
Share pre- re- and rest- sury fer- ained rity Total
capi- mium serve other ricted sha- en- earn- inte- equi-
tal fund fund funds equity res ces ings rests ty
Balance
at
31.12.07 20,1 27,9 46,0 0,0 23,9 -0,8 -0,9 -111,5 0,7 5,4
Trans-
lation
differ-
ences -0,8 -0,8
Loss
for the
period -1,7 0,1 -1,6
Balance
at
30.6.08 20,1 27,9 46,0 0,0 23,9 -0,8 -1,7 -113,2 0,8 3,1
Funds
for
in- vest-
Re- ments Trans-
Spe- valu- of lation
Share cial ation non- Trea- dif- Ret- Mino-
Share pre- re- and rest- sury fer- ained rity Total
capi- mium serve other ricted sha- en- earn- inte- equi-
tal fund fund funds equity res ces ings rests ty
Balance
at
31.12.06 20,1 27,9 46,0 0,0 1,9 -0,8 -4,8 -45,7 23,7 68,3
Share
issue 22,0 22,0
Trans-
lation
differ-
ences 0,1 0,5 -0,6 0,0
Loss
for the
period -45,8 -45,8
Purchase
of
minority
interest -23,7 -23,7
Balance
at
30.6.07 20,1 27,9 46,0 0,1 23,9 -0,8 -4,3 -92,1 0,0 20,8
CONSOLIDATED CASH FLOW STATEMENT, 1-6/08 1-6/07 1-12/07
JANUARY-JUNE MEUR MEUR MEUR
Loss for the period -1,6 -45,4 -65,3
Adjustments 2,4 28,9 40,6
Change in working capital -3,3 18,8 6,1
Received interest income and dividends 0,2 1,1 1,5
Paid interest expenses -0,6 -5,4 -8,4
Paid taxes 0,0 -0,2 -0,3
Operational cash flow -3,0 -2,1 -25,8
Purchases of property, plant and equipment -0,9 -48,7 -49,4
Proceeds from sale of property, plant and
equipment 6,8 4,6 55,8
Cash flow from investments 5,9 -44,1 6,4
Share issue 0,0 22,0 22,0
Decrease in financing -6,5 0,0 -71,3
Increase in financing 0,0 31,1 54,7
Cash flow from financing -6,5 53,1 5,4
Change in cash and cash equivalents -3,6 -6,9 -14,0
Cash and cash equivalents
at the beginning of period 8,4 22,7 22,7
Currency exchange differences 0,0 0,0 -0,4
Cash and cash equivalents
at the end of period 4,8 29,6 8,4
KEY FINANCIAL INDICATORS 6/08 6/07
Equity per share, EUR 0,06 0,44
Equity ratio, % 7,2 13,0
Gearing, % 857,7 340,8
Earnings per share from
continuing operations
Basic and diluted earnings
per share -0,03 -0,36
Earnings per share from
discontinued operations
Basic and diluted earnings
per share 0,00 -0,60
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
__________________________________________
Average number of shares during period
All figures are unaudited.
Espoo, August 14, 2008
ASPOCOMP GROUP OYJ
Board of Directors
Isto Hantila
President and CEO
For further information, please contact Isto Hantila, CEO, tel. +358
9 591 8342.
Distribution:
The Nordic Exchange
Major media
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 and to continue to expand its business outside
the European market.