Aspocomp Group Plc., Financial statements release, February 26, 2010 at 9:00 AM
ASPOCOMP'S FINANCIAL STATEMENTS 2009
Key figures in brief
- Net sales: EUR 13.2 million (EUR 20.7 million 1-12/2008)
- Operating profit before depreciation (EBITDA): EUR -0.5 million (2.2)
- Operating profit (EBIT): EUR -1.7 million (0.5)
- Earnings per share (EPS) from continuing operations: EUR -0.05 (-0.06)
- Cash flow from operations: EUR 0.9 million (-2.2)
Key figures for 10-12/2009 in brief
- Net sales: EUR 4.2 million (EUR 4.4 million 10-12/2008)
- Operating profit before depreciation (EBITDA): EUR 0.7 million (0.5)
- Operating profit (EBIT): EUR 0.4 million (0.1)
- Earnings per share (EPS) from continuing operations: EUR 0.00 (EUR -0.03)
Thanks to the improvement in demand, it is expected that net sales will grow and
the operating result for 2010 will be in the black.
PRESIDENT AND CEO'S REVIEW
“Although 2009 was a tough year, the final quarter was favorable. Toward the end
of the year, demand improved intermittently, and in 2010 we expect it to remain
higher than last year.
Net sales and earnings during the year now ended were disappointing. However,
thanks to tight cost control and the stringent management of receivables, our
cash flow after investments remained in the black and our liquidity was good.
The global recession has had a twofold impact on demand. Due to the decline in
electronics manufacturing volumes, the need for quick-turn deliveries decreased.
On the other hand, low demand drives volume manufacturers to compete with faster
delivery times and smaller delivery volumes. We're starting out 2010 with
brighter prospects and seek to pursue growth in net sales and a positive
operating result.”
NET SALES AND EARNINGS
Net sales for the financial year amounted to EUR 13.2 million, representing a
comparable year-on-year decline of about 36 percent. The five largest customers
accounted for 72 percent of net sales, compared with 74 percent in 2008. In
geographical terms, 81 percent of net sales were generated in Europe (81% in
2008), 14 percent in Asia (8.5%) and 5 percent in other regions (10.5%).
The operating result for the financial year was a loss of EUR 1.7 million, as
against a profit of EUR 0.5 million in 2008. The operating result was weakened
by the substantial decline in demand that lasted until the third quarter. The
company continued to take steps until the third quarter to adjust its cost
structure in line with both its size and the lower demand. Non-recurring costs
due to downscaling measures, pension liabilities and credit losses totaled
slightly over EUR 0.5 million. That said, earlier provisions in almost the same
amount were reversed during the financial year.
The Group's net financial expenses were EUR -1.0 million (-2.9). The result for
the financial year was EUR -2.5 million (-2.5) and earnings per share were EUR
-0.05 (-0.06).
NET SALES AND EARNINGS IN OCTOBER-DECEMBER
Fourth-quarter net sales amounted to EUR 4.2 million, down 2.8 percent on 2008.
The five largest customers accounted for 71 percent of net sales (71%).
The operating result was EUR 0.4 million, while it was EUR 0.1 million in 2008.
Earnings improved thanks to better demand and the cost structure adjustments
implemented earlier during the financial year.
The Group's net financial expenses amounted to EUR -0.3 million (-1.7). The
result for the review period was EUR 0.1 million (2.3) and earnings per share
were EUR 0.00 (-0.03).
INVESTMENTS AND R&D
Investments amounted to EUR 0.8 million (EUR 1.4 million 1-12/2008).
Investments and R&D focused on developing technical capabilities. Two new
surfacing processes were introduced during the financial year. They enable the
manufacture of even more complex multilayer structures and denser circuit
patterns.
R&D costs are recognized in overhead.
FINANCING
The Group's financial position remained challenging, but stable. Cash assets
amounted to EUR 3.0 million at the end of the period (EUR 4.3 million 12/2008).
Cash flow from operations during the financial year was EUR 0.9 million (EUR
-2.2 million 1-12/2008).
The nominal value of interest-bearing liabilities was EUR 24.3 million (EUR 25.6
million 12/2008). Gearing rose to 607.1 percent (329.8%). Non-interest-bearing
liabilities amounted to EUR 6.1 million (6.3).
The Group's equity ratio at the end of the period stood at 10.0 percent (16.1%).
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.
The figures of Aspocomp Oulu Oy and the parent company Aspocomp Group Plc. are
consolidated in the Group's profit and loss statement.
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. An error was discovered during the
preparation of the 2009 financial statements. Aspocomp's investment in MAH had
been erroneously presented as an associated company in the 2008 financial
statements. The error was corrected retroactively in accordance with IAS 8. In
the 2009 financial statements, the investment is presented under loans and other
receivables. This change has no profit impact.
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 16.2 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).
The financial performance of MAH thus does not impact on the value of Aspocomp's
investment.
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. For
more information on the transaction and its terms, see Meadville's press release
at: www.meadvillegroup.com/announcements.html.
Meadville's 80 percent stake in MAH and 10 percent holding in Aspocomp Oulu Oy
are included in this deal.
In addition, Aspocomp holds a 13.2 percent share in the Thai company PCB Center
and a 5.3 percent share in Imbera Electronics. The company's holding in PCB
Center declined from 14.1 to 13.2 percent due to an equity increase in the last
quarter of 2009.
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 3.9
million negative at the end of the fourth quarter. However, the shareholders'
equity of Aspocomp Group was EUR 3.1 million positive.
SHARES AND SHARE CAPITAL
The total number of Aspocomp's shares at December 31, 2009 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 44 702 649 Aspocomp Group Plc. shares were traded on NASDAQ OMX
Helsinki during the period from January 1 to December 31, 2009. The aggregate
value of the shares exchanged was EUR 6 353 223. The shares traded at a low of
EUR 0.05 and a high of EUR 0.24. The average share price was EUR 0.14. The
closing price at December 31, 2009 was EUR 0.13, which translates into market
capitalization of EUR 6 487 667.
Nominee-registered shares accounted for 4.7 percent of the total shares.
PERSONNEL
During the period, Aspocomp had an average of 101 employees (140). The personnel
count on December 31, 2009 was 96 (115). Of them, 67 (80) were non-salaried and
29 (35) salaried employees.
DECISIONS OF THE ANNUAL GENERAL MEETING
The Annual General Meeting of Aspocomp Group Plc. held on April 21, 2009
re-elected the current Board and decided that the remunerations of the members
of the Board will remain the same as in 2008. 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 2009 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 such
that Articles 6 and 12 were deleted as unnecessary and the new Article 10 was
amended to read as follows: “Article 10 The notice of meeting shall be delivered
to the shareholders at the earliest three (3) months and at the latest
twenty-one (21) days prior to the General Meeting by publishing the notice on
the company's website and, should the Board of Directors so decide, in one
widely circulated newspaper specified by the Board.”
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).
MANAGEMENT
Sami Holopainen, Lic.Sc. (Tech.), was appointed as CFO as from May 1, 2009, due
to the retirement of Pertti Vuorinen.
On June 21, Sami Holopainen was appointed as President and CEO. The previous
President and CEO, Isto Hantila, M.Sc. (Eng.), continued to serve the company
until the end of August.
ASSESSMENT OF BUSINESS RISKS
Significant indebtedness
The Aspocomp Group's interest-bearing liabilities at December 31, 2009 had a
nominal value of about EUR 24.3 million and amounted to about EUR 22.1 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. However, thanks to the improvement in
demand, it is expected that net sales will grow and the operating result for
2010 will be in the black.
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.
CORPORATE GOVERNANCE STATEMENT
Aspocomp has prepared a Corporate Governance Statement in line with
Recommendation 51 of the Finnish Corporate Governance Code for listed companies,
which was issued by the Securities Market Association. The CG Statement for 2009
is published separately from the Report of the Board of Directors on the
company's Internet site at www.aspocomp.com/raportit. It will also be published
as part of the company's Annual Report. The CG Statement is available in Finnish
only.
PUBLICATION OF THE FINANCIAL STATEMENTS AND REPORT OF THE BOARD OF DIRECTORS
Aspocomp's financial statements and the Report of the Board of Directors for
2009 will be released in full with the Annual Report on Friday, March 19, 2010.
BOARD OF DIRECTORS' DIVIDEND PROPOSAL AND GENERAL MEETING
The Board of Directors will propose to the Annual General Meeting to be held on
April 13, 2010, that no dividend be paid for the financial year January 1, 2009
- December 31, 2009.
TABLES AND ACCOUNTING POLICIES
In this bulletin, the Group's business operations are divided into continuing as
well as divested and discontinued operations in line with IFRS. Continuing
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. Aspocomp's financial statements bulletin 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, 2008 have been applied in the preparation of this report. However,
as of January 1, 2009 the company has applied the following new or modified
standards:
- IAS 1 Presentation of Financial Statements - amended
- IFRS 8 Operating Segments
The amendments to IAS 1 change the structure of the Profit & Loss and Changes in
Equity statements. IFRS 8 does not impact on any of the financial information
presented.
--------------------------------------------------------------------------------
| PROFIT & LOSS STATEMENT, JANUARY-DECEMBER | 1-12/09 | | 1-12/08 |
--------------------------------------------------------------------------------
| | 1000 e | % | 1000 e | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | 13 161 | 100.0 | 20 682 | 100.0 |
--------------------------------------------------------------------------------
| Other operating income | 238 | 1.8 | 1 616 | 7.8 |
--------------------------------------------------------------------------------
| Materials and services | -4 323 | -32.8 | -8 706 | -42.1 |
--------------------------------------------------------------------------------
| Personnel expenses | -5 575 | -42.4 | -6 218 | -30.1 |
--------------------------------------------------------------------------------
| Other operating costs | -4 026 | -30.6 | -5 145 | -24.9 |
--------------------------------------------------------------------------------
| Depreciation and amortization | -1 145 | -8.7 | -1 686 | -8.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | -1 670 | -12.7 | 543 | 2.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and expenses | -969 | -7.4 | -2 896 | -14.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS ON CONTINUING | -2 639 | -20.1 | -2 353 | -11.4 |
| OPERATIONS BEFORE TAX | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | 136 | 1.0 | -145 | -0.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss on continuing | -2 503 | -19.0 | -2 498 | -12.1 |
| operations | | | | |
--------------------------------------------------------------------------------
| Profit/loss on discontinued | 0 | 0.0 | 2 839 | 13.7 |
| operations | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE PERIOD | -2 503 | -19.0 | 341 | 1.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Translation differences | 10 | 0.1 | 176 | 0.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR | -2 493 | -18.9 | 517 | 2.5 |
| THE PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the period attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Minority interests | 12 | 0.1 | 270 | 1.3 |
--------------------------------------------------------------------------------
| Equity shareholders | -2 515 | -19.1 | 71 | 0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Minority interests | 12 | 0.1 | 270 | 1.3 |
--------------------------------------------------------------------------------
| Equity shareholders | -2 505 | -19.0 | 247 | 1.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share from | | | | |
| continuing operations | | | | |
--------------------------------------------------------------------------------
| Basic EPS | | -0.05 | | -0.06 |
--------------------------------------------------------------------------------
| Diluted EPS | | -0.05 | | -0.06 |
--------------------------------------------------------------------------------
| Earnings per share from | | | | |
| discontinued operations | | | | |
--------------------------------------------------------------------------------
| Basic EPS | | 0.00 | | 0.06 |
--------------------------------------------------------------------------------
| Diluted EPS | | 0.00 | | 0.06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OCTOBER-DECEMBER | | 10-12/09 | | 10-12/08 |
--------------------------------------------------------------------------------
| | 1000 e | % | 1000 e | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | 4 249 | 100.0 | 4 370 | 100.0 |
--------------------------------------------------------------------------------
| Other operating income | 62 | 1.5 | 57 | 1.3 |
--------------------------------------------------------------------------------
| Materials and services | -1 289 | -30.3 | -1 599 | -36.6 |
--------------------------------------------------------------------------------
| Personnel expenses | -1 297 | -30.5 | -954 | -21.8 |
--------------------------------------------------------------------------------
| Other operating costs | -1 041 | -24.5 | -1 380 | -31.6 |
--------------------------------------------------------------------------------
| Depreciation and amortization | -301 | -7.1 | -406 | -9.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | 382 | 9.0 | 87 | 2.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and expenses | -296 | -7.0 | -1 708 | -39.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS ON CONTINUING | 86 | 2.0 | -1 621 | -37.1 |
| OPERATIONS BEFORE TAX | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -5 | -0.1 | -2 | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss on continuing | 80 | 1.9 | -1 623 | -37.1 |
| operations | | | | |
--------------------------------------------------------------------------------
| Profit/loss on discontinued | 0 | 0.0 | 3 930 | 89.9 |
| operations | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE PERIOD | 80 | 1.9 | 2 307 | 52.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income | | | | |
--------------------------------------------------------------------------------
| Translation differences | 0 | 0.0 | -650 | -14.9 |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR | 80 | 1.9 | 1 657 | 37.9 |
| THE PERIOD | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the period attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Minority interests | 67 | 1.6 | 51 | 1.2 |
--------------------------------------------------------------------------------
| Equity shareholders | 13 | 0.3 | 2 256 | 51.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income attributable | | | |
| to: | | | |
--------------------------------------------------------------------------------
| Minority interests | 67 | 1.6 | 51 | 1.2 |
--------------------------------------------------------------------------------
| Equity shareholders | 13 | 0.3 | 1 606 | 36.8 |
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--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | 12/09 | 12/08 | Change, |
--------------------------------------------------------------------------------
| | 1000 e | 1000 e | % |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | 3 000 | 3 037 | -1.2 |
--------------------------------------------------------------------------------
| Tangible assets | 3 066 | 3 462 | -11.4 |
--------------------------------------------------------------------------------
| Available for sale investments | 44 | 44 | 0.0 |
--------------------------------------------------------------------------------
| Other non-current receivables | 16 217 | 15 831 | 2.4 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 22 327 | 22 374 | -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 1 963 | 2 089 | -6.0 |
--------------------------------------------------------------------------------
| Short-term receivables | 4 058 | 6 034 | -32.7 |
--------------------------------------------------------------------------------
| Cash and bank deposits | 3 038 | 4 255 | -28.6 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 9 059 | 12 378 | -26.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 31 386 | 34 752 | -9.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | 20 082 | 20 082 | 0.0 |
--------------------------------------------------------------------------------
| Share premium | 27 918 | 27 918 | 0.0 |
--------------------------------------------------------------------------------
| Treasury shares | -758 | -758 | 0.0 |
--------------------------------------------------------------------------------
| Special reserve | 45 989 | 45 989 | 0.0 |
--------------------------------------------------------------------------------
| Reserve for invested non-restricted | 23 885 | 23 885 | 0.0 |
| equity | | | |
--------------------------------------------------------------------------------
| Retained earnings | -114 678 | -112 173 | 2.2 |
--------------------------------------------------------------------------------
| Equity attributable to shareholders | 2 438 | 4 943 | -50.7 |
--------------------------------------------------------------------------------
| Minority interest | 706 | 694 | 1.7 |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 3 143 | 5 637 | -44.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Long-term financing loans | 21 878 | 22 480 | -2.7 |
--------------------------------------------------------------------------------
| Provisions | 319 | 311 | 2.6 |
--------------------------------------------------------------------------------
| Short-term financing loans | 242 | 367 | -34.2 |
--------------------------------------------------------------------------------
| Trade and other payables | 5 804 | 5 957 | -2.6 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 28 243 | 29 115 | -3.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY AND | 31 386 | 34 752 | -9.7 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CHANGES IN EQUITY, | | | | | |
| JANUARY-DECEMBER | | | | | |
--------------------------------------------------------------------------------
| 1000 e | | | | | | | | | |
--------------------------------------------------------------------------------
| | Equity attributable to the shareholders of the parent | |
| | company | |
--------------------------------------------------------------------------------
| | Shar | Shar | Othe | Own | Trans | Retai | Total | Mino | Total |
| | e | e | r | shar | latio | ned | | rity | equit |
| | capi | prem | rese | es | n | earni | | inte | y |
| | tal | ium | rve | | diffe | ngs | | rest | |
| | | | | | rence | | | s | |
| | | | | | s | | | | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -19 | -112 | 4 943 | 694 | 5 637 |
| at 1.1.09 | 082 | 918 | 874 | | | 154 | | | |
--------------------------------------------------------------------------------
| Comprehensive income | | | 10 | -2 | -2 | 12 | -2 |
| for the period | | | | 515 | 505 | | 494 |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -9 | -114 | 2 438 | 706 | 3 143 |
| at | 082 | 918 | 874 | | | 669 | | | |
| 31.12.09 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | | | | | |
--------------------------------------------------------------------------------
| | Equity attributable to the shareholders of the parent | |
| | company | |
--------------------------------------------------------------------------------
| | Shar | Shar | Othe | Own | Trans | Retai | Total | Mino | Total |
| | e | e | r | shar | latio | ned | | rity | equit |
| | capi | prem | rese | es | n | earni | | inte | y |
| | tal | ium | rve | | diffe | ngs | | rest | |
| | | | | | rence | | | s | |
| | | | | | s | | | | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -1 | -111 | 4 696 | 742 | 5 438 |
| at 1.1.08 | 082 | 918 | 874 | | 379 | 041 | | | |
--------------------------------------------------------------------------------
| Correction of error in previous | 1 185 | -1 | 0 | | 0 |
| financial periods | | 185 | | | |
--------------------------------------------------------------------------------
| Adjusted | 20 | 27 | 69 | -758 | -195 | -112 | 4 696 | 742 | 5 438 |
| equity | 082 | 918 | 874 | | | 226 | | | |
| 1.1.08 | | | | | | | | | |
--------------------------------------------------------------------------------
| Comprehensive income | | | 176 | 71 | 247 | 270 | 517 |
| for the period | | | | | | | |
--------------------------------------------------------------------------------
| Minority | | | | | | | | -317 | -317 |
| interest | | | | | | | | | |
--------------------------------------------------------------------------------
| Balance | 20 | 27 | 69 | -758 | -19 | -112 | 4 943 | 694 | 5 637 |
| at | 082 | 918 | 874 | | | 154 | | | |
| 31.12.08 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT, | | |
| JANUARY-DECEMBER | | |
--------------------------------------------------------------------------------
| 1000 e | 1-12/09 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | -2 503 | 341 |
--------------------------------------------------------------------------------
| Adjustments | 1 999 | -533 |
--------------------------------------------------------------------------------
| Change in working capital | 1 404 | -1 522 |
--------------------------------------------------------------------------------
| Received interest income and dividends | 17 | 302 |
--------------------------------------------------------------------------------
| Paid interest expenses | -37 | -761 |
--------------------------------------------------------------------------------
| Paid taxes | -3 | -2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operational cash flow | 877 | -2 175 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | -819 | -1 443 |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 99 | 8 420 |
| equipment | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments | -720 | 6 977 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Decrease in financing | -1 375 | -8 919 |
--------------------------------------------------------------------------------
| Increase in financing | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | -1 375 | -8 919 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -1 217 | -4 118 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of | 4 255 | 8 373 |
| period | | |
--------------------------------------------------------------------------------
| Currency exchange differences | 0 | 0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of period | 3 038 | 4 255 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reference figures include divested and discontinued operations. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FINANCIAL INDICATORS | 12/09 | 12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share, EUR | 0.05 | 0.10 |
--------------------------------------------------------------------------------
| Equity ratio, % | 10.0 | 16.1 |
--------------------------------------------------------------------------------
| Gearing, % | 607.1 | 329.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) from continuing operations | -0.05 | -0.06 |
| Basic and diluted EPS, EUR | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) from discontinued operations | 0.00 | 0.06 |
| Basic and diluted EPS, EUR | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES | | |
--------------------------------------------------------------------------------
| 1000 e | 12/09 | 12/08 |
--------------------------------------------------------------------------------
| Mortgages given for | | |
--------------------------------------------------------------------------------
| security for liabilities | 15 400 | 15 400 |
--------------------------------------------------------------------------------
| Operating lease liabilities | 8 | 100 |
--------------------------------------------------------------------------------
| Other liabilities | 100 | 100 |
--------------------------------------------------------------------------------
| Total | 15 508 | 15 600 |
--------------------------------------------------------------------------------
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, February 26, 2010
Aspocomp Group Plc.
Board of Directors
For further information, please contact Sami Holopainen, CEO, tel. +358 400 487
180.
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.
