Espoo, Finland, 2013-04-23 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Interim Report, April 23, 2013 at 9:00 a.m.
Key figures 1-3/2013 in brief
- Net sales: EUR 4.9 million (EUR 6.4 million 1-3/2012)
- Operating result before depreciation (EBITDA): EUR -0.4 million (0.8)
- Operating profit (EBIT): EUR -0.7 million (0.4)
- Earnings per share (EPS): EUR -0.12 (0.07)
- Operational cash flow: EUR 0.3 million (0.1)
Net sales in 2013 are expected to amount to EUR 22-26 million and operating result to EUR 0.0-1.2 million.
CEO’S REVIEW
“At the beginning of 2013, demand remained as weak as it had been throughout the second half of 2012. There were, however, cautious signs of recovery to be seen, with the exception of the telecommunications sector. Our net sales decreased clearly from the comparison period, but remained on a par with the previous quarter at EUR 4.9 million. The operating result, EUR -0.7 million, was a disappointment and we have initiated measures in case demand recovery will be delayed.
Cash flow from operations during the period was EUR 0.3 million. Aspocomp’s gearing ratio is negative and the financial ratio is good, safeguarding the company’s operations despite the economic downturn.
We still expect demand to pick up in the second and third quarters of 2013, including the telecommunications sector, which is an important sector for Aspocomp. However, due to the slow recovery, we have adjusted our forecasts for full-year net sales and operating profit slightly downward.”
THE GROUP’S KEY FIGURES
| 1-3/13 | 1-3/12 | Change | 1-12/12 | ||
| Net sales, M€ | 4.9 | 6.4 | -23 | % | 23.4 |
| EBITDA, M€ | -0.4 | 0.8 | -1.2 | M€ | 2.1 |
| Operating profit, M€ | -0.7 | 0.4 | -1.2 | M€ | 0.6 |
| % of net sales | -15% | 7% | -22 | ppts | 3% |
| Pre-tax profit, M€ | -0.7 | 0.4 | -1.2 | M€ | 0.6 |
| % of net sales | -15% | 7% | -22 | ppts | 3% |
| Profit/loss for the period, M€ | -0.7 | 0.4 | -1.2 | M€ | 3.8 |
| % of net sales | -15% | 7% | -22 | ppts | 16% |
| Earnings per share, € | -0.12 | 0.07 | -0.19 | € | 0.60 |
| Investments, M€ | 0.4 | 0.2 | 0.2 | M€ | 1.4 |
| % of net sales | 8.4% | 3.3% | 5.1 | ppts | 6.1% |
| Cash, end of the period | 1.7 | 2.6 | -0.9 | M€ | 2.0 |
| Equity / share, € | 2.12 | 1.72 | 0.4 | € | 2.23 |
| Equity ratio, % | 72% | 63% | 9 | ppts | 73% |
| Gearing, % | -10% | -15% | 4 | ppts | -11% |
| Personnel, end of the period | 153 | 149 | 4 | persons | 150 |
First-quarter net sales amounted to EUR 4.9 million, a year-on-year decrease of 23 percent. The five largest customers accounted for 66 percent of net sales (67% 1-3/2012). In geographical terms, 88 percent of net sales were generated in Europe (96%) and 12 percent in Asia (4%).
The level of demand remained challenging. In particular, telecom infrastructure segment net sales were well below the budgeted figure. The net sales of the other segments were in line with the cautious estimates for the first quarter.
The operating result was EUR -0.7 million (EUR 0.4 million 1-3/2012). Both plants operated at low capacity utilization rates, which caused decrease in profitability. In addition, the operating result was affected by quality costs amounting to about EUR 0.1 million. The company has initiated measures to reduce costs.
Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million). Earnings per share were EUR -0.12 (EUR 0.07).
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 22-26 million and operating result to EUR 0.0-1.2 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 – March 31, 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
www.aspocomp.com
Aspocomp: Providing design flexibility
Aspocomp Group Plc provides services for the design and manufacture of high-tech PCBs. Aspocomp's products are used in the electronics industry, for instance, in telecommunications networks, automobiles and many types of industrial applications.
