Aspocomp Group Oyj — Financial Supplement Data 2018

Apr 19, 2018

ASPOCOMP

Aspocomp Group Plc's restated financial information

Comparisons between IFRS 15 restated financial information and previously reported financial reports for 2017 are presented in the following tables.

PROFIT & LOSS STATEMENT

| | Restated
1 000 € | 1-3/2017 | Impact
IFRS 9
1.1.-31.3.
2017 | Impact
IFRS 15
1.1.-31.3.
2017 | Reported
1-3/2017 |
| --- | --- | --- | --- | --- | --- |
| Net sales | 5,885 | 100% | 0 | 215 | 5,669 |
| Other operating income | 19 | 0% | 0 | 0 | 19 |
| Materials and services | -2,650 | -45% | 0 | -147 | -2,502 |
| Personnel expenses | -1,536 | -26% | 0 | 0 | -1,536 |
| Other operating costs | -1,189 | -20% | -10 | 0 | -1,180 |
| Depreciation and amortization | -279 | -5% | 0 | 0 | -279 |
| Operating result | 249 | 4% | -10 | 68 | 191 |
| Financial income and expenses | -12 | 0% | 0 | 0 | -12 |
| Profit/loss before tax | 237 | 4% | -10 | 68 | 179 |
| Income taxes | -2 | 0% | 0 | 0 | -2 |
| Profit/loss for the period | 236 | 4% | -10 | 68 | 177 |
| Other comprehensive income | | | | | |
| Items that will not be reclassified to profit or loss | 0 | 0% | 0 | 0 | 0 |
| Items that may be reclassified subsequently to profit or loss: | | | | | |
| Currency translation differences | 1 | 0% | 0 | 0 | 1 |
| Total other comprehensive income | 1 | 0% | 0 | 0 | 1 |
| Total comprehensive income | 236 | 4% | -10 | 68 | 178 |
| Earnings per share (EPS) | | | | | |
| Basic EPS | 0.04 € | | | | 0.03 € |
| Diluted EPS | 0.04 € | | | | 0.03 € |

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PROFIT & LOSS STATEMENT

	Restated	Impact	Impact
			IFRS 9	IFRS 15
	1.4.-30.6.		1.4.-30.6.
Net sales	5,721	100%	0	131	5,591	100%
Other operating income	2	0%	0	0	2	0%
Materials and services	-2,639	-46%	0	-98	-2,541	-45%
Personnel expenses	-1,643	-29%	0	0	-1,643	-29%
Other operating costs	-1,077	-19%	-1	0	-1,076	-19%
Depreciation and amortization	-271	-5%	0	3	-271	-5%
Operating result	94	2%	-1	33	62	1%
Financial income and expenses	-13	0%	0	0	-13	0%
Profit/loss before tax	81	1%	-1	33	50	1%
Income taxes	-2	0%	0	0	-2	0%
Profit/loss for the period	79	1%	-1	33	48	1%
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0	0%
Items that may be reclassified subsequently to profit or loss:
Currency translation differences	5	0%	0	0	5	0%
Total other comprehensive income	5	0%	0	0	5	0%
Total comprehensive income	84	1%	-1	33	53	1%
Earnings per share (EPS)
Basic EPS	0.01 €				0.01 €
Diluted EPS	0.01 €				0.01 €

ASPOCOMP

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PROFIT & LOSS STATEMENT

	Restated		Impact IFRS 9 1.1.-30.6. 2017	Impact IFRS 15 1.1.-30.6. 2017	Reported
	1 000 €	1-6/2017			1-6/2017
Net sales	11,606	100%	0	346	11,260	100%
Other operating income	21	0%	0	0	21	0%
Materials and services	-5,289	-46%	0	-245	-5,043	-45%
Personnel expenses	-3,179	-27%	0	0	-3,179	-28%
Other operating costs	-2,267	-20%	-11	0	-2,255	-20%
Depreciation and amortization	-549	-5%	0	0	-549	-5%
Operating result	343	3%	-11	101	253	2%
Financial income and expenses	-25	0%	0	0	-25	0
Profit/loss before tax	319	3%	-11	101	229	2%
Income taxes	-3	0%	0	0	-3	0%
Profit/loss for the period	315	3%	-11	101	225	2%
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0	0%
Items that may be reclassified subsequently to profit or loss:
Currency translation differences	5	0%	0	0	5	0%
Total other comprehensive income	5	0%	0	0	5	0%
Total comprehensive income	320	3%	-11	101	230	2%
Earnings per share (EPS)
Basic EPS	0.05 €				0.04 €
Diluted EPS	0.05 €				0.04 €

ASPOCOMP

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4

PROFIT & LOSS STATEMENT

	Restated	Impact IFRS 9 1.7.-30.9. 2017	Impact IFRS 15 1.7.-30.9. 2017	Reported	Impact IFRS 15 1.7.-30.9. 2017	Reported
1 000 €	7-9/2017				7-9/2017
Net sales	6,012	100%	0	502	5,509	100%
Other operating income	1	0%	0	0	1	0%
Materials and services	-3,155	-52%	0	-546	-2,610	-47%
Personnel expenses	-1,486	-25%	0	0	-1,486	-27%
Other operating costs	-1,018	-17%	-20	0	-998	-18%
Depreciation and amortization	-258	-4%	0	0	-258	-5%
Operating result	95	2%	-20	-44	159	3%
Financial income and expenses	-16	0%	0	0	-16	0%
Profit/loss before tax	79	1%	-20	-44	142	3%
Income taxes	0	0%	0	0	0	0%
Profit/loss for the period	78	1%	-20	-44	142	3%
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0	0%
Items that may be reclassified subsequently to profit or loss:
Currency translation differences	-3	0%	0	0	-3	0%
Total other comprehensive income	-3	0%	0	0	-3	0%
Total comprehensive income	76	1%	-20	-44	139	3%
Earnings per share (EPS)
Basic EPS	0.01 €				0.02 €
Diluted EPS	0.00 €				0.02 €

ASPOCOMP

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5

PROFIT & LOSS STATEMENT

	Restated	Impact IFRS 9	Impact IFRS 15
		1.1.-30.9. 2017	1.1.-30.9. 2017	Reported
1 000 €	1-9/2017			1-9/2017
Net sales	17,618	100%	0	848	16,769
Other operating income	22	0%	0	0	22
Materials and services	-8,444	-48%	0	-791	-7,653
Personnel expenses	-4,665	-26%	0	0	-4,665
Other operating costs	-3,285	-19%	-31	0	-3,253
Depreciation and amortization	-808	-5%	0	0	-808
Operating result	438	2%	-31	58	412
Financial income and expenses	-41	0%	0	0	-41
Profit/loss before tax	397	2%	-31	58	371
Income taxes	-4	0%	0	0	-4
Profit/loss for the period	393	2%	-31	58	367
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0
Items that may be reclassified subsequently to profit or loss:
Currency translation differences	2	0%	0	0	2
Total other comprehensive income	2	0%	0	0	2
Total comprehensive income	396	2%	-31	58	369
Earnings per share (EPS)
Basic EPS	0.06 €				0.06 €
Diluted EPS	0.06 €				0.06 €

ASPOCOMP

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PROFIT & LOSS STATEMENT

	Restated	Impact IFRS 9	Impact IFRS 15
		1.10.-31.12. 2017	1.10.-31.12. 2017	Reported
1 000 €	10-12/2017			10-12/2017
Net sales	6,307	100%	0	121	6,186
Other operating income	2	0%	0	0	2
Materials and services	-2,906	-46%	0	-42	-2,864
Personnel expenses	-1,628	-26%	0	0	-1,628
Other operating costs	-1,101	-17%	-15	0	-1,085
Depreciation and amortization	-267	-4%	0	0	-267
Operating result	407	6%	-15	79	344
Financial income and expenses	-12	0%	0	0	-12
Profit/loss before tax	395	6%	0	79	332
Income taxes	481	8%	0	0	481
Profit/loss for the period	876	14%	-15	79	813
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0
Items that may be reclassified subsequently to profit or loss:
Remeasurements of employee benefits	-41	-1%	0	0	-41
Currency translation differences	3	0%	0	0	3
Total other comprehensive income	-38	-1%	0	0	-38
Total comprehensive income	838	13%	-15	79	775
Earnings per share (EPS)
Basic EPS	0.13 €				0.12 €
Diluted EPS	0.13 €				0.12 €

ASPOCOMP

---

PROFIT & LOSS STATEMENT

	Restated		Impact IFRS 9 1.1.-31.12. 2017	Impact IFRS 15 1.1.-31.12. 2017	Reported
	1 000 €	1-12/2017			1-12/2017
Net sales	23,924	100%	0	969	22,955	100%
Other operating income	24	0%	0	0	24	0%
Materials and services	-11,350	-47%	0	-833	-10,518	-46%
Personnel expenses	-6,294	-26%	0	0	-6,294	-27%
Other operating costs	-4,385	-18%	-47	0	-4,338	-19%
Depreciation and amortization	-1,074	-4%	0	0	-1,074	-5%
Operating result	845	4%	-47	137	756	3%
Financial income and expenses	-53	0%	0	0	-53	0%
Profit/loss before tax	792	3%	-47	137	703	3%
Income taxes	477	2%	0	0	477	2%
Profit/loss for the period	1,269	5%	-47	137	1,180	5%
Other comprehensive income
Items that will not be reclassified to profit or loss	0	0%	0	0	0	0%
Items that may be reclassified subsequently to profit or loss:
Remeasurements of employee benefits	-41	0%	0	0	-41	0%
Currency translation differences	5	0%	0	0	5	0%
Total other comprehensive income	-36	0%	0	0	-36	0%
Total comprehensive income	1,233	5%	-47	89	1,144	5%
Earnings per share (EPS)
Basic EPS	0.19 €				0.18 €
Diluted EPS	0.19 €				0.18 €

ASPOCOMP

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8

CONSOLIDATED BALANCE SHEET

	1 000 €	3/2017	Impact IFRS 9	Impact IFRS 15	Reported 3/2017
Assets
Non-current assets
Intangible assets		3,255	0	0	3,255
Tangible assets		2,297	0	0	2,297
Available for sale investments		15	0	0	15
Deferred income tax assets		3,017	0	0	3,017
Total non-current assets		8,584	0	0	8,584
Current assets
Inventories		2,402	0	-147	2,549
Short-term receivables		3,983	-10	215	3,777
Cash and bank deposits		467	0	0	467
Total current assets		6,852	-10	68	6,793
Total assets		15,436	-10	68	15,378
Equity and liabilities
Share capital		1,000	0	0	1,000
Reserve for invested non-restricted equity		4,261	0	0	4,261
Retained earnings		5,621	-10	68	5,562
Total equity		10,881	-10	68	10,823
Long-term financing loans		784	0	0	784
Other non-current liabilities		357	0	0	357
Deferred income tax liabilities		19	0	0	19
Short-term financing loans		311	0	0	311
Trade and other payables		3,084	0	0	3,084
Total liabilities		4,555	0	0	4,555
Total equity and liabilities		15,436	-10	68	15,378

ASPOCOMP

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9

CONSOLIDATED BALANCE SHEET

	1 000 €	6/2017	Impact IFRS 9	Impact IFRS 15	Reported 6/2017
Assets
Non-current assets
Intangible assets		3,253	0	0	3,253
Tangible assets		2,179	0	0	2,179
Available for sale investments		15	0	0	15
Deferred income tax assets		3,017	0	0	3,017
Total non-current assets		8,465	0	0	8,465
Current assets
Inventories		2,448	0	-245	2,693
Short-term receivables		4,330	-11	346	3,995
Cash and bank deposits		485	0	0	485
Total current assets		7,263	-11	101	7,174
Total assets		15,728	-11	101	15,639
Equity and liabilities
Share capital		1,000	0	0	1,000
Reserve for invested non-restricted equity		4,266	0	0	4,266
Retained earnings		5,705	-11	101	5,615
Total equity		10,971	-11	101	10,881
Long-term financing loans		751	0	0	751
Other non-current liabilities		357	0	0	357
Deferred income tax liabilities		19	0	0	19
Short-term financing loans		191	0	0	191
Trade and other payables		3,439	0	0	3,439
Total liabilities		4,758	0	0	4,758
Total equity and liabilities		15,728	-11	101	15,639

ASPOCOMP

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10

CONSOLIDATED BALANCE SHEET

	1 000 €	9/2017	Impact IFRS 9	Impact IFRS 15	Reported 9/2017
Assets
Non-current assets
Intangible assets	3,247	0	0	3,247
Tangible assets	2,204	0	0	2,204
Available for sale investments	15	0	0	15
Deferred income tax assets	3,017	0	0	3,017
Total non-current assets	8,484	0	0	8,484
Current assets
Inventories	2,200	0	-791	2,991
Short-term receivables	4,805	-31	848	3,988
Cash and bank deposits	445	0	0	445
Total current assets	7,451	-31	58	7,424
Total assets	15,935	-31	58	15,908
Equity and liabilities
Share capital	1,000	0	0	1,000
Reserve for invested non-restricted equity	4,472	0	0	4,472
Retained earnings	5,780	-31	58	5,754
Total equity	11,253	-31	58	11,226
Long-term financing loans	727	0	0	727
Other non-current liabilities	357	0	0	357
Deferred income tax liabilities	19	0	0	19
Short-term financing loans	234	0	0	234
Trade and other payables	3,346	0	0	3,346
Total liabilities	4,682	0	0	4,682
Total equity and liabilities	15,935	-31	58	15,908

ASPOCOMP

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11

CONSOLIDATED BALANCE SHEET

	1 000 €	12/2017	Impact IFRS 9	Impact IFRS 15	Reported 12/2017
Assets
Non-current assets
Intangible assets		3,268	0	0	3,268
Tangible assets		2,572	0	0	2,572
Available for sale investments		15	0	0	15
Deferred income tax assets		3,501	0	0	3,501
Total non-current assets		9,356	0	0	9,356
Current assets
Inventories		1,922	0	-833	2,755
Short-term receivables		5,842	-47	969	4,920
Cash and bank deposits		384	0	0	384
Total current assets		8,145	-47	137	8,059
Total assets		17,504	-47	137	17,415
Equity and liabilities
Share capital		1,000	0	0	1,000
Reserve for invested non-restricted equity		4,478	0	0	4,478
Remeasurements of employee benefits		-41	0	0	-41
Retained earnings		6,659	-47	137	6,570
Total equity		12,096	-47	0	12,007
Long-term financing loans		1,003	0	0	1,003
Other non-current liabilities		402	0	0	402
Deferred income tax liabilities		21	0	0	21
Short-term financing loans		508	0	0	508
Trade and other payables		3,473	0	0	3,473
Total liabilities		5,408	0	0	5,408
Total equity and liabilities		17,504	-47	137	17,415

ASPOCOMP

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12

CONSOLIDATED CASH FLOW STATEMENT

	Impact	Impact
	IFRS 9	IFRS 15
	1.1.-31.3	1.1.-31.3
	2017	2017
Restated			Reported
1 000 € 1-3/2017			1-3/2017
Profit for the period	236	-10	68
Adjustments	283	0	0
Change in working capital	246	10	-68
Received interest income	1	0	0
Paid interest expenses	-23	0	0
Paid taxes	-2	0	0
Cash flow from operating activities	741	0	0
Investments	-143	0	0
Proceeds from sale of property, plant and equipment	18	0	0
Cash flow from investing activities	-125	0	0
Increase in financing	0	0	0
Decrease in financing	-408	0	0
Stock options exercised	0	0	0
Cash flow from financing activities	-408	0	0
Change in cash and cash equivalents	208	0	0
Cash and cash equivalents at the beginning of period	258	0	0
Cash and cash equivalents at the end of period	467	0	0

CONSOLIDATED CASH FLOW STATEMENT

	Impact	Impact
	IFRS 9	IFRS 15
	1.1.-30.6.	1.1.-30.6.
	2017	2017	Reported
1 000 €	1-6/2017		1-6/2017
Profit for the period	315	-11	101
Adjustments	577	0	0
Change in working capital	230	11	-101
Received interest income	1	0	0
Paid interest expenses	-38	0	0
Paid taxes	-3	0	0
Cash flow from operating activities	1,081	0	0
Investments	-332	0	0
Proceeds from sale of property, plant and equipment	35	0	0
Cash flow from investing activities	-298	0	0
Increase in financing	0	0	0
Decrease in financing	-557	0	0
Stock options exercised	0	0	0
Cash flow from financing activities	-557	0	0
Change in cash and cash equivalents	227	0	0
Cash and cash equivalents at the beginning of period	258	0	0
Cash and cash equivalents at the end of period	485	0	0

ASPOCOMP

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13

CONSOLIDATED CASH FLOW STATEMENT

	Restated	Impact IFRS 9	Impact IFRS 15
		1.1.-30.9.2017	1.1.-30.9.2017	Reported
1 000 €	1-9/2017			1-9/2017
Profit for the period	393	-31	57	367
Adjustments	843	0	0	843
Change in working capital	-47	31	-57	-21
Received interest income	2	0	0	2
Paid interest expenses	-45	0	0	-45
Paid taxes	-4	0	0	-4
Cash flow from operating activities	1,141	0	0	1,141
Investments	-653	0	0	-653
Proceeds from sale of property, plant and equipment	35	0	0	35
Cash flow from investing activities	-618	0	0	-618
Increase in financing	0	0	0	0
Decrease in financing	-537	0	0	-537
Stock options exercised	201	0	0	201
Cash flow from financing activities	-336	0	0	-336
Change in cash and cash equivalents	187	0	0	187
Cash and cash equivalents at the beginning of period	258	0	0	258
Cash and cash equivalents at the end of period	445	0	0	445

CONSOLIDATED CASH FLOW STATEMENT

	Restated	Impact IFRS 9	Impact IFRS 15
		1.1.-31.12.2017	1.1.-31.12.2017	Reported
1 000 €	1-12/2017			1-12/2017
Profit for the period	1,269	-47	137	1,180
Adjustments	644	0	0	644
Change in working capital	-1,023	47	-137	-934
Received interest income	2	0	0	2
Paid interest expenses	-51	0	0	-51
Paid taxes	-5	0	0	-5
Cash flow from operating activities	836	0	0	836
Investments	-962	0	0	-962
Proceeds from sale of property, plant and equipment	35	0	0	35
Cash flow from investing activities	-928	0	0	-928
Increase in financing	373	0	0	373
Decrease in financing	-356	0	0	-356
Stock options exercised	201	0	0	201
Cash flow from financing activities	217	0	0	217
Change in cash and cash equivalents	126	0	0	126
Cash and cash equivalents at the beginning of period	258	0	0	258
Cash and cash equivalents at the end of period	384	0	0	384

ASPOCOMP

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14

CONSOLIDATED CHANGES IN EQUITY

January-March 2017

1000 €	Share capital	Other reserve	Translation differences	Retained earnings	Total equity
Balance at Jan. 1, 2017	1,000	4,255	-1	5,386	10,639
Comprehensive income
Comprehensive income for the period				177	177
Ifrs 9 impact				-10	-10
Ifrs 15 impact				68	68
Other comprehensive income for the period, net of tax
Translation differences			1		1
Total comprehensive income for the period	0	0	1	236	236
Business transactions with owners
Share-based payment		6		0	6
Business transactions with owners, total	0	6	0	0	6
Balance at March 31, 2017	1,000	4,261	-1	5,621	10,881

January-March 2016

Balance at Jan. 1, 2016	1,000	4,117	-3	4,351	9,465
Comprehensive income
Comprehensive income for the period				-467	-467
Other comprehensive income for the period, net of tax
Translation differences			2		2
Total comprehensive income for the period	0	0	2	-467	-465
Business transactions with owners
Share-based payment		12		0	12
Business transactions with owners, total	0	12	0	0	12
Balance at March 31, 2016	1,000	4,129	-1	3,884	9,012

ASPOCOMP

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15

CONSOLIDATED CHANGES IN EQUITY

January-June 2017

1000 €	Share capital	Other reserve	Translation differences	Retained earnings	Total equity
Balance at Jan. 1, 2017	1,000	4,255	-1	5,386	10,639
Comprehensive income
Comprehensive income for the period				225	225
Ifrs 9 impact				-11	-11
Ifrs 15 impact				101	101
Other comprehensive income for the period, net of tax
Translation differences			5		5
Total comprehensive income for the period	0	0	5	315	320
Business transactions with owners
Share-based payment		11		0	11
Business transactions with owners, total	0	11	0	0	11
Balance at June 30, 2017	1,000	4,266	4	5,701	10,971

January-June 2016

Balance at Jan. 1, 2016	1,000	4,117	-3	4,351	9,465
Comprehensive income
Comprehensive income for the period				-324	-324
Other comprehensive income for the period, net of tax
Translation differences			2		2
Total comprehensive income for the period	0	0	2	-324	-321
Business transactions with owners
Share-based payment		25		0	25
Business transactions with owners, total	0	25	0	0	25
Balance at June 30, 2016	1,000	4,141	0	4,027	9,168

ASPOCOMP

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16

CONSOLIDATED CHANGES IN EQUITY

January-September 2017

1000 €	Share capital	Other reserve	Translation differences	Retained earnings	Total equity
Balance at Jan. 1, 2017	1,000	4,255	-1	5,386	10,639
Comprehensive income
Comprehensive income for the period				367	367
Ifrs 9 impact				-31	-31
Ifrs 15 impact				58	58
Other comprehensive income for the period, net of tax
Translation differences			2		2
Total comprehensive income for the period	0	0	2	393	396
Business transactions with owners
Share-based payment		217		0	217
Business transactions with owners, total	0	217	0	0	217
Balance at September 30, 2017	1,000	4,472	1	5,779	11,253

January-September 2016

Balance at Jan. 1, 2016	1,000	4,117	-3	4,351	9,465
Comprehensive income
Comprehensive income for the period				-192	-192
Other comprehensive income for the period, net of tax
Translation differences			3		3
Total comprehensive income for the period	0	0	3	-192	-189
Business transactions with owners
Share-based payment		37		0	37
Business transactions with owners, total	0	37	0	0	37
Balance at September 30, 2016	1,000	4,154	0	4,159	9,313

ASPOCOMP

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17

CONSOLIDATED CHANGES IN EQUITY

January-December 2017

1000 €	Share capital	Other reserve	Remeasurements of employee benefits	Translation differences	Retained earnings	Total equity
Balance at Jan. 1, 2017	1,000	4,255	0	-1	5,386	10,639
Comprehensive income
Comprehensive income for the period					1,180	1,180
Ifrs 9 impact					-47	-47
Ifrs 15 impact					137	137
Other comprehensive income for the period, net of tax
Remeasurements of employee benefits			-41			-41
Translation differences				5		5
Total comprehensive income for the period	0	0	-41	5	1,269	1,234
Business transactions with owners
Share-based payment		223			0	223
Business transactions with owners, total	0	223	0	0	0	223
Balance at December 31, 2017	1,000	4,478	-41	4	6,655	12,096

January-December 2016

Balance at Jan. 1, 2016	1,000	4,117	0	-3	4,351	9,465
Comprehensive income
Comprehensive income for the period					1,034	1,034
Other comprehensive income for the period, net of tax
Translation differences			0	2		2
Total comprehensive income for the period	0	0	0	2	1,034	1,036
Business transactions with owners
Share-based payment		138			0	138
Business transactions with owners, total	0	138	0	0	0	138
Balance at December 31, 2016	1,000	4,255	0	-1	5,386	10,639

ASPOCOMP - A SERVICE COMPANY SPECIALIZING IN PCB TECHNOLOGIES

A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform in electronic devices. Aspocomp provides PCB technology design, testing and logistics services over the entire lifecycle of a product. The company's own production and extensive international partner network guarantee cost-effectiveness and reliable deliveries.

Aspocomp's customers are companies that design and manufacture telecommunication systems and equipment, automotive and industrial electronics, and systems for testing

ASPOCOMP

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semiconductor components for security technology. The company has customers around the world and most of its net sales are generated by exports.

Aspocomp is headquartered in Espoo and its plant is in Oulu, one of Finland's major technology hubs.

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.

ASPOCOMP