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Aspocomp Group Oyj Interim / Quarterly Report 2014
3301_rns_2014-08-07_8470aef5-f9d1-4e2a-8455-038a3748392a.pdf
Interim / Quarterly Report
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ASPOCOMP
ASPOCOMP'S INTERIM REPORT JANUARY 1 - JUNE 30, 2014
Key figures 1-6/2014 in brief
| Aspocomp | 1-6/2014 | 1-6/2013 | Change |
|---|---|---|---|
| Net sales | 12.1 M€ | 9.8 M€ | 2.3 M€ |
| EBITDA | 0.9 M€ | 0.3 M€ | 0.5 M€ |
| Operating profit excluding non-recurring items | 0.2 M€ | -1.3 M€ | 1.5 M€ |
| % of net sales | 2.0 % | -13.4 % | 15.4 ppts |
| Operating profit | 0.1 M€ | -0.4 M€ | 0.5 M€ |
| Earnings per share | 0.00 € | -0.07 € | 0.07 € |
| Operative cash flow | -1.6 M€ | -0.0 M€ | -1.5 M€ |
| Equity ratio | 68.8 % | 74.0 % | -5.2 ppts |
Key figures 4-6/2014 in brief
| Aspocomp | 4-6/2014 | 4-6/2013 | Change |
|---|---|---|---|
| Net sales | 6.6 M€ | 4.8 M€ | 1.7 M€ |
| EBITDA | 0.3 M€ | 0.7 M€ | -0.4 M€ |
| Operating profit excluding non-recurring items | 0.0 M€ | -0.6 M€ | 0.5 M€ |
| % of net sales | -0.4 % | -11.8 % | 11.5 ppts |
| Operating profit | -0.1 M€ | 0.3 M€ | -0.4 M€ |
| Earnings per share | -0.02 € | 0.05 € | -0.07 € |
Outlook for the future
In 2014, net sales are expected to be between EUR 20 and 25 million and operating profit without one-time items between EUR -0.5 and 1.5 million.
Comments by Mikko Montonen, President and CEO:
"Due to strong demand in the first half of the year, both sales and operating profit increased significantly from the previous year. Sales reached EUR 12.1 million, an increase of EUR 2.3 million on the previous year, and operating profit improved by EUR 0.5 million to EUR 0.1 million. Excluding non-recurring items, the year-on-year improvement in operating profit amounted to as much as EUR 1.5 million.
The level of demand improved, particularly during March and April, when the order book doubled in a short period of time. However, order intake leveled off during the spring and returned to a lower level at the end of June. Second-quarter profitability was burdened by
Aspocomp's Interim Report January-June 2014
both the production overtime at the beginning of the review period and the lower load at the end of the review period, as well as investments in the customer interface.
Cash flow was weak, as expected, because growing sales tied up working capital, but it is expected to be clearly better in the next quarter.
Customer acquisition continued to be brisk during the spring. During the review period, the company won numerous new customers and obtained product approvals. The expanding customer base is expected to support sales by the end of the year, even though the majority of sales are still generated by a few key customers. The company's main objectives during the second half of the year include increasing sales, especially in Central Europe and Sweden, as well as identifying opportunities in other market areas."
Net sales and earnings
January-June 2014
Net sales amounted to EUR 12.1 million, a year-on-year increase of 23 percent. The five largest customers accounted for 68 percent of net sales (64% 1-6/2013). In geographical terms, 88 percent of net sales were generated in Europe (87%) and 12 percent in Asia (13%).
Key customers' demand increased sharply at the end of the first quarter, but leveled off during the second quarter when the order book returned to a lower level.
The operating result was EUR 0.1 million (EUR -0.4 million 1-6/2013).
First-half operating profit excluding non-recurring items was EUR 1.5 million higher than a year earlier. The 2013 first-half result was improved by a one-time item of approximately EUR 0.9 million, which is related to the former French subsidiary (see the company's stock exchange release dated July 5, 2013).
Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million). Earnings per share were EUR 0.00 (EUR -0.07).
April-June 2014
Second-quarter net sales amounted to EUR 6.6 million, a year-on-year increase of 36 percent. The five largest customers accounted for 69 percent of net sales (62% 4-6/2013). In geographical terms, 90 percent of net sales were generated in Europe (84%) and 10 percent in Asia (16%).
Key customers' demand increased sharply at the end of the first quarter, but leveled off during the second quarter when the order book returned to a lower level.
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Aspocomp's Interim Report January-June 2014
Fig. 1 Quarterly net sales (M€)
The operating result was EUR -0.1 million (EUR 0.3 million 4-6/2013).
Second-quarter operating profit excluding non-recurring items was EUR 0.5 million higher than a year earlier. In 2013, the second-quarter result was improved by a one-time item of approximately EUR 0.9 million, which is related to the former French subsidiary (see the company's stock exchange release dated July 5, 2013).
Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million). Earnings per share were EUR -0.02 (EUR 0.05).
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Aspocomp's Interim Report January-June 2014
Fig. 2 Quarterly operating result (M€, %)
Investments and R&D
Investments during the review period amounted to EUR 0.2 million (EUR 1.0 million 1-6/2013).
The bulk of the investments comprised the last installments of those initiated in 2013. The investments were mainly earmarked for capability improvement at the Oulu plant.
R&D costs comprise general production development costs. These costs do not fulfill the IAS 38 definition of either development or research and are therefore booked into plant overheads.
Cash flow and financing
Cash flow from operations during the review period was EUR -1.6 million (EUR -0.0 million 1-6/2013). Cash flow after investments was EUR -1.8 million (EUR -1.1 million).
Growing business tied up working capital and reduced cash flow. Cash flow is expected to be clearly better in the next quarter.
Cash assets amounted to EUR 0.3 million at the end of the period (EUR 1.1 million 6/2013). Interest-bearing liabilities amounted to EUR 1.7 million (EUR 0.7 million 6/2013). Gearing was 11.6 percent (-3%). Non-interest-bearing liabilities amounted to EUR 4.0 million (EUR 4.2 million). At the end of the period, the Group's equity ratio was 68.8 percent (74%).
The company also has a EUR 0.5 million credit facility. The company had drawn down about EUR 0.2 million from the credit facility on the closing date.
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Aspocomp's Interim Report January-June 2014
Personnel
During the review period, the company had an average of 149 employees (153 in 1-6/2013). The personnel count on June 30, 2014 was 144 (153 in 6/2013). Of them, 101 (106) were non-salaried and 43 (47) salaried employees.
Changes in the Management
On May 15, 2014 Mr. Mikko Montonen's (M.Sc.) appointment as the President and CEO of Aspocomp Group Plc became effective (Company Announcement, February 27, 2014).
The Board of Directors and authorizations given to the Board
The Annual General Meeting of Aspocomp Group Plc held on 24 April 2014 adopted the annual accounts and the consolidated annual accounts for the financial period 2013 and granted the members of the Board of Directors and the CEO discharge from liability. The Meeting decided not to pay dividends for the financial period 2013.
The Annual General Meeting decided to set the number of Board members at four (4) and re-elected the current members of the Board according to their consents: Mr. Johan Hammaren, Mr. Tuomo Lähdesmäki, Ms. Päivi Marttila, and Mr. Kari Vuorialho for a term of office ending at the closing of the following Annual General Meeting. The Annual General Meeting re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as the company's auditor for a term of office ending at the closing of the following Annual General Meeting. PricewaterhouseCoopers Oy has notified that Mr. Markku Katajisto, Authorized Public Accountant, will act as its principal auditor.
The Annual General Meeting decided that the chairman of the Board of Directors will be paid EUR 30,000 and the other members will be paid EUR 15,000 each in remuneration for their term of office. Approximately 60% of such remuneration will be paid in cash and the other approximately 40% will be paid in shares of the company. The remuneration shares will be acquired by a broker on behalf and in the name of the members of the Board of Directors and the company will pay the purchase of the shares to the members of the Board of Directors. The shares will be acquired to the members of the Board of Directors within two weeks following the release of the result of the second quarter of the year 2014. The number of the remuneration shares will be determined based on the market quotation of the shares at the time of purchase. The Annual General Meeting further decided that EUR 1,000 will be paid as remuneration per meeting to the chairman and EUR 500 per meeting will be paid to the other members of the Board. The members of the Board of Directors will further be reimbursed for reasonable travel and lodging costs. Travel and lodging costs will however not be compensated to those members of the Board of Directors who reside in the greater Helsinki area when the meetings are held in the greater Helsinki area. The auditor's fees will be paid according to the auditor's invoice.
In its organization meeting on April 24, 2014, the Board of Directors of Aspocomp Group Plc elected Päivi Marttila as Chairman of the Board and re-elected Johan Hammaren as Vice Chairman. Board committees were not established as the extent of the company's business did not require it.
The Annual General Meeting 2013 decided to authorize the Board of Directors to decide on the issuance of shares and the issuance of options and other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Companies Act in one or more transactions as follows:
The number of shares to be issued based on the authorization may in total amount to a maximum of 4,000,000 shares. The Board of Directors decides on all the terms and
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Aspocomp's Interim Report January-June 2014
conditions of the issuances of shares and options and other special rights entitling to shares. The authorization concerns both the issuance of new shares and the transfer of treasury shares. The issuance of shares and options and other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Companies Act may be carried out in deviation from the shareholders' pre-emptive rights (directed issue).
The authorization cancels the authorization given by the General Meeting on December 20, 2011 to decide on the issuance of shares and the issuance of special rights entitling to shares. The authorization is valid until June 30, 2015.
Shares
The company has one series of shares, and each share carries one vote.
The total number of Aspocomp's shares at June 30, 2014 was 6,406,505 and the share capital stood at EUR 1,000,000. The company did not hold any treasury shares.
During the period from January 1 to June 30, 2014 a total of 1,675,226 Aspocomp Group Plc. shares were traded on NASDAQ OMX Helsinki Ltd. The aggregate value of the shares exchanged was EUR 2,036,448. The shares traded at a low of EUR 0.95 and a high of EUR 1.66. The average share price was EUR 1.22. The closing price at June 30, 2014 was EUR 1.53, which translates into market capitalization of EUR 9.8 million.
The company had a total of 3552 shareholders on June 30, 2014. Nominee-registered shares accounted for approximately 5 percent of the total shares.
Stock options
At the end of the review period Aspocomp Group Plc had one stock option program in place as part of the President and CEO's compensation and incentive scheme.
The Board of Directors of Aspocomp Group Plc resolved on May 15, 2014 to issue in total a maximum of 390,000 stock options to the company's President and CEO. The issue, which has been made in deviation from the shareholders' pre-emptive subscription rights, is based on the authorization by the Annual General Meeting held on April 23, 2013 (Company Announcement, May 15, 2014).
The maximum number of stock options issued under Option Program 2014 will be 390,000. Each stock option shall entitle the CEO to subscribe for one new share in the company. The stock options are issued free of charge. The program is divided into A, B and C series, each of which covers a maximum of 130,000 option entitlements. The share subscription price of the stock options A is the trade volume weighted average quotation of the share during March 1 - March 31, 2014 (EUR 0.99), of the stock options B the trade volume weighted average quotation of the share during March 1 - March 31, 2015 and of the stock options C the trade volume weighted average quotation of the share during March 1 - March 31, 2016. The subscription period for options A is during May 1, 2016 - April 30, 2018, for options B during May 1, 2017 - April 30, 2019 and for options C during May 1, 2018 - April 30, 2020.
The terms for the stock option program are available on Aspocomp's website, www.aspocomp.com/remuneration.
Aspocomp's business operations
Aspocomp sells and manufactures PCBs and offers related design and logistics services. The company's own manufacturing units in Oulu and Teuva comprise the core of its business
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Aspocomp's Interim Report January-June 2014
operations. Both units focus on prototype and quick-turn deliveries and the commercialization of new PCB technologies in cooperation with customers' product design departments. In addition, Aspocomp provides high-volume PCB trading services, including added-value services.
Aspocomp's customers are companies that design and manufacture telecom systems and equipment, industrial and automotive electronics, and healthcare systems.
The Oulu plant manufactures HDI (High Density Interconnection), multilayer and special material PCBs. It is capable of very fast deliveries, even in the case of structurally complex PCBs. Aspocomp's HDI product development and commercialization are centralized in Oulu. In addition, the Oulu plant develops technologies for heat management on PCBs.
The Teuva plant manufactures two-layer, multilayer and special material PCBs. It also specializes in the production of short series and quick-turn deliveries. The Teuva plant develops and commercializes new material and structural solutions based on standard (not HDI) multilayer technology. It also develops heat management applications.
Electronics supply chains are occasionally hit by disturbances that result in urgent needs. For instance, PCB deliveries might be hindered by overdemand, accidents, natural catastrophes or holiday seasons. Furthermore, problems with deliveries of any of the components assembled on PCBs could lead to layout changes in PCBs. Fulfilling urgent needs due to such changes is difficult and cost-ineffective for high-volume PCB suppliers that manufacture long series. In such situations, Aspocomp's plants can step in to plug these urgent high-volume needs.
In addition to its in-house manufacture, Aspocomp also offers PCB trading services to its customers. These services include the selection of the most suitable high-volume manufacturer, provision of the technical specifications of the product, quality assurance and logistics services. These trading services round out Aspocomp's own manufacturing, enabling customers to cost-effectively buy their PCBs from a single provider over the entire life cycle of a product. Aspocomp's own production operations keep it up to date on developments in PCB technology – customers can thus rest assured that the company will provide them with the best knowledge and service.
Outlook for the future
As Aspocomp's business focuses on prototypes and quick-turn deliveries, the company's order book is very short. As a result, business development is difficult to predict and profit forecasts involve significant uncertainties.
In 2014, net sales are expected to between EUR 20 and 25 million and operating profit without one-time items between EUR -0.5 and 1.5 million.
Assessment of short-term business risks
Dependence on key customers
Aspocomp's customer base is concentrated; the majority of sales are generated by a small number of key customers. Aspocomp does not as yet have enough medium-sized customers and still remains too dependent on its key customers. This exposes the company to significant fluctuations in demand.
ASPOCOMP
Aspocomp’s Interim Report January-June 2014
Market trends
Although Aspocomp is a marginal player in the global electronics market, changes in global PCB demand also have an impact on the company's business. A prolonged downturn has increased competition in quick-turn deliveries and short production series and has had a negative impact on both demand and prices. Correspondingly, overdemand for PCBs increases the need for quick-turn deliveries and decreases competition in short series, as high-volume manufacturers seek to optimize their capacity utilization ratios.
Aspocomp’s main market area comprises Northern and Central Europe. In case Aspocomp’s clients would transfer their R&D out of Europe, demand for Aspocomp’s offerings might weaken significantly.
Publication of financial releases
Aspocomp Group Plc.’s financial information publication schedule for 2014 is:
- Interim report for January-September: Thursday, October 23, 2014
The interim report will be published at around 9:00 a.m.
Summary of Financial Statements and Notes
Accounting policies
The reported 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. 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 financial statements of December 31, 2013 have been applied in the preparation of this report. However, as of January 1, 2014 the company has applied the following new or modified standards. The amendments do not have an impact on the consolidated financial statements.
- Amendment to transition rules of IFRS 10, 11 and 12 (adjustment of comparison data)
- IFRS 10, Consolidated Financial Statements: control
- IFRS 12, Disclosure of Interests in Other Entities
- IAS 36 (revised), Impairment of Assets
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Aspocomp's Interim Report January-June 2014
Profit and Loss Statement
January-June
| 1 000 € | 1-6/2014 | 1-6/2013 | Change | 1-12/2013 | |||
|---|---|---|---|---|---|---|---|
| Net sales | 12,052 | 100% | 9,768 | 100% | 23% | 19,333 | 100% |
| Other operating income | 14 | 0% | 19 | 0% | -28% | 82 | 0% |
| Materials and services | -4,625 | -38% | -4,101 | -42% | 13% | -8,209 | -42% |
| Personnel expenses | -3,936 | -33% | -3,688 | -38% | 7% | -6,878 | -36% |
| Other operating costs | -2,629 | -22% | -1,652 | -17% | 59% | -3,523 | -18% |
| Depreciation and amortization | -790 | -7% | -757 | -8% | 4% | -1,540 | -8% |
| Operating profit | 85 | 1% | -412 | -4% | -121% | -735 | -4% |
| Financial income and expenses | -30 | 0% | -28 | 0% | 9% | -52 | 0% |
| Profit before tax | 55 | 0% | -439 | -4% | -112% | -788 | -4% |
| Income taxes | -28 | 0% | -3 | 0% | -984 | -5% | |
| Profit for the period | 26 | 0% | -442 | -5% | -106% | -1,772 | -9% |
| 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 | -7 | 0% | -2 | 0% | 269% | -4 | 0% |
| Total other comprehensive income | -7 | 0% | -2 | 0% | 269% | -4 | 0% |
| Total comprehensive income | 19 | 0% | -444 | -5% | 104% | -1,776 | -9% |
| Earnings per share (EPS) | |||||||
| Basic EPS | 0.00 € | -0.07 € | -100% | -0.28 € | |||
| Diluted EPS | 0.00 € | -0.07 € | -100% | -0.28 € |
Potential ordinary shares have not been included in the calculation of diluted earnings per share when they are antidilutive for the period presented.
All remaining convertible bonds have been redeemed in 2013.
ASPOCOMP
Aspocomp's Interim Report January-June 2014
April - June
| 1 000 € | 4-6/2014 | 4-6/2013 | Change | ||
|---|---|---|---|---|---|
| Net sales | 6,562 | 100% | 4,835 | 100% | 36% |
| Other operating income | 5 | 0% | 11 | 0% | -55% |
| Materials and services | -2,659 | -41% | -1,934 | -40% | 37% |
| Personnel expenses | -2,279 | -35% | -1,902 | -39% | 20% |
| Other operating costs | -1,337 | -20% | -303 | -6% | 341% |
| Depreciation and amortization | -392 | -6% | -380 | -8% | 3% |
| Operating profit | -99 | -2% | 328 | 7% | -130% |
| Financial income and expenses | -14 | 0% | -19 | 0% | -22% |
| Profit before tax | -113 | -2% | 310 | 6% | -137% |
| Income taxes | -27 | 0% | -3 | 0% | |
| Profit for the period | -141 | -2% | 307 | 6% | -146% |
| Other comprehensive income | |||||
| Items that will not be reclassified to profit or loss | 0 | 0% | 0 | 0% | |
| Items that may be reclassified subsequently to profit or loss: | |||||
| Currency translation differences | -6 | 0% | -6 | 0% | 13% |
| Total other comprehensive income | -6 | 0% | -6 | 0% | 13% |
| Total comprehensive income | -147 | -2% | 301 | 6% | -149% |
| Earnings per share (EPS) | |||||
| Basic EPS | -0.02 € | 0.05 € | -140% | ||
| Diluted EPS | -0.02 € | 0.05 € | -140% |
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Aspocomp's Interim Report January-June 2014
Consolidated Balance Sheet
| 1 000 € | 6/2014 | 6/2013 | Change | 12/2013 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 3,102 | 3,082 | 1% | 3,105 |
| Tangible assets | 3,275 | 4,350 | -25% | 4,003 |
| Available for sale investments | 15 | 15 | 0% | 15 |
| Deferred income tax assets | 2,259 | 3,242 | -30% | 2,259 |
| Total non-current assets | 8,651 | 10,689 | -19% | 9,382 |
| Current assets | ||||
| Inventories | 2,804 | 2,656 | 6% | 2,615 |
| Short-term receivables | 6,594 | 4,285 | 54% | 3,434 |
| Cash and bank deposits | 289 | 1,136 | -75% | 2,380 |
| Total current assets | 9,687 | 8,077 | 20% | 8,429 |
| Total assets | 18,337 | 18,766 | -2% | 17,810 |
| Equity and liabilities | ||||
| Share capital | 1,000 | 1,000 | 0% | 1,000 |
| Reserve for invested non-restricted equity | 3,978 | 3,925 | 1% | 3,955 |
| Retained earnings | 7,646 | 8,959 | -15% | 7,627 |
| Total equity | 12,624 | 13,884 | -9% | 12,582 |
| Long-term financing loans | 995 | 500 | 99% | 1,279 |
| Employee benefits | 175 | 275 | -36% | 266 |
| Deferred income tax liabilities | 16 | 18 | -11% | 16 |
| Short-term financing loans | 753 | 194 | 287% | 744 |
| Trade and other payables | 3,775 | 3,894 | -3% | 2,923 |
| Total liabilities | 5,713 | 4,881 | 17% | 5,228 |
| Total equity and liabilities | 18,337 | 18,766 | -2% | 17,810 |
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Aspocomp's Interim Report January-June 2014
Consolidated Changes in Equity
| January-June 2014 | |||||
|---|---|---|---|---|---|
| 1000 € | Share capital | Other reserve | Translation differences | Retained earnings | Total equity |
| Balance at Jan. 1, 2014 | 1,000 | 3,955 | 6 | 7,622 | 12,582 |
| Comprehensive income | |||||
| Comprehensive income for the period | 26 | 26 | |||
| Other comprehensive income for the period, net of tax | |||||
| Translation differences | -7 | -7 | |||
| Total comprehensive income for the period | 0 | 0 | -7 | 26 | 19 |
| Business transactions with owners | |||||
| Reissuance of treasury shares | 23 | 0 | 23 | ||
| Business transactions with owners, total | 23 | 0 | 23 | ||
| Balance at June 30, 2014 | 1,000 | 3,978 | -2 | 7,648 | 12,624 |
| January-June 2013 | |||||
| Balance at Jan. 1, 2013 | 1,000 | 3,896 | 9 | 9,394 | 14,299 |
| Comprehensive income | |||||
| Comprehensive income for the period | -442 | -442 | |||
| Other comprehensive income for the period, net of tax | |||||
| Translation differences | -2 | -2 | |||
| Total comprehensive income for the period | 0 | 0 | -2 | -442 | -444 |
| Business transactions with owners | |||||
| Reissuance of treasury shares | 29 | 0 | 29 | ||
| Business transactions with owners, total | 0 | 29 | 0 | 29 | |
| Balance at June 30, 2013 | 1,000 | 3,925 | 7 | 8,952 | 13,884 |
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Aspocomp's Interim Report January-June 2014
Consolidated Cash Flow Statement
| 1 000 € | 1-6/2014 | 1-6/2013 | 1-12/2013 |
|---|---|---|---|
| Profit for the period | 26 | -442 | -1,772 |
| Adjustments | 768 | 65 | 1,501 |
| Change in working capital | -2,349 | 348 | 1,100 |
| Received interest income | 0 | 0 | 2 |
| Paid interest expenses | -30 | -15 | -99 |
| Paid taxes | -2 | -3 | -19 |
| Operational cash flow | -1,586 | -47 | 713 |
| Investments | -234 | -1,035 | -1,874 |
| Proceeds from sale of property, plant and equipment | 5 | 12 | 12 |
| Cash flow from investments | -229 | -1,022 | -1,862 |
| Increase in financing | 156 | 500 | 2,130 |
| Decrease in financing | -432 | -250 | -557 |
| Cash flow from financing | -275 | 250 | 1,573 |
| Change in cash and cash equivalents | -2,091 | -819 | 424 |
| Cash and cash equivalents at the beginning of period | 2,380 | 1,955 | 1,955 |
| Cash and cash equivalents at the end of period | 289 | 1,136 | 2,380 |
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Aspocomp's Interim Report January-June 2014
14
Key Financial Indicators
| Q2/2014 | Q1/2014 | Q4/2013 | Q3/2013 | Q2/2013 | |
|---|---|---|---|---|---|
| Net sales, M€ | 6.6 | 5.5 | 4.4 | 5.2 | 4.8 |
| Operating result before depreciation (EBITDA), M€ | 0.3 | 0.6 | -0.1 | 0.6 | 0.7 |
| Operating result (EBIT), M€ | -0.1 | 0.2 | -0.5 | 0.2 | 0.3 |
| of net sales, % | -2% | 3% | -12% | 4% | 7% |
| Profit/loss before taxes, M€ | -0.1 | 0.2 | -0.5 | 0.2 | 0.3 |
| of net sales, % | -2% | 3% | -12% | 4% | 6% |
| Net profit/loss for the period, M€ | -0.1 | 0.2 | -1.5 | 0.2 | 0.3 |
| of net sales, % | -2% | 3% | -34% | 4% | 6% |
| Equity ratio, % | 69% | 72% | 71% | 75% | 74% |
| Gearing, % | 12% | 4% | -3% | 0% | -3% |
| Gross investments in fixed assets, M€ | 0.0 | 0.2 | 0.1 | 0.8 | 0.6 |
| of net sales, % | 0% | 3% | 2% | 15% | 13% |
| Personnel, end of the quarter | 144 | 150 | 152 | 154 | 153 |
| Earnings/share (EPS), € | -0.02 | 0.03 | -0.24 | 0.03 | 0.05 |
| Equity/share, € | 1.97 | 1.99 | 1.96 | 2.20 | 2.17 |
Formulas and definitions
| Equity/share, € = | Equity attributable to shareholders | |
|---|---|---|
| Number of shares at the end of period | ||
| Equity ratio, % = | Equity | x 100 |
| Total assets - advances received | ||
| Gearing, % = | Net interest bearing liabilities | x 100 |
| Total equity | ||
| Earnings/share (EPS), € = | Profit attributable to equity shareholders | |
| Adjusted weighted average number of shares outstanding | ||
| EBITDA = | Earnings before interests, taxes, depreciations and amortisations |
Contingent Liabilities
| 1 000 € | 6/2014 | 6/2013 | 12/2013 | |
|---|---|---|---|---|
| Business mortgage | 4,000 | 4,000 | 4,000 | |
| Operating lease liabilities | 1,427 | 1,842 | 1,622 | |
| Other liabilities | 23 | 40 | 23 | |
| Total | 5,450 | 5,882 | 5,645 |
All figures are unaudited.
Espoo, August 7, 2014
Board of Directors of Aspocomp Group Plc.
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Aspocomp's Interim Report January-June 2014
For further information, please contact Mikko Montonen, CEO, tel. +358 20 775 6860, mikko.montonen(at)aspocomp.com.
Aspocomp - PCB technology company
Aspocomp develops and sells PCB manufacturing services. Our seasoned professionals help customers to create the most optimal PCB designs, both in terms of performance and cost. Our trimmed production lines produce the most challenging designs with the shortest lead-times in the industry. Our volume supply services offer cost-efficient access to all PCB technologies.
A printed circuit board (PCB) is the principal interconnection method in electronic devices. PCBs are used for electrical interconnection and as a component assembly platform in most electronic applications. Aspocomp's PCBs are used in many applications, such as telecommunication networks and devices, automotive electronics, security and medical systems, chipset development and industrial automation.
www.aspocomp.com
Some statements in this stock exchange release are forecasts and actual results may differ materially from those stated. Statements in this stock exchange release relating to matters that are not historical facts are forecasts. All forecasts involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of the Aspocomp Group to be materially different from any future results, performances or achievements expressed or implied by such forecasts. Such factors include general economic and business conditions, fluctuations in currency exchange rates, increases and changes in PCB industry capacity and competition, and the ability of the company to implement its investment program.
ASPOCOMP