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Aspocomp Group Oyj Interim / Quarterly Report 2015
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Interim / Quarterly Report
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ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1 - DEC. 31, 2015
Key figures 2015 in brief
| Aspocomp | 1-12/2015 | 1-12/2014 | Change |
|---|---|---|---|
| Net sales | 17.5 M€ | 21.0 M€ | -3.5 M€ |
| EBITDA | 0.0 M€ | -0.3 M€ | 0.3 M€ |
| Operating result excluding non-recurring items | -0.9 M€ | -0.4 M€ | -0.5 M€ |
| % of net sales | -5.4 % | -2.1 % | -3.3 ppts |
| Operating result | -1.2 M€ | -2.0 M€ | 0.8 M€ |
| Earnings per share | -0.16 € | -0.31 € | 0.15 € |
| Operative cash flow | -0.1 M€ | -0.1 M€ | 0.0 M€ |
| Equity ratio | 68.6 % | 71.3 % | -2.7 ppts |
Key figures 10-12/2015 in brief
| Aspocomp | 10-12/2015 | 10-12/2014 | Change |
|---|---|---|---|
| Net sales | 4.8 M€ | 4.1 M€ | 0.7 M€ |
| EBITDA | -0.1 M€ | -1.1 M€ | 1.1 M€ |
| Operating result excluding non-recurring items | -0.3 M€ | -0.3 M€ | 0.0 M€ |
| % of net sales | -6.0 % | -6.3 % | 0.3 ppts |
| Operating result | -0.3 M€ | -1.6 M€ | 1.3 M€ |
| % of net sales | -7.1 % | -39.7 % | 32.6 ppts |
| Earnings per share | -0.01 € | -0.25 € | 0.24 € |
Outlook for the future
In 2016, net sales are expected to grow and the operating result to be in the black. In 2015, net sales amounted to EUR 17.5 million and the operating result to EUR -1.2 million.
CEO's review:
"Full-year net sales decreased from the previous year by EUR 3.5 million and amounted to EUR 17.5 million. Net sales decreased due to weaker demand from certain major customers and their cyclical buying behavior. Sales to the five largest customers decreased by about EUR 5 million. Sales to other customers saw a year-on-year increase of 17 percent.
During the review year, the highest net sales were seen in October-December, EUR 4.8 million, with a clear year-on-year increase of EUR 0.7 million. However, fourth-quarter net
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
sales fell significantly short of expectations as demand and order intake slowed down sharply in December.
The company's strategic goal is to build up a broader and more diversified customer base so that variations in projects and demand from individual customers will not have such a strong impact on the company's net sales and profitability. Although the structural overhaul progressed well during the review year, it has not as yet had a sufficiently great impact on net sales. Approval and ramp-up processes for new customers and their products are long, typically lasting from one to three years.
Operating result excluding non-recurring items in 2015 was EUR 0.9 million in the red, mainly due to low net sales. The result in 2015 was also burdened by the Oulu plant's variable load and the ramp-up costs of the closed Teuva plant's products. The fourth-quarter operating result excluding non-recurring items was EUR 0.3 million in the red due to a sharp slowdown in demand.
Globally, the printed circuit board market is not expected to grow in 2016 (Custer Consulting, January 2016). Slower demand for consumer electronics, particularly smart phones and other media devices, casts a shadow on the beginning of the year. Aspocomp's printed circuit boards are not used in consumer electronics products in significant numbers, but the PCB overcapacity situation in the early part of the year might also affect other product areas due to intensified competition.
The company expects that its overall performance in 2016 will be better in every aspect than in the previous year. Aspocomp is seeking sales growth, particularly in the automotive industry, industrial electronics and various types of security applications, such as security cameras and separate or government networks. Product development of the next generation of telecommunication devices is expected to increase demand during the year."
Net sales and earnings
Financial year 2015
Net sales amounted to EUR 17.5 million, a year-on-year decrease of 17 percent. Net sales decreased due to weaker demand from a few major customers. Otherwise, sales and the expansion of the customer base developed positively, with sales increasing by 17 percent.
The five largest customers accounted for 47 percent of net sales (63% 1-12/2014). In geographical terms, 93 percent of net sales were generated in Europe (89%), 5 percent in Asia (10%) and 2 percent in North America (1%).
The operating result was EUR -1.2 million (EUR -2.0 million 1-12/2014) including non-recurring items. Operating result excluding non-recurring items was EUR -0.9 million (EUR -0.4 million 1-12/2014).
Net financial expenses for the review period amounted to EUR 0.1 million (EUR 0.1 million 1-12/2014). Earnings per share were EUR -0.16 (EUR -0.31).
October-December 2015
Fourth-quarter net sales amounted to EUR 4.8 million, a year-on-year increase of EUR 0.7 million.
The five largest customers accounted for 49 percent of net sales (41% 10-12/2014). In geographical terms, 93 percent of net sales were generated in Europe (93%), 3 percent in Asia (5%) and 4 percent in North America (2%).
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
Fig. 1 Quarterly net sales 2015 and 2014 (M€)
Order intake slowed down significantly in the second half of December, as a result of which low capacity utilization in production weakened the result.
The operating result was EUR -0.3 million (EUR -1.6 million 10-12/2014).
Fourth-quarter operating result excluding non-recurring items was EUR -0.3 million (EUR -0.3 million 10-12/2014).
Net financial expenses amounted to EUR 0.0 million (EUR 0.0 million 10-12/2014). Earnings per share were EUR -0.01 (EUR -0.25).
Cash flow from operations amounted to EUR 0.4 million.
Fig. 2 Quarterly operating result excluding non-recurring items in 2015 and 2014 (M€, %)
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
Fig. 3 Quarterly operating result and operating margin in 2015 and 2014 (M€, %)
Investments and R&D
Investments during 2015 amounted to EUR 0.5 million (EUR 0.9 million 1-12/2014).
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 for the review period was EUR -0.1 million (EUR -0.1 million 1-12/2014).
Cash flow after investments was EUR -0.5 million (EUR -0.9 million 1-12/2014) for the review period.
Cash assets amounted to EUR 0.3 million at the end of the period (EUR 0.7 million 12/2014). Interest-bearing liabilities amounted to EUR 1.3 million (EUR 1.2 million 12/2014). Gearing was 11 percent (5%). Non-interest-bearing liabilities amounted to EUR 3.0 million (EUR 3.0 million). At the end of the period, the Group's equity ratio was 69 percent (71%).
The company also has a EUR 0.5 million credit facility. The credit facility was not in use on the closing date. In addition, the company has a recourse factoring agreement, of which EUR 0.7 million was in use.
Deferred tax assets
At the end of the 2015 financial year, the company had approximately EUR 2.6 million in deferred tax assets in its balance sheet. The deferred tax assets are primarily due to decelerated tax depreciation.
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
Personnel
During the review period, the company had an average of 121 employees (148 in 2014). The personnel count on December 31, 2015 was 106 (144 in 12/2014). Of them, 66 (100) were non-salaried and 40 (44) salaried employees.
The Board of Directors and authorizations given to the Board
The Annual General Meeting held on March 26, 2015 decided to set the number of Board members at three and re-elected the current members of the Board Mr. Tuomo Lähdesmäki and Ms. Päivi Marttila, and elected Ms. Kaarina Muurinen, as a new member to the Board, for a term of office ending at the closing of the following Annual General Meeting.
In its organization meeting on March 26, 2015, the Board of Directors of Aspocomp Group Plc. re-elected Päivi Marttila as Chairman of the Board and elected Kaarina Muurinen as Vice Chairman. Board committees were not established as the extent of the company's business did not require it.
The Annual General Meeting decided to authorize the Board of Directors, in one or more installments, to decide on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act as follows:
The number of shares to be issued based on the authorization may in total amount to a maximum of 640,000 shares. The Board of Directors decides on all the terms and conditions of the issuances of shares and of options and other special rights entitling to shares. The authorization concerns both the issuance of new shares as well as own shares possibly held by the company. The issuance of shares and of options and other special rights entitling to shares 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 April 23, 2013 to decide on the issuance of shares as well as the issuance of special rights entitling to shares. The authorization is valid until June 30, 2016.
Shares
The company has one series of shares, and each share carries one vote. The total number of Aspocomp's shares at December 31, 2015 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 December 31, 2015 a total of 1,867,817 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki Ltd. The aggregate value of the shares exchanged was EUR 2,233,988. The shares traded at a low of EUR 0.95 and a high of EUR 1.41. The average share price was EUR 1.20. The closing price at December 31, 2015 was EUR 1.12, which translates into market capitalization of about EUR 7.2 million.
The company had a total of 3,069 shareholders on December 31, 2015. Nominee-registered shares accounted for approximately 12 percent of the total shares.
Aspocomp's business operations
Aspocomp sells and manufactures PCBs and offers related design and logistics services. The company's own manufacturing unit in Oulu comprises the core of its business operations. The Oulu plant focus on prototype and quick-turn deliveries and the commercialization of new PCB technologies in cooperation with customers' product design departments. In
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
addition, operating as a service business, Aspocomp provides technology solutions and more competitive products.
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.
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, the Oulu plant 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 in Oulu 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 is still dependent on prototypes and quick-turn deliveries, the company’s order book is very short. As a result, business development is difficult to predict and result forecasts involve significant uncertainties.
In 2016, net sales are expected to grow and the operating result to be in the black. In 2015, net sales amounted to EUR 17.5 million and the operating result to EUR -1.2 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.
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
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
Aspocomp’s main market area comprises Northern and Central Europe. In case Aspocomp’s clients would transfer their R&D and manufacturing out of Europe, demand for Aspocomp’s offerings might weaken significantly.
Liquidity and financing as well as continuity of operations
Aspocomp is exposed to numerous financial risks in its operations. These risks are described in greater detail below. The President and CEO and the financial department identify, assess and if necessary hedge against financial risks and report to the Board of Directors on the financial position and adequacy of financing. Although the strategic structural overhaul seeking to expand and diversify the customer base progressed well in 2015, it has not as yet generated sufficient net sales. As stated above, the company is exposed to variations among its customer base and in global PCB demand, which may have a negative impact on the company’s cash flow and financial position.
Liquidity
The company’s liquidity is based on cash assets, the cash flow generated by business operations and external financing. In 2015, Aspocomp’s cash and financial position weakened compared with 2014, and the Group’s liquidity will remain tight during the next few months. The company seeks to continuously evaluate and monitor the amount of financing to ensure that it has enough liquid funds to finance operations and repay maturing loans. To assess liquidity, the company has prepared a month-specific cash flow forecast for 2016. The forecast is updated on a monthly basis.
On the basis of the cash flow forecast prepared during the drafting of the financial statements, the company estimates that it has enough working capital to meet its needs during the next 12 months, provided that the company’s sales and production cost structure develop as predicted and the availability of financing does not weaken unexpectedly.
To safeguard its liquidity, the company has a financial loan (EUR 0.5 million, Dec. 31, 2015). In addition, the company has a EUR 0.5 million credit facility, which was not in use as at December 31, 2015, and a recourse factoring agreement, of which EUR 0.7 million was in use at the end of the review period. The company is also negotiating on additional debt financing to bolster its financial position and reduce its financing-related risks. These forms of finance used to safeguard liquidity include covenant terms. If these measures do not yield the planned results, the company will seek to secure additional debt financing and, if necessary, equity financing by means of a share issue.
Capital management
As equity, the company manages the shareholders’ equity shown in the consolidated balance sheet. The objective is to ensure the continuity of the company’s operations and the appreciation of shareholder value. The capital structure of the Group is monitored and forecast regularly in order to ensure liquidity. Capital management does not involve significant risks, as the shareholders’ equity of the company is strong.
Compliance with the principle of operational continuity
According to the estimates of the company’s management and Board of Directors, financing-related uncertainties and other factors at the end of the 2015 financial year do not pose any substantial uncertainties that would give significant cause to doubt the company’s ability to continue its operations. At the end of the 2015 financial year, cash assets amounted to EUR 0.3 million and gearing was 11 percent. On the basis of the business forecast, the company’s operations will remain stable and it is expected that overall performance in 2016 will be better than last year.
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
Board of Directors' dividend proposal and Annual General Meeting
According to the financial statements dated on December 31, 2015 the parent company's distributable funds totaled approximately EUR 8.2 million.
The Board of Directors will propose to the Annual General Meeting to be held on April 7, 2016, that no dividend be paid for the financial year January 1, 2015 - December 31, 2015 and that the loss of the parent company, EUR 2,515,231.32, be transferred to the company's retained earnings account.
Publication of the financial statements and Report of the Board of Directors
Aspocomp's financial statements and Corporate Governance Statement for 2015 will be released in full with the Annual Report on Thursday, March 10, 2016. The Corporate Governance Statement 2015 is also available on the company's website at www.aspocomp.com/governance.
Publication of financial releases
Aspocomp Group Plc.'s financial information publication schedule for 2016 is:
- Interim report for January-March: Thursday, April 28, 2016
- Half-year report for January-June: Thursday, August 4, 2016
- Interim report for January-September: Friday, October 28, 2016
The interim reports and half-year report will be published at around 9:00 a.m. (EET).
Summary of Financial Statements and Notes
Accounting policies
The reported operations include the Group's parent company, Aspocomp Group Plc.
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, 2014 have been applied in the preparation of this report. However, as of January 1, 2015 the company has applied the following new or modified standards. The amendments do not have an impact on the consolidated financial statements.
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
PROFIT AND LOSS STATEMENT
January - December
| 1 000 € | 1-12/2015 | 1-12/2014 | Change | ||
|---|---|---|---|---|---|
| Net sales | 17,452 | 100% | 20,994 | 100% | -17% |
| Other operating income | 161 | 1% | 55 | 0% | 194% |
| Materials and services | -7,124 | -41% | -7,988 | -38% | -11% |
| Personnel expenses | -5,923 | -34% | -7,232 | -34% | -18% |
| Other operating costs | -4,593 | -26% | -6,124 | -29% | -25% |
| Depreciation and amortization | -1,168 | -7% | -1,658 | -8% | -30% |
| Operating result | -1,194 | -7% | -1,953 | -9% | -39% |
| Financial income and expenses | -102 | -1% | -73 | 0% | 40% |
| Profit/loss before tax | -1,295 | -7% | -2,025 | -10% | -36% |
| Income taxes | 277 | 2% | 32 | 0% | |
| Profit/loss for the period | -1,018 | -6% | -1,994 | -9% | -49% |
| 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 | 0 | 0% | -9 | 0% | -102% |
| Total other comprehensive income | 0 | 0% | -9 | 0% | -102% |
| Total comprehensive income | -1,018 | -6% | -2,002 | -10% | -49% |
| Earnings per share (EPS) | |||||
| Basic EPS | -0.16 € | -0.31 € | |||
| Diluted EPS | -0.16 € | -0.31 € |
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
October - December
| 1 000 € | 10-12/2015 | 10-12/2014 | Change | ||
|---|---|---|---|---|---|
| Net sales | 4,755 | 100% | 4,086 | 100% | 16% |
| Other operating income | 15 | 0% | 11 | 0% | 42% |
| Materials and services | -2,224 | -47% | -1,389 | -34% | 60% |
| Personnel expenses | -1,443 | -30% | -1,537 | -38% | -6% |
| Other operating costs | -1,171 | -25% | -2,315 | -57% | -49% |
| Depreciation and amortization | -268 | -6% | -478 | -12% | -44% |
| Operating result | -336 | -7% | -1,622 | -40% | -79% |
| Financial income and expenses | -35 | -1% | -43 | -1% | -20% |
| Profit/loss before tax | -371 | -8% | -1,665 | -41% | -78% |
| Income taxes | 278 | 6% | 61 | 1% | |
| Profit/loss for the period | -92 | -2% | -1,604 | -39% | -94% |
| 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 | 0 | 0% | -4 | 0% | -94% |
| Total other comprehensive income | 0 | 0% | -4 | 0% | -94% |
| Total comprehensive income | -92 | -2% | -1,608 | -39% | -94% |
| Earnings per share (EPS) | |||||
| Basic EPS | -0.01 € | -0.25 € | -96% | ||
| Diluted EPS | -0.01 € | -0.25 € | -96% |
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
CONSOLIDATED BALANCE SHEET
| 1 000 € | 12/2015 | 12/2014 | Change |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 3,066 | 3,061 | 0% |
| Tangible assets | 2,156 | 2,889 | -25% |
| Available for sale investments | 15 | 15 | 0% |
| Deferred income tax assets | 2,595 | 2,311 | 12% |
| Total non-current assets | 7,833 | 8,277 | -5% |
| Current assets | |||
| Inventories | 2,384 | 2,050 | 16% |
| Short-term receivables | 3,311 | 3,872 | -14% |
| Cash and bank deposits | 268 | 735 | -63% |
| Total current assets | 5,963 | 6,657 | -10% |
| Total assets | 13,796 | 14,934 | -8% |
| Equity and liabilities | |||
| Share capital | 1,000 | 1,000 | 0% |
| Reserve for invested non-restricted equity | 4,117 | 4,030 | 2% |
| Retained earnings | 4,348 | 5,625 | -23% |
| Total equity | 9,465 | 10,655 | -11% |
| Long-term financing loans | 129 | 536 | -76% |
| Other non-current liabilities | 358 | 118 | 205% |
| Deferred income tax liabilities | 12 | 8 | 46% |
| Short-term financing loans | 1,176 | 704 | 67% |
| Trade and other payables | 2,656 | 2,914 | -9% |
| Total liabilities | 4,331 | 4,279 | 1% |
| Total equity and liabilities | 13,796 | 14,934 | -8% |
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
12
CONSOLIDATED CHANGES IN EQUITY
| January-December 2015 | |||||
|---|---|---|---|---|---|
| 1000 € | Share capital | Other reserve | Translation differences | Retained earnings | Total equity |
| Balance at Jan. 1, 2015 | 1,000 | 4,030 | -3 | -5,628 | 10,655 |
| Comprehensive income | |||||
| Comprehensive income for the period | -1,018 | -1,018 | |||
| Other comprehensive income for the period, net of tax | |||||
| Translation differences | 0 | 0 | |||
| Total comprehensive income for the period | 0 | 0 | 0 | -1,018 | -1,018 |
| Business transactions with owners | |||||
| Post-employment benefit obligations | -259 | -259 | |||
| Share-based payment | 86 | 0 | 86 | ||
| Business transactions with owners, total | 0 | 86 | 0 | -259 | -172 |
| Balance at December 31, 2015 | 1,000 | 4,117 | -3 | 4,351 | 9,465 |
| January-December 2014 | |||||
| Balance at Jan. 1, 2014 | 1,000 | 3,955 | 6 | 7,622 | 12,582 |
| Comprehensive income | |||||
| Comprehensive income for the period | -1,994 | -1,994 | |||
| Other comprehensive income for the period, net of tax | |||||
| Translation differences | -9 | -9 | |||
| Total comprehensive income for the period | 0 | 0 | -9 | -1,994 | -2,002 |
| Business transactions with owners | |||||
| Share-based payment | 76 | 0 | 76 | ||
| Business transactions with owners, total | 0 | 76 | 0 | 0 | 76 |
| Balance at December 31, 2014 | 1,000 | 4,030 | -3 | 5,628 | 10,655 |
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
CONSOLIDATED CASH FLOW STATEMENT
| 1 000 € | 1-12/2015 | 1-12/2014 |
|---|---|---|
| Profit for the period | -1,018 | -1,994 |
| Adjustments | 1,064 | 1,591 |
| Change in working capital | -28 | 410 |
| Received interest income | 33 | 1 |
| Paid interest expenses | -135 | -87 |
| Paid taxes | -3 | 14 |
| Cash flow from operating activities | -88 | -64 |
| Investments | -469 | -864 |
| Proceeds from sale of property, plant and equipment | 47 | 67 |
| Cash flow from investing activities | -422 | -797 |
| Increase in financing | 747 | 0 |
| Decrease in financing | -704 | -784 |
| Cash flow from financing activities | 43 | -784 |
| Change in cash and cash equivalents | -467 | -1,645 |
| Cash and cash equivalents at the beginning of period | 735 | 2,380 |
| Cash and cash equivalents at the end of period | 268 | 735 |
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
14
KEY FINANCIAL INDICATORS
| Q4/2015 | Q3/2015 | Q2/2015 | Q1/2015 | Q4/2014 | |
|---|---|---|---|---|---|
| Net sales, M€ | 4.8 | 3.8 | 4.4 | 4.6 | 4.1 |
| Operating result before depreciation (EBITDA), M€ | -0.1 | -0.2 | -0.2 | 0.4 | -1.1 |
| Operating result (EBIT), M€ | -0.3 | -0.5 | -0.5 | 0.1 | -1.6 |
| of net sales, % | -7% | -12% | -12% | 3% | -40% |
| Profit/loss before taxes, M€ | -0.4 | -0.5 | -0.5 | 0.1 | -1.7 |
| of net sales, % | -8% | -14% | 12% | 3% | -41% |
| Profit/loss for the period, M€ | -0.1 | -0.5 | -0.5 | 0.1 | -1.6 |
| of net sales, % | -2% | -14% | -12% | 3% | -39% |
| Equity ratio, % | 69% | 75% | 74% | 68% | 71% |
| Gearing, % | 11% | 5% | 5% | 10% | 5% |
| Gross investments in fixed assets, M€ | 0.1 | 0.1 | 0.3 | 0.1 | 0.3 |
| of net sales, % | 1% | 2% | 6% | 2% | 7% |
| Personnel, end of the quarter | 106 | 108 | 110 | 141 | 144 |
| Earnings/share (EPS), € | -0.01 | -0.08 | -0.08 | 0.02 | -0.25 |
| Equity/share, € | 1.48 | 1.53 | 1.61 | 1.69 | 1.66 |
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 € | 12/2015 | 12/2014 | |
|---|---|---|---|
| Business mortgage | 4,000 | 4,000 | |
| Operating lease liabilities | 740 | 1,199 | |
| Other liabilities | 792 | 40 | |
| Total | 5,532 | 5,239 |
All figures are unaudited.
Espoo, February 25, 2016
Board of Directors of Aspocomp Group Plc.
ASPOCOMP
ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1.- DEC. 31, 2015
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, focusing on the end-to-end fulfillment of customers' PCB needs. 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. Operating as a service business, we provide one-stop access to technology solutions and competitive products for 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.
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