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Aspocomp Group Oyj — Interim / Quarterly Report 2016
Feb 14, 2017
3301_er_2017-02-14_08916e9b-01d3-4392-9fe2-2a903b5aa19f.pdf
Interim / Quarterly Report
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ASPOCOMP'S FINANCIAL STATEMENTS, JAN. 1 - DEC. 31, 2016
Key figures 10-12/2016 in brief
| 10-12/2016 | 10-12/2015 | Change * | |
|---|---|---|---|
| Net sales | 6.6 M€ | 4.8 M€ | 1.8 M€ |
| EBITDA | 1.1 M€ | -0.1 M€ | 1.2 M€ |
| Comparable operating result | 0.8 M€ | -0.3 M€ | 1.1 M€ |
| % of net sales | 12.4 % | -6.0 % | 18.4 ppts |
| Operating result | 0.8 M€ | -0.3 M€ | 1.2 M€ * |
| % of net sales | 12.4 % | -7.1 % | 19.4 ppts |
| Earnings per share | 0.19 € | -0.01 € | 0.20 € |
Key figures 2016 in brief
| 1-12/2016 | 1-12/2015 | Change * | |
|---|---|---|---|
| Net sales | 21.6 M€ | 17.5 M€ | 4.2 M€ |
| EBITDA | 1.8 M€ | 0.0 M€ | 1.8 M€ |
| Comparable operating result | 0.7 M€ | -0.9 M€ | 1.6 M€ |
| % of net sales | 3.2 % | -5.4 % | 8.6 ppts |
| Operating result | 0.7 M€ | -1.2 M€ | 1.9 M€ |
| Earnings per share | 0.16 € | -0.16 € | 0.32 € |
| Operative cash flow | 0.1 M€ | -0.1 M€ | 0.2 M€ |
| Equity ratio | 67.6 % | 68.6 % | -1.0 ppts |
| Order book at the end of period | 2.4 M€ | 0.7 M€ | 1.6 M€ |
* The total may deviate from the sum totals due to rounding up and down.
OUTLOOK FOR THE FUTURE
In 2017, net sales are expected to grow approximately 10 percent and the operating result to be better than in 2016. In 2016, net sales amounted to EUR 21.6 million and the operating result was 3 percent of net sales.
CEO'S REVIEW
"Our main strategic objective for 2016 – 'Accelerate growth' – was well achieved on the whole. The market situation was weak at the beginning of the year, but sales began growing
in line with expectations during the second quarter and remained strong throughout the year.
Sales developed well as from the second quarter and peaked in the fourth quarter, amounting to EUR 6.6 million (EUR 4.8 million 10-12/2015), a year-on-year increase of 39 percent. Full-year net sales amounted to EUR 21.6 million (EUR 17.5 million/2015), representing very strong annual growth of 24 percent.
The development of the new generation of computer network systems generated demand for PCBs, which picked up significantly towards the end of the year and was the main driver of growth in the fourth quarter. The needs of automotive industry customers remained firm throughout the year and the entire customer segment doubled its sales compared to the previous year.
Profitability improved clearly during the fourth quarter as deliveries focused on more technologically demanding products. The operating result for the fourth quarter amounted to EUR 0.8 million, over 12 percent of net sales. Full-year operating result rose into the black and amounted to EUR 0.7 million, or over 3 percent of net sales. Working capital increased by EUR 1.6 million due to business growth. In spite of this, the cash flow was positive at EUR 0.1 million.
The printed circuit board market is estimated to grow by 2 percent in 2017 (source: Custer Consulting Group). Aspocomp expects net sales growth to continue outpacing the market and reach a level of about 10 percent in 2017. Profitability is expected to improve from 2016, mainly due to the growing net sales and more balanced demand.
Aspocomp will present a more detailed review of its goals and strategy at its Capital Markets Day on Tuesday, March 14, 2017."
NET SALES AND EARNINGS
October-December 2016
Fourth-quarter net sales amounted to EUR 6.6 million, a year-on-year increase of 39 percent. PCB demand generated by the development of the new generation of computer network systems picked up significantly towards the end of the year and was the main driver of growth in the fourth quarter.
The five largest customers accounted for 62 percent of net sales (49% 10-12/2015). In geographical terms, 97 percent of net sales were generated in Europe (93%), 3 percent in Asia (3%) and 1 percent in North America (4%).
The operating result for the fourth quarter amounted to EUR 0.8 million (EUR -0.3 million 10-12/2015). Fourth-quarter comparable operating result was 12 percent of net sales. In the fourth quarter, deliveries focused mainly on higher value-added products improving profitability significantly.
Net financial expenses for the fourth quarter amounted to EUR 0.0 million (EUR 0.0 million 10-12/2015). Earnings per share were EUR 0.19 (EUR -0.01).
Financial year 2016
Net sales amounted to EUR 21.6 million, a year-on-year increase of 24 percent. The needs of automotive industry customers remained firm throughout the year and the entire customer segment doubled its sales compared to the previous year.
The five largest customers accounted for 53 percent of net sales (47% 1-12/2015). In geographical terms, 93 percent of net sales were generated in Europe (93%), 5 percent in Asia (5%) and 2 percent in North America (2%).
Operating result amounted to EUR 0.7 million (EUR -1.2 million 1-12/2015). The comparable operating result was EUR 0.7 million (EUR -0.9 million 1-12/2015, excluding the Teuva plant's shutdown costs). Profitability improved in the second half of the year as revenue grew and deliveries focused on higher value-added products.
Net financial expenses amounted to EUR 0.1 million (EUR 0.1 million). Earnings per share were EUR 0.16 (EUR -0.16).
INVESTMENTS AND R&D
Investments during the review period amounted to EUR 0.4 million (EUR 0.5 million 1- 12/2015).
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 period was EUR 0.1 million (EUR -0.1 million 1- 12/2015).
Cash flow after investments was EUR -0.2 million (EUR -0.5 million).
Cash assets amounted to EUR 0.3 million at the end of the period (EUR 0.3 million). Interestbearing liabilities amounted to EUR 1.5 million (EUR 1.3 million 12/2015). Gearing was 12 percent (11%). Non-interest-bearing liabilities amounted to EUR 3.6 million (EUR 3.0 million). At the end of the period, the Group's equity ratio amounted to 68 percent (69%).
The company also has a EUR 0.5 million credit facility, which was not in use at the end of the review period (EUR 0.0). In addition, the company has a recourse factoring agreement, of which EUR 0.4 million was in use (EUR 0.7 million).
DEFERRED TAX ASSETS
At the end of the 2016 financial year, the company had approximately EUR 3.0 million in deferred tax assets in its balance sheet. The deferred tax assets are primarily due to decelerated tax depreciation.
PERSONNEL
During the review period, the company had an average of 106 employees (121 in 1-12/2015). The personnel count on December 31, 2016 was 108 (106 in 12/2015). Of them, 69 (66) were non-salaried and 39 (40) salaried employees.
ANNUAL GENERAL MEETING
The decisions of the Annual General Meeting 2016, the authorizations given to the Board of Directors by the AGM and the decisions relating to the organization of the Board of Directors have been published in separate stock exchange releases on April 7, 2016.
The Annual General Meeting 2017 will take place on Thursday, March 23 at 10:00 a.m. EET. The meeting will be convened by the company's Board of Directors later on.
SHARES
The total number of Aspocomp's shares at December 31, 2016 was 6,496,505 and the share capital stood at EUR 1,000,000. The company did not hold any treasury shares. Each share is of the same share series and entitles its holder to one vote at a General Meeting and to have an identical dividend right.
A total of 3,020,853 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki during the period from January 1 to December 31, 2016. The aggregate value of the shares exchanged was EUR 3,787,959. The shares traded at a low of EUR 0,97 and a high of EUR 1.62. The average share price was EUR 1.25. The closing price at December 30, 2016 was EUR 1.60, which translates into market capitalization of EUR 10.4 million.
The company had 2,817 shareholders at the end of the review period. Nominee-registered shares accounted for 4.3 percent of the total shares.
ASPOCOMP'S BUSINESS OPERATIONS
Aspocomp specializes in demanding PCB technologies, serving its customers throughout the entire life cycle of a product. Aspocomp sells and manufactures PCBs and also provides related design and logistics services as well as technology solutions. Aspocomp creates value for its customers with unique products and solutions, strong manufacturing and technology expertise, as well as fast and reliable deliveries.
Aspocomp has expanded its operations to serve numerous industries and market areas. Aspocomp's customers are companies that design and manufacture telecom systems and equipment, automotive and industrial electronics, security technology and semiconductor testing systems.
Aspocomp offers a wide range of PCB design and manufacturing services, together with selected partners. A wide network of expert partners together with Aspocomp's own manufacturing enables its customers to cost-effectively buy their PCBs from a single provider over the entire life cycle of a product. 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.
Aspocomp's manufacturing unit in Oulu focuses on prototype and quick-turn deliveries and the commercialization of new PCB technologies in cooperation with customers' product design departments. 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 and therefore is able to help its customers in their very diverse and demanding needs.
OUTLOOK FOR THE FUTURE
A major share of Aspocomp's net sales is generated by quick-turn deliveries and R&D series, and thus the company's order book is short. The company's aim is to systematically expand its services to cover the PCB needs of customers over the entire life cycle and thereby balance out variations in demand and the order book.
In 2017, net sales are expected to grow approximately 10 percent and the operating result to be better than in 2016. In 2016, net sales amounted to EUR 21.6 million and the operating result was 3 percent of net sales.
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'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
On the basis of the cash flow forecast prepared monthly, 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.
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.
Liquidity
The company's liquidity is based on cash assets, the cash flow generated by business operations and external financing.
At the end of 2016, the company's interest-bearing liabilities amounted to EUR 1.5 million. Gearing was 11.8 percent (10.7%) and equity ratio amounted to 67.6 percent (68.6%).
The company has a EUR 0.5 million credit facility, which was not in use as at the end of the review period.
In 2016, Aspocomp's cash and financial position improved compared with 2015. 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 2017. 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. The company has a EUR 0.5 million credit facility, which was not in use as at December 31, 2016, and a recourse factoring agreement, of which EUR 0.4 million was in use at the end of the
review period. In addition the company has financed its investments through financial leasing during the financial year. Financial leasing liabilities amounted to EUR 1.0 million at December 31, 2016. These forms of finance used to safeguard liquidity include covenant terms. The covenant terms were not broken at December 31, 2016.
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, financingrelated uncertainties and other factors at the end of the 2016 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 2016 financial year, cash assets amounted to EUR 0.3 million and gearing was 11.8 percent. On the basis of the business forecast, the company's operations will remain stable and it is expected that overall performance in 2017 will be better than last year.
EVENTS AFTER THE FINANCIAL PERIOD
No significant reportable events after the financial period.
BOARD OF DIRECTORS' DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING
According to the financial statements dated on December 31, 2016 the parent company's distributable funds totaled approximately EUR 7.7 million.
The Board of Directors will propose to the Annual General Meeting to be held on March 23, 2017, that no dividend be paid for the financial year January 1, 2016 - December 31, 2016 and that the loss of the parent company, EUR 661,980.67, 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 report of the Board of Directors as well as Corporate Governance Statement for 2016 will be released in full with the Annual Report on Tuesday, February 28, 2017. The Corporate Governance Statement 2016 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 2017 is:
- Interim report for January-March: Thursday, April 27, 2017
- Half-year report for January-June: Friday, August 11, 2017
- Interim report January-September: Thursday, October 26, 2017
The interim reports and half-year report will be published at around 9:00 a.m. (EET) on the given dates.
Aspocomp's silent period commences 30 days prior to the publication of its financial information.
CAPITAL MARKETS DAY
Aspocomp will hold its Capital Markets Day at Pörssitalo, address Fabianinkatu 14, 1st floor, Peilisali, Helsinki, Finland on Tuesday, March 14, 2017 from 8:30 a.m. till 12:00 noon (EET). At the event, Aspocomp's CEO Mikko Montonen will present a review of the company's goals and strategy. In addition, Aspocomp's other executives will present reviews of the company's current business issues and marketing. A more detailed program of the Capital Markets Day will be available on Aspocomp's website, www.aspocomp.com/investors, and will be sent to registered participants by March 7, 2017.
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 Financial Statements have 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, 2015 have been applied in the preparation of this report. However, the company complies with new or modified standards that came into effect as of January 1, 2016. The company has determined that these amendments do not have an impact on the consolidated financial statements.
PROFIT AND LOSS STATEMENT
October - December
| 1 000 € | 10-12/2016 | 10-12/2015 | Change | ||
|---|---|---|---|---|---|
| Net sales | 6,591 | 100% | 4,755 | 100% | 39% |
| Other operating income | 17 | 0% | 15 | 0% | 14% |
| Materials and services | -2,539 | -39% | -2,224 | -47% | 14% |
| Personnel expenses | -1,651 | -25% | -1,443 | -30% | 14% |
| Other operating costs | -1,302 | -20% | -1,171 | -25% | 11% |
| Depreciation and amortization | -300 | -5% | -268 | -6% | 12% |
| Operating result | 816 | 12% | -336 | -7% | 343% |
| Financial income and expenses | -2 | 0% | -35 | -1% | - |
| Profit/loss before tax | 814 | 12% | -371 | -8% | - |
| Income taxes | 413 | 6% | 278 | 6% | |
| Profit/loss for the period | 1,227 | 19% | -92 | -2% | - |
| 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 | -1 | 0% | 0 | 0% | - |
| Total other comprehensive income | -1 | 0% | 0 | 0% | - |
| Total comprehensive income | 1,225 | 19% | -92 | -2% | - |
| Earnings per share (EPS) | |||||
| Basic EPS | 0.19 € | -0.01 € | - | ||
| Diluted EPS | 0.19 € | -0.01 € | - |
January - December
| 1 000 € | 1-12/2016 | 1-12/2015 | Change | ||
|---|---|---|---|---|---|
| Net sales | 21,623 | 100% | 17,452 | 100% | 24% |
| Other operating income | 38 | 0% | 161 | 1% | -76% |
| Materials and services | -9,159 | -42% | -7,124 | -41% | 29% |
| Personnel expenses | -6,216 | -29% | -5,923 | -34% | 5% |
| Other operating costs | -4,530 | -21% | -4,593 | -26% | -1% |
| Depreciation and amortization | -1,066 | -5% | -1,168 | -7% | -9% |
| Operating result | 690 | 3% | -1,194 | -7% | 158% |
| Financial income and expenses | -68 | 0% | -102 | -1% | - |
| Profit/loss before tax | 622 | 3% | -1,295 | -7% | - |
| Income taxes | 412 | 2% | 277 | 2% | |
| Profit/loss for the period | 1,034 | 5% | -1,018 | -6% | - |
| 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 | 2 | 0% | 0 | 0% | - |
| Total other comprehensive income | 2 | 0% | 0 | 0% | - |
| Total comprehensive income | 1,036 | 5% | -1,018 | -6% | - |
| Earnings per share (EPS) | |||||
| Basic EPS | 0.16 € | -0.16 € | - | ||
| Diluted EPS | 0.16 € | -0.16 € | - |
CONSOLIDATED BALANCE SHEET
| 1 000 € | 12/2016 | 12/2015 | Change |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 3,216 | 3,066 | 5% |
| Tangible assets | 2,499 | 2,156 | 16% |
| Available for sale investments | 15 | 15 | 0% |
| Deferred income tax assets | 3,017 | 2,595 | 16% |
| Total non-current assets | 8,747 | 7,833 | 12% |
| Current assets | |||
| Inventories | 2,622 | 2,384 | 10% |
| Short-term receivables | 4,117 | 3,311 | 24% |
| Cash and bank deposits | 258 | 268 | -4% |
| Total current assets | 6,998 | 5,963 | 17% |
| Total assets | 15,744 | 13,796 | 14% |
| Equity and liabilities | |||
| Share capital | 1,000 | 1,000 | 0% |
| Reserve for invested non-restricted equity | 4,255 | 4,117 | 3% |
| Retained earnings | 5,384 | 4,348 | 24% |
| Total equity | 10,639 | 9,465 | 12% |
| Long-term financing loans | 819 | 129 | 533% |
| Other non-current liabilities | 357 | 358 | 0% |
| Deferred income tax liabilities | 19 | 12 | 65% |
| Short-term financing loans | 693 | 1,176 | -41% |
| Trade and other payables | 3,217 | 2,656 | 21% |
| Total liabilities | 5,105 | 4,331 | 18% |
| Total equity and liabilities | 15,744 | 13,796 | 14% |
CONSOLIDATED CHANGES IN EQUITY
January-December 2016
| 1000 € | Share capital | Other reserve | Translation differences |
Retained earnings |
Total equity |
|---|---|---|---|---|---|
| Balance at Jan. 1, 2016 | 1,000 | 4,117 | -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 | 2 | 2 | |||
| Total comprehensive income for the period | 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 | 138 |
| Balance at December 31, 2016 | 1,000 | 4,255 | -1 | 5,386 | 10,639 |
| January-September 2015 | |||||
| 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-emolument 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 |
CONSOLIDATED CASH FLOW STATEMENT
| 1 000 € | 1-12/2016 | 1-12/2015 |
|---|---|---|
| Profit for the period | 1,034 | -1,018 |
| Adjustments | 795 | 1,064 |
| Change in working capital | -1,658 | -28 |
| Received interest income | 0 | 33 |
| Paid interest expenses | -78 | -135 |
| Paid taxes | -2 | -3 |
| Cash flow from operating activities | 91 | -88 |
| Investments | -397 | -469 |
| Proceeds from sale of property, plant and equipment | 20 | 47 |
| Cash flow from investing activities | -377 | -422 |
| Increase in financing | 1,046 | 747 |
| Decrease in financing | -860 | -704 |
| Stock options exercised | 89 | 0 |
| Cash flow from financing activities | 276 | 43 |
| Change in cash and cash equivalents | -10 | -467 |
| Cash and cash equivalents at the beginning of period | 268 | 735 |
| Cash and cash equivalents at the end of period | 258 | 268 |
| Q4/2016 | Q3/2016 | Q2/2016 | Q1/2016 | Q4/2015 | |
|---|---|---|---|---|---|
| Net sales, M€ | 6.6 | 5.6 | 5.3 | 4.1 | 4.8 |
| EBITDA, M€ | 1.1 | 0.4 | 0.4 | -0.2 | -0.1 |
| Operating result (EBIT), M€ | 0.8 | 0.2 | 0.2 | -0.4 | -0.3 |
| of net sales, % | 12% | 3% | 3% | -11% | -7% |
| Profit/loss before taxes, M€ | 0.8 | 0.1 | 0.1 | -0.5 | -0.4 |
| of net sales, % | 12% | 2% | 3% | -11% | -8% |
| Net profit/loss for the period, M€ | 1.2 | 0.1 | 0.1 | -0.5 | -0.1 |
| of net sales, % | 19% | 2% | 3% | -11% | -2% |
| Equity ratio, % | 68% | 64% | 66% | 66% | 69% |
| Gearing, % | 12% | 16% | 15% | 18% | 11% |
| Gross investments in fixed assets, M€ | 0.2 | 0.1 | 0.1 | 0.0 | 0.1 |
| of net sales, % | 3% | 2% | 1% | 1% | 1% |
| Personnel, end of the quarter | 108 | 109 | 105 | 104 | 106 |
| Earnings/share (EPS), € | 0.19 | 0.02 | 0.02 | -0.07 | -0.01 |
| Equity/share, € | 1.64 | 1.45 | 1.43 | 1.41 | 1.48 |
| A reconciliation of comparable operating result | |||||
| Operating result (EBIT), M€ | 0.8 | 0.2 | 0.2 | -0.4 | -0.3 |
| Plant shutdown costs | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Adjusted operating result, M€ | 0.8 | 0.2 | 0.2 | -0.4 | -0.3 |
KEY FINANCIAL INDICATORS
Aspocomp presents alternative performance measures to reflect the underlying business performance and to enhance comparability from period to period. The alternative performance measures should not be considered as substitutes for performance measures defined in IFRS. As from Q1 2016, Aspocomp has relabeled the previously used "excluding non-recurring items" non-IFRS financial measures as "comparable" performance measures. Substantial restructuring costs and impairment losses are items that are reported in comparable operating profit.
| 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 | |||
| Earnings before interests, taxes, | |||
| EBITDA | = | depreciations and amortisations | |
| Comparable operating result | = | Earnings before interests, taxes and shutdown costs |
Formulas and definitions
CONTINGENT LIABILITIES
| 1 000 € | 12/2016 | 12/2015 |
|---|---|---|
| Business mortgage | 4,000 | 4,000 |
| Operating lease liabilities | 466 | 781 |
| Other liabilities | 21 | 40 |
| Total | 4,487 | 4,821 |
All figures are unaudited.
Espoo, February 14, 2017
Board of Directors of Aspocomp Group Plc.
For further information, please contact Mikko Montonen, CEO, tel. +358 20 775 6860, mikko.montonen(at)aspocomp.com.
ASPOCOMP – A SERVICE COMPANY SPECIALIZING IN PCB TECHNOLOGIES
Aspocomp specializes in demanding PCB technologies, serving its customers throughout the entire life cycle of a product. Aspocomp sells and manufactures PCBs and also provides related design and logistics services as well as technology solutions. Aspocomp creates value for its customers with unique products and solutions, strong manufacturing and technology expertise, as well as fast and reliable deliveries. A wide network of expert partners together with Aspocomp's own manufacturing enables its customers to cost-effectively buy their PCBs from a single provider over the entire life cycle of a product.
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 customers are companies that design and manufacture telecom systems and equipment, automotive and industrial electronics, security technology and semiconductor testing systems.
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.