ASPOCOMP’S INTERIM REPORT JANUARY 1 – MARCH 31, 2012

Aspocomp Group Oyj 

26.04.2012 08:00
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Espoo, Finland, 2012-04-26 08:00 CEST (GLOBE NEWSWIRE) -- 
Aspocomp Group Plc, Interim Report, April 26, 2012 at 9:00 a.m.

Key figures 1-3/2012 in brief

- Net sales: EUR 6.4 million (EUR 4.9 million 1-3/2011)
- Operating result before depreciation (EBITDA): EUR 0.8 million (0.8)
- Operating profit (EBIT): EUR 0.4 million (0.4)
- Earnings per share (EPS): EUR 0.07 (0.06)
- Operational cash flow: EUR 0.1 million (-0.7)


CEO'S REVIEW

'Year 2012 started reasonably well for Aspocomp in spite of the unstable
market. Net sales grew to EUR 6.4 million following the acquisition of the
Teuva plant, but profitability fell short of our target. Operating profit
amounted to EUR 0.4 million, about seven percent of net sales. 

Operational cash flow was slightly in the black. The acquisition of the Teuva
plant increased tied-up working capital, thereby weakening cash flow. The
effect of the acquisition is non-recurring and only impacts on the first
quarter of the present year. In operational terms, the integration of Teuva
into Aspocomp has proceeded according to plans. 

Although the near-term market outlook remains murky, seasonal demand for
quick-turn deliveries is expected to pick up. Our full-year outlook remains
unchanged: we expect that net sales will rise clearly and that the operating
result will be at a good level with respect to the industry sector, but to fall
significantly short of 2011.' 

THE GROUP'S KEY FIGURES

                                 1-3/12   1-3/11         Change  1-12/11
Net sales, MEUR                       6,4      4,9           30 %     23,6
EBITDA, MEUR                          0,8      0,8         0,0 MEUR      5,4
Operating profit, MEUR                0,4      0,4         0,0 MEUR      4,1
% of net sales                      7 %      9 %    -2.1 %-unit     17 %
Pre-tax  profit, MEUR                 0,4      0,1         0,3 MEUR      7,2
% of net sales                      7 %      3 %       4 %-unit     31 %
Profit/loss for the period, MEUR      0,4      0,1         0,3 MEUR      7,2
% of net sales                      7 %      3 %       4 %-unit     31 %
Earnings per share, EUR              0,07     0,06          0,0 EUR     1,23
Investments, MEUR                     0,2      0,1         0,1 MEUR      1,2
% of net sales                    3,3 %    2,0 %     1,3 %-unit    5,0 %
Equity / share, EUR                  1,72     0,06         1,66 EUR     1,59
Equity ratio, %                  63,1 %   11,1 %    52.0 %-unit   61,6 %
Gearing, %                      -14,6 %  490,8 %  -505,4 %-unit  -17,0 %
Personnel, end of the period        149      101             48      104


First-quarter net sales amounted to EUR 6.4 million, a year-on-year increase of
30 percent. The five largest customers accounted for 67 percent of net sales
(80% 1-3/2011). In geographical terms, 96 percent of net sales were generated
in Europe (93%) and 4 percent in Asia (7%). Net sales grew largely due to the
acquisition of the Teuva plant, which also reduced the share of total net sales
accounted for by the five largest customers. 

The operating result was EUR 0.4 million (EUR 0.4 million 1-3/2011),
representing 7 percent of net sales. Demand for quick-turn deliveries was more
muted than in both the previous quarter and the comparison quarter, which
weakened the operating margin. 


OUTLOOK FOR THE FUTURE

As Aspocomp's business focuses on prototypes and quick-turn deliveries, it is
difficult to forecast full-year net sales. It is estimated that net sales will
rise substantially in 2012 thanks to the acquisition of the business operations
of Teuva. The operating profit is expected to be at a good level with respect
to the industry sector, but to fall significantly short of 2011. 


PUBLICATION OF FINANCIAL RELEASES

Aspocomp has adopted the new disclosure procedure enabled by Standard 5.2b,
which was published by the Finnish Financial Supervision Authority. This stock
exchange release is a summary of the Aspocomp Group's Interim Report January 1
- March 31, 2012 and includes the most relevant information of the report. The
complete report is attached to this release as a pdf file and is also available
on the company's website at www.aspocomp.com. 


ADDITIONAL INFORMATION

For further information, please contact Sami Holopainen, CEO, tel. +358 20 775
6860, sami.holopainen(at)aspocomp.com. 


ASPOCOMP GROUP PLC
Board of Directors


www.aspocomp.com


Aspocomp: Providing design flexibility

Aspocomp Group Plc sells and manufactures high-tech PCBs. Aspocomp's products
are used in the electronics industry, for instance, in telecommunications
networks, automobiles and many types of industrial applications.
News Source: NASDAQ OMX



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Language:     English
Company:      Aspocomp Group Oyj
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009008080
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