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PCB | May 15, 2008

Aspocomp could become<br>insolvent in coming years

Finnish PCB manufacturer Aspocomp stated in its fiscal report the risk of a liquidity crisis at its Thai unit was very high and issued an insolvency warning for the whole group.
If Aspocomp does not obtain financing from ether Aspocomp Oulu Oy or its associate Meadville Aspocomp Holdings to cover its expenses by 2013, the whole group will ultimately run the risk of insolvency, states the fiscal report.

Isto Hantila, Chief Executive at Aspocomp said: “The Thailand plant's deep loss has been turned around and first-quarter operating profit was at the breakeven level. The financial situation of the Thai company remains critical and the risk of a liquidity crisis is very high”.

To cut debts, the company had sold its businesses in China and India as well as 10% of its Oulu subsidiary in Finland to a joint venture with Meadville Holdings, Hong Kong.

Aspocomp currently runs operations in Finland and Thailand and reported that it had reached a breakeven level in operating profit in Q1/08, compared with a loss of €1.4 million in Q1/07. However, sales fell by 17% to €10.1 million.

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