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30
July
2012

Aspocomp reports net sales of EUR 13.1 million

Net sales amounted to EUR 13.1 million, a year-on-year increase of 14 percent for European PCB manufacturer Aspocomp.
Net sales and earnings

Net sales amounted to EUR 13.1 million, a year-on-year increase of 14 percent. The five largest customers accounted for 70 percent of net sales (81% 1-6/2011). In geographical terms, 95 percent of net sales were generated in Europe (91%) and 5 percent in Asia (9%). Net sales grew 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 1.2 million (EUR 1.6 million in 1-6/2011), representing 9 percent of net sales.

Net financial expenses for the review period amounted to EUR 0.0 million (EUR -3.2 million). The profit for the period was EUR 1.2 million (EUR 4.7 million) and earnings per share were EUR 0.19 (EUR 0.87). The profit for the reference period includes one-time financial income of about EUR 3.7 million.

Sami Holopainen, CEO, comments:

“Aspocomp posted better performance in the second quarter of 2012 than in the first in spite of the uncertain market conditions. Net sales grew to EUR 13.1 million following the acquisition of the Teuva plant. However, due to unstable demand, capacity utilization was not at a desirable level. Operating profit amounted to EUR 1.2 million, slightly over nine percent of net sales.

Operational cash flow turned clearly positive, as the acquisition of the Teuva operations no longer increased the working capital during the second quarter of the year. In operational terms, the integration of Teuva into Aspocomp has proceeded according to plans, but the demand has not as yet enabled us to reach our profitability target.

The near-term market outlook still remains murky and demand fluctuations are expected to continue. However, we are keeping our full-year outlook 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.”

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.
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