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© Aspocomp PCB | July 25, 2011

Net sales increased to EUR 11.5 million for Aspocomp

The company expects to see a clear net sales growth in 2011. The operating result is anticipated to be higher than in 2010.

Net sales & earnings for April-June Second-quarter net sales amounted to EUR 6.6 million, up 21 percent on 4-6/2010. The five largest customers accounted for 83 percent of net sales (82%). In geographical terms, 90 percent of net sales were generated in Europe (96%) and 10 percent in Asia (4%). The operating result was EUR 1.2 million (1.2). As a result of the aforementioned restructuring (“Restructuring 2011”), the Group’s net financial income amounted to EUR 1.7 million (-0.3). As a result of the aforementioned restructuring (“Restructuring 2011”), the Group’s result for the review period was EUR 4.7 million (0.9) and earnings per share were EUR 0.08 (0.02). Net sales & earnings for January-June Net sales for the first half of the year amounted to EUR 11.5 million, up 17 percent on 1-6/2010. The five largest customers accounted for 81 percent of net sales (78% 1-6/2010). In geographical terms, 91 percent of net sales were generated in Europe (93%) and 9 percent in Asia (7%). The operating result was EUR 1.6 million (1.6). As a result of the aforementioned restructuring (“Restructuring 2011”), the Group’s net financial income amounted to EUR 1.6 million (-0.6). As a result of the aforementioned restructuring (“Restructuring 2011”), the Group’s result was EUR 4.8 million (1.0) and earnings per share were EUR 0.08 (0.02). Sami Holopainen, CEO comments: Demand picked up in the first quarter of 2011 and remained brisk in the second. As the holiday season drew near, demand for quick-turn deliveries was particularly robust. Thanks to the favorable market, our net sales grew and we posted a nice operating result of EUR 1.6 million, 14 percent of net sales. As usual, demand is expected to slacken during the holiday season, which falls in the third quarter. In addition, the bad news in the global economy dims the outlook for the rest of the year. Annual net sales are nevertheless anticipated to grow. Net sales growth still tied up capital, as a result of which the cash flow from operations was zero. That said, cash flow is expected to rise into the black during the current quarter. Aspocomp carried out a major restructuring in April-May, substantially improving the company’s financial position and streamlining its structure." Personnel During the period, Aspocomp had an average of 102 employees (97). The personnel count on June 30, 2011 was 106 (96). Of them, 75 (66) were non-salaried and 31 (30) salaried employees. Litigations In 2007, the French Supreme Court ordered the company to pay approximately EUR 11 million to 388 former employees of Aspocomp S.A.S. The company made the payment in 2007. In January 2009, the Labor Court of Evreux, France ruled that the company has to pay approximately EUR 0.5 million in compensation, with interest, to a further 13 former employees. Aspocomp appealed, but the Court of Appeal of Rouen confirmed the decision in May 2010. The payment has not been made, but Aspocomp made a related provision in its 2007 financial statements. In October 2010, Aspocomp was informed that six former employees reasserted their suspended claims in a French Court. In addition, one new claim has been made. These hearings were held in May 2011. The total amount of the claims is EUR 0.3 million. Aspocomp has not yet been informed about the court decision. The aforementioned compensations and claims do not have a profit impact during the financial year, because Aspocomp has made a reservation in its 2007 financial statements. There is a risk that the remaining approximately 90 employees may also institute proceedings. Under legislation that came into effect in June 2008, the statute of limitations for filing a suit is five years after the law came into effect. Outlook The outlook for operations in Oulu and Group’s lean cost structure enable the continuity of Aspocomp’s operations. The Group’s financial position is fair. As operations focus on prototypes and quick-turn deliveries, it is very difficult to forecast full-year net sales. The company expects to see a clear net sales growth in 2011. The operating result is anticipated to be higher than in 2010.
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October 11 2019 3:09 pm V14.5.0-2