Aspocomp with net sales increase in 2Q/2017

Growth in net sales was driven largely by volume production in the second quarter, a year-on-year increase of approximately 55 percent. Similarly, deliveries of own production decreased slightly due to the timing of customer product development projects. The strongest growth in the second quarter was generated by industrial electronics and automotive products. PCBs supplied to the security and defense industry as well as for use in semiconductor component testing were also on the rise. In telecommunication infrastructure, demand fell slightly. First-half growth increased to 19 percent, with sales value of EUR 11.3 million (EUR 9.5 million 1-6/2016). Cash flow remained strong as the amount of tied-up working capital decreased and in the first half of the year amounted to EUR 1.1 million (EUR -0.2 million). Second-quarter operating result amounted to EUR 0.1 million (EUR 0.2 million 4-6/2016). The operating result was particularly affected by fluctuations in demand in own production and by higher-than-usual maintenance costs in June. First-half operating result rose to EUR 0.3 million (EUR -0.3 million 1-6/2016). Customer acquisition continued to be positive in the first part of the year. The company has received several valuation orders and supplier approvals from new major customer. The company's order book increased by 9 percent from the previous quarter and was at the same level of EUR 2.4 million as a year earlier. The order book is expected to support the positive trend in net sales and operating profit during the rest of the year", Mr Montonen continued. Key figures 4-6/2017 in brief

• Net sales: EUR 5.6 million (EUR 5.3 million 4-6/2016)
• Operating result before depreciation (EBITDA): EUR 0.3 million (0.4)
• Operating result: EUR 0.1 million (0.2)
• Earnings per share (EPS): EUR 0.01 (0.02)
• The five largest customers accounted for 51 percent of net sales (52% 4-6/2016). In geographical terms, 96 percent of net sales were generated in Europe (92%), 1 percent in Asia (6%) and 3 percent in North America (2%).

Key figures 1-6/2017 in brief

• Net sales: EUR 11.3 million (EUR 9.5 million 1-6/2016)
• EBITDA: EUR 0.8 million (0.2)
• Operating result: EUR 0.3 million (-0.3)
• Earnings per share (EPS): EUR 0.04 (-0.05)
• Operational cash flow: EUR 1.1 million (-0.2)
• Order book at the end of period: EUR 2.4 million (2.4)
• The five largest customers accounted for 51 percent of net sales (50% 1-6/2016). In geographical terms, 97 percent of net sales were generated in Europe (90%), 1 percent in Asia (6%) and 2 percent in North America (4%).

The company's full-year guidance remains unchanged. In 2017, net sales are expected to grow approximately 10 percent and the operating margin 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.