Espoo, Finland, 2012-07-26 08:00 CEST (GLOBE NEWSWIRE) --
Aspocomp Group Plc, Interim Report, July 26, 2012 at 9:00 a.m.
Key figures 1-6/2012 in brief
- Net sales: EUR 13.1 million (EUR 11.5 million 1-6/2011)
- Operating result before depreciation (EBITDA): EUR 1.9 million (2.3)
- Operating profit (EBIT): EUR 1.2 million (1.6)
- Earnings per share (EPS): EUR 0.19 (0.87*)
- Operational cash flow: EUR 1.2 million (0.0)
*Due to the implementation of a reverse split, the previous quarter is made comparable by multiplying by ten.
CEO’S REVIEW
“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.”
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.
THE GROUP’S KEY FIGURES
| Key indicator | 4-6/12 | 4-6/11 | Change | 1-6/12 | 1-6/11 | Change | ||
| Net sales, M€ | 6.7 | 6.6 | 2 | % | 13.1 | 11.5 | 13.8 | % |
| EBITDA, M€ | 1.1 | 1.5 | -0.4 | M€ | 1.9 | 2.3 | -0.4 | M€ |
| Operating profit, M€ | 0.8 | 1.2 | -0.4 | M€ | 1.2 | 1.6 | -0.4 | M€ |
| % of net sales | 12% | 18% | -6.7 | ppts | 9% | 14% | -4.9 | ppts |
| Profit/loss for the period, M€ | 0.8 | 4.0 | -3.2 | M€ | 1.2 | 4.1 | -2.9 | M€ |
| % of net sales | 12% | 61% | -49.4 | ppts | 9% | 36% | -27 | ppts |
| Earnings per share, € | 0.12 | 0.98 | -0.9 | € | 0.19 | 0.87 | -0.7 | € |
| Investments, M€ | 0.6 | 0.5 | 0.1 | M€ | 0.8 | 0.6 | 0.2 | M€ |
| % of net sales | 8.7 % | 7.1 % | 1.6 | ppts | 6.1 % | 5.1 % | 1.0 | ppts |
| Equity ratio, % | 66.3 % | 50.1 % | 16.2 | ppts | 66.3 % | 50.1 % | 16.2 | ppts |
| Gearing, % | -18.1 % | 22.2 % | -40.3 | ppts | -18.1 % | 22.2 % | -40.3 | ppts |
| Personnel, end of the period | 152 | 106 | 46 | 152 | 106 | 46 | persons |
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 – June 30, 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
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