Excellent second quarter, net sales increased by 33% and operating
result was 17% of net sales
Aspocomp Group Plc, Half-Year Report, July 20, 2022, at 9:00
a.m. EEST SECOND QUARTER 2022 HIGHLIGHTS
- Net sales EUR 9.6 (7.2) million, increase of 33%
- Operating result EUR 1.6 (0.5) million, 16.6% (6.4%) of net
sales
- Earnings per share EUR 0.23 (0.06)
- Operative cash flow EUR 0.9 (-0.1) million
- Equity ratio 67.1% (63.6%)
- Orders received EUR 9.6 (12.7) million, decrease of 24%
JANUARY-JUNE 2022 HIGHLIGHTS
- Net sales EUR 18.6 (13.4) million, increase of 39%
- Operating result EUR 2.4 (0.0) million, 12.9% (-0.3%) of net
sales
- Earnings per share EUR 0.35 (-0.01)
- Operative cash flow EUR 1.6 (0.5) million
- Equity ratio 67.1% (63.6%)
- Orders received EUR 22.6 (19.9) million, increase of 14%
- Order book at the end of the review period EUR 20.5 (10.8)
million, increase of 89%
OUTLOOK FOR 2022 Demand is expected to improve in all
customer segments. However, a global shortage of components may
limit growth in customer demand. Russia’s war of aggression against
Ukraine and the sanctions imposed against Russia are not expected
to have any direct impact on Aspocomp’s business, financial
position or cash flow. Aspocomp reiterates the guidance that was
published on July 14, 2022. Aspocomp estimates that its net sales
for 2022 will increase and its operating result for 2022 will
improve clearly from 2021. In 2021, net sales amounted to EUR 33.2
million and the operating result to EUR 2.2 million. In its
previous outlook for 2022 (Interim Report for January 1-March 31,
2022, on April 26, 2022), Aspocomp estimated that its net sales for
2022 will increase and its operating result for 2022 will improve
from 2021. In 2021, net sales amounted to EUR 33.2 million and the
operating result to EUR 2.2 million. CEO’S REVIEW “The
second quarter of the year went excellently. Net sales continued to
grow strongly and rose 33 percent to EUR 9.6 million. Net sales for
the first half of the year rose to EUR 18.6 million, a year-on-year
increase of 39 percent. Strong demand continued in the
Semiconductor Industry customer segment, and its net sales tripled
to EUR 4.2 million. The Telecommunication segment also saw brisk
growth, up 50 percent, and its net sales reached EUR 1.5 million.
The Industrial Electronics segment clearly slowed down and its net
sales fell by 50 percent to EUR 1.0 million. New orders valued at
EUR 9.6 million were received and the order book increased to EUR
20.5 million. Growth in the order book was particularly supported
by increased demand in the Semiconductor Industry customer segment.
Of the order book, EUR 17.2 million has been scheduled for delivery
this year and the remaining EUR 3.3 million next year. The
second-quarter operating result increased clearly to EUR 1.6
million, amounting to 17 percent of net sales. The improvement in
operating result in the second quarter was mainly due to the
increase in net sales and the improved product mix focusing on more
technologically demanding PCBs. The operating result for the first
half of the year amounted to EUR 2.4 million and the operating
result percentage rose to 13 percent. Russia’s war of aggression in
Ukraine and the sanctions imposed on Russia have no direct impact
on Aspocomp’s business. We reiterate the guidance for 2022 that was
updated in July.” NET SALES AND EARNINGS April-June
2022 Second-quarter net sales amounted to EUR 9.6 (7.2)
million, a year-on-year increase of 33%. The Semiconductor Industry
customer segment’s net sales tripled to EUR 4.2 (1.3) million
during the second quarter. The growth of the Semiconductor Industry
customer segment was driven by ongoing global investments in
significant increases in chip capacity. The Industrial Electronics
customer segment’s net sales decreased by 40% to EUR 1.1 (1.8)
million during the second quarter. Inflationary pressures and
problems with the availability of components slowed down industrial
investments. The Security, Defense and Aerospace customer segment’s
net sales increased by 16% to EUR 1.5 (1.3) million. The changing
geopolitical environment increases the demand for local
manufacturing. The Automotive customer segment’s demand declined by
29%, with net sales remaining at EUR 1.2 (1.7) million. Growth in
the Automotive segment was limited by a general shortage of
components and extended delivery times in the automotive industry.
The Telecommunication customer segment’s net sales amounted to EUR
1.5 (1.0) million, a year-on-year increase of 50%. Growth was
supported by customers’ increased PCB needs in product development
and new customers. The five largest customers accounted for 56%
(49%) of net sales. In geographical terms, 92% (84%) of net sales
were generated in Europe and 8% (16%) on other continents. The
operating result for the second quarter amounted to EUR 1.6 (0.5)
million. The improvement in operating result in the second quarter
was mainly due to the increase in net sales and the improved
product mix. Second-quarter operating result was 16.6% (6.4%) of
net sales. Net financial expenses amounted to EUR 0.0 (0.0)
million. Earnings per share were EUR 0.11 (0.06). January - June
2022 First-half net sales amounted to EUR 18.6 (13.4) million,
a year-on-year increase of 39 percent. The Semiconductor Industry
customer segment’s net sales grew strongly to EUR 7.1 (2.0)
million. The growth of the Semiconductor Industry customer segment
was driven by ongoing global investments in significant increases
in chip capacity. The Industrial Electronics customer segment’s net
sales decreased by 12% to EUR 2.8 (3.2) million. Inflation and
problems with the availability of components caused the segment’s
demand to decline during the second quarter. The Security, Defense
and Aerospace customer segment’s net sales increased by 16% to EUR
3.0 (2.6) million. The changing geopolitical environment increases
the demand for local manufacturing. The Automotive customer
segment’s demand declined by 13%, with net sales remaining at EUR
2.9 (3.3) million. Growth in the Automotive segment was limited by
a general shortage of components and extended delivery times in the
automotive industry. The Telecommunication customer segment’s net
sales amounted to EUR 2.7 (2.3) million, a year-on-year increase of
23%. Growth was supported by customers’ increased PCB needs in
product development and new customers. The five largest customers
accounted for 54 (45) percent of net sales. In geographical terms,
91 (86) percent of net sales were generated in Europe and 9 (14)
percent on other continents. First-half operating result amounted
to EUR 2.4 (0.0) million. First-half operating result was 12.9
(-0.3) percent of net sales. Net financial expenses amounted to EUR
0.0 (0.0) million, including a deferred exchange gain of EUR 0.1
million. Earnings per share were EUR 0.35 (-0.01). The order book
at the end of the review period was EUR 20.5 (10.8) million. Growth
in the order book was particularly supported by increased demand in
the Semiconductor Industry customer segment. Of the order book, EUR
17.2 million has been scheduled for delivery this year and the
remaining EUR 3.3 million next year.
THE GROUP'S KEY FIGURES |
|
|
|
|
4-6/22 |
4-6/21 |
Change |
1-6/22 |
1-6/21 |
Change |
Net sales,
M€ |
9.6 |
7.2 |
33 |
% |
18.6 |
13.4 |
39 |
% |
EBITDA,
M€ |
2.1 |
0.9 |
121 |
% |
3.3 |
0.9 |
280 |
% |
Operating
result, M€ |
1.6 |
0.5 |
244 |
% |
2.4 |
0.0 |
6818 |
% |
%
of net sales |
17% |
6% |
10 |
ppts |
13% |
0% |
13 |
ppts |
Pre-tax
profit/loss, M€ |
1.6 |
0.4 |
291 |
% |
2.4 |
0.0 |
5226 |
% |
%
of net sales |
17% |
6% |
11 |
ppts |
13% |
0% |
13 |
ppts |
Profit/loss
for the period, M€ |
1.6 |
0.4 |
292 |
% |
2.4 |
0.0 |
4916 |
% |
%
of net sales |
17% |
6% |
11 |
ppts |
13% |
0% |
13 |
ppts |
Earnings per
share, € |
0.23 |
0.06 |
283 |
% |
0.35 |
-0.01 |
2600 |
% |
Investments,
M€ |
0.3 |
0.2 |
108 |
% |
1.2 |
0.8 |
59 |
% |
%
of net sales |
4% |
2% |
1 |
ppts |
7% |
6% |
1 |
ppts |
Cash, end of
the period |
1.5 |
2.0 |
-48 |
% |
2.6 |
2.0 |
67 |
% |
Equity /
share, € |
3.00 |
2.50 |
50 |
% |
3.00 |
2.50 |
50 |
% |
Equity ratio,
% |
67% |
64% |
3 |
ppts |
67% |
64% |
3 |
ppts |
Gearing,
% |
11% |
18% |
-6 |
ppts |
11% |
18% |
-6 |
ppts |
Personnel, end
of the period |
148 |
140 |
8 |
persons |
148 |
140 |
8 |
persons |
|
|
|
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS Investments during the review period amounted
to EUR 1.2 (0.8) million. The company has continued its investments
to increase capacity in line with its strategy, but the
installation of equipment has been slowed down in part due to
delays in material and component deliveries caused by the COVID-19
pandemic. The investments were mainly focused on upgrading the
capacity of the Oulu plant, improving automation, and increasing
production efficiency. In 2017, Aspocomp launched an investment
program amounting to a total of EUR 10 million to further
strengthen its position as a strategic partner to leading companies
in the semiconductor, automotive, defense and aerospace, and
telecommunications (5G) industries. The second phase of investments
was launched in the spring of 2020, when the company was granted a
total of EUR 1.35 million in development support by the ELY Center,
corresponding to about 25 percent of its total cost. The ongoing
second phase of the investment program aims in particular to
increase the capacity of the Oulu plant, improve automation and
increase production efficiency. In this current program, which will
run until the end of 2022, all of the new equipment will be
installed in the existing Oulu plant building and no additional
plant space will be built. CASH FLOW AND FINANCING Cash flow
from operations amounted to EUR 1.6 (0.5) million. Cash flow
increased due to improved operating profit. Cash assets amounted to
EUR 1.5 (1.9) million at the end of the period. Dividend payment
was EUR 1.0 (0.0) million. Interest-bearing liabilities amounted to
EUR 3.8 (5.0) million. Gearing was 11% (18%). Non-interest-bearing
liabilities amounted to EUR 6.3 (4.8) million. At the end of the
period, the Group’s equity ratio amounted to 67.1% (64.0%). The
company has a EUR 2.0 (1.0) million credit facility, which was not
in use at the end of the review period. In addition, the company
has a recourse factoring agreement, of which EUR 0.0 (0.0) million
was in use. PERSONNEL During the review period, the company
had an average of 144 (137) employees. The personnel count on June
30, 2022, was 148 (140). Of them, 93 (86) were blue-collar and 55
(54) white-collar employees. ANNUAL GENERAL MEETING 2022, THE
BOARD OF DIRECTORS AND AUTHORIZATIONS GIVEN TO THE BOARD The
Annual General Meeting of Aspocomp Group Plc held on April 26,
2022, adopted the annual accounts and the consolidated annual
accounts as well as granted the members of the Board of Directors
and the CEO discharge from liability regarding the financial period
2021. The Annual General Meeting approved the Remuneration Report
for the governing bodies 2021. The Annual General Meeting decided
to pay a dividend of EUR 0.15 per share, as proposed by the Board
of Directors. It was decided that the dividend would be paid to
shareholders registered in the company's register of shareholders
maintained by Euroclear Finland Ltd on the record date of the
dividend distribution, April 28, 2022. In accordance with the
decision of the Annual General Meeting, the dividend was paid on
May 5, 2022. The Annual General Meeting decided to set the number
of Board members at four and re-elected the current members of the
Board Ms. Päivi Marttila, Ms. Kaarina Muurinen, Mr. Jukka Huuskonen
and Mr. Anssi Korhonen for a term of office ending at the closing
of the following Annual General Meeting. The Annual General Meeting
re-elected PricewaterhouseCoopers Oy, Authorized Public
Accountants, as the company's auditor for a term of office ending
at the closing of the following Annual General Meeting.
PricewaterhouseCoopers Oy has notified that Mr. Mikko Nieminen,
Authorized Public Accountant, serves as its principal auditor. The
Annual General Meeting decided that the chairman of the Board of
Directors will be paid EUR 30,000, the vice chairman of the Board
of Directors be paid EUR 20,000 and the other members be paid EUR
15,000 each in remuneration for their term of office. The Annual
General Meeting further decided that EUR 1,000 will be paid as
remuneration per meeting to the chairman and that the other members
be paid EUR 500 per meeting of the Board and its committees. The
members of the Board of Directors will further be reimbursed for
reasonable travel costs. The auditor’s fees will be paid according
to the auditor’s invoice. The Annual General Meeting decided to
authorize the Board of Directors, in one or more installments, to
decide on the issuance of shares and the issuance of options and
other special rights entitling to shares referred to in Chapter 10,
Section 1 of the Companies Act as follows: The number of shares to
be issued based on the authorization may in total amount to a
maximum of 684,144 shares. The Board of Directors decides on all
the terms and conditions of the issuances of shares and of options
and other special rights entitling to shares. The authorization
concerns both the issuance of new shares as well as any own shares
held by the company. The issuance of shares and of options and
other special rights entitling to shares referred to in Chapter 10,
Section 1 of the Companies Act may be carried out in deviation from
the shareholders’ pre-emptive rights (directed issue). The
authorization cancels the authorization given by the General
Meeting on April 13, 2021, to decide on the issuance of shares as
well as the issuance of special rights entitling to shares. The
authorization is valid until June 30, 2023. The Annual General
Meeting decided, based on a request by the significant shareholders
of the company, that a Shareholders’ Nomination Board will be
established for the company to prepare proposals concerning the
composition and remuneration of the Board of Directors to the
General Meeting. It was decided that the Nomination Board shall
serve until further notice until the General Meeting decides
otherwise. Furthermore, the Annual General Meeting adopted the
Rules of Procedure for the Shareholders’ Nomination Board. THE
BOARD OF DIRECTORS' ORGANIZATION MEETING AND THE AUDIT
COMMITTEE In its organization meeting held on April 26, 2022,
the Board of Directors re-elected Ms. Päivi Marttila as the
Chairman of the Board. Ms. Kaarina Muurinen was re-elected as the
Vice Chairman. The Board of Directors did not establish an Audit
Committee; the Board itself performs the duties of the Audit
Committee. SHARES The total number of Aspocomp’s shares at
June 30, 2022 was 6,841,440 and the share capital stood at EUR
1,000,000. The company did not hold any treasury shares. Each share
is of the same share series and entitles its holder to one vote at
a General Meeting and to have an identical dividend right. A total
of 497,250 Aspocomp Group Plc. shares were traded on Nasdaq
Helsinki during the period from January 1 to June 30, 2022. The
aggregate value of the shares exchanged was EUR 3,007,472. The
shares traded at a low of EUR 5.20 and a high of EUR 6.78. The
average share price was EUR 6.05. The closing price at June 30,
2022 was EUR 5.86, which translates into market capitalization of
EUR 40.1 million. The company had 3,804 shareholders at the end of
the review period. Nominee-registered shares accounted for 1.8% of
the total shares. ASSESSMENT OF SHORT-TERM BUSINESS RISKS A
major share of Aspocomp’s net sales is generated by quick-turn
deliveries and R&D series, and thus the company’s order book is
short. The company's aim is to systematically expand its services
to cover the PCB needs of customers over the entire life cycle and
thereby balance out variations in demand and the order book.
Impact of the COVID-19 pandemic on the electronics supply
chain The COVID-19 pandemic may affect the availability of
parts and components required by electronic assemblers, primarily
from China, which would weaken demand. Risks affecting the
operating environment The geopolitical situation has become
more unstable during the first part of the year. Russia’s war
against Ukraine and the sanctions imposed on Russia in response are
not expected to have a significant direct impact on the company.
Aspocomp has no business operations and no direct customers or
suppliers in Russia, Belarus or Ukraine. However, the changed
operating environment may affect our sourcing and logistics chains.
Dependence on key customers Aspocomp’s customer base is
concentrated; approximately half of sales are generated by five key
customers. This exposes the company to significant fluctuations in
demand. Market trends Although Aspocomp is a marginal player
in the global electronics market, changes in global PCB demand also
have an impact on the company’s business. Competition for
quick-turn deliveries and short production series will accelerate
as the market for PCBs weakens and continues to have a negative
impact on both total demand and market prices. Aspocomp’s main
market area comprises Northern and Central Europe. In case
Aspocomp’s clients would transfer their R&D and manufacturing
out of Europe, demand for Aspocomp’s offerings might weaken
significantly. PUBLICATION OF FINANCIAL RELEASES FOR 2022
Aspocomp Group Plc.'s financial information publication schedule
for 2022 is: Interim report January-September 2022: Thursday,
November 10, 2022 at around 9:00 a.m. (Finnish time) Aspocomp's
silent period commences 30 days prior to the publication of its
financial information. Espoo, July 20, 2022 ASPOCOMP GROUP PLCBoard
of Directors Some statements in this stock exchange release are
forecasts and actual results may differ materially from those
stated. Statements in this stock exchange release relating to
matters that are not historical facts are forecasts. All forecasts
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performances or achievements of
the Aspocomp Group to be materially different from any future
results, performances or achievements expressed or implied by such
forecasts. Such factors include general economic and business
conditions, fluctuations in currency exchange rates, increases and
changes in PCB industry capacity and competition, and the ability
of the company to implement its investment program. ACCOUNTING
POLICIES AND CHANGES IN ACCOUNTING POLICES The reported
operations include the Group’s parent company, Aspocomp Group Plc.
All figures presented for the review period are unaudited. This
Half-Year report has been prepared in accordance with IAS 34
(Interim Financial Reporting), following the same accounting
principles as in the annual financial statements for 2021; however,
the company complies with the standards and amendments that came
into effect as from January 1, 2022. R&D R&D costs
comprise general production development costs. These costs do not
fulfill the IAS 38 definition of either development or research and
are therefore booked into plant overheads.
PROFIT
& LOSS STATEMENT |
April-June 2022 |
|
|
|
1 000 € |
4-6/2022 |
4-6/2021 |
Change |
Net
sales |
9,556 |
100% |
7,165 |
100% |
33% |
Other
operating income |
1 |
0% |
5 |
0% |
-89% |
Materials and
services |
-3,802 |
-40% |
-3,008 |
-42% |
26% |
Personnel
expenses |
-2,576 |
-27% |
-2,159 |
-30% |
19% |
Other
operating costs |
-1,120 |
-12% |
-1,073 |
-15% |
4% |
Depreciation
and amortization |
-469 |
-5% |
-468 |
-7% |
0% |
Operating result |
1,590 |
17% |
462 |
6% |
244% |
Financial income and expenses |
11 |
0% |
-53 |
-1% |
|
Profit/loss
before tax |
1,601 |
17% |
409 |
6% |
291% |
Income
taxes |
-5 |
0% |
-2 |
0% |
|
Profit/loss for the period |
1,596 |
17% |
407 |
6% |
292% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
|
|
|
|
|
Income tax
relating to these items |
|
|
|
|
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency translation differences |
1 |
0% |
1 |
0% |
|
Total other comprehensive income |
1 |
0% |
1 |
0% |
|
Total
comprehensive income |
1,597 |
17% |
408 |
6% |
291% |
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
Basic EPS |
0.23 |
€ |
0.06 |
€ |
283% |
Diluted
EPS |
0.23 |
€ |
0.06 |
€ |
283% |
PROFIT
& LOSS STATEMENT |
January-June 2022 |
|
|
|
|
|
1 000 € |
1-6/2022 |
1-6/2021 |
Change |
1-12/2021 |
Net
sales |
18,585 |
100% |
13,403 |
100% |
39% |
33,154 |
100% |
Other
operating income |
2 |
0% |
26 |
0% |
-91% |
51 |
0% |
Materials and
services |
-8,148 |
-44% |
-6,137 |
-46% |
33% |
-16,055 |
-48% |
Personnel
expenses |
-4,866 |
-26% |
-4,338 |
-32% |
12% |
-8,890 |
-27% |
Other
operating costs |
-2,261 |
-12% |
-2,082 |
-16% |
9% |
-4,208 |
-13% |
Depreciation
and amortization |
-918 |
-5% |
-908 |
-7% |
1% |
-1,809 |
-5% |
Operating result |
2,393 |
13% |
-36 |
0% |
6818% |
2,243 |
7% |
Financial income and expenses |
-25 |
0% |
-11 |
0% |
134% |
-39 |
0% |
Profit/loss
before tax |
2,368 |
13% |
-46 |
0% |
5226% |
2,204 |
7% |
Income
taxes |
-5 |
0% |
-3 |
0% |
|
-98 |
0% |
Profit/loss for the period |
2,363 |
13% |
-49 |
0% |
4916% |
2,106 |
6% |
Other
comprehensive income |
|
|
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
|
|
plans |
|
|
|
0% |
|
-169 |
-1% |
Income tax
relating to these items |
|
|
|
0% |
|
28 |
0% |
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
Currency
translation differences |
5 |
0% |
1 |
0% |
- |
10 |
0% |
Total other comprehensive income |
5 |
0% |
1 |
0% |
- |
-131 |
0% |
Total
comprehensive income |
2,368 |
13% |
-48 |
0% |
5053% |
1,976 |
6% |
|
|
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
|
|
Basic EPS |
0.35 |
€ |
-0.01 |
€ |
2600% |
0.31 |
€ |
Diluted
EPS |
0.35 |
€ |
-0.01 |
€ |
2600% |
0.31 |
€ |
CONSOLIDATED
BALANCE SHEET |
|
|
|
|
1 000 € |
6/2022 |
6/2021 |
Change |
12/2021 |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Intangible
assets |
3,290 |
3,245 |
1% |
3,232 |
Tangible
assets |
5,688 |
5,542 |
3% |
5,504 |
Right-of-use
assets |
740 |
863 |
-14% |
697 |
Financial assets
at fair value through profit or loss |
95 |
95 |
0% |
95 |
Deferred income
tax assets |
4,972 |
5,043 |
-1% |
4,972 |
Total non-current assets |
14,785 |
14,789 |
0% |
14,500 |
Current
assets |
|
|
|
|
Inventories |
5,721 |
3,194 |
79% |
4,967 |
Short-term
receivables |
8,576 |
6,970 |
23% |
9,410 |
Cash and bank deposits |
1,482 |
1,965 |
-25% |
2,631 |
Total current
assets |
15,779 |
12,128 |
30% |
17,008 |
Total assets |
30,564 |
26,917 |
14% |
31,508 |
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
1,000 |
Reserve for
invested non-restricted equity |
4,743 |
4,720 |
0% |
4,736 |
Remeasurements of
defined benefit pension plans |
-148 |
-7 |
2023% |
-148 |
Retained earnings |
14,908 |
11,402 |
31% |
13,566 |
Total equity |
20,503 |
17,116 |
20% |
19,155 |
Long-term
financing loans |
2,399 |
3,644 |
-34% |
2,925 |
Other non-current
liabilities |
467 |
340 |
37% |
467 |
Deferred income
tax liabilities |
38 |
19 |
103% |
38 |
Short-term
financing loans |
1,377 |
1,347 |
2% |
1,369 |
Trade and other payables |
5,780 |
4,452 |
30% |
7,554 |
Total
liabilities |
10,061 |
9,801 |
3% |
12,353 |
Total equity and liabilities |
30,564 |
26,917 |
14% |
31,508 |
|
|
|
|
|
CONSOLIDATED CHANGES IN
EQUITY |
January-June 2022 |
|
|
|
|
|
|
1000 € |
Share capital |
Other reserve |
Remeasurements of employee benefits |
Translation differences |
Retained earnings |
Total equity |
Balance at Jan. 1, 2022 |
1,000 |
4,736 |
-148 |
12 |
13,554 |
19,155 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
2,363 |
2,363 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation differences |
|
|
|
5 |
|
5 |
Total comprehensive income for the period |
0 |
0 |
0 |
5 |
2,363 |
2,368 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,026 |
-1,026 |
Share-based payment |
|
7 |
|
|
|
7 |
Business
transactions with owners, total |
0 |
7 |
0 |
0 |
-1,026 |
-1,020 |
Balance at June 30, 2022 |
1,000 |
4,743 |
-148 |
17 |
14,891 |
20,503 |
|
|
|
|
|
|
|
January-June 2021 |
|
|
|
|
|
|
Balance at Jan. 1, 2021 |
1,000 |
4,705 |
-7 |
2 |
11,448 |
17,148 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
-49 |
-49 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation
differences |
|
|
0 |
1 |
|
1 |
Total comprehensive income for the period |
0 |
0 |
0 |
1 |
-49 |
-48 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
0 |
0 |
Share-based payment |
|
16 |
|
|
0 |
16 |
Business
transactions with owners, total |
0 |
16 |
0 |
0 |
0 |
16 |
Balance at June 30, 2021 |
1,000 |
4,720 |
-7 |
3 |
11,399 |
17,116 |
CONSOLIDATED CASH FLOW
STATEMENT |
January-June |
1 000 € |
1-6/2022 |
1-6/2021 |
1-12/2021 |
Profit for
the period |
2,363 |
-49 |
2,106 |
Adjustments |
861 |
899 |
1,850 |
Change in
working capital |
-1,509 |
-278 |
-1,557 |
Received
interest income |
1 |
0 |
1 |
Paid interest
expenses |
-61 |
-74 |
-130 |
Paid taxes |
-19 |
-3 |
-12 |
Cash flow
from operating activities |
1,637 |
496 |
2,258 |
Investments |
-1,211 |
-763 |
-1,300 |
Proceeds from sale of property, plant and equipment |
0 |
21 |
39 |
Cash flow
from investing activities |
-1,211 |
-742 |
-1,260 |
Increase in
financing |
0 |
0 |
0 |
Decrease in
financing |
-496 |
-496 |
-992 |
Decrease in
lease liabilities |
-186 |
-174 |
-358 |
Stock options
exercised |
0 |
0 |
0 |
Dividends paid |
-1,026 |
0 |
0 |
Cash flow
from financing activities |
-1,708 |
-670 |
-1,340 |
Change in cash
and cash equivalents |
-1,283 |
-916 |
-342 |
Cash and cash
equivalents at the beginning of period |
2,631 |
2,801 |
2,801 |
Effects of
exchange rate changes on cash and cash equivalents |
133 |
80 |
172 |
Cash and cash equivalents at the end of period |
1,482 |
1,965 |
2,631 |
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q2/2022 |
Q1/2022 |
Q4/2021 |
Q3/2021 |
2021 |
Net sales,
M€ |
|
9.6 |
9.0 |
10.8 |
9.0 |
33.2 |
Operating
result before depreciation (EBITDA), M€ |
|
2.1 |
1.3 |
1.7 |
1.5 |
4.1 |
Operating
result (EBIT), M€ |
|
1.6 |
0.8 |
1.2 |
1.0 |
2.2 |
of net sales, % |
|
17% |
9% |
12% |
12% |
7% |
Profit/loss
before taxes, M€ |
|
1.6 |
0.8 |
1.2 |
1.0 |
2.2 |
of net sales, % |
|
17% |
9% |
11% |
11% |
7% |
Net
profit/loss for the period, M€ |
|
1.6 |
0.8 |
1.1 |
1.0 |
2.1 |
of net sales, % |
|
17% |
8% |
11% |
11% |
6% |
Equity ratio,
% |
|
67% |
67% |
61% |
63% |
61% |
Gearing,
% |
|
11% |
9% |
9% |
17% |
9% |
Gross
investments in fixed assets, M€ |
|
0.3 |
0.9 |
0.4 |
0.1 |
1.3 |
of net sales, % |
|
4% |
10% |
4% |
1% |
4% |
Personnel, end
of the quarter |
|
148 |
140 |
145 |
140 |
145 |
Earnings/share
(EPS), € |
|
0.23 |
0.11 |
0.17 |
0.15 |
0.31 |
Equity/share,
€ |
|
3.00 |
2.91 |
2.80 |
2.65 |
2.80 |
The
Alternative Performance Measures (APM) used by the Group |
Aspocomp presents in its
financial reporting alternative performance measures, which
describe the businesses' financial performance and its development
as well as investments and return on equity. In addition to
accounting measures which are defined or specified in IFRS,
alternative performance measures complement and explain presented
information. Aspocomp presents in its financial reporting the
following alternative performance measures: |
EBITDA |
= |
Earnings before interests,
taxes, depreciations and amortizations |
|
|
EBITDA indicates the result
of operations before depreciations, financial items and income
taxes. It is an important key figure, as it shows the profit margin
on net sales after operating expenses are deducted. |
Operating result |
= |
Earnings before income taxes
and financial income and expenses presented in the IFRS
consolidated income statement. |
|
|
The operating result
indicates the financial profitability of operations and their
development. |
Profit/loss before taxes |
= |
The result before income
taxes presented in the IFRS consolidated statements. |
Equity ratio, % |
= |
Equity |
x
100 |
|
Total assets -
advances received |
|
Gearing, % |
= |
Net interest-bearing liabilities |
x
100 |
|
Total equity |
|
|
|
Gearing indicates the ratio of capital invested in the company by
shareholders and interest-bearing debt to financiers. A high
gearing ratio is a risk factor that may limit a company’s growth
opportunities and financial latitude. |
Gross investments |
= |
Acquisitions of long-term
intangible and tangible assets (gross amount). |
Order book |
= |
Undelivered customer orders
at the end of the financial period. |
Cash flow from operating
activities |
= |
Profit for the period + non-cash transactions +- other adjustments
+- change in working capital + received interest income – paid
interest expenses – paid taxes |
CONTINGENT LIABILITIES |
|
|
|
1 000 € |
6/2022 |
6/2021 |
12/2021 |
Business
mortgage |
6,000 |
6,000 |
6,000 |
Collateral
note |
1,200 |
1,200 |
1,200 |
Guaranteed
contingent liability towards the Finnish Customs |
35 |
35 |
35 |
Total |
7,235 |
7,235 |
7,235 |
Further information For further information,
please contact Mikko Montonen, President and CEO, tel. +358 40 5011
262, mikko.montonen(at)aspocomp.com. Publication of the
Half-Year Report A webcast for investment analysts, investors,
and media will be held in the Finnish language today, July 20,
2022, starting at 1:00 p.m. (Finnish time). In the webcast, the
results and key events of the reporting period will be presented by
President and CEO Mikko Montonen. All participants can view the
webcast online at https://aspocomp.videosync.fi/2022-q2 A recording
of the webcast and the presentation material will be available
later on the same day at www.aspocomp.com/investors. Aspocomp –
heart of technology A printed circuit board (PCB) is used for
electrical interconnection and as a component assembly platform in
electronic devices. Aspocomp provides PCB technology design,
testing and logistics services over the entire lifecycle of a
product. The company’s own production and extensive international
partner network guarantee cost-effectiveness and reliable
deliveries. Aspocomp’s customers are companies that design and
manufacture telecommunication systems and equipment, automotive and
industrial electronics, and systems for testing semiconductor
components for security technology. The company has customers
around the world and most of its net sales are generated by
exports. Aspocomp is headquartered in Espoo and its plant is in
Oulu, one of Finland’s major technology hubs.
www.aspocomp.com
- Aspocomp Half Year Report Q2 2022
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