Net sales continued to increase, operating result improved further,
and the order book remained strong in the third quarter
Aspocomp Group Plc, Interim Report, November 10, 2022, at 9:00
a.m. EET THIRD QUARTER 2022 HIGHLIGHTS
- Net sales EUR 10.4 (9.0) million, increase of 16%
- Operating result EUR 1.4 (1.0) million, 13.1% (11.5%) of net
sales
- Earnings per share EUR 0.20 (0.15)
- Operative cash flow EUR 1.8 (-0.1) million
- Equity ratio 68.2% (63.2%)
- Orders received EUR 9.5 (13.9) million, decrease of 32%
JANUARY-SEPTEMBER 2022 HIGHLIGHTS
- Net sales EUR 29.0 (22.4) million, increase of 29%
- Operating result EUR 3.8 (1.0) million, 13.0% (4.5%) of net
sales
- Earnings per share EUR 0.54 (0.14)
- Operative cash flow EUR 3.4 (0.4) million
- Equity ratio 68.2% (63.2%)
- Orders received EUR 32.1 (33.8) million, decrease of 5%
- Order book at the end of the review period EUR 19.6 (15.8)
million, increase of 24%
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. CEO’S
REVIEW “Strong performance continued in the third quarter of
the year. Net sales grew by 16 percent to EUR 10.4 million. Net
sales for January-September amounted to EUR 29.0 million, a
year-on-year increase of 29 percent. The Semiconductor Industry
continued to be the engine of growth in third-quarter net sales, as
large investments in chip capacity in different parts of the world
boosted the demand for printed circuit boards. In the
Telecommunication segment, the usual lull in customers' product
development work during the holiday season reduced net sales. Net
sales in Security, Defense and Aerospace grew moderately, but
measured by the number of requests for offers and product
evaluations, the segment’s quarter was quite active. Our order book
grew to EUR 19.6 million. It is now scheduled for a slightly
shorter period than before, which is due to the general improvement
in the availability of production materials. Since the raw material
market is now healthier and delivery times have return to normal,
customers can place their orders in a shorter period of time. The
COVID-19 pandemic and the current geopolitical situation have
increased the risks related to our customers’ global supply chains.
Customers in all our segments are increasingly looking for
manufacturers for their more technologically demanding circuit
boards from places other than Asia. Our strategic investments to
increase the technological capabilities and manufacturing capacity
of our factory in Oulu are now bearing fruit. Thanks to our high
level of competence and reliability, Aspocomp's position in the
changing market situation is excellent. The third-quarter operating
result increased by 30 percent to EUR 1.4 million, amounting to 13
percent of net sales. The operating result was improved by the good
development of net sales and, in line with our strategy, the
increased share of more technologically demanding PCBs in the
product mix. January-September operating result amounted to EUR 3.8
million. The operating result was 13 percent of net sales.
Increased inflation is reflected in Aspocomp’s costs, such as raw
material purchases and energy. Even though we have always hedged
our electricity pricing, the current situation is challenging in
terms of our cost structure. We will continue to try to transfer
the cost increases due to changes in the business environment to
product prices. We reiterate the guidance for 2022 that was updated
in July, and we estimate that net sales for 2022 will increase and
operating result for 2022 will improve clearly from 2021.” NET
SALES AND EARNINGS July-September 2022 Third-quarter net
sales amounted to EUR 10.4 (9.0) million, a year-on-year increase
of 16%. The Semiconductor Industry customer segment’s net sales
doubled to EUR 4.4 (2.1) million during the third 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 24% to EUR 1.7 (2.2) million during the third quarter.
Upward pressure on prices and problems with the availability of
components slowed down industrial investments. The Security,
Defense and Aerospace customer segment’s net sales increased by 3%
to EUR 1.5 (1.4) million. The changing geopolitical environment
increases the demand for manufacturing outside of Asia. The
Automotive customer segment’s net sales increased by 3% to EUR 2.2
(2.1) million. Growth in the Automotive segment was limited by a
general shortage of components and extended delivery times. The
Telecommunication customer segment’s demand declined by 37%, with
net sales remaining at EUR 0.7 (1.2) million. In the
Telecommunication segment, the usual lull in customers' product
development work during the holiday season reduced net sales. The
five largest customers accounted for 63% (51%) of net sales. In
geographical terms, 85% (87%) of net sales were generated in Europe
and 15% (13%) on other continents. The operating result for the
third quarter amounted to EUR 1.4 (1.0) million. The improvement in
operating result in the third quarter was mainly due to the growth
in net sales and the increase in the share of technologically more
demanding PCBs in the product mix. Third-quarter operating result
was 13.1% (11.5%) of net sales. Net financial expenses amounted to
EUR 0.0 (0.0) million. Earnings per share were EUR 0.20 (0.15).
January-September 2022 January-September net sales amounted
to EUR 29.0 (22.4) million, a year-on-year increase of 29 percent.
The Semiconductor Industry customer segment’s net sales grew to EUR
11.4 (4.1) million. Growth in demand in the Semiconductor Industry
customer segment is driven by ongoing global investments in
significant increases in chip capacity. The Industrial Electronics
customer segment’s net sales decreased by 17% to EUR 4.4 (5.4)
million. Upward pressure on prices and problems with the
availability of components caused the segment’s demand to decline
during the third quarter. The Security, Defense and Aerospace
customer segment’s net sales increased by 11% to EUR 4.5 (4.0)
million. The changing geopolitical environment increases the demand
for manufacturing outside Asia. The Automotive customer segment’s
demand declined by 6%, with net sales remaining at EUR 5.1 (5.4)
million. Growth in the Automotive segment was limited by a general
shortage of components and extended delivery times. The
Telecommunication customer segment’s net sales amounted to EUR 3.6
(3.5) million, a year-on-year increase of 3%. Growth was supported
by customers’ increased PCB needs in product development and new
customers. The five largest customers accounted for 55 (46) percent
of net sales. In geographical terms, 89 (86) percent of net sales
were generated in Europe and 11 (14) percent on other continents.
January-September operating result amounted to EUR 3.8 (1.0)
million. The operating result was 13.0 (4.5) percent of net sales.
The improvement in operating result was mainly due to the growth in
net sales and the increase in the share of technologically more
demanding and profitable PCBs in the product mix. Net financial
expenses amounted to EUR 0.0 (0.0) million. Earnings per share were
EUR 0.54 (0.14). The order book at the end of the review period was
EUR 19.6 (15.8) million. Growth in the order book was particularly
supported by increased demand in the Semiconductor Industry
customer segment. Of the order book, EUR 11.1 million has been
scheduled for delivery this year and the remaining EUR 8.5 million
next year.
THE GROUP'S KEY FIGURES |
|
|
|
|
7-9/22 |
7-9/21 |
Change |
1-9/22 |
1-9/21 |
Change |
Net sales,
M€ |
10.4 |
9.0 |
16 |
% |
29.0 |
22.4 |
29 |
% |
EBITDA,
M€ |
1.9 |
1.5 |
23 |
% |
5.2 |
2.4 |
117 |
% |
Operating
result, M€ |
1.4 |
1.0 |
32 |
% |
3.8 |
1.0 |
275 |
% |
%
of net sales |
13% |
12% |
2 |
ppts |
13% |
4% |
8 |
ppts |
Pre-tax
profit/loss, M€ |
1.3 |
1.0 |
33 |
% |
3.7 |
1.0 |
283 |
% |
%
of net sales |
13% |
11% |
2 |
ppts |
13% |
4% |
8 |
ppts |
Profit/loss
for the period, M€ |
1.3 |
1.0 |
33 |
% |
3.7 |
1.0 |
284 |
% |
%
of net sales |
13% |
11% |
2 |
ppts |
13% |
4% |
8 |
ppts |
Earnings per
share, € |
0.20 |
0.15 |
33 |
% |
0.54 |
0.14 |
286 |
% |
Investments,
M€ |
0.6 |
0.1 |
497 |
% |
1.8 |
0.9 |
111 |
% |
%
of net sales |
6% |
1% |
5 |
ppts |
6% |
4% |
2 |
ppts |
Cash, end of
the period |
2.4 |
1.5 |
91 |
% |
2.6 |
1.5 |
117 |
% |
Equity /
share, € |
3.20 |
2.65 |
55 |
% |
3.20 |
2.65 |
55 |
% |
Equity ratio,
% |
68% |
63% |
5 |
ppts |
68% |
63% |
5 |
ppts |
Gearing,
% |
5% |
17% |
-13 |
ppts |
5% |
17% |
-13 |
ppts |
Personnel, end
of the period |
144 |
140 |
4 |
persons |
144 |
140 |
4 |
persons |
|
|
|
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS Investments during the review period amounted
to EUR 1.8 (0.9) 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 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
January-September cash flow from operations amounted to EUR 3.4
(0.4) million. Cash flow increased due to improved operating
profit. Cash assets amounted to EUR 2.6 (1.5) million at the end of
the period. Dividend payment was EUR 1.0 (0.0) million.
Interest-bearing liabilities amounted to EUR 3.5 (4.6) million.
Gearing was 5% (17%). Non-interest-bearing liabilities amounted to
EUR 6.7 (5.9) million. At the end of the period, the Group’s equity
ratio amounted to 68.2% (63.2%). 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 September
30, 2022, was 144 (140). Of them, 90 (89) were blue-collar and 54
(51) white-collar employees. ANNUAL GENERAL MEETING 2022, THE
BOARD OF DIRECTORS AND AUTHORIZATIONS GIVEN TO THE BOARD The
decisions of the Annual General Meeting held on April 26, 2022, the
authorizations given to the Board of Directors by the AGM and the
decisions relating to the organization of the Board of Directors
have been published in separate stock exchange releases on April
26, 2022. SHARES The total number of Aspocomp’s shares at
September 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 925,311 Aspocomp Group Plc. shares were traded on Nasdaq
Helsinki during the period from January 1 to September 30, 2022.
The aggregate value of the shares exchanged was EUR 5,881,475. The
shares traded at a low of EUR 5.20 and a high of EUR 7.58. The
average share price was EUR 6.28. The closing price at September
30, 2022 was EUR 5.90, which translates into market capitalization
of EUR 40.4 million. The company had 3,942 shareholders at the end
of the review period. Nominee-registered shares accounted for 1.1%
of the total shares. SHARE-BASED LONG-TERM INCENTIVE SCHEME
The Board of Directors of Aspocomp Group Plc decided on the
establishment of a share-based long-term incentive scheme for the
company’s top management and selected key employees on July 20,
2022. The objectives of the Performance Share Plan are to align the
interests of Aspocomp’s management with those of the company’s
shareholders and, thus, to promote shareholder value creation in
the long term as well as to commit the management to achieving
Aspocomp’s strategic targets. The Performance Share Plan consists
of annually commencing individual performance share plans. The
commencement of each new plan is subject to a separate decision of
Aspocomp’s Board of Directors. Each plan comprises a performance
period followed by the payment of the potential share rewards in
listed shares of Aspocomp. The payment of the rewards is
conditional on the achievement of the performance targets set by
the Board of Directors for the respective plan. The performance
period of the first plan, PSP 2022-2024, covers the period from the
beginning of July 2022 until the end of the year 2024. Eligible for
participation in PSP 2022-2024 are approximately 20 individuals,
including the members of Aspocomp’s Management Team. The share
rewards potentially payable thereunder will be paid during the
first half of the year 2025. The performance measures based on
which the potential share rewards under PSP 2022-2024 will be paid
are cumulative EBIT and the total shareholder return of Aspocomp’s
share (absolute TSR).
If all the performance targets set for the first plan, PSP
2022–2024, are fully achieved, the aggregate maximum number of
shares to be paid as a reward based on this plan is approximately
92,000 shares (referring to gross earnings before the withholding
of the applicable payroll tax). SHAREHOLDERS’ NOMINATION
BOARD On September 5, 2022, Aspocomp announced that the
following members had been appointed to Aspocomp’s Shareholders’
Nomination Board: Päivi Marttila, Chairman of Aspocomp’s Board of
Directors, appointed by Etola Group and Erkki Etola; Kyösti
Kakkonen, CEO of Kakkonen-Yhtiöt Oy, appointed by Joensuun Kauppa
ja Kone Oy; and Mikko Montonen, President and CEO of Aspocomp,
representing himself. 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 Geopolitical tensions continued in
the third quarter 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. The geopolitical situation and
the COVID-19 pandemic have increased the risks related to
customers’ global supply chains. Growing macroeconomic concerns,
deteriorating economic development and accelerating inflation cause
uncertainty in the operating environment. Cyber risks and
disruptions in information systems can affect production.
Disturbances in the labor market can also affect production and
delivery capacity. 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 2023 Aspocomp Group Plc.'s financial information
publication schedule for 2023 is: Financial Statements 2022:
Thursday, March 16, 2023 at around 9:00 a.m. (Finnish time) Interim
report January-March 2023: Thursday, April 20, 2023 at around 8:00
a.m. (Finnish time) Half-year 2023: Thursday, July 20, 2023 at
around 9:00 a.m. (Finnish time) Interim report January-September
2023: Thursday, November 9, 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, November 10, 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
interim 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 |
July-September 2022 |
|
|
1 000 € |
7-9/2022 |
7-9/2021 |
Change |
Net
sales |
10,417 |
100% |
8,994 |
100% |
16% |
Other
operating income |
1 |
0% |
5 |
0% |
-80% |
Materials and
services |
-5,145 |
-49% |
-4,543 |
-51% |
13% |
Personnel
expenses |
-2,126 |
-20% |
-1,959 |
-22% |
9% |
Other
operating costs |
-1,287 |
-12% |
-991 |
-11% |
30% |
Depreciation
and amortization |
-494 |
-5% |
-469 |
-5% |
5% |
Operating result |
1,366 |
13% |
1,038 |
12% |
32% |
Financial income and expenses |
-18 |
0% |
-22 |
0% |
|
Profit/loss
before tax |
1,347 |
13% |
1,015 |
11% |
33% |
Income
taxes |
0 |
0% |
-1 |
0% |
|
Profit/loss for the period |
1,347 |
13% |
1,014 |
11% |
33% |
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% |
2 |
0% |
|
Total other comprehensive income |
1 |
0% |
2 |
0% |
|
Total
comprehensive income |
1,348 |
13% |
1,017 |
11% |
33% |
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
Basic EPS |
0.20 |
€ |
0.15 |
€ |
33% |
Diluted
EPS |
0.20 |
€ |
0.15 |
€ |
33% |
PROFIT
& LOSS STATEMENT |
January-September 2022 |
|
|
|
|
1 000 € |
1-9/2022 |
1-9/2021 |
Change |
1-12/2021 |
Net
sales |
29,001 |
100% |
22,397 |
100% |
29% |
33,154 |
100% |
Other
operating income |
3 |
0% |
31 |
0% |
-89% |
51 |
0% |
Materials and
services |
-13,293 |
-46% |
-10,680 |
-48% |
24% |
-16,055 |
-48% |
Personnel
expenses |
-6,992 |
-24% |
-6,297 |
-28% |
11% |
-8,890 |
-27% |
Other
operating costs |
-3,548 |
-12% |
-3,072 |
-14% |
15% |
-4,208 |
-13% |
Depreciation
and amortization |
-1,412 |
-5% |
-1,376 |
-6% |
3% |
-1,809 |
-5% |
Operating result |
3,759 |
13% |
1,002 |
4% |
275% |
2,243 |
7% |
Financial income and expenses |
-43 |
0% |
-33 |
0% |
31% |
-39 |
0% |
Profit/loss
before tax |
3,716 |
13% |
969 |
4% |
283% |
2,204 |
7% |
Income
taxes |
-6 |
0% |
-4 |
0% |
|
-98 |
0% |
Profit/loss for the period |
3,710 |
13% |
965 |
4% |
284% |
2,106 |
6% |
Other
comprehensive income |
|
|
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
|
|
plans |
|
|
|
|
|
-169 |
-1% |
Income tax
relating to these items |
|
|
|
|
|
28 |
0% |
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
Currency
translation differences |
6 |
0% |
4 |
0% |
- |
10 |
0% |
Total other comprehensive income |
6 |
0% |
4 |
0% |
- |
-131 |
0% |
Total
comprehensive income |
3,716 |
13% |
969 |
4% |
284% |
1,976 |
6% |
|
|
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
|
|
Basic EPS |
0.54 |
€ |
0.14 |
€ |
286% |
0.31 |
€ |
Diluted
EPS |
0.54 |
€ |
0.14 |
€ |
286% |
0.31 |
€ |
CONSOLIDATED
BALANCE SHEET |
|
|
|
|
1 000 € |
9/2022 |
9/2021 |
Change |
12/2021 |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Intangible
assets |
3,272 |
3,219 |
2% |
3,232 |
Tangible
assets |
5,887 |
5,407 |
9% |
5,504 |
Right-of-use
assets |
673 |
778 |
-13% |
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 |
14,900 |
14,543 |
2% |
14,500 |
Current
assets |
|
|
|
|
Inventories |
5,864 |
3,908 |
50% |
4,967 |
Short-term
receivables |
8,903 |
8,793 |
1% |
9,410 |
Cash and bank deposits |
2,366 |
1,459 |
62% |
2,631 |
Total current
assets |
17,133 |
14,160 |
21% |
17,008 |
Total assets |
32,033 |
28,703 |
12% |
31,508 |
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
1,000 |
Reserve for
invested non-restricted equity |
4,752 |
4,728 |
0% |
4,736 |
Remeasurements of
defined benefit pension plans |
-148 |
-7 |
2023% |
-148 |
Retained earnings |
16,256 |
12,419 |
31% |
13,566 |
Total equity |
21,860 |
18,140 |
21% |
19,155 |
Long-term
financing loans |
2,112 |
3,286 |
-36% |
2,925 |
Other non-current
liabilities |
467 |
340 |
37% |
467 |
Deferred income
tax liabilities |
38 |
19 |
103% |
38 |
Short-term
financing loans |
1,314 |
1,343 |
-2% |
1,369 |
Trade and other payables |
6,242 |
5,575 |
12% |
7,554 |
Total
liabilities |
10,173 |
10,563 |
-4% |
12,353 |
Total equity and liabilities |
32,033 |
28,703 |
12% |
31,508 |
|
|
|
|
|
CONSOLIDATED CHANGES IN
EQUITY |
January-September 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 |
|
|
|
|
3,710 |
3,710 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation differences |
|
|
|
6 |
|
6 |
Total comprehensive income for the period |
0 |
0 |
0 |
6 |
3,710 |
3,716 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,026 |
-1,026 |
Share-based payment |
|
15 |
|
|
|
15 |
Business
transactions with owners, total |
0 |
15 |
0 |
0 |
-1,026 |
-1,011 |
Balance at Sept. 30, 2022 |
1,000 |
4,752 |
-148 |
18 |
16,238 |
21,860 |
|
|
|
|
|
|
|
January-September 2021 |
|
|
|
|
|
|
Balance at Jan. 1, 2021 |
1,000 |
4,705 |
-7 |
2 |
11,448 |
17,148 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
965 |
965 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation
differences |
|
|
0 |
4 |
|
4 |
Total comprehensive income for the period |
0 |
0 |
0 |
4 |
965 |
969 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
0 |
0 |
Share-based payment |
|
24 |
|
|
0 |
24 |
Business
transactions with owners, total |
0 |
24 |
0 |
0 |
0 |
24 |
Balance at Sept. 30, 2021 |
1,000 |
4,728 |
-7 |
6 |
12,413 |
18,140 |
|
|
|
|
|
|
|
CONSOLIDATED CASH FLOW
STATEMENT |
January-September |
1 000 € |
1-9/2022 |
1-9/2021 |
1-12/2021 |
Profit for
the period |
3,710 |
965 |
2,106 |
Adjustments |
1,305 |
1,395 |
1,850 |
Change in
working capital |
-1,507 |
-1,838 |
-1,557 |
Received
interest income |
5 |
1 |
1 |
Paid interest
expenses |
-85 |
-100 |
-130 |
Paid taxes |
-19 |
-4 |
-12 |
Cash flow
from operating activities |
3,408 |
418 |
2,258 |
Investments |
-1,830 |
-840 |
-1,300 |
Proceeds from sale of property, plant and equipment |
0 |
21 |
39 |
Cash flow
from investing activities |
-1,830 |
-818 |
-1,260 |
Increase in
financing |
0 |
0 |
0 |
Decrease in
financing |
-744 |
-744 |
-992 |
Decrease in
lease liabilities |
-287 |
-286 |
-358 |
Stock options
exercised |
0 |
0 |
0 |
Dividends paid |
-1,026 |
0 |
0 |
Cash flow
from financing activities |
-2,057 |
-1,030 |
-1,340 |
Change in cash
and cash equivalents |
-479 |
-1,430 |
-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 |
213 |
89 |
172 |
Cash and cash equivalents at the end of period |
2,366 |
1,459 |
2,631 |
|
|
|
|
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q3/2022 |
Q2/2022 |
Q1/2022 |
Q4/2021 |
2021 |
Net sales,
M€ |
|
10.4 |
9.6 |
9.0 |
10.8 |
33.2 |
Operating
result before depreciation (EBITDA), M€ |
|
1.9 |
2.1 |
1.3 |
1.7 |
4.1 |
Operating
result (EBIT), M€ |
|
1.4 |
1.6 |
0.8 |
1.2 |
2.2 |
of net sales, % |
|
13% |
17% |
9% |
12% |
7% |
Profit/loss
before taxes, M€ |
|
1.3 |
1.6 |
0.8 |
1.2 |
2.2 |
of net sales, % |
|
13% |
17% |
9% |
11% |
7% |
Net
profit/loss for the period, M€ |
|
1.3 |
1.6 |
0.8 |
1.1 |
2.1 |
of net sales, % |
|
13% |
17% |
8% |
11% |
6% |
Equity ratio,
% |
|
68% |
67% |
67% |
61% |
61% |
Gearing,
% |
|
5% |
11% |
9% |
9% |
9% |
Gross
investments in fixed assets, M€ |
|
0.6 |
0.3 |
0.9 |
0.4 |
1.3 |
of net sales, % |
|
6% |
4% |
10% |
4% |
4% |
Personnel, end
of the quarter |
|
144 |
148 |
140 |
145 |
145 |
Earnings/share
(EPS), € |
|
0.20 |
0.23 |
0.11 |
0.17 |
0.31 |
Equity/share,
€ |
|
3.20 |
3.00 |
2.91 |
2.80 |
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 € |
9/2022 |
9/2021 |
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. 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 Interim Report Q3 2022
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