Aspocomp’s Interim Report January 1-March 31, 2023: Net sales at
the level of the comparison period, the order book strengthened
significantly from the turn of the year
Aspocomp Group Plc, Interim Report, April 20, 2023, at 8:00 a.m.
EEST FIRST QUARTER 2023 HIGHLIGHTS
- Net sales EUR 8.9 (9.0) million, decrease of 1%
- Operating result EUR 0.3 (0.8) million, 3.8% (8.9%) of net
sales
- Earnings per share EUR 0.04 (0.11)
- Operative cash flow EUR 1.6 (0.7) million
- Orders received EUR 13.7 (13.0) million, increase of 5%
- Order book at the end of the review period EUR 19.1 (20.5)
million, decrease of 7%
- Equity ratio 72.9% (66.9%)
OUTLOOK FOR 2023 Inflation and interest rates, the risk
of recession and the uncertainties posed by Russia’s war of
aggression will affect the operating environment of the company and
its customers in the financial year 2023. The cycle of the
Semiconductor Industry segment is expected to return to growth in
the second half of the year. Aspocomp reiterates the guidance that
was published on March 16, 2023. Aspocomp estimates that its net
sales for 2023 will increase from 2022 and its operating result for
2023 will be at the same level as in 2022. In 2022, net sales
amounted to EUR 39.1 million and the operating result to EUR 4.5
million. CEO’S REVIEW “The net sales for the first quarter
of 2023 amounted to EUR 8.9 million, i,e., nearly at the level of
the comparison period. The development of net sales was mainly
affected by the slowdown of the semiconductor cycle, but also by
other uncertainties in the operating environment that slowed down
investment decisions in various industries. Orders received
increased by 5% to EUR 13.7 million, as a result of which our order
book strengthened significantly from the turn of the year and
amounted to EUR 19.1 million. We consider the turnaround seen in
the order book as the first signal that the semiconductor cycle
will pick up again in the second half of 2023, in line with our
previous estimate. Aspocomp’s market situation varied somewhat by
customer segment in the first quarter. The Semiconductor Industry
segment’s net sales growth continued, although clearly at a slower
rate than in the first quarter of 2022. The Automotive segment’s
net sales turned to growth as the component shortage eased. In the
Industrial Electronics segment, the challenges of the operating
environment, such as the development of inflation and the fear of a
deepening recession, hindered investment decisions. This was also
reflected in the demand for Aspocomp’s products. In the Security,
Defense and Aerospace customer segment, we continued to engage in
proactive sales work, but due to long order cycles, the segment’s
net sales did not yet return to growth during the first quarter.
Aspocomp’s operating result for January-March decreased to EUR 0.3
(0.8) million, 3.8 percent of net sales. The changes in product mix
during the quarter and especially the smaller than usual share
accounted for by quick-turn deliveries weakened the operating
result. In addition, higher personnel costs related to preparations
for the company’s growth and one-time wage increases resulting from
the outcome of collective bargaining negotiations weighed on the
result. We transfer cost increases resulting from changes in the
business environment to our product prices. Inflation and interest
rates, the risk of recession and the uncertainties posed by the
Russian war of aggression affect the operating environment of the
company and its customers in the financial year 2023. The cycle of
the Semiconductor Industry segment is expected to return to growth
in the second half of the year. We reiterate the guidance that was
published on March 16, 2023, and estimate that Aspocomp’s net sales
for 2023 will increase from 2022 and its operating result for 2023
will be at the same level as in 2022. In 2022, net sales amounted
to EUR 39.1 million and the operating result to EUR 4.5 million.”
NET SALES AND EARNINGS January-March 2023
First-quarter net sales amounted to EUR 8.9 (9.0) million. Net
sales decreased by 1 percent compared to the previous year due to
the slowdown of the semiconductor cycle and other uncertainties
related to the operating environment, which slowed down investment
decisions in various industries. The Semiconductor Industry
customer segment’s net sales increased by 31% to EUR 3.7 (2.8)
million during the first quarter. The collapse of the semiconductor
cycle can be seen as a slowdown in growth, as the segment’s net
sales quadrupled in the comparison period. The Industrial
Electronics customer segment’s net sales decreased by 52% to EUR
0.8 (1.7) million during the first quarter due to the continuous
slowing effect of inflation and the threat of recession on customer
investments. The Security, Defense and Aerospace customer segment’s
net sales decreased by 7% to EUR 1.4 (1.5) million. In the segment,
the number of customer contacts increased, but the order cycles are
long, and the results are visible with a delay. The Automotive
customer segment’s net sales increased by 18% to EUR 2.0 (1.7)
million. The Automotive segment’s sales turned to growth as the
component shortage eased. The Telecommunication customer segment’s
net sales decreased by 21% to EUR 1.1 (1.3) million. The net sales
of the customer segment remained low due to the timing of the
customers’ product development projects. The five largest customers
accounted for 61% (53%) of net sales. In geographical terms, 85%
(90%) of net sales were generated in Europe and 15% (10%) on other
continents. The operating result for the first quarter amounted to
EUR 0.3 (0.8) million. The changes in product mix during the
quarter and especially the smaller than usual share of quick-turn
deliveries weakened the operating result. In addition, higher
personnel costs related to preparations for the company’s growth
and one-time wage increases resulting from the outcome of
collective bargaining negotiations weighed on the result.
First-quarter operating result was 3.8% (8.9%) of net sales. Net
financial expenses amounted to EUR 0.0 (0.0) million. Earnings per
share were EUR 0.04 (0.11).
THE GROUP'S KEY FIGURES |
|
1-3/23 |
1-3/22 |
Change |
1-12/22 |
Net sales,
M€ |
8.9 |
9.0 |
-1 |
% |
39.1 |
EBITDA, M€ |
0.8 |
1.3 |
-34 |
% |
6.4 |
Operating
result, M€ |
0.3 |
0.8 |
-58 |
% |
4.5 |
%
of net sales |
4% |
9% |
-5 |
ppts |
12% |
Pre-tax-
profit/loss, M€ |
0.3 |
0.8 |
-60 |
% |
4.4 |
%
of net sales |
3% |
9% |
-5 |
ppts |
11% |
Profit/loss for
the period, M€ |
0.3 |
0.8 |
-60 |
% |
3.5 |
%
of net sales |
3% |
8% |
-5 |
ppts |
9% |
Earnings per
share, € |
0.04 |
0.11 |
-64 |
% |
0.52 |
Received
orders |
13.7 |
13.0 |
5 |
% |
27.4 |
Order book at
the end of period |
19.1 |
20.5 |
-7 |
% |
14.3 |
Investments,
M€ |
0.4 |
0.9 |
-59 |
% |
2.5 |
%
of net sales |
4% |
10% |
-6 |
ppts |
6% |
Cash, end of
the period |
2.4 |
2.2 |
13 |
% |
1.4 |
Equity / share,
€ |
3.24 |
2.91 |
33 |
% |
3.19 |
Equity ratio,
% |
73% |
67% |
6 |
ppts |
69% |
Gearing, % |
2% |
9% |
-7 |
ppts |
8% |
Personnel, end
of the period |
156 |
140 |
16 |
persons |
156 |
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
INVESTMENTS Investments during the review period amounted
to EUR 0.4 (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. 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 the third quarter of 2023,
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-March 2023 cash flow from operations
amounted to EUR 1.6 (0.7) million. Cash flow increased due to the
decrease in trade receivables. Cash assets amounted to EUR 2.4
(2.2) million at the end of the period. Interest-bearing
liabilities amounted to EUR 2.8 (4.1) million. Gearing was 2% (9%).
Non-interest-bearing liabilities amounted to EUR 5.4 (5.8) million.
At the end of the period, the Group’s equity ratio amounted to
72.9% (66.9%). The company has a EUR 2.0 (2.0) 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 156 (141) employees.
The personnel count on March 31, 2023, was 156 (140). Of them, 99
(88) were blue-collar and 57 (52) white-collar employees. ANNUAL
GENERAL MEETING, 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. Aspocomp’s Annual General Meeting 2023
will be held on Thursday, April 20, 2023, at 10:00 a.m. (Finnish
time). SHARES The total number of Aspocomp’s shares at March
31, 2023 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 339,202 Aspocomp Group Plc. shares were traded on Nasdaq
Helsinki during the period from January 1 to March 31, 2023. The
aggregate value of the shares exchanged was EUR 2,518,546. The
shares traded at a low of EUR 6.14 and a high of EUR 8.30. The
average share price was EUR 7.42. The closing price at March 31,
2023 was EUR 6.50, which translates into market capitalization of
EUR 44.5 million. The company had 4,243 shareholders at the end of
the review period. Nominee-registered shares accounted for 1.5% 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 thereby 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). On February 15,
2023, Aspocomp Group Plc’s Board of Directors decided on the
commencement of a new performance period in the share-based
long-term Performance Share Plan (PSP) for the company’s senior
management and selected key employees. Aspocomp originally
announced the launch of the long-term incentive plan in a stock
exchange release on July 20, 2022. The next plan within the PSP
structure, PSP 2023-2025, commenced as of the beginning of 2023 and
the share rewards potentially earned thereunder will be paid during
H1 2026. The payment of the rewards is conditional on the
achievement of the performance targets set by the Board of
Directors for the plan. The performance measures based on which the
potential share rewards under PSP 2023-2025 will be paid are
cumulative EBIT and the total shareholder return of Aspocomp’s
share (absolute TSR). Eligible for participation in PSP 2023-2025
are approximately 20 individuals, including the members of
Aspocomp’s Management Team. If all the performance targets set for
PSP 2023–2025 are fully achieved, the aggregate maximum number of
shares payable as a reward based on this plan is approximately
91,000 shares (referring to gross earnings before the withholding
of the applicable payroll tax). The maximum value of the rewards
payable to the participants based on PSP 2023-2025 is limited by a
cap which is linked to Aspocomp’s share price development.
SHAREHOLDERS’ NOMINATION BOARD Aspocomp’s Annual General
Meeting held on April 26, 2022, decided on the appointment of the
Shareholders’ Nomination Board. Based on the company’s list of
shareholders dated September 1, 2022, the three largest
shareholders were defined, who appointed the following members to
the Nomination Board: - Päivi Marttila, appointed by Etola Group
and Erkki Etola - Kyösti Kakkonen, appointed by Joensuun Kauppa ja
Kone Oy - Mikko Montonen, representing himself. The Nomination
Board submits proposals regarding the company’s Board members and
their fees to the 2023 Annual General Meeting. The proposals were
announced in the AGM notice on March 16, 2023. ASSESSMENT OF
SHORT-TERM BUSINESS RISKS In accordance with its goal, the
company has systematically expanded its services to cover the PCB
needs of its customers over the entire life cycle and thereby has
successfully balanced out variations in demand and the order book.
A major share of Aspocomp’s net sales is still generated by
quick-turn deliveries and R&D series, and thus the company’s
order book can vary significantly. Risks affecting the operating
environment 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. Weak economic development,
inflation and rising interest rates cause uncertainty in the
operating environment and may affect customer demand. 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. ANNUAL GENERAL MEETING
2023 Aspocomp’s Annual General Meeting 2023 is scheduled for
Thursday, April 20 at 10:00 a.m. (Finnish time). PUBLICATION OF
FINANCIAL RELEASES FOR 2023 Aspocomp Group Plc.'s financial
information publication schedule for 2023 is: Half-year report
2023: Thursday, July 20, 2023 at around 9:00 a.m. (Finnish time)
Interim report January-September 2023: Thursday, November 9, 2023
at around 9:00 a.m. (Finnish time) Aspocomp's silent period
commences 30 days prior to the publication of its financial
information. Espoo, April 20, 2023 ASPOCOMP GROUP PLC Board 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 2022; however, the company
complies with the standards and amendments that came into effect as
from January 1, 2023. 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 |
January-March 2023 |
|
|
|
|
1 000 € |
1-3/2023 |
1-3/2022 |
Change |
1-12/2022 |
Net
sales |
8,940 |
100% |
9,029 |
100% |
-1% |
39,114 |
100% |
Other
operating income |
43 |
0% |
2 |
0% |
2306% |
5 |
0% |
Materials and
services |
-4,179 |
-47% |
-4,346 |
-48% |
-4% |
-17,849 |
-46% |
Personnel
expenses |
-2,433 |
-27% |
-2,290 |
-25% |
6% |
-9,641 |
-25% |
Other
operating costs |
-1,547 |
-17% |
-1,142 |
-13% |
35% |
-5,223 |
-13% |
Depreciation
and amortization |
-485 |
-5% |
-450 |
-5% |
8% |
-1,903 |
-5% |
Operating result |
339 |
4% |
803 |
9% |
-58% |
4,502 |
12% |
Financial income and expenses |
-33 |
0% |
-36 |
0% |
|
-98 |
0% |
Profit/loss
before tax |
306 |
3% |
768 |
9% |
-60% |
4,404 |
11% |
Change in
deferred tax assets* |
|
|
|
|
|
-839 |
|
Income
taxes |
-1 |
0% |
0 |
0% |
|
-20 |
0% |
Profit/loss for the period |
305 |
3% |
767 |
8% |
-60% |
3,545 |
9% |
Other
comprehensive income |
|
|
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
|
|
plans |
|
|
|
|
|
118 |
0% |
Income tax
relating to these items |
|
|
|
|
|
-20 |
0% |
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
Currency translation differences |
-3 |
0% |
4 |
0% |
|
-6 |
0% |
Total other comprehensive income |
-3 |
0% |
4 |
0% |
|
92 |
0% |
Total
comprehensive income |
301 |
3% |
771 |
9% |
-61% |
3,637 |
9% |
|
|
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
|
|
Basic EPS |
0.04 |
€ |
0.11 |
€ |
-64% |
0.52 |
€ |
Diluted
EPS |
0.04 |
€ |
0.11 |
€ |
-64% |
0.52 |
€ |
|
|
|
|
|
|
|
|
*The
change in deferred tax assets is mainly due to the use of losses
confirmed in taxation. |
|
|
CONSOLIDATED
BALANCE SHEET |
|
|
|
|
1 000 € |
3/2023 |
3/2022 |
Change |
12/2022 |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Intangible
assets |
3,335 |
3,251 |
3% |
3,309 |
Tangible
assets |
5,809 |
5,666 |
3% |
5,967 |
Right-of-use
assets |
682 |
751 |
-9% |
642 |
Financial assets
at fair value through profit or loss |
95 |
95 |
0% |
95 |
Deferred income
tax assets |
4,196 |
4,972 |
-16% |
4,152 |
Total non-current assets |
14,118 |
14,736 |
-4% |
14,164 |
Current
assets |
|
|
|
|
Inventories |
5,891 |
4,990 |
18% |
6,136 |
Short-term
receivables |
8,046 |
7,856 |
2% |
9,723 |
Cash and bank deposits |
2,351 |
2,219 |
6% |
1,410 |
Total current
assets |
16,288 |
15,065 |
8% |
17,269 |
Total assets |
30,406 |
29,801 |
2% |
31,433 |
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
1,000 |
Reserve for
invested non-restricted equity |
4,804 |
4,741 |
1% |
4,774 |
Remeasurements of
defined benefit pension plans |
-49 |
-148 |
-67% |
-49 |
Retained earnings |
16,424 |
14,337 |
15% |
16,078 |
Total equity |
22,179 |
19,931 |
11% |
21,803 |
Long-term
financing loans |
1,647 |
2,628 |
-37% |
1,839 |
Other non-current
liabilities |
358 |
467 |
-23% |
358 |
Deferred income
tax liabilities |
57 |
38 |
50% |
57 |
Short-term
financing loans |
1,183 |
1,439 |
-18% |
1,234 |
Trade and other payables |
4,981 |
5,299 |
-6% |
6,142 |
Total
liabilities |
8,227 |
9,871 |
-17% |
9,630 |
Total equity and liabilities |
30,406 |
29,801 |
2% |
31,433 |
|
|
|
|
|
CONSOLIDATED CHANGES IN
EQUITY |
January-March 2023 |
|
|
|
|
|
|
1000 € |
Share capital |
Other reserve |
Remeasurements of employee benefits |
Translation differences |
Retained earnings |
Total equity |
Balance at Jan. 1, 2023 |
1,000 |
4,774 |
-49 |
6 |
16,117 |
21,847 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
305 |
305 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation differences |
|
|
|
-3 |
|
-3 |
Total comprehensive income for the period |
0 |
0 |
0 |
-3 |
305 |
301 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
|
0 |
Share-based payment |
|
30 |
|
|
|
30 |
Business
transactions with owners, total |
0 |
30 |
0 |
0 |
0 |
30 |
Balance at March 31, 2023 |
1,000 |
4,804 |
-49 |
3 |
16,422 |
22,179 |
|
|
|
|
|
|
|
January-March 2022 |
|
|
|
|
|
|
Balance at Jan. 1, 2022 |
1,000 |
4,736 |
-148 |
12 |
13,554 |
19,155 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
767 |
767 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation
differences |
|
|
0 |
4 |
|
4 |
Total comprehensive income for the period |
0 |
0 |
0 |
4 |
767 |
771 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
0 |
0 |
Share-based payment |
|
5 |
|
|
0 |
5 |
Business
transactions with owners, total |
0 |
5 |
0 |
0 |
0 |
5 |
Balance at March 31, 2022 |
1,000 |
4,741 |
-148 |
16 |
14,321 |
19,931 |
CONSOLIDATED CASH FLOW
STATEMENT |
January-March |
1 000 € |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Profit for
the period |
305 |
767 |
3,545 |
Adjustments |
521 |
455 |
2,786 |
Change in
working capital |
795 |
-435 |
-2,571 |
Received
interest income |
1 |
0 |
6 |
Paid interest
expenses |
-30 |
-27 |
-129 |
Paid taxes |
-1 |
-14 |
-19 |
Cash flow
from operating activities |
1,591 |
747 |
3,618 |
Investments |
-352 |
-863 |
-2,523 |
Proceeds from sale of property, plant and equipment |
41 |
0 |
0 |
Cash flow
from investing activities |
-311 |
-863 |
-2,523 |
Increase in
financing |
74 |
0 |
170 |
Decrease in
financing |
-248 |
-248 |
-992 |
Decrease in
lease liabilities |
-143 |
-84 |
-587 |
Dividends paid |
0 |
0 |
-1,026 |
Cash flow
from financing activities |
-318 |
-332 |
-2,435 |
Change in cash
and cash equivalents |
961 |
-448 |
-1,340 |
Cash and cash
equivalents at the beginning of period |
1,410 |
2,631 |
2,631 |
Effects of
exchange rate changes on cash and cash equivalents |
-20 |
36 |
119 |
Cash and cash equivalents at the end of period |
2,351 |
2,219 |
1,410 |
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q1/2023 |
Q4/2022 |
Q3/2022 |
Q2/2022 |
2022 |
Net sales,
M€ |
|
8.9 |
10.1 |
10.4 |
9.6 |
39.1 |
Operating
result before depreciation (EBITDA), M€ |
|
0.8 |
1.2 |
1.9 |
2.1 |
6.4 |
Operating
result (EBIT), M€ |
|
0.3 |
0.7 |
1.4 |
1.6 |
4.5 |
of net sales, % |
|
4% |
7% |
13% |
17% |
12% |
Profit/loss
before taxes, M€ |
|
0.3 |
0.7 |
1.3 |
1.6 |
4.4 |
of net sales, % |
|
3% |
7% |
13% |
17% |
11% |
Net
profit/loss for the period, M€ |
|
0.3 |
-0.1 |
1.3 |
1.6 |
3.5 |
of net sales, % |
|
3% |
-1% |
13% |
17% |
9% |
Received
orders |
|
13.7 |
4.8 |
9.5 |
9.6 |
27.4 |
Order book at
the end of period |
|
19.1 |
14.3 |
19.6 |
20.5 |
14.3 |
Equity ratio,
% |
|
73% |
69% |
68% |
67% |
69% |
Gearing,
% |
|
2% |
8% |
5% |
11% |
8% |
Gross
investments in fixed assets, M€ |
|
0.4 |
0.7 |
0.6 |
0.3 |
2.5 |
of net sales, % |
|
4% |
7% |
6% |
4% |
6% |
Personnel, end
of the quarter |
|
156 |
156 |
144 |
148 |
156 |
Earnings/share
(EPS), € |
|
0.04 |
-0.02 |
0.20 |
0.23 |
0.52 |
Equity/share,
€ |
|
3.24 |
3.19 |
3.20 |
3.00 |
3.19 |
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 € |
3/2023 |
3/2022 |
12/2022 |
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 Q1 2023
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