Aspocomp’s Half-Year Report 2023: Net sales at the level of the
comparison period, the order book decreased, the product mix
weakened the operating result
Aspocomp Group Plc, Half-Year Report, July 20, 2023, at 9:00
a.m. EEST SECOND QUARTER 2023 HIGHLIGHTS
- Net sales EUR 9.5 (9.6) million, decrease of 1%
- Operating result EUR 0.4 (1.6) million, 4.2% (16.6%) of net
sales
- Earnings per share EUR 0.05 (0.23)
- Operative cash flow EUR -0.6 (0.9) million
- Orders received EUR 5.4 (9.6) million, decrease of 43%
- Equity ratio 67.9% (67.1%)
JANUARY-JUNE 2023 HIGHLIGHTS
- Net sales EUR 18.4 (18.6) million, decrease of 1%
- Operating result EUR 0.7 (2.4) million, 4.0% (12.9%) of net
sales
- Earnings per share EUR 0.09 (0.35)
- Operative cash flow EUR 0.9 (1.6) million
- Orders received EUR 19.1 (22.6) million, decrease of 15%
- Order book at the end of the review period EUR 15.0 (20.5)
million, decrease of 27%
- Equity ratio 67.9% (67.1%)
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 at
the end of the year or the beginning of 2024. Aspocomp reiterates
the guidance that was published on July 17, 2023. Aspocomp
estimates that its net sales for 2023 will be below the 2022 level
and its operating result for 2023 will be clearly below the 2022
level. In 2022, net sales amounted to EUR 39.1 million and the
operating result to EUR 4.5 million. CEO’S REVIEW
“Aspocomp’s net sales for the second quarter of 2023 amounted to
EUR 9.5 million, remaining at the same level as in the comparison
period. The slowdown of the semiconductor cycle and high inventory
levels in various parts of our value chain slowed down net sales.
In addition, all our customer segments were burdened with
uncertainties arising from the operating environment. Order intake
was below the level of the comparison period and amounted to EUR
5.4 million. The order book decreased to EUR 15.0 million as
customers, particularly in the Semiconductor Industry, liquidated
their stocks. A temporary slowdown in the semiconductor cycle is a
typical phenomenon in the industry. It is expected to turn to
growth again in late 2023 or early 2024, that is, a quarter or two
later than we previously estimated. However, the industry's
long-term growth prospects are still strong. The continuous
development of technology - a current example of which is the
proliferation of artificial intelligence applications - directly
supports the company's core business. The segment-specific
variation in the company’s operating environment continued in the
second quarter as well. Measured by net sales, our largest customer
segment, the Semiconductor Industry, suffered from the slowness of
the cycle and high inventory levels. The net sales of the
Telecommunications customer segment also decreased. On the other
hand, the net sales of our Automotive Industry customer segment
clearly increased. In the Security, Defense and Aerospace customer
segment, in which order cycles are long, our proactive sales
efforts generated higher net sales in the second quarter. The
segment's outlook is positive, and the number of requests for
offers and new customers received by the company has developed
favorably. Aspocomp’s operating result for April-June decreased
significantly from the exceptionally good level of the comparison
period and amounted to EUR 0.4 million. The operating result was
burdened by the temporary emphasis of net sales on lower-margin
customer segments and the low share of profitable quick-turn
deliveries. In addition, the lower-than-normal utilization rate of
our factory increased the relative unit and personnel costs.
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 at the end of the year or
the beginning of 2024. We reiterate the guidance that was published
on July 17, 2023, and estimate that Aspocomp’s net sales for 2023
will be below the 2022 level and its operating result for 2023 will
be clearly below the 2022 level. In 2022, net sales amounted to EUR
39.1 million and the operating result to EUR 4.5 million.” NET
SALES AND EARNINGS April-June 2023 Second-quarter net
sales amounted to EUR 9.5 (9.6) million. Net sales decreased by 1%
compared to the previous year due to the slowdown of the
semiconductor cycle, increased inventory levels in the value chain,
and uncertainties arising from the operating environment that
burden all customer segments. The Semiconductor Industry customer
segment’s second-quarter net sales decreased year-on-year by 16% to
EUR 3.6 (4.2) million. The customer segment suffered from a
slowdown in the semiconductor cycle and high inventory levels in
the value chain. The Industrial Electronics customer segment’s
second-quarter net sales remained at the level of the comparison
period and amounted to EUR 1.1 (1.1) million. Inflation and the
threat of recession are slowing down customers’ investments. The
Security, Defense and Aerospace customer segment’s second-quarter
net sales increased by 14% to EUR 1.7 (1.5) million. The Automotive
customer segment’s second-quarter net sales grew to EUR 1.9 (1.2)
million, up 61% year-on-year thanks to the increase in deliveries
of volume products. The Telecommunication customer segment’s
second-quarter net sales decreased by 25% to EUR 1.1 (1.5) million.
The decrease in the customer segment’s net sales was due to the
timing of the customers’ product development projects. The five
largest customers accounted for 64% (56%) of net sales. In
geographical terms, 84% (92%) of net sales were generated in Europe
and 16% (8%) on other continents. The operating result for the
second quarter amounted to EUR 0.4 (1.6) million. The operating
result decreased from the comparison period because net sales were
focused on lower-margin customer segments. The share accounted for
by profitable quick-turn deliveries was lower than usual, and on
the other hand, the result of the comparison period was higher than
usual. Preparing for growth increases personnel costs, and the
utilization rate of the Oulu factory was at a lower-than-normal
level, which increased unit costs. Second-quarter operating result
was 4.2% (16.6%) of net sales. Net financial expenses amounted to
EUR 0.1 (0.0) million. Earnings per share were EUR 0.05 (0.23).
January - June 2023 First-half net sales amounted to EUR
18.4 (18.6) million, a year-on-year decrease of 1 percent. The
Semiconductor Industry customer segment’s net sales grew by 3% to
EUR 7.3 (7.1) million. The slowdown of the semiconductor cycle and
high inventory levels in the value chain slowed down growth. The
Industrial Electronics customer segment’s net sales decreased by
32% to EUR 1.9 (2.8) million. Inflation and the threat of recession
slowed down customers’ investments. The Security, Defense and
Aerospace customer segment’s net sales increased by 3% to EUR 3.1
(3.0) million. The number of customer contacts in the customer
segment increased, but the order cycles are long, and the results
are visible with a delay. The Automotive customer segment’s net
sales increased by 36% to EUR 3.9 (2.9) million. Sales of the
Automotive customer segment turned to growth as the component
shortage eased. The Telecommunication customer segment’s net sales
amounted to EUR 2.2 (2.7) million, a year-on-year decrease of 23%.
The decrease in net sales was due to the timing of the customers'
product development projects. The five largest customers accounted
for 60 (60) percent of net sales. In geographical terms, 85 (91)
percent of net sales were generated in Europe and 15 (9) percent on
other continents. The first-half operating result amounted to EUR
0.7 (2.4) million. The operating result decreased from the
comparison period, because net sales were focused on customer
segments with a lower margin, the share of profitable quick-turn
deliveries was lower than usual, and preparation for growth
increases personnel costs. First-half operating result was 4.0
(12.9) percent of net sales. Net financial expenses amounted to EUR
0.1 (0.0) million. Earnings per share were EUR 0.09 (0.35). The
order book at the end of the review period was EUR 15.0 (20.5)
million. The order book decreased due to lower order intake. Of the
order book, EUR 12.9 million has been scheduled for delivery this
year and the remaining EUR 2.1 million next year.
THE GROUP'S KEY FIGURES |
|
|
|
|
4-6/23 |
4-6/22 |
Change |
1-6/23 |
1-6/22 |
Change |
Net sales,
M€ |
9.5 |
9.6 |
-1 |
% |
18.4 |
18.6 |
-1 |
% |
EBITDA,
M€ |
0.9 |
2.1 |
-57 |
% |
1.7 |
3.3 |
-48 |
% |
Operating
result, M€ |
0.4 |
1.6 |
-75 |
% |
0.7 |
2.4 |
-69 |
% |
%
of net sales |
4% |
17% |
-12 |
ppts |
4% |
13% |
-9 |
ppts |
Pre-tax
profit/loss, M€ |
0.3 |
1.6 |
-79 |
% |
0.6 |
2.4 |
-73 |
% |
%
of net sales |
4% |
17% |
-13 |
ppts |
3% |
13% |
-9 |
ppts |
Profit/loss
for the period, M€ |
0.3 |
1.6 |
-79 |
% |
0.6 |
2.4 |
-73 |
% |
%
of net sales |
4% |
17% |
-13 |
ppts |
3% |
13% |
-9 |
ppts |
Earnings per
share, € |
0.05 |
0.23 |
-78 |
% |
0.09 |
0.35 |
-74 |
% |
Received
orders |
5.4 |
9.6 |
-43 |
% |
19.1 |
22.6 |
-15 |
% |
Order book at
the end of period |
15.0 |
20.5 |
-27 |
% |
15.0 |
20.5 |
-27 |
% |
Investments,
M€ |
0.8 |
0.3 |
118 |
% |
1.1 |
1.2 |
-8 |
% |
%
of net sales |
8% |
4% |
4 |
ppts |
6% |
7% |
0 |
ppts |
Cash, end of
the period |
1.2 |
1.5 |
-31 |
% |
1.2 |
1.5 |
-31 |
% |
Equity /
share, € |
3.08 |
3.00 |
8 |
% |
3.08 |
3.00 |
8 |
% |
Equity ratio,
% |
68% |
67% |
1 |
ppts |
68% |
67% |
1 |
ppts |
Gearing,
% |
15% |
11% |
4 |
ppts |
15% |
11% |
4 |
ppts |
Personnel, end
of the period |
167 |
148 |
19 |
persons |
167 |
148 |
19 |
persons |
|
|
|
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS Investments during the review period amounted
to EUR 1.1 (1.2) 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-June 2023 cash flow from operations
amounted to EUR 0.9 (1.6) million. Cash flow weakened mainly due to
the lower operating result. Cash assets amounted to EUR 1.2 (1.5)
million at the end of the period. Interest-bearing liabilities
amounted to EUR 4.4 (3.8) million. Gearing was 15% (11%).
Non-interest-bearing liabilities amounted to EUR 5.5 (6.3) million.
At the end of the period, the Group’s equity ratio amounted to
67.9% (67.1%). The company has a EUR 4.0 (2.0) million credit
facility, of which EUR 1.9 million was 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 161 (144) employees. The personnel count on June 30,
2023, was 167 (148). Of them, 111 (93) were blue-collar and 56 (55)
white-collar employees. ANNUAL GENERAL MEETING 2023, THE BOARD
OF DIRECTORS AND AUTHORIZATIONS GIVEN TO THE BOARD The Annual
General Meeting of Aspocomp Group Plc held on April 20, 2023,
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 2022. The
Annual General Meeting approved the Remuneration Report for the
governing bodies 2022. The Annual General Meeting decided to pay a
dividend of EUR 0.21 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 24, 2023. In accordance with the
decision of the Annual General Meeting, the dividend was paid on
May 2, 2023. 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. Tuukka Kiuru,
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 26, 2022, 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, 2024. The Annual General
Meeting decided to amend the company’s Articles of Association to
enable convening a General Meeting as a virtual meeting without a
meeting venue as an alternative to a customary general meeting or a
hybrid meeting. The Finnish Companies Act requires that
shareholders can exercise their full rights in virtual meetings,
with equal rights to those in customary in-person General Meetings.
Article 9 of the company’s Articles of Association reads as
follows: “9 § The General Meeting shall be held in Helsinki or
Espoo. The Board may decide that the General Meeting is arranged
without a meeting venue in a manner where shareholders exercise
their full decision-making powers in real time during the General
Meeting using telecommunications and technical means (virtual
meeting). In order to exercise his right to speak and vote at the
General Meeting, a shareholder must register in the manner
specified in the invitation to the meeting. The closing date for
registration shall be no sooner than ten days before the meeting.”
The minutes of the Annual General Meeting are available on the
company’s website at www.aspocomp.com/agm. THE BOARD OF
DIRECTORS' ORGANIZATION MEETING AND THE AUDIT COMMITTEE At its
organization meeting held after the Annual General Meeting, the
Board of Directors of Aspocomp Group Plc 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. The Board of Directors has at its meeting
evaluated the independence of the Board members in compliance with
the recommendations of the Finnish Corporate Governance Code. It is
the view of the Board of Directors that all Board members are
independent of the company's major shareholders. The Board of
Directors has also assessed that all the Board members are
independent of the company. SHARES The total number of
Aspocomp’s shares at June 30, 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 495,829 Aspocomp Group Plc.
shares were traded on Nasdaq Helsinki during the period from
January 1 to June 30, 2023. The aggregate value of the shares
exchanged was EUR 3,455,155. The shares traded at a low of EUR 5.44
and a high of EUR 8.30. The average share price was EUR 6.97. The
closing price at June 30, 2023 was EUR 5.58, which translates into
market capitalization of EUR 38.2 million. The company had 4,278
shareholders at the end of the review period. Nominee-registered
shares accounted for 1.4% 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.
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. PUBLICATION OF FINANCIAL
RELEASES FOR 2023 Aspocomp Group Plc's financial information
publication schedule for 2023 is: 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, July 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 |
April-June 2023 |
|
|
|
1 000 € |
4-6/2023 |
4-6/2022 |
Change |
Net
sales |
9,452 |
100% |
9,556 |
100% |
-1% |
Other
operating income |
11 |
0% |
1 |
0% |
1,730% |
Materials and
services |
-4,391 |
-46% |
-3,802 |
-40% |
15% |
Personnel
expenses |
-2,769 |
-29% |
-2,576 |
-27% |
7% |
Other
operating costs |
-1,413 |
-15% |
-1,120 |
-12% |
26% |
Depreciation
and amortization |
-490 |
-5% |
-469 |
-5% |
5% |
Operating result |
401 |
4% |
1,590 |
17% |
-75% |
Financial income and expenses |
-66 |
-1% |
11 |
0% |
|
Profit/loss
before tax |
335 |
4% |
1,601 |
17% |
-79% |
Income
taxes |
-3 |
0% |
-5 |
0% |
|
Profit/loss for the period |
332 |
4% |
1,596 |
17% |
-79% |
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 |
-13 |
0% |
1 |
0% |
|
Total other comprehensive income |
-13 |
0% |
1 |
0% |
|
Total
comprehensive income |
318 |
3% |
1,597 |
17% |
-80% |
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
Basic EPS |
0.05 |
€ |
0.23 |
€ |
-78% |
Diluted
EPS |
0.05 |
€ |
0.23 |
€ |
-78% |
PROFIT
& LOSS STATEMENT |
January-June 2023 |
|
|
|
|
|
1 000 € |
1-6/2023 |
1-6/2022 |
Change |
1-12/2022 |
Net
sales |
18,392 |
100% |
18,585 |
100% |
-1% |
39,114 |
100% |
Other
operating income |
54 |
0% |
2 |
0% |
2,163% |
5 |
0% |
Materials and
services |
-8,570 |
-47% |
-8,148 |
-44% |
5% |
-17,849 |
-46% |
Personnel
expenses |
-5,202 |
-28% |
-4,866 |
-26% |
7% |
-9,641 |
-25% |
Other
operating costs |
-2,959 |
-16% |
-2,261 |
-12% |
31% |
-5,223 |
-13% |
Depreciation
and amortization |
-975 |
-5% |
-918 |
-5% |
6% |
-1,903 |
-5% |
Operating result |
740 |
4% |
2,393 |
13% |
-69% |
4,502 |
12% |
Financial income and expenses |
-99 |
-1% |
-25 |
0% |
299% |
-98 |
0% |
Profit/loss
before tax |
641 |
3% |
2,368 |
13% |
-73% |
4,404 |
11% |
Change in
deferred tax assets* |
|
|
|
|
|
-839 |
|
Income
taxes |
-5 |
0% |
-5 |
0% |
|
-20 |
0% |
Profit/loss for the period |
636 |
3% |
2,363 |
13% |
-73% |
3,545 |
9% |
Other
comprehensive income |
|
|
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
|
|
plans |
0 |
|
0 |
0% |
|
118 |
0% |
Income tax
relating to these items |
0 |
|
0 |
0% |
|
-20 |
0% |
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
Currency
translation differences |
-17 |
0% |
5 |
0% |
- |
-6 |
0% |
Total other comprehensive income |
-17 |
0% |
5 |
0% |
- |
92 |
0% |
Total
comprehensive income |
620 |
3% |
2,368 |
13% |
-74% |
3,637 |
9% |
|
|
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
|
|
Basic EPS |
0.09 |
€ |
0.35 |
€ |
74% |
0.52 |
€ |
Diluted
EPS |
0.09 |
€ |
0.35 |
€ |
74% |
0.52 |
€ |
|
|
|
|
|
|
|
|
*The change in
deferred tax assets is mainly due to the use of losses confirmed in
taxation. |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET |
|
|
|
|
1 000 € |
6/2023 |
6/2022 |
Change |
12/2022 |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Intangible
assets |
3,386 |
3,290 |
3% |
3,309 |
Tangible
assets |
6,479 |
5,688 |
14% |
5,967 |
Right-of-use
assets |
585 |
740 |
-21% |
642 |
Financial assets
at fair value through profit or loss |
95 |
95 |
0% |
95 |
Deferred income
tax assets |
4,152 |
4,972 |
-16% |
4,152 |
Total non-current assets |
14,697 |
14,785 |
-1% |
14,164 |
Current
assets |
|
|
|
|
Inventories |
5,583 |
5,721 |
-2% |
6,136 |
Short-term
receivables |
9,548 |
8,576 |
11% |
9,723 |
Cash and bank deposits |
1,176 |
1,482 |
-21% |
1,410 |
Total current
assets |
16,307 |
15,779 |
3% |
17,269 |
Total assets |
31,003 |
30,564 |
1% |
31,433 |
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
1,000 |
Reserve for
invested non-restricted equity |
4,845 |
4,743 |
2% |
4,774 |
Remeasurements of
defined benefit pension plans |
-49 |
-148 |
-67% |
-49 |
Retained earnings |
15,262 |
14,908 |
2% |
16,078 |
Total equity |
21,058 |
20,503 |
3% |
21,803 |
Long-term
financing loans |
1,360 |
2,399 |
-43% |
1,839 |
Other non-current
liabilities |
358 |
467 |
-23% |
358 |
Deferred income
tax liabilities |
57 |
38 |
50% |
57 |
Short-term
financing loans |
3,075 |
1,377 |
123% |
1,234 |
Trade and other payables |
5,096 |
5,780 |
-12% |
6,142 |
Total
liabilities |
9,946 |
10,061 |
-1% |
9,630 |
Total equity and liabilities |
31,003 |
30,564 |
1% |
31,433 |
|
|
|
|
|
CONSOLIDATED CHANGES IN
EQUITY |
January-June 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 |
16,072 |
21,803 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
636 |
636 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation differences |
|
|
|
-17 |
|
-17 |
Total comprehensive income for the period |
0 |
0 |
0 |
-17 |
636 |
620 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,437 |
-1,437 |
Share-based payment |
|
72 |
|
|
|
72 |
Business
transactions with owners, total |
0 |
72 |
0 |
0 |
-1,437 |
-1,365 |
Balance at June 30, 2023 |
1,000 |
4,845 |
-49 |
-10 |
15,272 |
21,058 |
|
|
|
|
|
|
|
January-June 2022 |
|
|
|
|
|
|
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 |
|
|
0 |
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 |
|
|
0 |
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 |
|
|
|
|
|
|
|
CONSOLIDATED CASH FLOW
STATEMENT |
January-June |
1 000 € |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Profit for
the period |
636 |
2,363 |
3,545 |
Adjustments |
1,110 |
861 |
2,786 |
Change in
working capital |
-706 |
-1,509 |
-2,571 |
Received
interest income |
1 |
1 |
6 |
Paid interest
expenses |
-83 |
-61 |
-129 |
Paid taxes |
-13 |
-19 |
-19 |
Cash flow
from operating activities |
945 |
1,637 |
3,618 |
Investments |
-1,112 |
-1,211 |
-2,523 |
Proceeds from sale of property, plant and equipment |
49 |
0 |
0 |
Cash flow
from investing activities |
-1,064 |
-1,211 |
-2,523 |
Increase in
financing |
2,023 |
0 |
170 |
Decrease in
financing |
-496 |
-496 |
-992 |
Decrease in
lease liabilities |
-170 |
-186 |
-587 |
Dividends paid |
-1,437 |
-1,026 |
-1,026 |
Cash flow
from financing activities |
-79 |
-1,708 |
-2,435 |
Change in cash
and cash equivalents |
-198 |
-1,283 |
-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 |
-37 |
133 |
119 |
Cash and cash equivalents at the end of period |
1,176 |
1,482 |
1,410 |
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q2/2023 |
Q1/2023 |
Q4/2022 |
Q3/2022 |
2022 |
Net sales,
M€ |
|
9.5 |
8.9 |
10.1 |
10.4 |
39.1 |
Operating
result before depreciation (EBITDA), M€ |
|
0.9 |
0.8 |
1.2 |
1.9 |
6.4 |
Operating
result (EBIT), M€ |
|
0.4 |
0.3 |
0.7 |
1.4 |
4.5 |
of net sales, % |
|
4% |
4% |
7% |
13% |
12% |
Profit/loss
before taxes, M€ |
|
0.3 |
0.3 |
0.7 |
1.3 |
4.4 |
of net sales, % |
|
4% |
3% |
7% |
13% |
11% |
Net
profit/loss for the period, M€ |
|
0.3 |
0.3 |
-0.2 |
1.3 |
3.5 |
of net sales, % |
|
4% |
3% |
-2% |
13% |
9% |
Received
orders |
|
5.4 |
13.7 |
4.8 |
9.5 |
27.4 |
Order book at
the end of period |
|
15.0 |
19.1 |
14.3 |
19.6 |
14.3 |
Equity ratio,
% |
|
68% |
73% |
69% |
68% |
69% |
Gearing,
% |
|
15% |
2% |
8% |
5% |
8% |
Gross
investments in fixed assets, M€ |
|
0.8 |
0.4 |
0.7 |
0.6 |
2.5 |
of net sales, % |
|
8% |
4% |
7% |
6% |
6% |
Personnel, end
of the quarter |
|
167 |
156 |
156 |
144 |
156 |
Earnings/share
(EPS), € |
|
0.05 |
0.04 |
-0.02 |
0.20 |
0.52 |
Equity/share,
€ |
|
3.08 |
3.24 |
3.19 |
3.20 |
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 € |
6/2023 |
6/2022 |
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 Half Year Report 2023
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