Node / ASPOCOMP’S FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2017
Published:
2018-02-15 08:00:00 CET
Aspocomp Group Plc
Financial Statement Release

ASPOCOMP’S FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2017

Espoo, Finland, 2018-02-15 08:00 CET (GLOBE NEWSWIRE) --

Aspocomp Group Plc, Financial Statements, February 15, 2018 at 9:00 a.m.

Key figures 10-12/2017 in brief

- Net sales: EUR 6.2 million (EUR 6.6 million 10-12/2016)
- EBITDA: EUR 0.6 million (1.1)
- Operating result: EUR 0.3 million (0.8)
- Earnings per share: EUR 0.12 (0.19)

Key figures 2017 in brief

- Net sales: EUR 23.0 million (EUR 21.6 million 1-12/2016)
- EBITDA: EUR 1.8 million (1.8)
- Operating result: EUR 0.8 million (0.7)
- Earnings per share (EPS): EUR 0.18 (0.16)
- Operational cash flow: EUR 0.8 million (0.1)
- Order book at the end of period: EUR 2.5 million (2.4)
- The Board of Directors will propose that dividend of EUR 0.07 per share be paid (EUR 0.00 /2016)

In 2018, net sales are expected to grow approximately 10 percent and the operating result to be better than in 2017. In 2017, net sales amounted to EUR 23.0 million and the operating result EUR 0.8 million.

CEO’S REVIEW

“We continued to perform well in 2017, although we fell slightly short of our growth target of around 10 percent. We have succeeded very well in our main strategic objective of diversifying our business. Our net sales and profitability are no longer entirely dependent on individual customer relationships or customer segments. We have expanded into several customer segments and have increased our sales and activity in Central Europe, especially in Germany and the United Kingdom. The general economic recovery and the launch of investments were particularly evident in the industrial electronics customer segment, which saw the strongest growth. Last year, the sales of the security and defense electronics customer segment also developed strongly. In Aspocomp's latest customer segment, testing semiconductor components, we nearly triple our sales.

We posted our highest sales in the last quarter of the year, EUR 6.2 million (EUR 6.6 million 10-12/2016), but fell clearly short of the high sales in the reference period. January-December net sales amounted to EUR 23.0 million (EUR 21.6 million 1-12/2016), representing a year-on-year increase of 6.2 percent. Growth in net sales was slowed by the weakening of the US dollar. The comparable exchange rates had a negative impact of about EUR 0.17 million on net sales. The order book grew slightly and amounted to EUR 2.5 million at the end of the year (EUR 2.4 million 12/2016).

Fourth-quarter profitability fell behind the exceptionally strong reference period. The operating result for October-December amounted to EUR 0.3 million (EUR 0.8 million 10-12/2016). The full-year operating result grew by 10 percent to EUR 0.8 million (EUR 0.7 million 1-12/2016). The operating profit margin improved slightly and was 3.3 percent (3.2% 1-12/2016). Cash flow improved significantly from the previous year and amounted to EUR 0.8 million (EUR 0.1 million 1-12/2016).

Thanks to the EUR 10 million investment project to develop the company’s Oulu plant, which was announced in December, and the outsourcing of Asian volume production services, Aspocomp expects to grow significantly faster than the market at an average rate of 10 percent a year. The cornerstones of Aspocomp's growth include, for instance, next-generation 5G telecommunications and government networks, the e-revolution in the automotive industry, the development of testing requirements for semiconductor components as well as the spread of artificial intelligence and mechanical applications in the industry.”

NET SALES AND EARNINGS

October-December 2017
Fourth-quarter net sales amounted to EUR 6.2 million, a year-on-year decrease of 6 percent.

The five largest customers accounted for 49 percent of net sales (62% 10-12/2016). In geographical terms, 95 percent of net sales were generated in Europe (97%), 2 percent in Asia (3%) and 3 percent in North America (1%).

The operating result for the fourth quarter amounted to EUR 0.3 million (EUR 0.8 million 10-12/2016). Fourth-quarter operating result was 6 percent of net sales.

Net financial expenses for the fourth quarter amounted to EUR 0.0 million (EUR 0.0 million 10-12/2016). Earnings per share were EUR 0.12 (EUR 0.19).

The order book at the end of the review period was EUR 2.5 million (EUR 2.4 million 12/2017), representing a year-on-year increase of about EUR 0.1 million.

Financial year 2017
Net sales amounted to EUR 23.0 million (EUR 21.6 million 1-12/2016), a year-on-year increase of 6 percent. Net sales fell short of the expected growth of about 10 percent, due to the weakening of the US dollar and the delays in a major customer project in December 2017. The comparable exchange rates had a negative impact of EUR 0.17 million on net sales.

Growth was strongest in the industrial electronics customer segment. Strong development was also seen in sales of the security and defense electronics customer as well as testing semiconductor components segments.

The five largest customers accounted for 50 percent of net sales (53% 1-12/2016). In geographical terms, 96 percent of net sales were generated in Europe (93%), 2 percent in Asia (5%) and 2 percent in North America (2%).

Operating result amounted to EUR 0.8 million (EUR 0.7 million 1-12/2016), representing a year-on-year increase of EUR 0.1 million. The improvement in operating result was due to the growth in net sales.

Net financial expenses amounted to EUR 0.1 million (EUR 0.1 million). Earnings per share were EUR 0.18 (EUR 0.16).

THE GROUP’S KEY FIGURES

  10-12/17 10-12/16 Change 1-12/17 1-12/16 Change
Net sales, M€ 6.2 6.6 -6 % 23.0 21.6 6 %
EBITDA, M€ 0.6 1.1 -0.5 M€ 1.8 1.8 0.1 M€
Operating result, M€ 0.3 0.8 -0.5 M€ 0.8 0.7 0.1 M€
   % of net sales 6% 12% -6.8 ppts 3% 3% 0.1 ppts
Pre-tax profit/loss, M€ 0.3 0.8 -0.5 M€ 0.7 0.6 0.1 M€
   % of net sales 5% 12% -7 ppts 3% 3% 0 ppts
Profit/loss for the period, M€ 0.8 1.2 -0.4 M€ 1.2 1.0 0.1 M€
   % of net sales 13% 19% -5 ppts 5% 5% 0 ppts
Earnings per share, € 0.12 0.19 -0.07 0.18 0.16 0.02
Investments, M€ 0.3 0.1 0.3 M€ 1.0 0.4 0.6 M€
   % of net sales 5% 1% 4.2 ppts 4% 2% 2.4 ppts
Cash, end of the period 0.4 0.3 0.1 M€ 0.4 0.3 0.1 M€
Equity / share, € 1.80 1.43 0.37 1.80 1.64 0.16
Equity ratio, % 69% 68% 1 ppts 69% 68% 1 ppts
Gearing, % 9% 12% -2 ppts 9% 12% -2 ppts
Personnel, end of the period 113 108 5 persons 113 108 5 persons
                 
* The total may deviate from the sum totals due to rounding up and down.  

 

OUTLOOK FOR THE FUTURE

In 2018, net sales are expected to grow approximately 10 percent and the operating result to be better than in 2017. In 2017, net sales amounted to EUR 23.0 million and the operating result to EUR 0.8 million.

The cornerstones of Aspocomp's growth include, for instance, next-generation 5G telecommunications and government networks, the e-revolution in the automotive industry, the development of testing requirements for semiconductor components as well as the spread of artificial intelligence and mechanical applications in the industry.

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.

BOARD OF DIRECTORS' DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING

According to the financial statements dated on December 31, 2017 the parent company's distributable earnings amounted to EUR 7,252,301.72, of which the retained earnings were EUR 4,490,412.92.

The Board of Directors will propose to the Annual General Meeting to be held on March 16, 2018, that a dividend of EUR 0.07 per share be paid. The dividend would be paid to shareholders registered in the Register of Shareholders maintained by Euroclear Finland Ltd on the record date of the dividend distribution, March 20, 2018. The Board of Directors proposes that the dividend will be paid on March 28, 2018.

There have been no significant changes in the company’s financial position since the close of the financial period. According to the Board of Directors, the proposed dividend distribution does not endanger the company’s financial standing.

PUBLICATION OF FINANCIAL RELEASES

This stock exchange release is a summary of the Aspocomp Group’s Financial Statements January 1 -December 31, 2017 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company’s website at www.aspocomp.com.

ASPOCOMP GROUP PLC
Board of Directors

For further information, please contact Mikko Montonen, CEO,
tel. +358 40 5011 262, mikko.montonen(at)aspocomp.com.

Aspocomp – a service company specializing in PCB technologies

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 Financial Statements 2017.pdf