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CEO’s review

Third-quarter net sales amounted to EUR 5.5 million (EUR 5.6 million 7-9/2016), representing a slight year-on-year decrease of approximately 1 percent. Volume production continued to see strong growth of about 20 percent. Demand for own production at the Oulu plant was weaker than in the previous year due to the timing of product development projects during the summer season.

Net sales for January-September increased by 12 percent and were EUR 1.7 million higher than a year earlier. Volume production contributes significantly to growth. It increased by over 30 percent compared to the reference period.

The order book at the end of the review period was EUR 2.3 million (EUR 1.8 million 9/2016), representing a year-on-year increase of EUR 0.5 million.

The customer base continued to develop favorably and we expect that this development is closely in line with the cornerstones of the company's strategy. The share accounted for by the automotive industry continued to grow in terms of both net sales and the number of customers. In the case of new generation development projects in telecommunication networks, demand is expected to pick up during the fourth quarter or by the beginning of 2018 at the latest. In security and defense products, we see growing demand. In our new product segment, testing of semiconductor components, the customer base is on the rise, and some deliveries have already begun.

Third-quarter operating result amounted to EUR 0.2 million (EUR 0.2 million 7-9/2016) and was at the same level as a year earlier. The operating result for January-September increased by EUR 0.5 million compared to the previous year.

Cash flow amounted to EUR 1.1 million (EUR -0.3 M€), representing a year-on-year increase of EUR 1.4 million.

 

Espoo, October 26, 2017