Espoo, Finland, 2015-04-28 08:00 CEST (GLOBE NEWSWIRE) -- Aspocomp Group Plc, Interim Report, April 28, 2015 at 9:00 a.m. Key figures 1-3/2015 in brief - Net sales: EUR 4,6 million (EUR 5.5 million 1-3/2014) - Operating result before depreciation (EBITDA): EUR 0.4 million (0.6) - Operating profit excluding non-recurring items (EBIT): EUR 0.1 million (0.3) - Earnings per share (EPS): EUR 0.02 (0.03) - Operational cash flow: EUR -0.5 million (-0.7) The company’s full-year guidance remains unchanged. In 2015, net sales are expected to be between EUR 20 and 25 million and operating profit excluding non-recurring items between EUR 0.0 and 2.0 million. CEO’S REVIEW “Sales saw steady growth in the first quarter, rising to EUR 4.6 million. Although growth amounted to EUR 0.5 million, representing an increase of about 12 percent on the last quarter of 2014, we fell significantly short of the corresponding period of the previous year. As expected, deliveries to our main customers in the first months of the year developed more slowly due to the strong figures for the comparison period. The trend in demand is expected to be favorable during the next two quarters. The closure of the Teuva plant was completed and the transfer of production to the Oulu plant was carried out on schedule, mainly by the end of March. Thanks to our lighter cost structure, the operating result rose slightly into the black, amounting to just over EUR 0.1 million during the review period. Cash flow was EUR 0.5 million negative due to notice-period personnel expenses resulting from restructuring as well as the working capital tied to accounts receivable. The restructuring will cease to have an impact on cash flow mainly in May.” THE GROUP’S KEY FIGURES
| 1-3/15 | 1-3/14 | Change | 1-12/14 | ||
| Net sales, M€ | 4.6 | 5.5 | -17 | % | 21.0 |
| EBITDA, M€ | 0.4 | 0.6 | -0.2 | M€ | -0.3 |
| Operating profit excluding non-recurring items | 0.1 | 0.3 | -0.1 | M€ | -0.4 |
| % of net sales | 3% | 5% | -2.2 | ppts | -2% |
| Operating profit, M€ | 0.1 | 0.2 | -0.1 | M€ | -2.0 |
| % of net sales | 3% | 3% | -0.8 | ppts | -9% |
| Pre-tax- profit, M€ | 0.1 | 0.2 | 0.0 | M€ | -2.0 |
| % of net sales | 3% | 3% | 0 | ppts | -10% |
| Profit/loss for the period, M€ | 0.1 | 0.2 | 0.0 | M€ | -2.0 |
| % of net sales | 3% | 3% | 0 | ppts | -9% |
| Earnings per share, € | 0.02 | 0.03 | -0.01 | € | -0.31 |
| Investments, M€ | 0.1 | 0.2 | -0.1 | M€ | 0.1 |
| % of net sales | 2% | 3% | -1.4 | ppts | 0% |
| Cash, end of the period | 1.0 | 1.3 | -0.3 | M€ | 1.0 |
| Equity / share, € | 1.69 | 1.99 | -0.30 | € | 1.66 |
| Equity ratio, % | 68% | 72% | -4 | ppts | 71% |
| Gearing, % | 10% | 4% | 6 | ppts | 5% |
| Personnel, end of the period | 141 | 150 | -9 | persons | 144 |
First-quarter net sales amounted to EUR 4.6 million, a year-on-year decrease of 17 percent. The five largest customers accounted for 50 percent of net sales (70% 1-3/2014). In geographical terms, 95 percent of net sales were generated in Europe (86%), 3 percent in Asia (14%) and 2 percent in North America (0%). Sales saw steady growth, but deliveries to our main customers developed more slowly, as expected, due to the strong figures for the comparison period. The trend in demand is expected to be favorable during the next two quarters. The operating result was EUR 0.1 million (EUR 0.2 million 1-3/2014) including non-recurring items. Operating profit excluding non-recurring items was EUR 0.1 million (EUR 0.3 million 1-3/2014). Net financial expenses for the review period amounted to EUR 0.0 million (EUR 0.0 million). Earnings per share were EUR 0.02 (EUR 0.03). OUTLOOK FOR THE FUTURE As Aspocomp’s business focuses on prototypes and quick-turn deliveries, the company’s order book is very short. As a result, business development is difficult to predict and profit forecasts involve significant uncertainties. The company’s full-year guidance remains unchanged. In 2015, net sales are expected to be between EUR 20 and 25 million and operating profit excluding non-recurring items between EUR 0.0 and 2.0 million. PUBLICATION OF FINANCIAL RELEASES This stock exchange release is a summary of the Aspocomp Group’s Interim Report January 1 – March 31, 2015 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 20 775 6860, mikko.montonen(at)aspocomp.com. Distribution: Nasdaq OMX Helsinki Ltd Major media www.aspocomp.com Aspocomp – PCB technology company Aspocomp develops and sells PCB manufacturing services, focusing on the end-to-end fulfillment of customers’ PCB needs. Our seasoned professionals help customers to create the most optimal PCB designs, both in terms of performance and cost. Our trimmed production lines produce the most challenging designs with the shortest lead-times in the industry. Operating as a service business, we provide one-stop access to technology solutions and competitive products for all PCB technologies. A printed circuit board (PCB) is the principal interconnection method in electronic devices. PCBs are used for electrical interconnection and as a component assembly platform in most electronic applications. Aspocomp’s PCBs are used in many applications, such as telecommunication networks and devices, automotive electronics, security and medical systems, chipset development and industrial automation.
