Aspocomp’s Financial Statement Release January 1-December 31, 2021:
A strong fourth quarter ensured clear growth and improved operating
profit for the full year
Aspocomp Group Plc, Financial Report, March 10,
2022 at 9:00 a.m. EET Key figures 10-12/2021 in
brief
|
10-12/2021 |
10-12/2020 |
|
Change * |
Net sales |
10.8 |
M€ |
5.9 |
M€ |
|
81 |
% |
EBITDA |
1.7 |
M€ |
0.4 |
M€ |
|
334 |
% |
Operating
result |
1.2 |
M€ |
0.0 |
M€ |
|
2829 |
% |
% of
net sales |
11.5 |
% |
-0.8 |
% |
|
12 |
ppts |
Earnings per
share |
0.17 |
€ |
0.02 |
€ |
|
750 |
% |
Operative cash
flow |
1.8 |
M€ |
0.2 |
M€ |
|
717 |
% |
Equity ratio |
60.8 |
% |
63.6 |
% |
|
-3 |
ppts |
Key figures 1-12/2021 in brief
|
1-12/2021 |
1-12/2020 |
|
Change * |
Net sales |
33.2 |
M€ |
25.6 |
M€ |
|
29 |
% |
EBITDA |
4.1 |
M€ |
1.5 |
M€ |
|
168 |
% |
Operating
result |
2.2 |
M€ |
-0.1 |
M€ |
|
1808 |
% |
% of
net sales |
6.8 |
% |
-0.5 |
% |
|
7 |
ppts |
Earnings per
share |
0.31 |
€ |
-0.01 |
€ |
|
2314 |
% |
Operative cash
flow |
2.3 |
M€ |
3.7 |
M€ |
|
-39 |
% |
Equity ratio |
60.8 |
% |
63.6 |
% |
|
-3 |
ppts |
Order book at the
end of period |
16.5 |
M€ |
4.4 |
M€ |
|
277 |
% |
|
|
|
|
|
|
|
|
* The
total may deviate from the sum totals due to rounding up and
down. |
OUTLOOK FOR 2022 Demand is expected to improve
in all customer segments. However, a global shortage of components
may limit growth in customer demand. Aspocomp estimates that its
net sales for 2022 will increase and its operating result for 2022
will improve from 2021. In 2021, net sales amounted to EUR 33.2
million and the operating result to EUR 2.2 million. CEO’S
REVIEW “Net sales growth accelerated in the last quarter
of the year. Fourth-quarter net sales rose to EUR 10.8 million, a
year-to-year increase of 81 percent. Net sales for the full year
rose to EUR 33.2 million, higher than before the pandemic. Compared
to the previous year, we achieved a fine growth of 29 percent. The
order book nearly quadrupled and reached EUR 16.5 million at the
end of the year. These orders will be delivered in 2022. The growth
in the order book was particularly supported by increased demand in
the Semiconductor customer segment. Net sales in the Automotive
customer segment tripled in the fourth quarter. Net sales increased
by EUR 2.7 million from the weak comparison period to EUR 3.6
million. Inventory levels in the automotive supply chains declined
during the pandemic in line with current demand. As demand
recovered in the second half of the year, inventory levels were
adjusted upwards, and preparations were made for an increase in
production levels. For the full year, the Automotive segment grew
by 67 percent to EUR 8.9 million. The Semiconductor Industry
customer segment increased by 77 percent to EUR 2.1 million in the
fourth quarter. Extensive investments in the semiconductor industry
to increase semiconductor chip manufacturing capacity will
significantly increase segment demand in the coming years.
Full-year net sales in the segment increased by 21 percent to EUR
6.2 million. The Security, Defense and Aerospace customer segment’s
net sales rose in the fourth quarter to EUR 2.0 million, up 58
percent from the comparison period. The segment’s growth was the
result of the acquisition of new aviation customers and, to an
increasing extent, customers’ demand to transfer their acquisitions
to European suppliers. The segment’s full-year net sales increased
by 18 percent to EUR 6.1 million. The Industrial Electronics
segment’s net sales increased in the fourth quarter by 41 percent
to EUR 1.9 million. The recovery in industrial investment and the
growing level of digitalization in the industry increased segment
demand. For the full year, the net sales of the Industrial
Electronics segment increased by 63 percent to EUR 7.1 million. The
Telecommunication customer segment fell short of the previous
year’s level and net sales were EUR 1.0 million, down by 18 percent
in the fourth quarter. The global shortage of components slowed
down product development cycles and the needs for printed circuit
boards in product development fell short of the previous year’s
level. Full-year net sales were EUR 4.5 million, down by 16 percent
from the previous year. The operating result rose to EUR 1.2
million in the fourth quarter, representing 11.5 percent of net
sales. The full-year operating result rose to EUR 2.2 million, or
about 7 percent of net sales. Operating profit increased mainly due
to higher utilization rates and the emphasis of the product mix on
the most technologically demanding PCBs. The share of quick-turn
deliveries remained below the pre-COVID-19 level. The strong and
extended order book improves visibility and demand is expected to
remain positive, although there are still market problems with the
availability of production materials and semiconductor components.”
Impact of the COVID-19 pandemic The recovery in
the general market situation continued and had a positive effect on
the company’s demand in the fourth quarter. Demand has grown, and
the company’s order book level has risen significantly. The
COVID-19 pandemic and the effects of related restrictions on supply
chains in the electronics industry have been partially mitigated.
The company’s production at the Oulu plant has continued normally
and delivery capacity has been reasonable. The company has
continued to invest in new capacity and increased its product
development investments in new products and more challenging
technologies. The pandemic has not affected the company’s
liquidity. The cash situation has remained good and the credit
facilities have not been used. The company has not identified any
need to recognize write-downs of goodwill. NET SALES AND
EARNINGS October-December 2021
Fourth-quarter net sales amounted to EUR 10.8 (5.9) million, a
year-on-year increase of 81 percent. Growth was broad-based in the
fourth quarter. Growth was strongest in the Automotive,
Semiconductor Industry and Security, Defense and Aerospace
segments. The five largest customers accounted for 54 (43) percent
of net sales. In geographical terms, 84 (89) percent of net sales
were generated in Europe and 16 (11) percent on other continents.
The operating result for the fourth quarter amounted to EUR 1.2
(-0.0) million. Operating profit increased in the fourth quarter
mainly due to higher utilization rates and the emphasis of the
product mix on the most technologically demanding PCBs.
Fourth-quarter operating result was 11.5 (-0.8) percent of net
sales. Net financial expenses amounted to EUR 0.0 (0.1) million.
Earnings per share were EUR 0.17 (0.02). The order book at the end
of the review period was EUR 16.5 (4.4) million. Growth in the
order book was particularly supported by increased demand in the
Semiconductor Industry customer segment. All of the deliveries for
the accumulated order book are scheduled for 2022.
Financial year 2021 Net sales amounted to EUR 33.2
(25.6) million, a year-on-year increase of 29 percent. During the
financial year, the Automotive segment increased by 67 percent to
EUR 8.9 million. Inventory levels in the automotive supply chains
declined during the pandemic in line with current demand. As demand
recovered, inventory levels were adjusted upwards, and preparations
were made for an increase in production levels. In 2021, net sales
in the Semiconductor Industry segment increased by 21 percent to
EUR 6.2 million. Extensive investments in the Semiconductor
industry to increase semiconductor chip manufacturing capacity
increased segment demand. Net sales growth strengthened towards the
end of the year. The Security, Defense and Aerospace customer
segment’s full-year net sales increased by 18 percent to EUR 6.1
million. The segment’s growth was the result of the acquisition of
new aviation customers and, to an increasing extent, customers’
demand to transfer their acquisitions to European suppliers. The
Industrial Electronics segment’s full-year net sales increased by
63 percent to EUR 7.1 million. The recovery in industrial
investment and the growing level of digitalization in the industry
strengthened the segment’s demand. In the Telecommunication
customer segment, the global shortage of components slowed down
product development cycles and the needs for printed circuit boards
in product development fell short of the previous year’s level.
Full-year net sales were EUR 4.5 million, down by 16 percent from
the previous year. The five largest customers accounted for 48 (41)
percent of net sales. In geographical terms, 84 (85) percent of net
sales were generated in Europe and 16 (15) percent on other
continents. The full-year operating result amounted to EUR 2.2
(-0.1) million. The operating result was 6.8 (-0.5) percent of net
sales. Operating profit increased mainly due to higher utilization
rates and the emphasis of the product mix on the most
technologically demanding PCBs. Net financial expenses amounted to
EUR 0.0 (0.3) million, including a deferred exchange gain of EUR
0.2 million. Earnings per share were EUR 0.31 (-0.01).
THE GROUP'S KEY FIGURES |
|
|
|
|
10-12/21 |
10-12/20 |
Change |
1-12/21 |
1-12/20 |
Change |
Net sales,
M€ |
10.8 |
5.9 |
81 |
% |
33.2 |
25.6 |
29 |
% |
EBITDA,
M€ |
1.7 |
0.4 |
334 |
% |
4.1 |
1.5 |
168 |
% |
Operating
result, M€ |
1.2 |
0.0 |
2829 |
% |
2.2 |
-0.1 |
1808 |
% |
%
of net sales |
12% |
-1% |
12 |
ppts |
7% |
-1% |
7 |
ppts |
Pre-tax
profit/loss, M€ |
1.2 |
-0.2 |
751 |
% |
2.2 |
-0.4 |
618 |
% |
%
of net sales |
11% |
-3% |
15 |
ppts |
7% |
-2% |
8 |
ppts |
Profit/loss
for the period, M€ |
1.1 |
0.1 |
717 |
% |
2.1 |
-0.1 |
2243 |
% |
%
of net sales |
11% |
2% |
8 |
ppts |
6% |
0% |
7 |
ppts |
Earnings per
share, € |
0.17 |
0.02 |
718 |
% |
0.31 |
-0.01 |
2299 |
% |
Investments,
M€ |
0.4 |
0.4 |
22 |
% |
1.3 |
2.0 |
-34 |
% |
%
of net sales |
4% |
6% |
-2 |
ppts |
4% |
8% |
-4 |
ppts |
Cash, end of
the period |
2.6 |
2.8 |
-17 |
% |
2.6 |
2.8 |
-17 |
% |
Equity /
share, € |
2.80 |
2.51 |
29 |
% |
2.80 |
2.51 |
29 |
% |
Equity ratio,
% |
61% |
64% |
-3 |
ppts |
61% |
64% |
-3 |
ppts |
Gearing,
% |
9% |
17% |
-8 |
ppts |
9% |
17% |
-8 |
ppts |
Personnel, end
of the period |
145 |
138 |
7 |
persons |
145 |
138 |
7 |
persons |
|
|
|
|
|
|
|
|
|
* The
total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS In 2021, investments amounted to
EUR 1.3 (2.0) 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 caused by the COVID-19 pandemic. The
investments were mainly 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 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 2022, 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 Cash flow
from operations amounted to EUR 2.3 (3.7) million in 2021. The most
significant reason for the decrease in cash flow was the change in
net working capital. The rapid growth of the business tied up
working capital, especially in trade receivables and production
materials. Cash assets amounted to EUR 2.6 (2.8) million at the end
of the period. Interest-bearing liabilities amounted to EUR 4.3
(5.7) million. Interest-bearing liabilities are subject to covenant
terms. The covenant terms were breached in June 2021, but waiver
consents have been obtained from financiers. Gearing was 9 (17)
percent. Non-interest-bearing liabilities amounted to EUR 8.0 (4.1)
million. At the end of the period, the Group’s equity ratio
amounted to 60.8 (63.6) percent. The company has a EUR 1.0 (1.0)
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.
DEFERRED TAX ASSETS At the end of the 2021
financial year, the company had EUR 5.0 million in deferred tax
assets in its balance sheet. The deferred tax assets are primarily
due to decelerated tax depreciation. PERSONNEL
During the review period, the company had an average of 139 (140)
employees. The personnel count on December 31, 2021, was 145 (138).
Of them, 92 (87) were blue-collar and 53 (51) 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 13, 2021, 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 13, 2021.
Aspocomp’s Annual General Meeting 2022 is scheduled for Tuesday,
April 26, 2022, at 10:00 a.m. (Finnish time). The meeting will be
convened by the company’s Board of Directors later. CHANGES
IN THE MANAGEMENT TEAM Aspocomp made changes to its
Management Team on January 7, 2021. In addition to Mikko Montonen,
President and CEO, the Management Team includes Mr. Antti Ojala,
COO, Mr. Ari Beilinson, VP, Sales and Marketing, Mr. Jouni
Kinnunen, CFO and Mr. Mitri Mattila, CTO.
SHARES The total number of Aspocomp’s shares at
December 31, 2021 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 1,624,098 Aspocomp Group Plc. shares were traded on Nasdaq
Helsinki during the period from January 1 to December 31, 2021. The
aggregate value of the shares exchanged was EUR 7,646,054. The
shares traded at a low of EUR 3.83 and a high of EUR 6.20. The
average share price was EUR 4.71. The closing price at December 31,
2021 was EUR 6.00, which translates into market capitalization of
EUR 41.0 million. The company had 3,764 shareholders at the end of
the review period. Nominee-registered shares accounted for 2.2
percent of the total shares. ASSESSMENT OF SHORT-TERM
BUSINESS RISKS 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. Impact of the
COVID-19 pandemic on the electronics supply chain The
COVID-19 pandemic may affect the availability of parts and
components required by electronic assemblers, which would weaken
demand. Risks affecting the operating environment
The geopolitical situation has become more unstable during the
first part of the year. Russia’s military action against Ukraine
and the resulting sanctions are not currently 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 prolongation of the crisis
may create uncertainties that cannot yet be fully assessed at the
time of publication of this financial statement bulletin.
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. BOARD OF DIRECTORS’
DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING According to
the financial statements dated December 31, 2021 the parent
company’s distributable earnings amounted to EUR 7,286,660.81, of
which the retained earnings were EUR 4,271,650.99. The Board of
Directors will propose to the Annual General Meeting to be held on
April 26, 2022, that a dividend of EUR 0.15 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, April 28, 2022. The Board of
Directors proposes that the dividend will be paid on May 5, 2022.
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
THE FINANCIAL STATEMENTS AND REPORT OF THE BOARD OF
DIRECTORS Aspocomp’s Annual Report 2021 will be published
on Tuesday, March 22, 2022. The Annual Report will include the
report of the Board of Directors, the consolidated and the parent
company’s financial statements and the Auditors’ Report for the
financial year January 1-December 31, 2021. At the same time, the
company will release its Corporate Governance Statement 2021. The
Annual Report and the Corporate Governance Statement will be
available on the company’s website at www.aspocomp.com/governance
as of March 22, 2022. Aspocomp’s Remuneration Report for Governing
Bodies 2021 will be published on March 10, 2022. The Remuneration
Report will be available on the company’s website at
www.aspocomp.com/governance as of March 10, 2022.
PUBLICATION OF FINANCIAL RELEASES FOR 2022
Aspocomp Group Plc.'s financial information publication schedule
for 2022 is: Interim report January-March 2022: Tuesday,
April 26, 2022 at around 8:00 a.m. (Finnish time) Half-year report
for January-June 2022: Wednesday, July 20, 2022 at around
9:00 a.m. (Finnish time) Interim report January-September
2022: Thursday, November 10, 2022 at around 9:00 a.m.
(Finnish time) Aspocomp's silent period commences 30 days prior to
the publication of its financial information. Espoo, March 10, 2022
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 audited. 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 2020; however, the company complies
with the standards and amendments that came into effect as from
January 1, 2021. 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 |
October-December 2021 |
|
|
1 000 € |
10-12/2021 |
10-12/2020 |
Change |
Net
sales |
10,757 |
100% |
5,942 |
100% |
81% |
Other
operating income |
20 |
0% |
16 |
0% |
24% |
Materials and
services |
-5,374 |
-50% |
-2,573 |
-43% |
109% |
Personnel
expenses |
-2,593 |
-24% |
-1,976 |
-33% |
31% |
Other
operating costs |
-1,136 |
-11% |
-1,023 |
-17% |
11% |
Depreciation
and amortization |
-432 |
-4% |
-431 |
-7% |
0% |
Operating result |
1,241 |
12% |
-45 |
-1% |
2829% |
Financial income and expenses |
-6 |
0% |
-144 |
-2% |
|
Profit/loss before tax |
1,235 |
11% |
-190 |
-3% |
751% |
Income
taxes |
-94 |
-1% |
329 |
6% |
|
Profit/loss for the period |
1,141 |
11% |
140 |
2% |
717% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
-169 |
-2% |
6 |
0% |
|
Income tax
relating to these items |
28 |
0% |
-1 |
0% |
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency translation differences |
6 |
0% |
0 |
0% |
|
Total other comprehensive income |
-134 |
-1% |
5 |
0% |
|
Total
comprehensive income |
1,007 |
9% |
145 |
2% |
594% |
|
|
|
|
|
|
Earnings per share (EPS) |
|
|
|
|
|
Basic EPS |
0.17 |
€ |
0.02 |
€ |
718% |
Diluted
EPS |
0.17 |
€ |
0.02 |
€ |
718% |
PROFIT
& LOSS STATEMENT |
January-December 2021 |
|
|
1 000 € |
1-12/2021 |
1-12/2020 |
Change |
Net
sales |
33,154 |
100% |
25,635 |
100% |
29% |
Other
operating income |
51 |
0% |
83 |
0% |
-39% |
Materials and
services |
-16,055 |
-48% |
-11,971 |
-47% |
34% |
Personnel
expenses |
-8,890 |
-27% |
-7,856 |
-31% |
13% |
Other
operating costs |
-4,208 |
-13% |
-4,380 |
-17% |
-4% |
Depreciation
and amortization |
-1,809 |
-5% |
-1,643 |
-6% |
10% |
Operating result |
2,243 |
7% |
-131 |
-1% |
1808% |
Financial income and expenses |
-39 |
0% |
-294 |
-1% |
-87% |
Profit/loss before tax |
2,204 |
7% |
-426 |
-2% |
618% |
Income
taxes |
-98 |
0% |
327 |
1% |
|
Profit/loss for the period |
2,106 |
6% |
-98 |
0% |
2243% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
-169 |
-1% |
6 |
0% |
|
Income tax
relating to these items |
28 |
0% |
-1 |
0% |
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency translation differences |
10 |
0% |
0 |
0% |
- |
Other comprehensive income, net of tax |
-131 |
0% |
5 |
0% |
- |
Total
comprehensive income |
1,976 |
6% |
-93 |
0% |
2215% |
|
|
|
|
|
|
Earnings per share (EPS) |
|
|
|
|
|
Basic EPS |
0.31 |
€ |
-0.01 |
€ |
2299% |
Diluted
EPS |
0.31 |
€ |
-0.01 |
€ |
2299% |
CONSOLIDATED BALANCE SHEET |
|
|
|
1 000 € |
12/2021 |
12/2020 |
Change |
Assets |
|
|
|
Non-current assets |
|
|
|
Intangible
assets |
3,232 |
3,247 |
0% |
Tangible
assets |
5,504 |
5,916 |
-7% |
Right-of-use
assets |
697 |
1,029 |
-32% |
Financial assets
at fair value through profit or loss |
95 |
95 |
0% |
Deferred income
tax assets |
4,972 |
5,043 |
-1% |
Total non-current assets |
14,500 |
15,330 |
-5% |
Current
assets |
|
|
|
Inventories |
4,967 |
2,932 |
69% |
Short-term
receivables |
9,410 |
5,891 |
60% |
Cash and bank deposits |
2,631 |
2,801 |
-6% |
Total
current assets |
17,008 |
11,623 |
46% |
Total assets |
31,508 |
26,953 |
17% |
|
|
|
|
Equity
and liabilities |
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
Reserve for
invested non-restricted equity |
4,736 |
4,705 |
1% |
Remeasurements of
defined benefit pension plans |
-148 |
-7 |
2023% |
Retained earnings |
13,566 |
11,450 |
18% |
Total equity |
19,155 |
17,148 |
12% |
Long-term
financing loans |
2,925 |
4,245 |
-31% |
Other non-current
liabilities |
467 |
340 |
37% |
Deferred income
tax liabilities |
38 |
19 |
103% |
Short-term
financing loans |
1,369 |
1,408 |
-3% |
Trade and other payables |
7,554 |
3,794 |
99% |
Total
liabilities |
12,353 |
9,806 |
26% |
Total equity and liabilities |
31,508 |
26,953 |
17% |
CONSOLIDATED
CHANGES IN EQUITY |
January-December 2021 |
|
|
|
|
|
|
1000 € |
Share capital |
Other reserve |
Remeasurements of employee benefits |
Translation differences |
Retained earnings |
Total equity |
Balance at Jan. 1, 2021 |
1,000 |
4,705 |
-7 |
2 |
11,448 |
17,148 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
2,106 |
2,106 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Remeasurements
of defined benefit pension plans |
|
|
-141 |
|
|
-141 |
Translation differences |
|
|
|
10 |
|
10 |
Total comprehensive income for the period |
0 |
0 |
-141 |
10 |
2,106 |
1,976 |
Business transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
|
0 |
Share-based payment |
|
32 |
|
|
|
32 |
Business transactions with owners, total |
0 |
32 |
0 |
0 |
0 |
32 |
Balance at December 31, 2021 |
1,000 |
4,736 |
-148 |
12 |
13,554 |
19,155 |
|
|
|
|
|
|
|
January-December 2020 |
|
|
|
|
|
|
Balance at Jan. 1, 2020 |
1,000 |
4,534 |
-12 |
2 |
12,572 |
18,096 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
-98 |
-98 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Remeasurements
of defined benefit pension plans |
|
|
5 |
|
|
5 |
Translation
differences |
|
|
|
0 |
|
0 |
Total comprehensive income for the period |
0 |
0 |
5 |
0 |
-98 |
-93 |
Business transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,026 |
-1,026 |
Share-based payment |
|
171 |
|
|
|
171 |
Business transactions with owners, total |
0 |
171 |
0 |
0 |
-1,026 |
-855 |
Balance at December 31, 2020 |
1,000 |
4,705 |
-7 |
2 |
11,448 |
17,148 |
|
|
|
|
|
|
|
CONSOLIDATED CASH FLOW
STATEMENT |
January-December |
1 000 € |
1-12/2021 |
1-12/2020 |
Profit
for the period |
2,106 |
-98 |
Adjustments |
1,850 |
1,775 |
Change in
working capital |
-1,557 |
2,303 |
Received
interest income |
1 |
0 |
Paid interest
expenses |
-130 |
-292 |
Paid taxes |
-12 |
-14 |
Cash
flow from operating activities |
2,258 |
3,674 |
Investments |
-1,300 |
-1,986 |
Proceeds from sale of property, plant and equipment |
39 |
28 |
Cash
flow from investing activities |
-1,260 |
-1,959 |
Increase in
financing |
0 |
3,000 |
Decrease in
financing |
-992 |
-2,852 |
Decrease in
lease liabilities |
-358 |
-380 |
Stock options
exercised |
0 |
139 |
Dividends paid |
0 |
-1,026 |
Cash
flow from financing activities |
-1,340 |
-1,119 |
Change in cash
and cash equivalents |
-342 |
596 |
Cash and cash
equivalents at the beginning of period |
2,801 |
2,382 |
Effects of
exchange rate changes on cash and cash equivalents |
172 |
-177 |
Cash and cash equivalents at the end of
period |
2,631 |
2,801 |
|
|
|
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q4/2021 |
Q3/2021 |
Q2/2021 |
Q1/2021 |
2020 |
Net sales,
M€ |
|
10.8 |
9.0 |
7.2 |
6.2 |
25.6 |
Operating
result before depreciation (EBITDA), M€ |
|
1.7 |
1.5 |
0.9 |
-0.1 |
1.5 |
Operating
result (EBIT), M€ |
|
1.2 |
1.0 |
0.5 |
-0.5 |
-0.1 |
of net sales, % |
|
12% |
12% |
6% |
-8% |
-1% |
Profit/loss
before taxes, M€ |
|
1.2 |
1.0 |
0.4 |
-0.5 |
-0.4 |
of net sales, % |
|
11% |
11% |
6% |
-7% |
-2% |
Net
profit/loss for the period, M€ |
|
1.1 |
1.0 |
0.4 |
-0.5 |
-0.1 |
of net sales, % |
|
11% |
11% |
6% |
-7% |
0% |
Equity ratio,
% |
|
61% |
63% |
64% |
63% |
64% |
Gearing,
% |
|
9% |
17% |
18% |
21% |
17% |
Gross
investments in fixed assets, M€ |
|
0.4 |
0.1 |
0.2 |
0.6 |
2.0 |
of net sales, % |
|
4% |
1% |
2% |
10% |
8% |
Personnel, end
of the quarter |
|
145 |
140 |
140 |
134 |
138 |
Earnings/share
(EPS), € |
|
0.17 |
0.15 |
0.06 |
-0.07 |
-0.01 |
Equity/share,
€ |
|
2.80 |
2.65 |
2.50 |
2.44 |
2.51 |
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 € |
12/2021 |
12/2020 |
Business
mortgage |
6,000 |
6,000 |
Collateral
note |
1,200 |
1,200 |
Guaranteed
contingent liability towards the Finnish Customs |
35 |
35 |
Total |
7,235 |
7,235 |
|
|
|
All figures are audited. Further
information For further information, please contact Mikko
Montonen, President and CEO, tel. +358 40 5011 262,
mikko.montonen(at)aspocomp.com. Publication of the
Financial Statement Release A webcast for investment
analysts, investors, and media will be held in the Finnish language
today, March 10, 2022, starting at 1:00 p.m. (Finnish time). In the
webcast, the results and key events of the reporting period will be
presented by President and CEO Mikko Montonen. All participants can
view the webcast online at
https://aspocomp.videosync.fi/tilinpaatos-2021 A recording of the
webcast and the presentation material will be available later on
the same day at www.aspocomp.com/investors. 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 Financial Statement Release 2021
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