Aspocomp’s Financial Statement Release 2022: Full-year net sales
grew by 18% and operating result doubled, growth in net sales
halted in Q4
Aspocomp Group Plc, Financial Statement Release, March 16, 2023,
at 9:00 a.m. EET FOURTH QUARTER 2022 HIGHLIGHTS
- Net sales EUR 10.1 (10.8) million, decrease of 6%
- Operating result EUR 0.7 (1.2) million, 7.3% (11.5%) of net
sales
- Earnings per share EUR -0.02 (0.17)
- Operative cash flow EUR 0.2 (1.8) million
- Equity ratio 69.4% (60.8%)
- Orders received EUR 4.8 (11.5) million, decrease of 58%
JANUARY-DECEMBER 2022 HIGHLIGHTS
- Net sales EUR 39.1 (33.2) million, increase of 18%
- Operating result EUR 4.5 (2.2) million, 11.5% (6.8%) of net
sales
- Earnings per share EUR 0.52 (0.31)
- Operative cash flow EUR 3.6 (2.3) million
- Equity ratio 69.4% (60.8%)
- Orders received EUR 27.4 (31.3) million, decrease of 13%
- Order book at the end of the review period EUR 14.3 (16.5)
million, decrease of 13%
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 in
the second half of the year. Aspocomp estimates that its net sales
for 2023 will increase from 2022 and its operating result for 2023
will be at the same level as in 2022. In 2022, net sales amounted
to EUR 39.1 million and the operating result to EUR 4.5 million.
CEO’S REVIEW “2022 was the best financial year in the
history of Aspocomp in its current form. Full year net sales grew
by 18 percent to EUR 39.1 million. However, in the last quarter of
the year, net sales decreased by 6 percent compared to the previous
year after a few individual customer orders were pushed back to the
current fiscal year. The flattening of the demand for information
and communication technology equipment, which was strongly
accelerated by the COVID-19 pandemic, is slowing down the cycle of
the semiconductor industry. The temporary slowdown in the cycle is
typical for the industry. Now it also involves an increase in
inventory levels in different parts of the supply chain, mainly due
to availability problems. The development of Aspocomp’s net sales
in the last quarter reflected the decline in the semiconductor
industry’s strong demand at the end of 2022. The industry’s
long-term growth prospects are still strong. We expect inventory
levels to normalize, investment to pick up and the cycle to turn
upward again in the second half of 2023. Despite the slowdown of
the cycle in the last quarter, Aspocomp’s Semiconductor Industry
customer segment’s full-year net sales grew by 158 percent. As
expected, the Automotive customer segment’s sales decreased in the
last quarter compared to the corresponding period of the previous
year, when customers increased their inventory levels. Aspocomp
gained dozens of new customers during the year, especially in the
Security, Defense and Aerospace customer segment. Order cycles are
typically long in this segment, so we expect net sales growth to
materialize with a delay. Our order book amounted to EUR 14.3
million. The order book decreased by EUR 2.2 million from the
comparison period because the orders are scheduled for a shorter
period than before due to the normalization of the production
supplies market and the general improvement in availability.
Aspocomp’s operating result for the entire fiscal year 2022 was
excellent, amounting to EUR 4.5 million. The operating result was
11.5 percent of net sales, while the fourth-quarter operating
result amounted to EUR 0.7 million, 7.3 percent of net sales. In
the fourth quarter, the result was reduced by the weakening of the
US dollar against the euro, the high price of electricity and
higher personnel costs related to the company’s growth. Exchange
rates weakened the fourth-quarter operating result by EUR 0.3
million. Increased inflation is reflected in Aspocomp’s costs. We
strive to transfer the cost increase due to changes in the business
environment to our product prices. Aspocomp’s Board of
Directors proposes to the Annual General Meeting 2023 that a
dividend of EUR 0.21 per share be paid for the financial year 2022
(EUR 0.15 per share for the financial year 2021). 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 in the second half of the year. We estimate that
Aspocomp’s net sales for 2023 will increase from 2022 and its
operating result for 2023 will be at the same level as in 2022. In
2022, net sales amounted to EUR 39.1 million and the operating
result to EUR 4.5 million.” NET SALES AND EARNINGS
October-December 2022 Fourth-quarter net sales amounted to
EUR 10.1 (10.8) million. Net sales decreased by 6 percent compared
to the previous year after some customer orders were transferred to
the current fiscal year. The Semiconductor Industry customer
segment’s net sales doubled to EUR 4.5 (2.1) million during the
fourth quarter. The Industrial Electronics customer segment’s net
sales decreased by 45% to EUR 1.1 (1.9) million during the fourth
quarter due to the slowing effect of inflation and the threat of
recession on customer investments. The Security, Defense and
Aerospace customer segment’s net sales decreased by 22% to EUR 1.6
(2.0) million. In the customer segment, activity increased
significantly, but the order cycles are long, and the results are
visible with a delay. The Automotive customer segment’s net sales
decreased by 50% to EUR 1.8 (3.6) million. As expected, the
Automotive customer segment’s sales decreased in the last quarter
compared to the corresponding period of the previous year, when
customers increased their inventory levels. The Telecommunication
customer segment’s demand increased by 10% to EUR 1.1 (1.0)
million. The net sales of the customer segment remained moderate
due to the phases of the customers’ product development projects.
The five largest customers accounted for 58% (54%) of net sales. In
geographical terms, 69% (84%) of net sales were generated in Europe
and 31% (16%) on other continents. The operating result for the
fourth quarter amounted to EUR 0.7 (1.2) million. In the last
quarter, the result decreased due to the weakening of the US dollar
against the euro, the high price of electricity and higher
personnel costs related to the company’s growth. Exchange rates
weakened the operating profit of the last quarter by EUR 0.3
million. Fourth-quarter operating result was 7.3% (11.5%) of net
sales. Net financial expenses amounted to EUR 0.0 (0.0) million.
The result of the review period amounted to EUR -0.2 (1.1) million.
The result of the review period was affected by the use of losses
confirmed in taxation. The related reduction of the deferred tax
asset has no cash flow effect. Earnings per share were EUR -0.02
(0.17). January-December 2022 January-December 2022 net
sales amounted to EUR 39.1 (33.2) million, a year-on-year increase
of 18 percent. The Semiconductor Industry customer segment’s net
sales grew to EUR 15.9 (6.2) million. Strong demand in the entire
semiconductor industry came to an end in the second half of 2022.
The Industrial Electronics customer segment’s net sales decreased
by 26% to EUR 5.5 (7.5) million due to the slowing effect of
inflation and the threat of recession on customer investments. The
Security, Defense and Aerospace customer segment’s net sales
increased by 1% to EUR 6.1 (6.1) million. The changing geopolitical
environment and the increase in defense procurements increased the
demand for local manufacturing in Europe. The Automotive customer
segment’s demand declined by 24%, with net sales remaining at EUR
6.8 (8.9) million. Growth in the Automotive segment was limited by
a shortage of components and extended delivery times. The
Telecommunication customer segment’s net sales amounted to EUR 4.7
(4.5) million, a year-on-year increase of 5%. Product development
needs remained at the previous year’s level. The five largest
customers accounted for 53 (48) percent of net sales. In
geographical terms, 89 (84) percent of net sales were generated in
Europe and 11 (16) percent on other continents. January-December
2022 operating result amounted to EUR 4.5 (2.2) million. The
operating result was 11.5 (6.8) percent of net sales. The
improvement in operating result was mainly due to the growth in net
sales and the increase in the share of technologically more
demanding and profitable PCBs in the product mix. Net financial
expenses amounted to EUR 0.0 (0.0) million. Earnings per share were
EUR 0.52 (0.31). The order book at the end of the review period was
EUR 14.3 (16.5) million. The order book decreased by EUR 2.2
million from the comparison period, as the orders are scheduled for
a shorter period than before due to the normalization of the
production supplies market and the general improvement in
availability.
THE GROUP'S KEY FIGURES |
|
|
|
|
10-12/22 |
10-12/21 |
Change |
1-12/22 |
1-12/21 |
Change |
Net sales,
M€ |
10.1 |
10.8 |
-6 |
% |
39.1 |
33.2 |
18 |
% |
EBITDA,
M€ |
1.2 |
1.7 |
-26 |
% |
6.4 |
4.1 |
58 |
% |
Operating
result, M€ |
0.7 |
1.2 |
-40 |
% |
4.5 |
2.2 |
101 |
% |
%
of net sales |
7% |
12% |
-4 |
ppts |
12% |
7% |
5 |
ppts |
Pre-tax
profit/loss, M€ |
0.7 |
1.2 |
-44 |
% |
4.4 |
2.2 |
100 |
% |
%
of net sales |
7% |
11% |
-5 |
ppts |
11% |
7% |
5 |
ppts |
Profit/loss
for the period, M€ |
-0.2 |
1.1 |
-114 |
% |
3.5 |
2.1 |
68 |
% |
%
of net sales |
-2% |
11% |
-12 |
ppts |
9% |
6% |
3 |
ppts |
Earnings per
share, € |
-0.02 |
0.17 |
-112 |
% |
0.52 |
0.31 |
68 |
% |
Investments,
M€ |
0.7 |
0.4 |
60 |
% |
2.5 |
1.3 |
94 |
% |
%
of net sales |
7% |
4% |
3 |
ppts |
6% |
4% |
3 |
ppts |
Cash, end of
the period |
1.4 |
2.6 |
-122 |
% |
1.4 |
2.6 |
-122 |
% |
Equity /
share, € |
3.19 |
2.80 |
39 |
% |
3.19 |
2.80 |
39 |
% |
Equity ratio,
% |
69% |
61% |
9 |
ppts |
69% |
61% |
9 |
ppts |
Gearing,
% |
8% |
9% |
-1 |
ppts |
8% |
9% |
-1 |
ppts |
Personnel, end
of the period |
156 |
145 |
11 |
persons |
156 |
145 |
11 |
persons |
|
|
|
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS Investments during the review period amounted
to EUR 2.5 (1.3) 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 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-December 2022 cash flow from operations
amounted to EUR 3.6 (2.3) million. Cash flow increased due to
improved operating profit. Cash assets amounted to EUR 1.4 (2.6)
million at the end of the period. Dividend payment was EUR 1.0
(0.0) million. Interest-bearing liabilities amounted to EUR 3.1
(4.3) million. Gearing was 8% (9%). Non-interest-bearing
liabilities amounted to EUR 6.5 (8.0) million. At the end of the
period, the Group’s equity ratio amounted to 69.4% (60.8%). The
company has a EUR 2.0 (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 2022, the
company had EUR 4.2 (5.0) million in deferred tax assets in its
balance sheet. The deferred tax assets are primarily due to
decelerated tax depreciation and losses confirmed in taxation.
PERSONNEL During the review period, the company had an
average of 145 (139) employees. The personnel count on December 31,
2022, was 156 (145). Of them, 100 (92) were blue-collar and 56 (53)
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 26, 2022, 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
26, 2022. Aspocomp’s Annual General Meeting 2023 is scheduled for
Thursday, April 20, 2023, at 10:00 a.m. (Finnish time). The meeting
will be convened by the company’s Board of Directors later.
SHARES The total number of Aspocomp’s shares at December 31,
2022 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
1,249,161 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki
during the period from January 1 to December 30, 2022. The
aggregate value of the shares exchanged was EUR 8,104,344. The
shares traded at a low of EUR 4.80 and a high of EUR 7.74. The
average share price was EUR 6.47. The closing price at December 30,
2022 was EUR 7.34, which translates into market capitalization of
EUR 50.2 million. The company had 4,177 shareholders at the end of
the review period. Nominee-registered shares accounted for 0.8% 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). SHAREHOLDERS’
NOMINATION BOARD Aspocomp’s Annual General Meeting held on
April 26, 2022, decided on the appointment of the Shareholders’
Nomination Board. Based on the company’s list of shareholders dated
September 1, 2022, the three largest shareholders were defined, who
appointed the following members to the Nomination Board: -Päivi
Marttila, appointed by Etola Group and Erkki Etola -Kyösti
Kakkonen, appointed by Joensuun Kauppa ja Kone Oy -Mikko Montonen,
representing himself. The Nomination Board submits proposals
regarding the company’s Board members and their fees to the 2023
Annual General Meeting. The proposals are announced in the AGM
notice. 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, primarily from China,
which would weaken demand. 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. BOARD OF DIRECTORS’
DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING According to the
financial statements dated December 31, 2022 the parent company’s
distributable earnings amounted to EUR 9,542,884.91, of which the
retained earnings were EUR 6,517,665.13. The Board of Directors
will propose to the Annual General Meeting to be held on April 20,
2023, that a dividend of EUR 0.21 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 24, 2023. The Board of
Directors proposes that the dividend will be paid on May 2, 2023.
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. EVENTS AFTER THE
FINANCIAL PERIOD On February 15, 2022, the Board of Directors
of Aspocomp Group Plc approved commencement of a new performance
period within the share-based long-term incentive scheme for the
company’s top management and selected key employees, the
Performance Share Plan (also “PSP”): Aspocomp Group originally
announced the establishment of the long-term incentive scheme with
a stock exchange release issued on July 20, 2022. The next plan
within the PSP structure, PSP 2023-2025, commences 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.
PUBLICATION OF THE FINANCIAL STATEMENTS AND REPORT OF THE BOARD
OF DIRECTORS Aspocomp’s Annual Report 2022 will be published on
Tuesday, March 28, 2023. 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, 2022. At the same time, the
company will release its Corporate Governance Statement 2022. The
Annual Report and the Corporate Governance Statement will be
available on the company’s website at www.aspocomp.com as of March
28, 2023. Aspocomp’s Remuneration Report for Governing Bodies 2022
will be published on March 16, 2023. The Remuneration Report will
be available on the company’s website at www.aspocomp.com as of
March 16, 2023. ANNUAL GENERAL MEETING 2023 Aspocomp’s
Annual General Meeting 2023 is scheduled for Thursday, April 20 at
10:00 a.m. EEST. The meeting will be convened by the company’s
Board of Directors later on. PUBLICATION OF FINANCIAL RELEASES
FOR 2023 Aspocomp Group Plc.'s financial information
publication schedule for 2023 is: Interim report January-March
2023: Thursday, April 20, 2023 at around 8:00 a.m. (Finnish time)
Half-year report 2023: Thursday, July 20, 2023 at around 9:00 a.m.
(Finnish time) 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, March 16, 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 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 2021; however, the company
complies with the standards and amendments that came into effect as
from January 1, 2022. 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 2022 |
|
|
1,000 € |
10-12/2022 |
10-12/2021 |
Change |
Net
sales |
10,112 |
100% |
10,757 |
100% |
-6% |
Other
operating income |
1 |
0% |
20 |
0% |
-93% |
Materials and
services |
-4,556 |
-45% |
-5,374 |
-50% |
-15% |
Personnel
expenses |
-2,649 |
-26% |
-2,593 |
-24% |
2% |
Other
operating costs |
-1,675 |
-17% |
-1,136 |
-11% |
47% |
Depreciation
and amortization |
-490 |
-5% |
-432 |
-4% |
13% |
Operating result |
743 |
7% |
1,241 |
12% |
-40% |
Financial income and expenses |
-55 |
-1% |
-6 |
0% |
|
Profit/loss
before tax |
688 |
7% |
1,235 |
11% |
-44% |
Change in
deferred tax assets* |
-839 |
|
-91 |
|
|
Income
taxes |
-14 |
0% |
-4 |
0% |
|
Profit/loss for the period |
-165 |
-2% |
1,141 |
11% |
-114% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
118 |
1% |
-169 |
-2% |
|
Income tax
relating these items |
-20 |
0% |
28 |
0% |
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency translation differences |
-12 |
0% |
6 |
0% |
|
Total other comprehensive income |
87 |
1% |
-134 |
-1% |
|
Total
comprehensive income |
-79 |
-1% |
1,007 |
9% |
-108% |
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
Basic EPS |
-0.02 |
€ |
0.17 |
€ |
-112% |
Diluted
EPS |
-0.02 |
€ |
0.17 |
€ |
-112% |
|
|
|
|
|
|
*
The change in deferred tax assets is mainly due to the use of
losses confirmed in taxation. |
PROFIT
& LOSS STATEMENT |
January-December 2022 |
|
|
1,000 € |
1-12/2022 |
1-12/2021 |
Change |
Net
sales |
39,114 |
100% |
33,154 |
100% |
18% |
Other
operating income |
5 |
0% |
51 |
0% |
-91% |
Materials and
services |
-17,849 |
-46% |
-16,055 |
-48% |
11% |
Personnel
expenses |
-9,641 |
-25% |
-8,890 |
-27% |
8% |
Other
operating costs |
-5,223 |
-13% |
-4,208 |
-13% |
24% |
Depreciation
and amortization |
-1,903 |
-5% |
-1,809 |
-5% |
5% |
Operating result |
4,502 |
12% |
2,243 |
7% |
101% |
Financial income and expenses |
-98 |
0% |
-39 |
0% |
155% |
Profit/loss
before tax |
4,404 |
11% |
2,204 |
7% |
100% |
Change in
deferred tax assets* |
-839 |
|
-91 |
|
|
Income
taxes |
-20 |
0% |
-7 |
0% |
|
Profit/loss for the period |
3,545 |
9% |
2,106 |
6% |
68% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
118 |
0% |
-169 |
-1% |
|
Income tax
relating these items |
-20 |
0% |
28 |
0% |
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency
translation differences |
-6 |
0% |
10 |
0% |
- |
Total other comprehensive income |
92 |
0% |
-131 |
0% |
- |
Total
comprehensive income |
3,637 |
9% |
1,976 |
6% |
84% |
|
|
|
|
|
|
Earnings
per share (EPS) |
|
|
|
|
|
Basic EPS |
0.52 |
€ |
0.31 |
€ |
68% |
Diluted
EPS |
0.52 |
€ |
0.31 |
€ |
68% |
|
|
|
|
|
|
*
The change in deferred tax assets is mainly due to the use of
losses confirmed in taxation. |
CONSOLIDATED
BALANCE SHEET |
|
|
|
1,000 € |
12/2022 |
12/2021 |
Change |
Assets |
|
|
|
Non-current
assets |
|
|
|
Intangible
assets |
3,309 |
3,232 |
2% |
Tangible
assets |
5,967 |
5,504 |
8% |
Right-of-use
assets |
642 |
697 |
-8% |
Financial assets
at fair value through profit or loss |
95 |
95 |
0% |
Deferred income
tax assets |
4,152 |
4,972 |
-16% |
Total non-current assets |
14,164 |
14,500 |
-2% |
Current
assets |
|
|
|
Inventories |
6,136 |
4,967 |
24% |
Short-term
receivables |
9,723 |
9,410 |
3% |
Cash and bank deposits |
1,410 |
2,631 |
-46% |
Total current
assets |
17,269 |
17,008 |
2% |
Total assets |
31,433 |
31,508 |
0% |
|
|
|
|
Equity and
liabilities |
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
Reserve for
invested non-restricted equity |
4,774 |
4,736 |
1% |
Remeasurements of
defined benefit pension plans |
-49 |
-148 |
-67% |
Retained earnings |
16,078 |
13,566 |
19% |
Total equity |
21,803 |
19,155 |
14% |
Long-term
financing loans |
1,839 |
2,925 |
-37% |
Other non-current
liabilities |
358 |
467 |
-23% |
Deferred income
tax liabilities |
57 |
38 |
50% |
Short-term
financing loans |
1,234 |
1,369 |
-10% |
Trade and other payables |
6,142 |
7,554 |
-19% |
Total
liabilities |
9,630 |
12,353 |
-22% |
Total equity and liabilities |
31,433 |
31,508 |
0% |
|
|
|
|
CONSOLIDATED CHANGES IN
EQUITY |
January-December 2022 |
|
|
|
|
|
|
1,000 € |
Share capital |
Other reserve |
Remeasurements of employee benefits |
Translation differences |
Retained earnings |
Total equity |
Balance at Jan. 1, 2022 |
1,000 |
4,736 |
-148 |
12 |
13,554 |
19,155 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
3,545 |
3,545 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Remeasurements
of defined benefit pension plans |
|
|
99 |
|
|
99 |
Translation differences |
|
|
|
-6 |
|
-6 |
Total comprehensive income for the period |
0 |
0 |
99 |
-6 |
3,545 |
3,637 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,026 |
-1,026 |
Share-based payment |
|
37 |
|
|
|
37 |
Business
transactions with owners, total |
0 |
37 |
0 |
0 |
-1,026 |
-989 |
Balance at December 31, 2022 |
1,000 |
4,774 |
-49 |
6 |
16,072 |
21,803 |
|
|
|
|
|
|
|
January-December 2021 |
|
|
|
|
|
|
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 |
|
|
0 |
10 |
|
10 |
Total comprehensive income for the period |
0 |
0 |
-141 |
10 |
2,106 |
1,976 |
Business
transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
0 |
0 |
Share-based payment |
|
32 |
|
|
0 |
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 |
CONSOLIDATED CASH FLOW
STATEMENT |
January-December |
1,000 € |
1-12/2022 |
1-12/2021 |
|
Profit for
the period |
3,545 |
2,106 |
|
Adjustments |
2,786 |
1,850 |
|
Change in
working capital |
-2,571 |
-1,557 |
|
Received
interest income |
6 |
1 |
|
Paid interest
expenses |
-129 |
-130 |
|
Paid taxes |
-19 |
-12 |
|
Cash flow
from operating activities |
3,618 |
2,258 |
|
Investments |
-2,523 |
-1,300 |
|
Proceeds from sale of property, plant and equipment |
0 |
39 |
|
Cash flow
from investing activities |
-2,523 |
-1,260 |
|
Increase in
financing |
170 |
0 |
|
Decrease in
financing |
-992 |
-992 |
|
Decrease in
lease liabilities |
-587 |
-358 |
|
Dividends paid |
-1,026 |
0 |
|
Cash flow
from financing activities |
-2,435 |
-1,350 |
|
Change in cash
and cash equivalents |
-1,340 |
-342 |
|
Cash and cash
equivalents at the beginning of period |
2,631 |
2,801 |
|
Effects of
exchange rate changes on cash and cash equivalents |
119 |
172 |
|
Cash and cash equivalents at the end of period |
1,410 |
2,631 |
|
|
|
|
|
|
|
|
|
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q4/2022 |
Q3/2022 |
Q2/2022 |
Q1/2022 |
2021 |
Net sales,
M€ |
|
10.1 |
10.4 |
9.6 |
9.0 |
33.2 |
Operating
result before depreciation (EBITDA), M€ |
|
1.2 |
1.9 |
2.1 |
1.3 |
4.1 |
Operating
result (EBIT), M€ |
|
0.7 |
1.4 |
1.6 |
0.8 |
2.2 |
of net sales, % |
|
7% |
13% |
17% |
9% |
7% |
Profit/loss
before taxes, M€ |
|
0.7 |
1.3 |
1.6 |
0.8 |
2.2 |
of net sales, % |
|
7% |
13% |
17% |
9% |
7% |
Net
profit/loss for the period, M€ |
|
-0.2 |
1.3 |
1.6 |
0.8 |
2.1 |
of net sales, % |
|
-2% |
13% |
17% |
8% |
6% |
Equity ratio,
% |
|
69% |
68% |
67% |
67% |
61% |
Gearing,
% |
|
8% |
5% |
11% |
9% |
9% |
Gross
investments in fixed assets, M€ |
|
0.7 |
0.6 |
0.3 |
0.9 |
1.3 |
of net sales, % |
|
7% |
6% |
4% |
10% |
4% |
Personnel, end
of the quarter |
|
156 |
144 |
148 |
140 |
145 |
Earnings/share
(EPS), € |
|
-0.02 |
0.20 |
0.23 |
0.11 |
0.31 |
Equity/share,
€ |
|
3.19 |
3.20 |
3.00 |
2.91 |
2.80 |
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 € |
12/2022 |
12/2021 |
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 |
|
|
|
The figures published in the financial statement
release are based on Aspocomp Group Plc’s audited financial
statements. 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 Financial Statement Report 2022
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