Aspocomp’s Interim Report January-September 2023: Net sales fell
short of the comparison period, operating profit turned negative in
the third quarter
Aspocomp Group Plc, Interim Report, November 9, 2023, at 9:00
a.m. (EET) THIRD QUARTER 2023 HIGHLIGHTS
- Net sales EUR 8.1 (10.4) million, decrease of 23%
- Operating result EUR -0.7 (1.4) million, -8.9% (13.1%) of net
sales
- Earnings per share EUR -0.11 (0.20)
- Operative cash flow EUR 0.7 (1.8) million
- Orders received EUR 7.1 (9.5) million, decrease of 25%
- Equity ratio 66.4% (68.2%)
JANUARY-SEPTEMBER 2023
HIGHLIGHTS
- Net sales EUR 26.4 (29.0) million, decrease of 9%
- Operating result EUR 0.0 (3.8) million, 0.1% (13.0%) of net
sales
- Earnings per share EUR -0.02 (0.54)
- Operative cash flow EUR 1.6 (3.4) million
- Orders received EUR 26.2 (32.1) million, decrease of 18%
- Order book at the end of the review period EUR 14.0 (19.6)
million, decrease of 28%
- Equity ratio 66.4% (68.2%)
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 2023 fiscal year. It is estimated
that the recovery of the Semiconductor segment will be slower than
expected, that investments will slow down in several of Aspocomp’s
customer segments, mainly due to the rise in interest rates, and
that inventory levels will remain high in different parts of the
value chain until the end of 2023. The cycle of the Semiconductor
Industry segment is expected to return to growth in the first half
of 2024. Aspocomp reiterates the guidance that was published on
October 27, 2023. Aspocomp estimates that its net sales for 2023
will be clearly below the 2022 level and its operating result for
2023 is expected to remain negative. In 2022, net sales amounted to
EUR 39.1 million and the operating result to EUR 4.5 million.
CEO’S REVIEW “Aspocomp’s third-quarter net sales
were clearly below the comparison period and amounted to EUR 8.1
million. In addition to the prolongation of the slow phase of the
semiconductor cycle, inventory levels are still high in various
parts of our value chain. The willingness to invest is currently at
a low level in several of our customer segments, mainly due to the
rise in interest rates. Order intake amounted to EUR 7.1 (9.5)
million and the order book at the end of the review period amounted
to EUR 14.0 (19.6) million. A temporary slowdown in the
semiconductor cycle is typical for the industry. The slow phase of
the cycle has been prolonged, and we estimate, based on common
market data, that it will swing to growth in the first half of
2024. An upswing hinges on the recovery of demand in the ICT
equipment market, such as phones and computers. The semiconductor
industry’s long-term growth prospects are still strong. The weak
market situation was strongly reflected in the net sales of both
the Semiconductor Industry and Industrial Electronics customer
segments. Also, in the Telecommunication and Automotive customer
segments, net sales were lower than in the comparison period. In
the Security, Defense and Aerospace customer segment, net sales
growth continued, albeit at a slower rate than before. Aspocomp’s
third-quarter operating result amounted to EUR -0.7 million. The
decrease in net sales had a negative effect on the operating
result. In addition, the planning work to increase production
capacity in Oulu, which the company started earlier with the aim of
ensuring future growth in line with its strategy, has been
suspended for the time being due to the weakening of the demand
situation. The possible continuation of the planning work will be
decided on when it becomes evident that demand for printed circuit
boards starts growing again. The planning work-related costs
totaled approximately EUR 0.5 million. These costs, which are not
part of the usual business, were recorded in the third quarter’s
operating result. In order to adjust its production and costs to
meet the temporarily reduced delivery volumes, Aspocomp held change
negotiations with its personnel in the third quarter. As a result
of the negotiations, the company plans to lay off 20-30 production
employees at a time for a maximum of 90 days between September 2023
and February 2024. 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 2023 fiscal year. The cycle of the Semiconductor
Industry segment is expected to return to growth in the first half
of 2024. We reiterate the guidance that was published on October
27, 2023, and estimate that Aspocomp’s net sales for 2023 will be
clearly below the 2022 level and its operating result for 2023 is
expected to remain negative. In 2022, net sales amounted to EUR
39.1 million and the operating result to EUR 4.5 million.”
NET SALES AND EARNINGS July-September
2023 Third-quarter net sales amounted to EUR 8.1 (10.4)
million. Net sales decreased by 23% compared to the previous year
due to the slower-than-estimated recovery of the semiconductor
cycle and increased inventory levels in the value chain. In
addition, uncertainties arising from the operating environment,
which burden all customer segments, have caused customers to
postpone investment decisions. The Semiconductor Industry
customer segment’s third-quarter net sales decreased year-on-year
by 34% to EUR 2.9 (4.4) million. The customer segment suffered from
the slower-than-estimated recovery of the semiconductor cycle and
high inventory levels in the value chain. The Industrial
Electronics customer segment’s third-quarter net sales decreased
year-on-year by 41% to EUR 1.0 (1.7) million. High interest rates
and the global economic situation slow down customers’ investment
decisions. The Security, Defense and Aerospace customer segment’s
third-quarter net sales remained at the level of the comparison
period and amounted to EUR 1.5 (1.5) million. The positive trend
continued and the number of both requests for offers and new
customers received by Aspocomp remained at a high level. The
Automotive customer segment’s third-quarter net sales decreased
year-on-year by 9% to EUR 2.0 (2.2) million. End customers’
weakened demand situation limited the growth of the customer
segment. The Telecommunication customer segment’s third-quarter net
sales remained at the level of the comparison period and amounted
to EUR 0.7 (0.7) million. The customer segment’s net sales remained
low due to the timing of customers’ product development projects.
The five largest customers accounted for 43% (63%) of net sales. In
geographical terms, 87% (85%) of net sales were generated in Europe
and 13% (15%) on other continents. The operating result for the
third quarter amounted to EUR -0.7 (1.4) million. Lower net sales,
changes in the product mix, and higher personnel costs related to
preparing for growth burdened the operating result. In addition,
the planning work to increase production capacity in Oulu, which
the company started earlier with the aim of ensuring future growth
in line with its strategy, has been suspended for the time being
due to the weakening of the demand situation. The planning
work-related costs totaled approximately EUR 0.5 million. These
costs, which are not part of the usual business, are recorded in
the third quarter’s operating result. Third-quarter operating
result was -8.9% (13.1%) of net sales. Net financial expenses
amounted to EUR 0.1 (0.0) million. Earnings per share were EUR
-0.11 (0.20). January-September 2023
January-September net sales amounted to EUR 26.4 (29.0) million, a
year-on-year decrease of 9%. The Semiconductor Industry customer
segment’s net sales decreased by 10% to EUR 10.2 (11.4) million.
The decrease in net sales was due to the delayed recovery of the
market and the semiconductor cycle, as well as the high inventory
levels in the value chain. The Industrial Electronics customer
segment’s net sales decreased by 34% to EUR 2.9 (4.4) million.
Customers have postponed their investment decisions due to the
global economic situation and high interest rates. The Security,
Defense and Aerospace customer segment’s net sales increased by 2%
to EUR 4.6 (4.5) million. The number of requests for offers in the
customer segment remained at a high level, but the order cycles are
long, and the results are visible with a delay. The Automotive
customer segment’s net sales increased by 16% to EUR 5.9 (5.1)
million. Sales of the Automotive customer segment turned to growth
as the component shortage eased. The Telecommunication customer
segment’s net sales amounted to EUR 2.9 (3.6) million, a
year-on-year decrease of 19%. High interest rates limit investments
in mobile networks and weak demand reduces customers' investments
in product development projects. The five largest customers
accounted for 56 (55) percent of net sales. In geographical terms,
85 (89) percent of net sales were generated in Europe and 15 (11)
percent on other continents. The January-September operating result
amounted to EUR 0.0 (3.8) million. The operating result decreased
from the comparison period because lower net sales, the weaker
product mix and higher personnel costs related to preparation for
growth burdened the operating result. In addition, the planning
work to increase production capacity in Oulu, which the company
started earlier with the aim of ensuring future growth in line with
its strategy, has been suspended for the time being due to the
weakening of the demand situation. The planning work-related costs
totaled approximately EUR 0.5 million. These costs, which are not
part of the usual business, are recorded in the third quarter’s
operating result. January-September operating result was 0.0 (13.0)
percent of net sales. Net financial expenses amounted to EUR 0.1
(0.0) million. Earnings per share were EUR -0.02 (0.54). The order
book at the end of the review period was EUR 14.0 (19.6) million.
The order book decreased due to the postponement of new orders
caused by the uncertain global economic situation. Of the order
book, EUR 6.5 million has been scheduled for delivery this year and
the remaining EUR 7.5 million next year.
THE GROUP'S KEY FIGURES |
|
|
|
|
7-9/23 |
7-9/22 |
Change |
1-9/23 |
1-9/22 |
Change |
Net sales,
M€ |
8.1 |
10.4 |
-23 |
% |
26.4 |
29.0 |
-9 |
% |
EBITDA,
M€ |
-0.2 |
1.9 |
-109 |
% |
1.5 |
5.2 |
-70 |
% |
Operating
result, M€ |
-0.7 |
1.4 |
-152 |
% |
0.0 |
3.8 |
-99 |
% |
%
of net sales |
-9% |
13% |
-22 |
ppts |
0% |
13% |
-13 |
ppts |
Pre-tax-
profit/loss, M€ |
-0.8 |
1.3 |
-158 |
% |
-0.1 |
3.7 |
-104 |
% |
%
of net sales |
-10% |
13% |
-23 |
ppts |
-1% |
13% |
-13 |
ppts |
Profit/loss
for the period, M€ |
-0.8 |
1.3 |
-158 |
% |
-0.1 |
3.7 |
-104 |
% |
%
of net sales |
-10% |
13% |
-23 |
ppts |
-1% |
13% |
-13 |
ppts |
Earnings per
share, € |
-0.11 |
0.20 |
-155 |
% |
-0.02 |
0.54 |
-104 |
% |
Received
orders |
7.1 |
9.5 |
-25 |
% |
26.2 |
32.1 |
-18 |
% |
Order book at
the end of period |
14.0 |
19.6 |
-28 |
% |
14.0 |
19.6 |
-28 |
% |
Investments,
M€ |
1.2 |
0.6 |
93 |
% |
2.3 |
1.8 |
26 |
% |
%
of net sales |
15% |
6% |
9 |
ppts |
9% |
6% |
2 |
ppts |
Cash, end of
the period |
1.4 |
2.4 |
-93 |
% |
1.4 |
2.6 |
-120 |
% |
Equity /
share, € |
2.96 |
3.20 |
-24 |
% |
3.04 |
3.20 |
-16 |
% |
Equity ratio,
% |
66% |
68% |
-2 |
ppts |
67% |
68% |
-1 |
ppts |
Gearing,
% |
19% |
5% |
14 |
ppts |
18% |
5% |
13 |
ppts |
Personnel, end
of the period |
164 |
144 |
20 |
persons |
164 |
144 |
20 |
persons |
|
|
|
|
|
|
|
|
|
*
The total may deviate from the sum totals due to rounding up and
down. |
|
|
|
INVESTMENTS Investments during the review
period amounted to EUR 2.3 (1.8) million. 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 to further strengthen its position
as a strategic partner to leading companies in the semiconductor,
automotive, defense and aerospace, and telecommunications (5G)
industries. For the second phase of the investment program launched
in the spring of 2020, the company was granted development support
from the ELY Center for approximately 25 percent of the project’s
realized total costs. The second phase, which ended in September
2023, aimed in particular at increasing the capacity of the Oulu
plant, improved automation and increased production
efficiency. In the completed investment program, all the new
equipment was installed in the existing Oulu plant and no
additional plant space was built. CASH FLOW AND
FINANCING January-September 2023 cash flow from operations
amounted to EUR 1.6 (3.4) million. Cash flow weakened mainly due to
the lower operating result. Cash assets amounted to EUR 1.4 (2.6)
million at the end of the period. Dividend payment was EUR 1.4
(1.0) million. Interest-bearing liabilities amounted to EUR 5.2
(3.5) million. Gearing was 18% (17%). Non-interest-bearing
liabilities amounted to EUR 5.1 (6.7) million. At the end of the
period, the Group’s equity ratio amounted to 66.4% (68.2%). The
company has a EUR 4.0 (2.0) million credit facility, of which EUR
2.9 million was 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. PERSONNEL During
the review period, the company had an average of 164 (144)
employees. The personnel count on September 30, 2023, was 166
(144). Of them, 109 (90) were blue-collar and 57 (54) white-collar
employees. On August 15, 2023, Aspocomp started change negotiations
at the Oulu plant in Finland. The goal of the negotiations was to
prepare for a partial adjustment of production to correspond to
temporarily low delivery volumes. The negotiations covered most of
the Oulu plant’s approximately 120 blue-collar employees. The
change negotiations ended on August 30, 2023, and as a result, the
company’s plan is to lay off 20-30 production blue-collar employees
at a time for a maximum of 90 days during the six months following
the end of negotiations. For the first three months, 26 people were
temporarily laid off. ANNUAL GENERAL MEETING 2023, THE
BOARD OF DIRECTORS AND AUTHORIZATIONS GIVEN TO THE BOARD
The decisions of the Annual General Meeting held on April 20, 2023,
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 20, 2023. SHARES The total number of
Aspocomp’s shares at September 30, 2023 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 654,479 Aspocomp Group Plc.
shares were traded on Nasdaq Helsinki during the period from
January 1 to September 29, 2023. The aggregate value of the shares
exchanged was EUR 4,212,162. The shares traded at a low of EUR 4.21
and a high of EUR 8.30. The average share price was EUR 6.44. The
closing price at September 29, 2023 was EUR 4.70, which translates
into market capitalization of EUR 32.2 million. The company had
4,306 shareholders at the end of the review period.
Nominee-registered shares accounted for 1.4% 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 (PSP) 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 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 launch of a long-term
Performance Share Plan has been announced in a separate stock
exchange release on July 20, 2022. On February 15, 2023, Aspocomp
Group Plc’s Board of Directors decided on the commencement of a new
performance period in the share-based long-term Performance Share
Plan (PSP) for the company’s senior management and selected key
employees. The next plan within the PSP structure, PSP 2023-2025,
commenced as of the beginning of 2023 and the share rewards
potentially earned thereunder will be paid during H1 2026. The new
performance period of the long-term Performance Share Plan has been
announced in a separate stock exchange release on February 15,
2023. SHAREHOLDERS’ NOMINATION BOARD On September
6, 2023, Aspocomp announced the composition of its Shareholders’
Nomination Board. The three largest shareholders have appointed the
following members to the Shareholders’ Nomination Board: Päivi
Marttila, appointed by Etola Group and Erkki Etola, Kyösti
Kakkonen, appointed by Joensuun Kauppa ja Kone Oy, and Mikko
Montonen, the third largest shareholder. ASSESSMENT OF
SHORT-TERM BUSINESS RISKS In accordance with its goal, the
company has systematically expanded its services to cover the PCB
needs of its customers over the entire life cycle and thereby has
successfully balanced out variations in demand and the order book.
A major share of Aspocomp’s net sales is still generated by
quick-turn deliveries and R&D series, and thus the company’s
order book can vary significantly. 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 or
Belarus. However, the changed operating environment may affect our
sourcing and logistics chains. The geopolitical situation has
increased the risks related to customers’ global supply chains.
Weak economic development, inflation and high 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. PUBLICATION OF FINANCIAL RELEASES FOR
2024 Aspocomp Group Plc's financial information
publication schedule for 2024 is: Financial Statements 2023:
Thursday, March 14, 2024 at around 9:00 a.m. (Finnish time) Interim
report January-March 2024: Thursday, April 18, 2024 at around 8:00
a.m. (Finnish time) Half-year report 2024: Thursday, July 18, 2024
at around 9:00 a.m. (Finnish time) Interim report January-September
2024: Wednesday, October 30, 2024 at around 9:00 a.m. (Finnish
time) Aspocomp's silent period commences 30 days prior to the
publication of its financial information. Espoo, November 9, 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 unaudited. 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 2022; however, the company complies
with the standards and amendments that came into effect as from
January 1, 2023. 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 |
July-September 2023 |
|
|
1 000 € |
7-9/2023 |
7-9/2022 |
Change |
Net
sales |
8,051 |
100% |
10,417 |
100% |
-23% |
Other
operating income |
10 |
0% |
1 |
0% |
870% |
Materials and
services |
-4,310 |
-54% |
-5,145 |
-49% |
-16% |
Personnel
expenses |
-2,188 |
-27% |
-2,126 |
-20% |
3% |
Other
operating costs |
-1,729 |
-21% |
-1,287 |
-12% |
34% |
Depreciation
and amortization |
-548 |
-7% |
-494 |
-5% |
11% |
Operating result |
-715 |
-9% |
1,366 |
13% |
-152% |
Financial income and expenses |
-62 |
-1% |
-18 |
0% |
|
Profit/loss before tax |
-777 |
-10% |
1,347 |
13% |
-158% |
Income
taxes |
-1 |
0% |
0 |
0% |
|
Profit/loss for the period |
-778 |
-10% |
1,347 |
13% |
-158% |
Other
comprehensive income |
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
plans |
|
|
|
|
|
Income tax
relating to these items |
|
|
|
|
|
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
Currency translation differences |
5 |
0% |
1 |
0% |
|
Total other comprehensive income |
5 |
0% |
1 |
0% |
|
Total
comprehensive income |
-773 |
-10% |
1,348 |
13% |
-157% |
|
|
|
|
|
|
Earnings per share (EPS) |
|
|
|
|
|
Basic EPS |
-0.11 |
€ |
0.20 |
€ |
-155% |
Diluted
EPS |
-0.11 |
€ |
0.20 |
€ |
-155% |
PROFIT
& LOSS STATEMENT |
January-September 2023 |
|
|
|
|
1 000 € |
1-9/2023 |
1-9/2022 |
Change |
1-12/2022 |
Net
sales |
26,443 |
100% |
29,001 |
100% |
-9% |
39,114 |
100% |
Other
operating income |
64 |
0% |
3 |
0% |
1785% |
5 |
0% |
Materials and
services |
-12,880 |
-49% |
-13,293 |
-46% |
-3% |
-17,849 |
-46% |
Personnel
expenses |
-7,390 |
-28% |
-6,992 |
-24% |
6% |
-9,641 |
-25% |
Other
operating costs |
-4,688 |
-18% |
-3,548 |
-12% |
32% |
-5,223 |
-13% |
Depreciation
and amortization |
-1,523 |
-6% |
-1,412 |
-5% |
8% |
-1,903 |
-5% |
Operating result |
25 |
0% |
3,759 |
13% |
-99% |
4,502 |
12% |
Financial income and expenses |
-161 |
-1% |
-43 |
0% |
273% |
-98 |
0% |
Profit/loss before tax |
-136 |
-1% |
3,716 |
13% |
-104% |
4,404 |
11% |
Change in
deferred tax assets* |
|
|
|
|
|
-839 |
|
Income
taxes |
-6 |
0% |
-6 |
0% |
|
-20 |
0% |
Profit/loss for the period |
-142 |
-1% |
3,710 |
13% |
-104% |
3,545 |
9% |
Other
comprehensive income |
|
|
|
|
|
|
|
Items that
will not be reclassified to profit or loss |
|
|
|
|
|
|
|
Remeasurements
of defined benefit pension |
|
|
|
|
|
|
|
plans |
0 |
|
0 |
0% |
|
118 |
0% |
Income tax
relating to these items |
0 |
|
0 |
0% |
|
-20 |
0% |
Items that may
be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
Currency
translation differences |
-11 |
0% |
6 |
0% |
- |
-6 |
0% |
Total other comprehensive income |
-11 |
0% |
6 |
0% |
- |
92 |
0% |
Total
comprehensive income |
-153 |
-1% |
3,716 |
13% |
-104% |
3,637 |
9% |
|
|
|
|
|
|
|
|
Earnings per share (EPS) |
|
|
|
|
|
|
|
Basic EPS |
-0.02 |
€ |
0.54 |
€ |
104% |
0.52 |
€ |
Diluted
EPS |
-0.02 |
€ |
0.54 |
€ |
104% |
0.52 |
€ |
|
|
|
|
|
|
|
|
*The change in
deferred tax assets is mainly due to the use of losses confirmed in
taxation. |
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
1 000 € |
9/2023 |
9/2022 |
Change |
12/2022 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Intangible
assets |
3,376 |
3,272 |
3% |
3,309 |
Tangible
assets |
6,253 |
5,887 |
6% |
5,967 |
Right-of-use
assets |
555 |
673 |
-18% |
642 |
Financial
assets at fair value through profit or loss |
95 |
95 |
0% |
95 |
Deferred
income tax assets |
4,152 |
4,972 |
-16% |
4,152 |
Total non-current assets |
14,430 |
14,900 |
-3% |
14,164 |
Current assets |
|
|
|
|
Inventories |
5,099 |
5,864 |
-13% |
6,136 |
Short-term
receivables |
9,590 |
8,903 |
8% |
9,723 |
Cash and bank deposits |
1,434 |
2,366 |
-39% |
1,410 |
Total
current assets |
16,123 |
17,133 |
-6% |
17,269 |
Total assets |
30,553 |
32,033 |
-5% |
31,433 |
|
|
|
|
|
Equity
and liabilities |
|
|
|
|
Share
capital |
1,000 |
1,000 |
0% |
1,000 |
Reserve for
invested non-restricted equity |
4,833 |
4,752 |
2% |
4,774 |
Remeasurements
of defined benefit pension plans |
-49 |
-148 |
-67% |
-49 |
Retained earnings |
14,489 |
16,256 |
-11% |
16,078 |
Total equity |
20,273 |
21,860 |
-7% |
21,803 |
Long-term
financing loans |
1,092 |
2,112 |
-48% |
1,839 |
Other
non-current liabilities |
353 |
467 |
-24% |
358 |
Deferred
income tax liabilities |
57 |
38 |
50% |
57 |
Short-term
financing loans |
4,106 |
1,314 |
212% |
1,234 |
Trade and other payables |
4,673 |
6,242 |
-25% |
6,142 |
Total
liabilities |
10,280 |
10,173 |
1% |
9,630 |
Total equity and liabilities |
30,553 |
32,033 |
-5% |
31,433 |
|
|
|
|
|
CONSOLIDATED
CHANGES IN EQUITY |
January-September 2023 |
|
|
|
|
|
|
1000 € |
Share capital |
Other reserve |
Remeasurements of employee benefits |
Translation differences |
Retained earnings |
Total equity |
Balance at Jan. 1, 2023 |
1,000 |
4,774 |
-49 |
6 |
16,072 |
21,803 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
-142 |
-142 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation differences |
|
|
|
-11 |
|
-11 |
Total comprehensive income for the period |
0 |
0 |
0 |
-11 |
-142 |
-153 |
Business transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,437 |
-1,437 |
Share-based payment |
|
59 |
|
|
|
59 |
Business transactions with owners, total |
0 |
59 |
0 |
0 |
-1,437 |
-1,377 |
Balance at September 30, 2023 |
1,000 |
4,833 |
-49 |
-5 |
14,494 |
20,273 |
|
|
|
|
|
|
|
January-September 2022 |
|
|
|
|
|
|
Balance at Jan. 1, 2022 |
1,000 |
4,736 |
-148 |
12 |
13,554 |
19,155 |
Comprehensive income |
|
|
|
|
|
|
Comprehensive
income for the period |
|
|
|
|
3,710 |
3,710 |
Other
comprehensive income for the period, net of tax |
|
|
|
|
|
|
Translation
differences |
|
|
0 |
6 |
|
6 |
Total comprehensive income for the period |
0 |
0 |
0 |
6 |
3,710 |
3,716 |
Business transactions with owners |
|
|
|
|
|
|
Dividends
paid |
|
|
|
|
-1,026 |
-1,026 |
Share-based payment |
|
15 |
|
|
0 |
15 |
Business transactions with owners, total |
0 |
15 |
0 |
0 |
-1,026 |
-1,011 |
Balance at September 30, 2022 |
1,000 |
4,752 |
-148 |
18 |
16,238 |
21,860 |
CONSOLIDATED CASH FLOW
STATEMENT |
January-September |
1 000 € |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Profit
for the period |
-142 |
3,710 |
3,545 |
Adjustments |
1,674 |
1,305 |
2,786 |
Change in
working capital |
256 |
-1,507 |
-2,571 |
Received
interest income |
2 |
5 |
6 |
Paid interest
expenses |
-145 |
-85 |
-129 |
Paid taxes |
-14 |
-19 |
-19 |
Cash
flow from operating activities |
1,631 |
3,408 |
3,618 |
Investments |
-2,305 |
-1,830 |
-2,523 |
Proceeds from sale of property, plant and equipment |
56 |
0 |
0 |
Cash
flow from investing activities |
-2,249 |
-1,830 |
-2,523 |
Increase in
financing |
3,050 |
0 |
170 |
Decrease in
financing |
-744 |
-744 |
-992 |
Decrease in
lease liabilities |
-223 |
-287 |
-587 |
Dividends paid |
-1,437 |
-1,026 |
-1,026 |
Cash
flow from financing activities |
645 |
-2,057 |
-2,435 |
Change in cash
and cash equivalents |
27 |
-479 |
-1,340 |
Cash and cash
equivalents at the beginning of period |
1,410 |
2,631 |
2,631 |
Effects of
exchange rate changes on cash and cash equivalents |
-3 |
213 |
119 |
Cash and cash equivalents at the end of
period |
1,434 |
2,366 |
1,410 |
|
|
|
|
KEY INDICATORS |
|
|
|
|
|
|
|
|
Q3/2023 |
Q2/2023 |
Q1/2023 |
Q4/2022 |
2022 |
Net sales,
M€ |
|
8.1 |
9.5 |
8.9 |
10.1 |
39.1 |
Operating
result before depreciation (EBITDA), M€ |
|
-0.2 |
0.9 |
0.8 |
1.2 |
6.4 |
Operating
result (EBIT), M€ |
|
-0.7 |
0.4 |
0.3 |
0.7 |
4.5 |
of net sales, % |
|
-9% |
4% |
4% |
7% |
12% |
Profit/loss
before taxes, M€ |
|
-0.8 |
0.3 |
0.3 |
0.7 |
4.4 |
of net sales, % |
|
-10% |
4% |
3% |
7% |
11% |
Net
profit/loss for the period, M€ |
|
-0.8 |
0.3 |
0.3 |
-0.2 |
3.5 |
of net sales, % |
|
-10% |
4% |
3% |
-2% |
9% |
Received
orders |
|
7.1 |
5.4 |
13.7 |
4.8 |
27.4 |
Order book at
the end of period |
|
14.0 |
15.0 |
19.1 |
14.3 |
14.3 |
Equity ratio,
% |
|
66% |
68% |
73% |
69% |
69% |
Gearing,
% |
|
19% |
15% |
2% |
8% |
8% |
Gross
investments in fixed assets, M€ |
|
1.2 |
0.8 |
0.4 |
0.7 |
2.5 |
of net sales, % |
|
15% |
8% |
4% |
7% |
6% |
Personnel, end
of the quarter |
|
164 |
167 |
156 |
156 |
156 |
Earnings/share
(EPS), € |
|
-0.11 |
0.05 |
0.04 |
-0.02 |
0.52 |
Equity/share,
€ |
|
2.96 |
3.08 |
3.24 |
3.19 |
3.19 |
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 € |
9/2023 |
9/2022 |
12/2022 |
Business
mortgage |
6,000 |
6,000 |
6,000 |
Collateral
note |
1,200 |
1,200 |
1,200 |
Guaranteed
contingent liability towards the Finnish Customs |
35 |
35 |
35 |
Total |
7,235 |
7,235 |
7,235 |
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 your 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 Interim Report Q3 2023
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