ASPOCOMP'S INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2009
(Thomson Reuters ONE) - Aspocomp Group Plc., Interim report November 12, 2009 at 9:00 amASPOCOMP'S INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2009In this financial statements bulletin, the Group's business has beenpresented in line with IFRS standards, divided into continuingoperations as well as divested and discontinued operations.Continuing operations comprise Aspocomp Oulu Oy and the parentcompany Aspocomp Group Plc. These operations form one businesssegment.- Net sales: EUR 8.9 million (EUR 16.3 million 1-9/2008).- Operating profit before depreciation (EBITDA): EUR -1.2 million(1.7).- Operating profit (EBIT): EUR -2.1 million (0.5).- Earnings per share (EPS) from continuing operations: EUR -0.05(-0.02).- Earnings per share (EPS) from divested and discontinued operations:EUR 0.00 (-0.02).- Cash flow from operations: EUR 0.6 million (-3.5).SAMI HOLOPAINEN, PRESIDENT AND CEO:"The market still remained challenging. Oulu plant's result stayed onred, but improved from the second quarter of the year. Group's resultwas weakened by one-time, unexpected pension costs and provisionsamounting to EUR 0.3 million.Cash flow after investments barely remained positive.The market is estimated to slightly improve and the operating resultof the forth quarter is expected to be positive. However, the fullyear 2009 EBITDA will be negative.The Suzhou, China plant (MAS) of the joint venture Meadville Aspocomp(BVI) Holdings Ltd. still runs at a low capacity utilization level.It is expected that there will be gradual improvement of both exportand local sales in the later part of year 2009. The India plantproject remains on hold until further notice."THE GROUP'S BUSINESS ACTIVITIESAspocomp Oulu Oy manufactures and sells PCBs for telecom, industrial,and automotive electronics applications. Its service portfolioincludes prototype and quick-turn deliveries, fulfillment of urgentPCB needs in high-volume operations as well as development andcommercialization of new technologies. Aspocomp Oulu's primarytechnologies are HDI (High Density Interconnection), multilayer andspecial material PCBs.The figures of Aspocomp Oulu Oy and the parent company Aspocomp GroupPlc. are consolidated in the Group's profit and loss statement.Aspocomp has a 20% stake in the joint venture Meadville Aspocomp(BVI) Holdings Limited. The joint venture's production facility inSuzhou, China is a volume manufacturer of HDI and multilayer PCBs.Aspocomp's 20% stake in the joint venture is booked into the balancesheet at its minimum value, which is based on the option agreementmade in connection with the ownership arrangements in 2007. Theminimum value is 16.1 million euro in the end of the period, and itincreases by 2.5 percent annually until the option is exercised.Details of the option agreement can be found in the press release ofMeadville Holdings Ltd. published on November 16, 2007: "Majortransaction - acquisitions and resumption of trading, pages 8-9"(www.meadvillegroup.com/announcements.html). Due to theaforementioned the financial performance of the joint venture doesnot impact on the value of Aspocomp's holding.In addition, Aspocomp holds a 14.1% share in the Thai company PCBCenter Co., Ltd. (former subsidiary Aspocomp (Thailand) Co., Ltd.)and a 5.3% share in Imbera Electronics Inc.CONSOLIDATED NET SALES AND OPERATING PROFIT 7-9/2009(Reference figures are for 7-9/2008, include only continuingoperations)Net sales and operating profit, EUR million 7-9/2009 Change, 7-9/2008 %Net sales 2.7 -45.1 5.0Operating -0.9 0.4profitAspocomp's five largest customers accounted for 80% of net sales(78%).Net financial expenses were EUR -0.3 million (-0.4). Profit was EUR-1.2 million (-0.1) and earnings per share were EUR -0.02 (0.00).CONSOLIDATED NET SALES AND OPERATING PROFIT 1-9/2009(Reference figures are for 1-9/2008, include only continuingoperations)Net sales and operating profit, EUR million 1-9/2009 Change, 1-9/2008 %Net sales 8.9 -45.4 16.3Operating -2.1 0.5profitAspocomp's five largest customers accounted for 76% of net sales(75%).Net financial expenses were EUR -0.7 million (-1.2). Profit was EUR-2.6 million (-0.9) and earnings per share were EUR -0.05 (-0.02).FINANCING, INVESTMENTS AND EQUITY RATIO(Reference figures are for 9/2008, include continuing as well asdivested and discontinued operations)Aspocomp's cash flow from operations during the period was EUR 0.6million (-3.5). Net liquid assets at the end of the period amountedto EUR 3.0 million (3.7).Interest-bearing net debt was EUR 19.0 million (35.7). Gearingincreased to 620.7% (563.4%). Non-interest bearing liabilitiesamounted to EUR 5.5 million (11.4).Investments were EUR 0.6 million (1.3).The equity ratio stood at 10.0% (6.8%) at the end of the period.SHAREHOLDERS' EQUITY OF THE PARENT COMPANYIn accordance with the requirements of the Companies Act, the TradeRegister has been notified of the loss of share capital on May 14,2008. The shareholders' equity of Aspocomp Group's parent company,Aspocomp Group Plc., was EUR 3.2 million negative at the end of thesecond quarter. However, the shareholders' equity of Aspocomp Groupwas EUR 3.1 million positive.RESEARCH AND DEVELOPMENTAspocomp engages in R&D primarily through cooperation with itscustomers and suppliers. In connection with customer projects andother customer contacts, information on future interconnectiontechnology applications is exchanged. This information is used tosteer development work and execute investments to improve technicalcapability. Correct timing of investments is vital for maintainingcompetitiveness, cost efficiency and technological viability.Research and product development costs are recognized in plantoverhead.SHARES AND SHARE CAPITALThe total number of Aspocomp's shares at September 30, 2009 was49 905 130 and the share capital stood at EUR 20 082 052. Of thetotal shares outstanding, the company held 200 000 treasury shares,representing 0.4% of the aggregate votes conferred by all the shares.The number of shares adjusted for the treasury shares was 49 705 130.A total of 32 333 328 Aspocomp Group Plc. shares were traded onNASDAQ OMX Helsinki during the period from January 1 to September 30,2009. The aggregate value of the shares exchanged was EUR 4 686 546.The shares traded at a low of EUR 0.05 and a high of EUR 0.24. Theaverage share price was EUR 0.14. The closing price at September 30,2009 was EUR 0.13, which translates into market capitalization of EUR6 487 667. At the end of the period, nominee-registered sharesaccounted for 4.9% of the total shares and 0.2% were directly held bynon-domestic owners.PERSONNELDuring the period, Aspocomp had an average of 108 employees (147).The personnel count on September 30, 2009 was 101 (126). Of them, 69(83) were non-salaried and 32 (43) salaried employees. The referencenumbers are for continuing operations.DECISIONS OF THE ANNUAL GENERAL MEETINGThe Annual General Meeting of Aspocomp Group Plc. held on April 21,2009 re-elected the current Board and decided that the remunerationsof the members of the Board will remain the same as in 2008. TheGeneral Meeting also decided to amend the company's Articles ofAssociation. Furthermore, the Meeting decided not to pay dividend forthe period.The Annual General Meeting decided to set the number of Board membersat three (3) and re-elected the current members of the Board: JohanHammarén, Tuomo Lähdesmäki, and Kari Vuorialho. The Meetingre-elected PricewaterhouseCoopers Oy as the company's auditor for the2009 financial year.Annual remuneration of EUR 24 000 will be paid to the chairman of theBoard and EUR 12 000 to the other Board members. 60% of the annualremuneration will be paid in cash and 40% in company shares, whichwill be acquired and distributed to Board members. EUR 1 000 permeeting will be paid to the chairman and EUR 500 per meeting to theother members. The members of the Board residing outside of theGreater Helsinki area are reimbursed for reasonable travel andlodging expenses. The auditor will be paid according to invoice.The Annual General Meeting decided to amend the Articles ofAssociation such that Articles 6 and 12 were deleted as unnecessaryand the new Article 10 was amended to read as follows: "Article 10The notice of meeting shall be delivered to the shareholders at theearliest three (3) months and at the latest twenty-one (21) daysprior to the General Meeting by publishing the notice on thecompany's website and, should the Board of Directors so decide, inone widely circulated newspaper specified by the Board."THE BOARD OF ASPOCOMP GROUP PLC., AUTHORIZATIONS GIVEN TO THE BOARDIn its organization meeting, the Board of Directors of Aspocomp GroupPlc. re-elected Tuomo Lähdesmäki as Chairman of the Board. As theBoard only comprises three (3) members, Board committees were notestablished.The Annual General Meeting 2008 of Aspocomp Group Plc. authorized theBoard to decide on issuing new shares and conveying the Aspocompshares held by the company. A maximum of 55 000 000 new shares can beissued and/or granted on the basis of special rights. Authorizationis valid 5 years from the respective Annual General Meeting.The Annual General Meeting 2008 also decided about issuing stockoptions to the CEO. The Board of Directors has not granted the saidstock options.Details of the authorizations can be found on pages 10-11 of theAnnual Report 2008 (www.aspocomp.com/linked/investor/ar_2008.pdf).ASSESSMENT OF BUSINESS RISKSSignificant indebtednessThe Aspocomp Group's interest-bearing liabilities at September 30,2009 amounted to about EUR 22.0 million under IFRS and had a nominalvalue of about EUR 24.4 million.Liquidity and financial risksBecause of the agreement on debt restructuring, management ofAspocomp's liquidity risk is based on the cash assets of the parentcompany and the cash flow generated by the Oulu plant. If AspocompGroup Plc. does not obtain financing from Aspocomp Oulu Oy, or itsassociated company Meadville Aspocomp (BVI) Holdings Ltd. in the formof dividends or other income, or other ways of financing, to coverits expenses by 2013, the company may ultimately become insolvent.LitigationsIn 2007, the French Supreme Court ordered the company to payapproximately EUR 11 million, including annual interest of about 7%,to 388 former employees of Aspocomp S.A.S. In January 2009, the LaborCourt of Evreux, France ruled that the company has to payapproximately EUR 0.5 million in compensation, with interest, to afurther 13 former employees. Aspocomp has appealed the decision tothe next instance in France. The aforementioned compensations do nothave a profit impact during 2009.The claims are related to the notice time salaries of the closed,heavily loss-making Evreux plant. The closure took place in 2002.There is a risk that the remaining approximately 100 employees mayalso institute proceedings. In France, the statute of limitations forfiling a suit is 30 years.OUTLOOK FOR THE FUTUREAspocomp's financial position is satisfactory. The lean coststructure and the outlook for operations in Oulu enable thecontinuity of operations.Net sales in 2009 will decline due to the difficult market situationand solutions implemented to reduce risks. The market is estimated toslightly improve during the last quarter compared to the previousquarters.Group's forth quarter operating result is expected to be positive,but the full year operating profit before depreciation (EBITDA) willremain negative.In addition to developing the continuing operations of the company,the Board of Directors is looking into various structural developmentsolutions, including carrying out company reorganization in thefuture.ACCOUNTING POLICIESAll figures are unaudited. Aspocomp's financial statements bulletinhas been prepared in accordance with IAS 34, Interim FinancialReporting. The accounting principles that were applied in thepreparation of the financial statements of December 31, 2008 havebeen applied in the preparation of this report. However, as ofJanuary 1, 2009 the company has applied the following new or modifiedstandards:- IAS 1 Presentation of Financial Statements - amended- IFRS 8 Operating SegmentsThe amendments to IAS 1 change the structure of the Profit & Loss andChanges in Equity statements. IFRS 8 does not impact on any of thefinancial information presented.PROFIT & LOSS STATEMENT,JULY-SEPTEMBER 7-9/09 7-9/08 1000 e % 1000 e %NET SALES 2 747 100.0 5 000 100.0Other operating income 66 2.4 270 5.4Materials and services -958 -34.9 -1 911 -38.2Personnel expenses -1 369 -49.8 -1 220 -24.4Other operating costs -1 066 -38.8 -1 286 -25.7Depreciation and -280 -10.2 -416 -8.3amortizationOPERATING PROFIT -860 -31.3 436 8.7Financial income and -304 -11.1 -381 -7.6expensesShare of loss of 0 0.0 0 0.0associatePROFIT ON CONTINUINGOPERATIONS BEFORE TAX -1 164 -42.4 55 1.1Taxes -1 0.0 -143 -2.9PROFIT ON CONTINUINGOPERATIONS -1 165 -42.4 -88 -1.8Profit on discontinuedoperations 0 0.0 -365 -7.3PROFIT FOR THE PERIOD -1 165 -42.4 -453 -9.1Other comprehensiveincomefor the period, net oftaxTranslation differences 13 0.5 1 109 22.2TOTAL COMPREHENSIVE INCOMEFOR THE PERIOD -1 152 -41.9 656 13.1Profit for the periodattributable to: Minority interests -17 -0.6 83 1.7 Equity shareholders -1 148 -41.8 -536 -10.7Total comprehensiveincomeattributable to: Minority interests -17 -0.6 83 1.7 Equity shareholders -1 135 -41.1 573 11.5JANUARY-SEPTEMBER 1-9/09 1-9/08 1-12/08 1000 e % 1000 e % 1000 e %NET SALES 8 912 100.0 16 312 100.0 20 682 100.0Other operating income 177 2.0 1 559 9.6 1 616 7.8Materials and services -3 034 -34.0 -7 107 -43.6 -8 706 -42.1Personnel expenses -4 277 -48.0 -5 264 -32.3 -6 218 -30.1Other operating income -2 985 -33.5 -3 765 -23.1 -5 145 -24.9Depreciation and -844 -9.5 -1 280 -7.8 -1 686 -8.2amortizationOPERATING PROFIT -2 052 -23.0 457 2.8 543 2.6Financial income and -673 -7.6 -1 188 -7.3 -1 876 -9.1expensesShare of loss of 0 0.0 0 0.0 -1 020 -4.9associatePROFIT ON CONTINUINGOPERATIONS BEFORE TAX -2 725 -30.6 -732 -4.5 -2 353 -11.4Taxes 141 1.6 -143 -0.9 -145 -0.7PROFIT ON CONTINUINGOPERATIONS -2 583 -29.0 -875 -5.4 -2 498 -12.1Profit on discontinuedoperations 0 0.0 -1 091 -6.7 2 839 13.7PROFIT FOR THE PERIOD -2 583 -29.0 -1 966 -12.1 341 1.7Other comprehensiveincomefor the period, net oftaxTranslation differences 10 0.0 331 2.0 176 0.8TOTAL COMPREHENSIVEINCOMEFOR THE PERIOD -2 573 -29.0 -1 635 -10.0 517 2.5Profit for the periodattributable to: Minority interests -56 -0.6 219 1.3 270 1.3 Equity shareholders -2 528 -28.4 -2 185 -13.4 71 0.3Total comprehensiveincomeattributable to: Minority interests -56 -0.6 219 1.3 270 1.3 Equity shareholders -2 517 -28.2 -1 854 -11.4 247 1.2Earnings per share fromcontinuing operations Basic EPS -0.05 -0.02 -0.06 Diluted EPS -0.05 -0.02 -0.06Earnings per share fromdiscontinued operations Basic EPS 0.00 -0.02 0.06 Diluted EPS 0.00 -0.02 0.06CONSOLIDATED BALANCE SHEET 6/09 6/08 Change 12/08 1000 e 1000 e % 1000 eASSETSNON-CURRENT ASSETSIntangible assets 3 030 3 199 -5.3 3 037Tangible assets 3 148 2 257 39.5 3 462Investments in associated companies 16 113 16 723 -3.6 15 831Investments in properties 0 2 294 -100.0 0Available for sale investments 44 44 0.0 44Other non-current receivables 0 2 452 -100.0 0TOTAL NON-CURRENT ASSETS 22 335 26 968 -17.2 22 374CURRENT ASSETSInventories 1 771 2 451 -27.7 2 089Short-term receivables 3 491 6 316 -44.7 6 034Cash and bank deposits 3 034 3 693 -17.8 4 255Assets held for sale 15 927TOTAL CURRENT ASSETS 8 296 28 388 -70.8 12 378TOTAL ASSETS 30 631 55 356 -44.7 34 752SHAREHOLDERS' EQUITY ANDLIABILITIESShare capital 20 082 20 082 0.0 20 082Share premium 27 918 27 918 0.0 27 918Treasury shares -758 -758 0.0 -758Special reserve 45 989 45 989 0.0 45 989Reserve for invested non-restricted 23 885 23 885 0.0 23 885equityRetained earnings -114 690 -114 274 0.4 -112 173Equity attributable to shareholders 2 425 2 842 -14.7 4 943Minority interest 638 897 -28.9 694TOTAL EQUITY 3 064 3 739 -18.1 5 637Long-term loans 21 755 24 415 -10.9 22 480Provisions 256 694 -63.1 311Short-term loans 294 362 -18.7 367Trade and other payables 5 262 6 516 -19.3 5 957Liabilities held for sale 19 629TOTAL LIABILITIES 27 567 51 617 -46.6 29 115TOTAL SHAREHOLDERS' EQUITY AND 30 631 55 356 -44.7 34 752LIABILITIESCONSOLIDATED CHANGES INEQUITY,JANUARY-SEPTEMBER Reserve1000 e for invested non- Trans- Mino- Share Share rest- lation rity capi- pre- Special ricted Own differ- Retained inte- TotalBalance at tal mium reserve equity shares ences earnings rests equity 271.1.09 20 082 918 45 989 23 885 -758 -1 203 -110 970 694 5 636Comprehensiveincomefor theperiod 10 -2 527 -56 -2 587Balance at 2730.9.09 20 082 918 45 989 23 885 -758 -1 193 -113 497 638 3 064 Reserve for invested non- Trans- Mino- Share Share rest- lation rity capi- pre- Special ricted Own differ- Retained inte- TotalBalance at tal mium reserve equity shares ences earnings rests equity 271.1.08 20 082 918 45 989 23 885 -758 -884 -111 536 742 5 438Comprehensiveincomefor theperiod 331 -2 185 155 -1 699Balance at 2730.9.08 20 082 918 45 989 23 885 -758 -553 -113 721 897 3 739CONSOLIDATED CASH FLOW STATEMENT,JANUARY-SEPTEMBER 1000 e 1-9/09 1-9/08 1-12/08Profit for the period -2 583 -1 966 341Adjustments 1 314 3 292 -533Change in working capital 1 868 -4 477 -1 522Received interest income and dividends 17 266 302Paid interest expenses -34 -661 -761Paid taxes -2 0 -2Operational cash flow 580 -3 546 -2 175Investments -618 -1 246 -1 443Proceeds from sale of property, plant andequipment 97 6 793 8 420Cash flow from investments -522 5 547 6 977Decrease in financing -1 280 -6 612 -8 919Increase in financing 0 0 0Cash flow from financing -1 280 -6 612 -8 919Change in cash and cash equivalents -1 221 -4 623 -4 118Cash and cash equivalentsat the beginning of period 4 255 8 373 8 373Currency exchange differences 0 -12 0Cash and cash equivalents at the end ofperiod 3 034 3 750 4 255Reference figures include divested and discontinuedoperations.KEY FINANCIAL INDICATORS 9/09 9/08Equity per share, EUR 0.05 0.06Equity ratio, % 10.0 6.8Gearing, % 620.7 563.4Earnings per share (EPS) fromcontinuing operationsBasic and diluted EPS, EUR -0.05 -0.02Earnings per share (EPS) fromdiscontinued operationsBasic and diluted EPS, EUR 0.00 -0.02CONTINGENT LIABILITIES 1000 e 9/09 9/08 12/08Mortgages given forsecurity for liabilities 15 400 25 400 15 400Operating lease liabilities 100 100 100Other liabilities 100 400 100Total 15 600 25 900 15 600Mortgages as collateral for debt have declined due to the divestmentof the Thai subsidiary. With regards to other commitments, thecustoms bonds of the parent company have been discontinued, as theyare no longer necessary.FORMULAS FOR CALCULATION OF KEY FIGURESEquity/share, EUR = Equity attributable to shareholders ____________________________________ Number of shares at the end of periodEquity ratio, % = Total equity _______________________________________ x100 Balance sheet total - advances receivedGearing, % = Net interest-bearing liabilities ________________________________ x 100 Total equityEarnings per share(EPS), EUR = Profit attributable to equity shareholders __________________________________________ Adjusted weighted average number of shares outstandingAll figures are unaudited.Espoo, November 12, 2009Aspocomp Group Plc.Board of DirectorsFor further information, please contact Sami Holopainen, CEO, tel.+358 400 487 180.www.aspocomp.comSome statements in this stock exchange release are forecasts andactual results may differ materially from those stated. Statements inthis stock exchange release relating to matters that are nothistorical facts are forecasts. All forecasts involve known andunknown risks, uncertainties and other factors, which may cause theactual results, performances or achievements of the Aspocomp Group tobe materially different from any future results, performances orachievements expressed or implied by such forecasts. Such factorsinclude general economic and business conditions, fluctuations incurrency exchange rates, increases and changes in PCB industrycapacity and competition, and the ability of the company to implementits investment program.http://hugin.info/130850/R/1354463/328447.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 08:01 Uhr
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