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Aspocomp Reports 26% Sales Growth in 2011
Thursday, February 16, 2012 | Aspocomp

Aspocomp Group Plc, has released the company's most recent financial statements.

2011 Summary:

  • Net sales: EUR 23.6 million (EUR 18.8 million 1-12/2010).
  • Operating result before depreciation (EBITDA): EUR 5.4 million (3.1).
  • Operating profit (EBIT): EUR 4.1 million (1.8).
  • Earnings per share (EPS): EUR 1.23 (0.07*).
  • Cash flow from operations: EUR 4.0 million (4.1).

10-12/2011 summary:

  • Net sales: EUR 5.8 million (EUR 4.5 million 10-12/2010).
  • Operating result before depreciation (EBITDA): EUR 1.5 million (0.0).
  • Operating profit (EBIT): EUR 1.2 million (-0.3).
  • Earnings per share (EPS): EUR 0.19 (-0.10**).

*In the 2010 financial year, earnings per share were EUR 0.01. Due to the consolidation of shares (reverse split), the comparable figure is EUR 0.07.

**In the financial period 10-12/2010, earnings per share were EUR -0.01. Due to the consolidation of shares (reverse split), the comparable figure is EUR -0.10.

CEO’s Review

“2011 was in all respects a successful year for Aspocomp. Our net sales grew by 26 percent to EUR 23.6 million, which boosted our operating result to EUR 4.1 million, representing more than 17 percent of net sales. Cash flow from operations after investments amounted to EUR 2.8 million," said CEO, Sami Holopainen.

"Thanks to the corporate and debt restructuring completed in June, Aspocomp’s financial position improved substantially. At the end of 2011, gearing was -17%, whereas a year earlier it had been 482%. During the restructuring, Aspocomp assumed full ownership of the Oulu plant, and our Asian partner TTM Technologies became the largest shareholder in Aspocomp with a holding of slightly less than 20%," he continued.

"The Extraordinary General Meeting held in December resolved to cover losses from previous financial periods with funds from unrestricted equity and the share premium fund, as well as by reducing the share capital. This simplified the structure of our shareholders’ equity and increased the ratio of unrestricted equity to restricted equity. In addition, the General Meeting decided on a reverse split, whereby the number of shares declined to a tenth and, correspondingly, the share price increased tenfold.

"Also in December, Aspocomp entered into a Business Purchase Agreement to acquire a PCB factory in Teuva. The transaction increases Aspocomp’s capacity and expands both our product range and clientele.

"Thanks to the arrangements carried out in 2011 and our strong operating result, Aspocomp is confidently preparing for the next boom," Holopainen concluded.


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