Artificial Intelligence
Correction: Aspocomp’s Interim Report January-September 2020
Aspocomp Group Plc, Interim Report, November 4, 2020 at 10:15 a.m.
Aspocomp’s Interim Report January-September 2020: weakened demand led to a decline in third-quarter net sales and operating result
Correction: Aspocomp’s Interim Report January-September 2020
This is correction to Aspocomp Group Plc’s Stock Exchange release issued on November 4, 2020 at 9:00 EET regarding Aspocomp’s Interim Report January-September 2020. In the release the table 7-9/2020 in brief contained an incorrect earnings per share figure. The Profit Loss Statement July-September 2020 table contained the correct figure.
Key figures 7-9/2020 in brief
7-9/2020 | 7-9/2019 | Change * | |||||
Net sales | 5.9 | M€ | 6.7 | M€ | -12 | % | |
EBITDA | 0.5 | M€ | 0.8 | M€ | -32 | % | |
Operating result | 0.1 | M€ | 0.5 | M€ | -80 | % | |
% of net sales | 1.5 | % | 6.7 | % | -5 | ppts | |
Earnings per share | 0.00 | € | 0.07 | € | -100 | % | |
Operative cash flow | 1.5 | M€ | 2.2 | M€ | -31 | % | |
Equity ratio | 62.9 | % | 63.4 | % | -1 | ppts |
Key figures 1-9/2020 in brief
1-9/2020 | 1-9/2019 | Change * | |||||
Net sales | 19.7 | M€ | 23.0 | M€ | -14 | % | |
EBITDA | 1.1 | M€ | 3.7 | M€ | -69 | % | |
Operating result | -0.1 | M€ | 2.7 | M€ | -103 | % | |
% of net sales | -0.4 | % | 11.9 | % | -12 | ppts | |
Earnings per share | -0.04 | € | 0.40 | € | -110 | % | |
Operative cash flow | 3.4 | M€ | 4.9 | M€ | -30 | % | |
Equity ratio | 62.9 | % | 63.4 | % | -1 | ppts | |
Order book at the end of period | 4.1 | M€ | 4.9 | M€ | -16 | % | |
* The total may deviate from the sum totals due to rounding up and down. |
OUTLOOK FOR THE FUTURE
The COVID-19 pandemic and the weakened economy are having a broad impact on the supply chains of the electronics industry and on customer orders. Due to the major uncertainties related to customer demand, the outlook for 2020 involves a significantly higher risk than normal. The European car industry is in an especially difficult situation.
The company’s full-year guidance, announced on July 16, 2020, remains unchanged.
Aspocomp estimates that its net sales and operating result for 2020 will fall significantly short of 2019. In 2019, net sales amounted to EUR 31.2 million and the operating result to EUR 3.4 million.
CEO’S REVIEW
“Third-quarter net sales decreased by 12 percent to EUR 5.9 million. Demand varied greatly between different customer segments. The Semiconductor Industry segment grew to become the largest customer segment in the quarter.
During the COVID-19 pandemic, increased use of remote access devices will increase demand for semiconductor components. Likewise, the rapid development of digitalization is leading to the renewal of artificial intelligence and 5G semiconductor components and increasing their testing needs. Net sales of the Semiconductor Industry segment amounted to EUR 1.6 million, a year-on-year increase of over 80 percent.
Net sales of the Telecommunications segment amounted to EUR 0.9 million. Sales decreased in the Telecommunications segment by approximately 60 percent, mainly due to the timing of customers’ product development projects during the summer vacation months. In addition, Asian PCB mass suppliers have still had overcapacity due to the weaker market situation, which allowed them to exceptionally respond to changing customer needs. The oversupply situation is expected to ease, but not completely disappear before the COVID-19 pandemic subsides and the economy recovers.
The Automotive segment continued to face difficulties, and net sales decreased by approximately 30 percent to EUR 1.1 million. In addition to the weakness of the European car market, the segment was burdened by high customer component inventories. Adjustments to inventory levels are expected to continue until the end of the year.
Net sales of the Industrial Electronics segment amounted to EUR 1.1 million. In the Industrial Electronics segment, demand declined by approximately 15 percent, mainly due to the market situation, which has weakened as a result of the COVID-19 pandemic.
In the Security, Defense and Aerospace segment, demand continued to grow, and net sales amounted to EUR 1.1 million. Sales rose by about 60 percent. The drivers of growth were new customers and increased general demand for security products.
The operating result decreased significantly in the third quarter and amounted to EUR 0.1 million. The operating result was particularly burdened by the decline in net sales and the lower share accounted for by quick-turn deliveries. The operating result for January-September is still EUR 0.1 million in the red, including a EUR 0.3 million loan loss provision.
The COVID-19 pandemic and the weakened economy continues to make it difficult to assess customer needs, and visibility into demand for the rest of the year is limited. Despite the exceptional circumstances, we have continued to invest in capacity and increased our product development investments in new products and more challenging technologies.”
Impact of the COVID-19 pandemic
Due to the COVID-19 pandemic and the resulting decline in general demand, as well as for financial reasons, some customers have had to postpone or even cancel their orders. Asian PCB mass suppliers have had overcapacity due to the weaker market situation, which allowed them to exceptionally respond to changing customer needs. In the Automotive segment, demand has continued to decline as customers have reduced their inventory levels in line with the slowdown in demand.
Despite the COVID-19 pandemic, Aspocomp has been able to purposefully expand and grow its customer base and product offering. In the Security, Defense and Aerospace segment, demand has doubled and in the Semiconductor Industry segment, demand has grown over 80 percent despite the exceptional situation.
The company’s production at the Oulu plant has continued normally and delivery capacity has been good. 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 had no need to recognize write-downs of goodwill.
NET SALES AND EARNINGS
July-September 2020
Third-quarter net sales amounted to EUR 5.9 (6.7) million, a year-on-year decrease of 12 percent. Net sales decreased due to the COVID-19 pandemic and the consequent weakening of general demand. Demand varied greatly between different customer segments. During the COVID-19 pandemic, increased use of remote access devices will increase demand for semiconductor components. Likewise, the rapid development of digitalization is leading to the renewal of artificial intelligence and 5G semiconductor components and increasing their testing needs. The Semiconductor Industry segment grew over 80 percent and became the largest customer segment. In the Telecommunications segment, sales decreased by approximately 60 percent, mainly due to the timing of customers’ product development projects during the summer vacation months. In addition, Asian PCB mass suppliers have had overcapacity due to the weaker market situation, which allowed them to exceptionally respond to changing customer needs. In the Automotive segment, demand continued to decline due to the weakened situation in the European car market. In addition, the segment was burdened by high customer component inventories. The market situation weakened by the COVID-19 pandemic also reduced demand in the Industrial Electronics segment. In the Industrial Electronics segment, demand declined by approximately 15 percent, mainly due to the market situation, which has weakened as a result of the COVID-19 pandemic. In the Security, Defense and Aerospace segment, demand continued to grow and increased by approximately 60 percent. The drivers of growth were new customers and increased general demand for security products.
The five largest customers accounted for 45 (54) percent of net sales. In geographical terms, 85 (98) percent of net sales were generated in Europe and 15 (2) percent on other continents.
The operating result for the third quarter amounted to EUR 0.1 (0.5) million. Third-quarter operating result was 1.5 (6.7) percent of net sales. The operating result was particularly burdened by the decline in net sales and the lower share accounted for by quick-turn deliveries.
Net financial expenses amounted to EUR 0.1 (0.0) million. Earnings per share were EUR 0.00 (0.7).
January-September 2020
Net sales amounted to EUR 19.7 million (EUR 23.0 million), a year-on-year decrease of 14 percent. Net sales decreased due to the COVID-19 pandemic and the consequent weakening of general demand. Some customers have had to postpone or even cancel their orders due to uncertainty in demand. Demand varied greatly between different customer segments. In addition, Asian PCB mass suppliers have had overcapacity due to the weaker market situation, which allowed them to exceptionally respond to changing customer needs.
The five largest customers accounted for 42 percent of net sales (59%). In geographical terms, 84 percent of net sales were generated in Europe (98%) and 16 percent on other continents (2%).
The operating result amounted to EUR -0.1 million (EUR 2.7 million). The operating result was particularly burdened by the decline in net sales and the lower share accounted for by quick-turn deliveries as well as a EUR 0.3 million loan loss provision.
Net financial expenses amounted to EUR 0.2 million (EUR 0.1 million). Earnings per share were EUR -0.04 (EUR 0.40).
The order book was 16 percent lower than in the previous year. The order book at the end of the review period was EUR 4.1 (4.9) million.
THE GROUP’S KEY FIGURES | ||||||||
7-9/20 | 7-9/19 | Change | 1-9/20 | 1-9/19 | Change | |||
Net sales, M€ | 5.9 | 6.7 | -12 | % | 19.7 | 23.0 | -14 | % |
EBITDA, M€ | 0.5 | 0.8 | -32 | % | 1.1 | 3.7 | -69 | % |
Operating result, M€ | 0.1 | 0.5 | -80 | % | -0.1 | 2.7 | -103 | % |
% of net sales | 2% | 7% | -5 | ppts | 0% | 12% | -12 | ppts |
Pre-tax- profit/loss, M€ | 0.0 | 0.5 | -100 | % | -0.2 | 2.7 | -109 | % |
% of net sales | 0% | 7% | -7 | ppts | -1% | 12% | -13 | ppts |
Profit/loss for the period, M€ | 0.0 | 0.5 | -100 | % | -0.2 | 2.7 | -109 | % |
% of net sales | 0% | 7% | -7 | ppts | -1% | 12% | -13 | ppts |
Earnings per share, € | 0.03 | 0.07 | -57 | % | -0.04 | 0.40 | -110 | % |
Investments, M€ | 0.3 | 0.5 | -36 | % | 1.6 | 2.2 | -25 | % |
% of net sales | 6% | 8% | -2 | ppts | 8% | 9% | -1 | ppts |
Cash, end of the period | 3.5 | 3.5 | -4 | % | 3.5 | 3.5 | -4 | % |
Equity / share, € | 2.48 | 2.50 | -2 | % | 2.48 | 2.50 | -2 | % |
Equity ratio, % | 63% | 63% | -1 | ppts | 63% | 63% | -1 | ppts |
Gearing, % | 14% | 6% | 8 | ppts | 14% | 6% | 8 | ppts |
Personnel, end of the period | 142 | 130 | 12 | persons | 142 | 130 | 12 | persons |
* The total may deviate from the sum totals due to rounding up and down. |
INVESTMENTS
Investments during the review period amounted to EUR 1.6 (2.2) million. The investments were mainly focused on improving the capabilities of the Oulu plant. The first phase of the EUR 10 million investment program launched in 2017 was completed in early 2020. The first two years of the investment program focused on enhancing the capabilities of the Oulu plant, particularly in the Semiconductor Industry segment. The goals of the project were successfully achieved: the customer base was strengthened, and the planned technological improvements were implemented.
The investment program continued with its second phase of investments in the spring 2020. The company was granted a total of EUR 1.35 million in development support by the ELY Center for the implementation of the second phase of its Oulu plant investment, 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. All of the new equipment will be installed in an existing plant building and no additional plant space will be built. The second-phase investments will be carried out in the period between 2020 and 2022. With these investments, the company aims to further strengthen its position as a strategic partner to leading companies in the semiconductor, automotive, defense and aerospace, and telecommunications (5G) industries.
CASH FLOW AND FINANCING
Cash flow from operations amounted to EUR 3.4 (4.9) million in the review period. Cash flow weakened mainly due to the lower operating result.
Cash assets amounted to EUR 3.5 (3.5) million at the end of the period. Interest-bearing liabilities amounted to EUR 5.9 (4.6) million. Gearing was 14 (6) percent. Non-interest-bearing liabilities amounted to EUR 4.1 (5.1) million.
At the end of the period, the Group’s equity ratio amounted to 62.8 (63.4) 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.
PERSONNEL
During the review period, the company had an average of 141 (122) employees. The personnel count on September 30, 2020 was 142 (130). Of them, 88 (78) were blue-collar and 54 (52) white-collar employees.
ANNUAL GENERAL MEETING 2020, THE BOARD OF DIRECTORS AND AUTHORIZATIONS GIVEN TO THE BOARD
The decisions of the Annual General Meeting held on June 9, 2020, 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 June 9, 2020.
DIVIDEND
The Annual General Meeting of Aspocomp Group Plc held on June 9, 2020, decided to authorize the Board of Directors to decide, at its discretion, on the distribution of up to EUR 0.15 per share from retained earnings and / or return on invested equity in one or more tranches.
The Board of Directors of Aspocomp Group Plc decided on September 16, 2020 that EUR 0.15 per share shall be distributed as dividend. The dividend was paid to shareholders registered in the company’s register of shareholders maintained by Euroclear Finland Ltd on the record date of the dividend distribution, September 18, 2020. The dividend was paid on September 25, 2020.
SHARES
The total number of Aspocomp’s shares at September 30, 2020 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 2,148,285 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki during the period from January 1 to September 30, 2020. The aggregate value of the shares exchanged was EUR 9,052,916. The shares traded at a low of EUR 3.20 and a high of EUR 6.20. The average share price was EUR 4.21. The closing price at September 30, 2020 was EUR 4.30, which translates into market capitalization of EUR 29.4 million.
The company had 3,757 shareholders at the end of the review period. Nominee-registered shares accounted for 2.5 percent of the total shares.
OUTLOOK FOR THE FUTURE
The COVID-19 pandemic and the weakened economy are having a broad impact on the supply chains of the electronics industry and on customer orders. Due to the major uncertainties related to customer demand, the outlook for 2020 involves a significantly higher risk than normal. The European car industry is in an especially difficult situation.
The company’s full-year guidance, announced on July 16, 2020, remains unchanged. Aspocomp estimates that its net sales and operating result for 2020 will fall significantly short of 2019. In 2019, net sales amounted to EUR 31.2 million and the operating result to EUR 3.4 million.
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 and the weakened economy are having a major impact on the supply chains of the entire electronics industry. The availability of the PCBs subcontracted by the company in China might weaken significantly and their delivery times become considerably longer. At the same time, the COVID-19 pandemic may affect the availability of parts and components required by electronic assemblers, which would weaken demand.
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.
Espoo, November 4, 2020
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. The figures presented for the review period have not been 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 2019; however, the company complies with the standards and amendments that came into effect as from January 1, 2020.
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.
Amendments to IAS 1 and IAS 8 Definition of Material
The IASB has issued the following new or revised standards and interpretations that the Group has not yet applied. The Group adopts them from the effective date of each standard and interpretation, or, if the effective date is other than the first day of the financial year, from the beginning of the financial year following the effective date.
The IASB has amended IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to use a uniform definition of materiality throughout IRFSs and the Conceptual Framework for Financial Reporting, clarifying when information is material and includes guidance on irrelevant information.
In particular, the amendments clarify:
• that the reference to obscuring information applies to situations where the effect is similar to the omission or misstatement of that information and that the entity assesses materiality in the light of the financial statements as a whole; and
• that “primary users of financial statements for general use” means those to whom the financial statements are addressed and include “many current and potential investors, lenders and other creditors” who are largely required to meet their financial information needs through publicly available financial statements.
Any other IFRS or IFRIC interpretation already issued but not yet effective is not expected to have a material impact on the Group.
PROFIT & LOSS STATEMENT | July-September 2020 | ||||
1 000 € | 7-9/2020 | 7-9/2019 | Change | ||
Net sales | 5,857 | 100% | 6,689 | 100% | -12% |
Other operating income | 18 | 0% | 5 | 0% | 257% |
Materials and services | -2,551 | -44% | -3,406 | -51% | -25% |
Personnel expenses | -1,779 | -30% | -1,412 | -21% | 26% |
Other operating costs | -1,017 | -17% | -1,099 | -16% | -7% |
Depreciation and amortization | -440 | -8% | -327 | -5% | 34% |
Operating result | 88 | 2% | 450 | 7% | -80% |
Financial income and expenses | -86 | -1% | 1 | 0% | |
Profit/loss before tax | 2 | 0% | 451 | 7% | -100% |
Income taxes | 0 | 0% | 0 | 0% | |
Profit/loss for the period | 2 | 0% | 451 | 7% | -100% |
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 | 0 | 0% | -1 | 0% | |
Total other comprehensive income | 0 | 0% | -1 | 0% | |
Total comprehensive income | 2 | 0% | 450 | 7% | -100% |
Earnings per share (EPS) | |||||
Basic EPS | 0.00 | € | 0.07 | € | -100% |
Diluted EPS | 0.00 | € | 0.07 | € | -100% |
PROFIT & LOSS STATEMENT | January-September 2020 | ||||||
1 000 € | 1-9/2020 | 1-9/2019 | Change | 1-12/2019 | |||
Net sales | 19,693 | 100% | 23,020 | 100% | -14% | 31,189 | 100% |
Other operating income | 67 | 0% | 71 | 0% | -5% | 73 | 0% |
Materials and services | -9,398 | -48% | -10,394 | -45% | -10% | -13,963 | -45% |
Personnel expenses | -5,880 | -30% | -5,507 | -24% | 7% | -7,763 | -25% |
Other operating costs | -3,357 | -17% | -3,536 | -15% | -5% | -4,881 | -16% |
Depreciation and amortization | -1,211 | -6% | -921 | -4% | 31% | -1,263 | -4% |
Operating result | -86 | 0% | 2,733 | 12% | -103% | 3,393 | 11% |
Financial income and expenses | -150 | -1% | -68 | 0% | 120% | -136 | 0% |
Profit/loss before tax | -236 | -1% | 2,665 | 12% | -109% | 3,257 | 10% |
Income taxes | -2 | 0% | -3 | 0% | 683 | 2% | |
Profit/loss for the period | -238 | -1% | 2,662 | 12% | -109% | 3,940 | 13% |
Other comprehensive income | |||||||
Items that will not be reclassified to profit or loss | |||||||
Remeasurements of defined benefit | |||||||
pension plans | 50 | 0% | |||||
Income tax relating to these items | -8 | 0% | |||||
Items that may be reclassified subsequently to profit or loss: | |||||||
Currency translation differences | 0 | 0% | -2 | 0% | – | -2 | 0% |
Other comprehensive income, net of tax | 0 | 0% | -2 | 0% | – | 40 | 0% |
Total comprehensive income | -238 | -1% | 2,660 | 12% | -109% | 3,979 | 20% |
Earnings per share (EPS) | |||||||
Basic EPS | -0.04 | € | 0.40 | € | -110% | 0.59 | € |
Diluted EPS | -0.04 | € | 0.40 | € | -110% | 0.59 | € |
CONSOLIDATED BALANCE SHEET | ||||
1 000 € | 9/2020 | 9/2019 | Change | 12/2019 |
Assets | ||||
Non-current assets | ||||
Intangible assets | 3,228 | 3,243 | 0% | 3,260 |
Tangible assets | 5,709 | 4,925 | 16% | 5,607 |
Right-of-use assets | 1,035 | 1,048 | -1% | 1,333 |
Financial assets at fair value through profit or loss | 95 | 15 | 537% | 15 |
Deferred income tax assets | 4,673 | 3,985 | 17% | 4,673 |
Total non-current assets | 14,470 | 13,216 | 9% | 14,888 |
Current assets | ||||
Inventories | 3,075 | 2,641 | 16% | 3,321 |
Short-term receivables | 5,731 | 7,069 | -19% | 8,937 |
Cash and bank deposits | 3,480 | 3,519 | -1% | 2,382 |
Total current assets | 12,285 | 13,229 | -7% | 14,639 |
Total assets | 27,025 | 26,444 | 2% | 29,527 |
Equity and liabilities | ||||
Share capital | 1,000 | 1,000 | 0% | 1,000 |
Reserve for invested non-restricted equity | 4,697 | 4,523 | 4% | 4,534 |
Remeasurements of defined benefit pension plans | -12 | -53 | -78% | -12 |
Retained earnings | 11,310 | 11,297 | 0% | 12,574 |
Total equity | 16,995 | 16,766 | 1% | 18,096 |
Long-term financing loans | 4,735 | 3,319 | 43% | 4,326 |
Other non-current liabilities | 355 | 412 | -14% | 355 |
Deferred income tax liabilities | 25 | 21 | 18% | 25 |
Short-term financing loans | 1,171 | 1,249 | -6% | 1,486 |
Trade and other payables | 3,745 | 4,678 | -20% | 5,239 |
Total liabilities | 10,031 | 9,678 | 4% | 11,431 |
Total equity and liabilities | 27,025 | 26,444 | 2% | 29,527 |
CONSOLIDATED CHANGES IN EQUITY | ||||||
January-September 2020 | ||||||
1000 € | Share capital | Other reserve | Remeasurements of employee benefits | Translation differences | Retained earnings | Total equity |
Balance at Jan. 1, 2020 | 1,000 | 4,534 | -12 | 2 | 12,572 | 18,096 |
Comprehensive income | ||||||
Comprehensive income for the period | -238 | -238 | ||||
Other comprehensive income for the period, net of tax | ||||||
Translation differences | 0 | 0 | ||||
Total comprehensive income for the period | 0 | 0 | 0 | 0 | -238 | -238 |
Business transactions with owners | ||||||
Dividends paid | -1,026 | -1,026 | ||||
Share-based payment | 163 | 163 | ||||
Business transactions with owners, total | 0 | 163 | 0 | 0 | -1,026 | -863 |
Balance at September 30, 2020 | 1,000 | 4,697 | -12 | 2 | 11,308 | 16,995 |
January-September 2019 | ||||||
Balance at Jan. 1, 2019 | 1,000 | 4,504 | -53 | 4 | 9,432 | 14,888 |
Comprehensive income | ||||||
Comprehensive income for the period | 2,662 | 2,662 | ||||
Other comprehensive income for the period, net of tax | ||||||
Translation differences | 0 | -2 | -2 | |||
Total comprehensive income for the period | 0 | 0 | 0 | -2 | 2,662 | 2,660 |
Business transactions with owners | ||||||
Dividends paid | -800 | -800 | ||||
Share-based payment | 18 | 0 | 18 | |||
Business transactions with owners, total | 0 | 18 | 0 | 0 | -800 | -782 |
Balance at September 30, 2019 | 1,000 | 4,523 | -53 | 2 | 11,294 | 16,766 |
CONSOLIDATED CASH FLOW STATEMENT | January-September | ||
1 000 € | 1-9/2020 | 1-9/2019 | 1-12/2019 |
Profit for the period | -238 | 2,662 | 3,940 |
Adjustments | 1,312 | 902 | 658 |
Change in working capital | 2,522 | 1,400 | -159 |
Received interest income | 0 | 0 | 0 |
Paid interest expenses | -145 | -48 | -151 |
Paid taxes | -2 | -3 | -1 |
Cash flow from operating activities | 3,449 | 4,913 | 4,287 |
Investments | -1,630 | -2,179 | -3,548 |
Proceeds from sale of property, plant and equipment | 13 | 66 | 66 |
Cash flow from investing activities | -1,617 | -2,113 | -3,482 |
Increase in financing | 3,000 | 0 | 1,000 |
Decrease in financing | -2,604 | -787 | -828 |
Decrease in lease liabilities | -298 | -259 | -356 |
Stock options exercised | 139 | 0 | 0 |
Dividends paid * | -880 | -800 | -800 |
Cash flow from financing activities | -643 | -1,845 | -983 |
Change in cash and cash equivalents | 1,189 | 954 | -179 |
Cash and cash equivalents at the beginning of period | 2,382 | 2,565 | 2,565 |
Effects of exchange rate changes on cash and cash equivalents | -91 | 0 | -5 |
Cash and cash equivalents at the end of period | 3,480 | 3,519 | 2,382 |
* Taxes on dividends paid, totaling 138 thousand euro, have been paid on October 12, 2020. |
KEY INDICATORS | ||||||
Q3/2020 | Q2/2020 | Q1/2020 | Q4/2019 | 2019 | ||
Net sales, M€ | 5.9 | 7.1 | 6.7 | 8.2 | 31.2 | |
Operating result before depreciation (EBITDA), M€ | 0.5 | 0.6 | 0.0 | 1.0 | 4.7 | |
Operating result (EBIT), M€ | 0.1 | 0.3 | -0.4 | 0.7 | 3.4 | |
of net sales, % | 2% | 4% | -6% | 8% | 11% | |
Profit/loss before taxes, M€ | 0.0 | 0.2 | -0.4 | 0.6 | 3.3 | |
of net sales, % | 0% | 3% | -7% | 7% | 10% | |
Net profit/loss for the period, M€ | 0.0 | 0.2 | -0.4 | 1.3 | 3.9 | |
of net sales, % | 0% | 3% | -7% | 16% | 13% | |
Equity ratio, % | 63% | 62% | 64% | 61% | 61% | |
Gearing, % | 14% | 14% | 21% | 19% | 19% | |
Gross investments in fixed assets, M€ | 0.3 | 0.3 | 1.0 | 1.8 | 3.5 | |
of net sales, % | 6% | 5% | 14% | 21% | 11% | |
Personnel, end of the quarter | 142 | 144 | 139 | 132 | 132 | |
Earnings/share (EPS), € | 0.03 | 0.03 | -0.07 | 0.19 | 0.59 | |
Equity/share, € | 2.48 | 2.63 | 2.60 | 2.70 | 2.70 |
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 € | 9/2020 | 9/2019 | 12/2019 |
Business mortgage | 6,000 | 4,000 | 6,000 |
Collateral note | 1,200 | 1,200 | 1,200 |
Guaranteed contingent liability towards the Finnish Customs | 35 | 95 | 35 |
Total | 7,235 | 5,295 | 7,235 |
All figures are unaudited.
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
Attachment
Artificial Intelligence
Actuators Market worth $94.8 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, March 29, 2024 /PRNewswire/ — The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth can be attributed to growing industrial automation and use of robots in various sectors like manufacturing and transportation, Developments in areas like sensor technology, connectivity, and control systems, The increasing demand for actuators is fueled by the expansion of sectors like healthcare (medical devices), oil & gas, and aerospace & defense, and the need for improved process control, energy efficiency, and safety regulations in various industries.
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Browse in-depth TOC on “Actuators Market” 300 – Tables175 – Figures350 – Pages
Actuators Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 67.7 billion
Estimated Value by 2029
$ 94.8 billion
Growth Rate
Poised to grow at a CAGR of 7.0%
Market Size Available for
2019–2028
Forecast Period
2023–2028
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Actuation, Application, Type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Issues of leakage in pneumatic and hydraulic actuators
Key Market Opportunities
Increased spending on renewable sources of energy for power generation
Key Market Drivers
Rapid industrialization and utilization of robotics
The Electric segment held the largest growth rate in the Actuators market by actuation.
By actuation, the Actuators market has been segmented into electric, hydraulic, pneumatic, and others. electric Segment to hold the highest growth rate during the forecast period. Electrical actuators use electricity to produce motion. These actuators can be further classified into solenoid actuators and motor-driven actuators. A solenoid used in an electric actuator works on the principle of electromagnetism. Electrical actuators provide control and acceleration at higher speeds. The force for applying thrust can be managed without the requirement for compressed air and the related infrastructure, and hence the total energy consumption in these actuators is lower. Electrical actuators can be used for various applications where linear as well as rotary actuation is required. They can be used for low torque as well as high torque requirements.
The vehicle equipment segment is expected to account for the largest share of Actuators by application in 2024.
By application, the Actuators industry is segmented into industrial automation, robotics, and vehicle equipment. The vehicles and equipment segment includes actuators used in automotive, aircraft, ships, and defense vehicles. These can be either hydraulic, pneumatic, electrical, or mechanical actuators. Actuators are widely used in various systems and sub-systems of an automobile, aircraft, ships as well as defense vehicles.
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Asia Pacific accounts for the largest market share in 2024.
The Actuators market has been studied in North America, Europe, Asia Pacific, Middle East, and Rest of the World. The Asia Pacific region accounts for the largest market share in 2024 as well as throughout the forecast period due to the increasing demand for actuators in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Actuators market.
Major players operating in the Actuators companies are SMC Corporation (Japan), Rockwell Automation (US), Curtiss-wright Corporation (US), ABB Ltd (Switzerland), and Parker Hennifin Corporation (US).
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Roborock Unveils Global No.1 Robotic Vacuum Cleaner Sales Ranking at International Launch Event
Certified by Euromonitor, Roborock attributes its rise to the top to embracing a long-term mindset while upholding customer-centric innovation above all else
BEIJING, March 29, 2024 /PRNewswire/ — Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced it has taken the number one spot for robotic vacuum sales worldwide, according to new data by Euromonitor. Celebrating its achievements at a global launch event on the eve of its 10-year anniversary, the brand also revealed a glimpse of what is to come in the form of new product lines while sharing its vision for the future.
Founded in 2014, Roborock owes its success to its long-standing commitment to customer-centric innovation. By delivering meaningful solutions which improve everyday lives, Roborock has built a truly global fanbase, with Euromonitor data confirming that the brand has achieved the number 1 sales position worldwide for robotic vacuum cleaners[1].
“We are so honored to be celebrating this achievement with you all, which was made possible thanks to the ongoing trust and support received over the last 10 years.” Mr. Quan, Roborock President, announced, “Our path to success has been a marathon, not a sprint, as we have always kept in view our brand spirit of “taking the long view in order to do the right thing”. Our unwavering commitment to focusing on delivering true value to our customers is how we have built the brand affinity that has gotten us where we are today – firmly on our way to becoming a global leader in the smart home space.”
Steppingstones on the Path to Success: Roborock Achieves Steady Market Growth on Journey to Become a Global Leading Home Appliance Brand
Further cementing its global success story, the brand also revealed impressive results in many of its key markets. Roborock is now present in over 170 countries, serving over 15 million homes worldwide. According to data from IDC, Roborock ranks number one in Turkey and number two in the US in terms of sales, while also taking the top spot in Germany, Korea, and the Nordics in terms of shipments in 2023[2]. As revealed by Roborock’s latest Financial Earnings Report, the brand recorded a total revenue of 8.65 billion Yuan last year (US$1.22 billion), with total robot vacuum shipments surpassing 2.6 million units. Roborock’s overseas operation recorded revenue growth of 21.42% compared to the prior year and Roborock’s net profit was listed at 2.05 billion Yuan (US$288 million), achieving an overall annual growth rate of 73.32%. This consistent growth across all key markets demonstrates Roborock’s strategic choice to directly address consumer demands and striving for excellence across user experience is resonating with millions worldwide.
Despite these successes, Mr. Quan acknowledged these results were not in themselves the ultimate end goal. Globalization is a vital pillar of Roborock’s mission to become a leader in its field. As such, Roborock plans to expand its global footprint by introducing more innovative products that cater to the unique needs of global users, taking into account the different requirements of various markets, and extending more partnerships worldwide, ensuring that Roborock makes strides overseas on a larger scale and at a faster pace.
Meaningful Innovation: Roborock’s User-Centric R&D Principles and Latest Revolutionary Developments
Roborock’s passion to create value for its consumers propels them to continuously seek out new technological advancements that can serve real consumer pain points. From 2019 to 2023 Roborock invested 1.9 billion Yuan (260 million USD) in Research and Development. Roborock’s approach to take the long term view, ensures R&D teams are encouraged not to seek quick fixes, but to focus on innovation that will truly serve the needs of the end consumer, such as addressing key areas like cleaning capabilities, mapping and navigation, convenience and smart home interconnectivity.
Enhancing the cleaning capabilities of its latest range, Roborock has introduced the FlexiArm Design™ Side Brush, a stretching side brush delivering 100% corner cleaning coverage – elevating the user experience. When it comes to user satisfaction, delivering a low-maintenance, hands-free experience is also paramount. Roborock recently introduced an auto water refill and drainage system, which automatically emptying and replacing dirty water with clean water through pipes during mop washing and tank refilling.
Aside from advanced hardware solutions, Roborock has always invested heavily in the discovery and implementation of emerging technologies that can enhance the functionality and accessibility of its devices. Roborock’s Reactive AI 2.0 Obstacle Recognition technology can recognize and differentiate between floor and room types, accurately identifying 73 different obstacles to navigate, including floor mirrors and pet supplies. Roborock SmartPlanTM function uses an advanced AI algorithm to intelligently plan and optimize cleaning paths and settings based on user habits and specific home layout, making the cleaning process even more intelligent and efficient. The S8 MaxV Ultra is now certified by CSA for Matter, and other Roborock products will follow in the near future suit to enhance connectivity.
Enriching Roborock’s Product Portfolio to Enhance the Quality of Life for Consumers
Concluding the exciting launch, Roborock unveiled three exciting new product lines to its portfolio of intelligent automated devices. Roborock’s product managers took to the stage to introduce three new robotic vacuums – the G20S (S8 MaxV Ultra), V20 and P10S Pro.
The G20S (S8 MaxV Ultra) launched to great acclaim at CES 2024 and is Roborock’s most technologically advanced one-stop cleaning solution to date. A highly intuitive device, the G20S is equipped with FlexiArm Design™ Side Brush, a unique robotic arm that enables complete corner cleaning capabilities, and an extra side mop for edge cleaning, alongside Reactive AI 2.0 obstacle recognition, built-in intelligent voice assistant, and RockDock® Ultra which automatically maintains the robot cleaner using hot water and heated air with intelligent mop re-washing and re-mopping capabilities. The G20S (S8 MaxV Ultra) will be available to purchase globally from April, retailing for USD 1799.99 / EURO 1499.
Initially debuting in China, the V20 will be the world’s first robotic vacuum cleaner equipped with dual-vision 3DToF solid-state LiDAR navigation and obstacle avoidance system, which observes the reflection of modulated light to offer better depth accuracy for even more intuitive floor mapping. With an ultra-thin 8.2cm body and equipped with FlexiArm DesignTM corner and edge cleaning, DuoRoller Riser Brush, and maintenance-free cleaning dock, the V20 is set to redefine automated, low maintenance cleaning.
Finally, the P10S Pro is positioned as the perfect partner for those hard-to-reach spots. Combining FlexiArm DesignTM with an extendable side brush and mop, the device provides 100% corner coverage and the ultimate in edge-cleaning, taking even the trickiest surfaces in its stride.
These solutions further solidify Roborock’s commitment to satisfying the needs of its customers in its fearless pursuit of innovation. Stay tuned for further market specific launch announcements of these innovations and more.
About Roborock
Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://global.roborock.com/.
[1] The data comes from Euromonitor International (Shanghai) Co., Ltd. The sales figures of robotic vacuum cleaners worldwide in the first three quarters of 2023 (in RMB hundred million) were used for calculation. Roborock ranks first in the industry. Robotic vacuum cleaner refers to vacuum cleaners that automatically move around rooms using sensors to clean floors. The research was completed in February 2024.
[2] Data based on IDC Quarterly Smart Home Device Tracker, 2023 Q4. Rankings for the US and Turkey are based on sales value, while rankings for Germany, the Nordic countries (Denmark, Finland, Norway, Sweden), and Korea are based on shipment volume
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Artificial Intelligence
Cato Shatters SASE Speed Record
Cato doubles throughput without any hardware upgrades, underscoring the value of a fully cloud-native platform.
TOKYO, March 29, 2024 /PRNewswire/ — Cato Networks, the SASE leader, announced a new SASE throughput record here at the Porsche Studio Ginza ahead of the 2024 Tokyo E-Prix, achieving 10 Gbps without hardware upgrades. At 10 Gbps, Cato became the first SASE platform to compete not only in the ABB FIA Formula E World Championship but also to deliver SASE performance so powerful that the TAG Heuer Porsche Formula E Team could transfer all the data of an entire Formula E season in under 2.5 hours instead of 3.5 days.
“We’re very excited to be partnering with the TAG Heuer Porsche Formula E Team at the 2024 Tokyo E-Prix,” says Shlomo Kramer, CEO and co-founder of Cato Networks. “The incredible speeds of the Gen3 racecars are only matched by the unprecedented throughput of Cato SASE Cloud. With 10 Gbps, we enable enterprises to replace their data center firewalls and enjoy all the benefits of a true, cloud-native SASE platform.”
Cato SASE Speed Record Up to 3x Other SASE Solutions on the Grid
As SASE continues its upmarket movement, higher capacity connections become essential for meeting various business needs such as bandwidth-intensive applications (cloud storage and backup, disaster recovery), hybrid clouds connecting two parts of the data center for inter-application processing, and large campuses.
To meet those challenges, Cato is introducing 10 Gbps throughput on a single, encrypted tunnel. The doubling of Cato Cloud Interconnect and Cato Socket performance comes without costly hardware upgrades, typical of appliance-based architectures. Compute-intensive operations that usually degrade edge appliance performance — packet encryption/decryption, security inspection, and the like — are handled by multiple Cato Single Pass Processing Engine (SPACE) cores, concurrently processing real-time traffic within Cato PoPs (Points of Presence). Parallel network flow processing is also enabled within the Cato Socket to maximize throughput end-to-end.
By contrast, SASE solutions implemented as virtual machines (VMs) in the cloud or modified web proxies remain limited to under 2 Gbps of throughput for a single tunnel. Appliance-based SASE
solutions top out at just under 3 Gbps. The lower throughputs force enterprises to artificially split traffic within locations across multiple tunnels from the edge appliance to the SASE PoP, a layer of complexity and risk that does not exist in Cato SASE Cloud.
Tokyo: A Place for Fast Cars and Fast Networks
The 2024 Tokyo E-Prix is the perfect venue to highlight Cato’s breakthrough performance. In the fast-paced world of Formula E, every second counts. The sport is intensively data-driven, where teams rely on their IT networks to analyze data and make critical, split-second strategy decisions to achieve a winning edge. Multiple computers in the car produce 100 to 500 billion data points per event, with more than 400 gigabytes of data generated and sent back to the cloud for analysis.
With 16 E-Prix this season, many in regions lacking Tokyo’s developed infrastructure, the ABB FIA Formula E Word Championship presents an incredible networking and security stress test. Cato SASE Cloud provides fast, secure, and reliable access to the TAG Heuer Porsche Formula E Team, regardless of location.
Tokyo, Osaka, and soon Sapporo form the three PoP locations within Japan. Within Tokyo, three Cato PoPs service the region; another two PoPs service Osaka. A sixth PoP is opening in Sapporo. Should users or locations lose access to any one PoP, they would immediately fail over to one of the other PoPs in Japan, providing the TAG Heuer Porsche Formula E Team and all Cato customers with incredibly reliable access in Tokyo – and across the globe.
To learn more about Cato SASE Cloud, visit us at https://www.catonetworks.com/platform/
To learn more about Cato’s partnership with the TAG Heuer Porsche Formula E Team, visit us at https://www.catonetworks.com/porsche-formula-e-team/.
About Cato Networks
Cato Networks is the leader in SASE, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.
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