Aspocomp’s sales drop 17% in 2013

Finnish Aspocomp’s net sales for 2013 amounted to EUR 19.3 million, a year-on-year decrease of 17 percent. The level of demand remained unstable throughout the financial year.
Key figures 2013 in brief (EUR)

Net sales: 19.3 million (23.4 million 2012)
Operating result before depreciation (EBITDA): 0.8 million (2.1)
Operating profit (EBIT): -0.7 million (0.6)
Operational cash flow: 0.7 million (1.2)After the cautious recovery that Aspocomp recorded in the third quarter, the market situation weakened again and was very difficult during the year-end holiday season. In particular, net sales of the customers in the telecom infrastructure fell clearly short of the targeted. The actual sales of the other customers were also lower than targeted. Demand for quick-turn deliveries, which is essential for profitability, was also muted in all customer areas.

The operating result was EUR -0.7 million (EUR 0.6 million 1-12/2012). Both plants operated at low capacity utilization during most of the year. A partial summer standstill was started at the Teuva plant in late June and ended in September. For the duration of the standstill, most of the plant’s production was transferred to the company’s Oulu plant. After September, the Teuva plant has been operating in one shift, which is not optimal in terms of profitability. The Oulu plant has been operating normally in three shifts to ensure quick-turn delivery capabilities.

The operating result is improved by a one-time item of approximately EUR 1.2 million, which is related to the reversal of a provision for closure expenses.

In 2014, net sales are expected to be EUR 20-25 million and operating profit without one-time items EUR -0.5-1.5 million.

CEO Sami Holopainen review the year: “2013 turned out to be a very difficult year. After the weak first half of the year, the demand situation improved slightly in the third quarter, but weakened again toward the end of the year. Subdued demand caused many customers to streamline their operations during the year-end holiday season. Coupled with the usual optimization of inventory levels, this led to a collapse in demand. Net sales amounted in the end to only EUR 19.3 million, 17 percent less than in 2012. Operating result was EUR 0.7 million negative.”

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