Aspocomp’s Net Sales Up 45% in Q1 2022

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Aspocomp releases its Interim Report January 1-March 31, 2022. Net sales increased by 45% and operating result improved significantly in the first quarter.

First Quarter 2022 Highlights 

• Net sales EUR 9.0 (6.2) million, increase of 45%
• Operating result EUR 0.8 (-0.5) million, 8.9% (-8.0%) of net sales
• Earnings per share EUR 0.11 (-0.07)
• Operative cash flow EUR 0.7 (-0.1) million
• Equity ratio 66.9% (62.7%), increase of 4%
• Order book at the end of the review period EUR 20.5 (5.3) million, increase of 284%
• Orders received EUR 13.0 (8.0) million, increase of 63%

Outlook for 2022

Demand is expected to improve in all customer segments. However, a global shortage of components may limit growth in customer demand.

The company’s full-year guidance remains unchanged. Aspocomp estimates that its net sales for 2022 will increase and its operating result for 2022 will improve from 2021. In 2021, net sales amounted to EUR 33.2 million and the operating result to EUR 2.2 million.

CEO’s Review

“The year got off to a great start, although typically the first quarter is the most challenging of the year. Net sales increased by 45 percent to EUR 9.0 million, supported by a strong order book. New equipment installations in February caused a production shutdown that cut production capacity by a couple of weeks and thus reduced net sales.

All customer segments were growing, but the Semiconductor Industry clearly developed the best, with net sales quadrupling to EUR 2.8 million. The growth of the Semiconductor Industry customer segment was driven by ongoing global investments in significant increases in chip capacity.

New orders totaled EUR 13.0 million in the first quarter and the order book rose to a new record of 20.5 million. The order book strengthened, especially due to strong demand in the Semiconductor customer segment. Of the order book, EUR 19.4 million is scheduled for delivery this year and the remaining EUR 1.1 million next year.

The operating result increased to EUR 0.8 million from EUR -0.5 million in the comparison period, amounting to just under 9 percent of net sales. Operating result increased mainly due to higher net sales and improved product mix. On the other hand, the February shutdown caused additional costs, which weakened the result.

The war in Ukraine and the sanctions imposed on Russia have not had a direct impact on Aspocomp’s business. As the geopolitical situation changes, Aspocomp’s strategy of manufacturing PCBs in Europe is working. Despite the significant risks, we are adopting the guidance for 2022.”

Net Sales and Earnings

January-March 2022

First-quarter net sales amounted to EUR 9.0 (6.2) million, a year-on-year increase of 45%.

The Semiconductor Industry segment’s net sales quadrupled to EUR 2.8 (0.7) million. The growth of the Semiconductor Industry customer segment was driven by ongoing global investments in significant increases in chip capacity.

The Industrial Electronics customer segment grew by 29% to EUR 1.7 (1.3) million. Its growth was supported particularly by the industrial recovery from the pandemic and the increase in industrial investment in general.

The Security, Defense and Aerospace customer segment’s net sales increased by 16% to EUR 1.5 (1.3) million. The segment’s growth was driven by new projects and customer relationships.

The growth of the Automotive customer segment was 5%, with net sales rising to EUR 1.7 (1.6) million. Growth in the Automotive Industry segment was limited by a general shortage of components and extended delivery times in the automotive industry.

The Telecommunication segment’s net sales amounted to EUR 1.3 (1.3) million, a year-on-year increase of 2%. Problems with the availability of semiconductor components and extended delivery times continue to slow down customers’ product development cycles.

The five largest customers accounted for 53% (48%) of net sales. In geographical terms, 90% (87%) of net sales were generated in Europe and 10% (13%) on other continents.

The operating result for the first quarter amounted to EUR 0.8 (-0.5) million. The improvement in operating result in the first quarter was mainly due to increase in net sales and the improved product mix. On the other hand, the additional costs caused by the production shutdown in February weakened the result. First-quarter operating result was 8.9% (-8.0%) of net sales.

Net financial expenses amounted to EUR 0.0 (0.0) million. Earnings per share were EUR 0.11 (-0.07).

The order book at the end of the review period was EUR 20.5 (5.3) million. Growth in the order book was particularly supported by increased demand in the Semiconductor Industry customer segment. Of the order book, EUR 19.4 million has been scheduled for delivery this year and the remaining EUR 1.1 million next year.