2009-04-27 11:29:25 CEST
2009-04-27 11:30:05 CEST
REGULATED INFORMATION
Aspo - Interim report (Q1 and Q3)
ASPO GROUP INTERIM REPORT JANUARY 1 TO MARCH 31, 2009
ASPO Plc STOCK EXCHANGE BULLETIN April 27, 2009
at 12:30 1(16)
Aspo's operating profit and net sales grew during the review period
January-March, continuing operations
- Net sales for Aspo Group's continuing operations in January-March
amounted to EUR 78.4 million (EUR 52.5 million)
- Operating profit was EUR 3.8 million (EUR 2.9 million)
- Profit before tax amounted to EUR 2.5 million (EUR 2.4 million)
- Earnings per share for continuing operations stood at EUR 0.07 (EUR
0.08)
- The Group's financing situation is good. Interest-bearing net debt
stood at EUR 77.6 million (EUR 19.7 million) at the end of the review
period.
- During the review period, the maturity structure of financing was
made more long-term and, compared to the previous quarter, the amount
of interest-bearing net debt decreased further
- Aspo has the preconditions to improve the result of continuing
operations in 2009
- The Group's net sales growth will continue, but earnings per share
is not expected to reach last year's record level
KEY FIGURES
1-3/2009 1-3/2008 1-12/2008
Continuing operations
Net sales, MEUR 78.4 52.5 358.2
Operating profit, MEUR 3.8 2.9 14.1
Share of net sales, % 4.8 5.5 3.9
Profit before tax, MEUR 2.5 2.4 9.5
Share of net sales, % 3.2 4.6 2.7
Personnel at the end of period 769 366 821
Earnings per share, EUR, Continuing
operations 0.07 0.08 0.27
Earnings per share, EUR, Discontinued
operations -0.03 0.33
Earnings per share, EUR, total 0.07 0.05 0.60
EPS adjusted for dilution, EUR,
Continuing operations 0.07 0.08 0.26
EPS adjusted for dilution, EUR,
Discontinued operations -0.03 0.30
EPS adjusted for dilution, EUR, total 0.07 0.05 0.56
Comparable earnings per share, EUR,
Continuing operations 0.27
Comparable earnings per share, EUR,
Discontinued operations -0.03
The Group as a whole
Equity per share, EUR 2.21 2.44 2.56
Equity ratio, % 27.8 45.5 30.6
Gearing, % 136.0 31.3 124.9
AKI OJANEN, ASPO'S CEO:"Despite the recession and uncertainty in global economics, the
Group's earnings developed as planned in the first quarter. Net sales
grew strongly compared to the first quarter in 2008.
Aspo's result can be considered good in the current market situation.
All divisions reached positive results and the Group's administration
costs have decreased as planned.
In accordance with its strategy, Aspo, as a conglomerate, has
decentralized its risks by focusing on several small niche areas: The
new Group structure has enabled better than average result
development in the current economic recession. We have also focused
on growth opportunities, which was visible, for instance, as good and
profitable business growth in Russia.
The acquisition carried out in the spring of 2008 naturally increased
the company's gearing. Since the acquisition, the company has
decreased its debt and determinedly improved its solvency. The Group
has generated good cash flow. Our financial position and cash
situation has been good throughout the review period.
A prolonged and possibly worsening economic recession may also have a
negative effect on Aspo Group's development and operations. However,
we do believe that our divisions' relative market position in the
Baltic Sea region has improved."
ASPO AS A COMPANY
Aspo is a conglomerate that owns and develops businesses in the
Baltic Sea region focusing on demanding B-to-B customers. The aim of
our strong corporate brands - ESL Shipping, Leipurin, Telko and
Kaukomarkkinat - is to be the market leaders in their sectors. They
are responsible for their own operations, customer relationships and
the development of these. Together they generate Aspo's goodwill.
Aspo's Group structure and business operations are developed
persistently without any predefined schedules.
FINANCIAL REPORTING
As of January 1, 2009, the Group has applied the following new and
revised standards: IFRS 8 Operating Segments and IAS 1 Presentation
of Financial Statements. IFRS 8 has an effect on the segment
information and IAS 1 has an effect on the presentation of the income
statement. The comparison figures have been restated according to the
new standards. The changes have no effect on the Group's result or
financial position.
Aspo's reporting segments are as follows: ESL Shipping, Leipurin,
Telko and Kaukomarkkinat. The operations of the segments are
described in the respective segment sections. Kaukomarkkinat,
previously presented in other operations together with Group
administration, is now presented as a separate segment. Other
operations include Group administration.
The new segment structure corresponds to the Group structure and
internal reporting. Management reporting is based on IFRS standards.
As of January 1, 2009, the company reports net sales from the
following geographical areas: Finland, Scandinavia, Baltic countries,
Russia and other CIS, and other countries.
Leipurin and Kaukomarkkinat are included in Aspo Group's figures from
the beginning of May 2008. Therefore the comparison data for these
segments are missing for the first quarter of 2008. Telko's
comparison data does not include Kauko-Telko's industrial raw
material operations that were acquired in the spring of 2008.
OPERATIONAL PERFORMANCE
General uncertainty has continued on the markets. Prices of crude oil
and other raw materials have either stabilized at low levels after a
steep decline or made a slight upturn. Prices of food have continued
rising slightly but the prices of raw materials have decreased. The
demand for raw materials in the food industry has continued to be
stable.
The national economies of countries in the Baltic Sea region are
expected to decrease in 2009. The general unsteadiness on the
financial markets has continued and the uncertainty concerning future
development or a possible upturn in real economy is difficult to
predict. The steep and rapid decrease in the external value of
currencies outside the euro area has stopped during the first
quarter.
The Group's operations developed well during the review period, even
if heavy uncertainty regarding economic development still prevails in
the Baltic Sea and CIS markets, which are important for Aspo.
The Group's financial position has remained at the same level as in
the 4th quarter of 2008. Due to a decrease in the Group's
interest-bearing debt and general interest rate levels, the total
financing costs are decreasing, even though the financing margins
have increased.
ESL Shipping
ESL Shipping is the leading dry bulk sea transport company operating
in the Baltic Sea area. At the end of the period the company's fleet
comprised 17 vessels.
1-3/2009 1-3/2008 Change 1-12/2008
Net Sales, MEUR 17.3 21.0 -3.7 84.1
Operating Profit, MEUR 4.1 3.2 0.9 15.6
Personnel 221 222 -1 240
The market for dry bulk cargo marine transport in the Baltic Sea
weakened and the situation was challenging. International uncertainty
in the cargo market has increased, the amount of free cargo has
decreased and price levels have dropped. The steel and construction
industries in particular have decreased their production capacity,
which has affected the amount of shipping. The shipping volume in the
energy industry remained at previous levels during the review period.
The cargo volume carried in January-March amounted to 2.8 million
tons (3.5). The share of the steel industry was 1.3 million tons
(2.0) and the energy industry represented 1.3 million tons (1.2).
Fleet operations were good considering the market situation. Net
sales amounted to EUR 17.3 million (21.0). Profitability improved,
however, as operating profit was EUR 4.1 million (3.2).
During the review period, the depreciation policy was changed for
part of the fleet to correspond with the estimated useful economic
life. The comparable operating profit improved during the review
period, also when adjusted with the effect from the change in
depreciation.
The 20,000 gross register ton vessel that is being constructed in
India is estimated to be completed in late 2009. Binding leasing
financing has been confirmed for the vessel. The second vessel that
has been ordered from the same shipyard is expected to be completed
in early 2011 at the earliest. Both vessels are in ESL Shipping's
Eira class and will be built to the highest ice class, 1A Super.
Leipurin
Leipurin serves the baking industry and others sectors of food
industry by supplying ingredients, production machinery and
production lines, as well as related expertise. Leipurin operates in
Finland, Russia, Poland, Estonia, Latvia and Lithuania. In Russia,
Leipurin has operations in several cities in addition to St.
Petersburg and Moscow. Procurement is international.
1-3/2009 1-3/2008 Change 1-12/2008
Net Sales, MEUR 21.7 21.7 69.3
Operating Profit, MEUR 0.3 0.3 3.1
Personnel 184 184 168
The raw material prices for the food industry rose to historically
high levels in 2008 but made a downturn in the fall. The price
decrease has continued in early 2009. The order book for machine
deliveries has been normal but, due to allocation of the deliveries,
there have been no significant deliveries in Q1.
Leipurin had a diverse first quarter. The baking industry sales
continued to show good earnings development in all market areas. Due
to weakened sales in other food industries and allocation of machine
deliveries, the overall result of Leipurin Group was weaker than
estimated. During the review period, operations were launched in
Novosibirsk and Kazan.
Telko
Telko is the leading expert and distributor of industrial chemicals
and plastic raw materials in the Baltic Sea region. It operates in
Finland, the Baltic countries, Scandinavia, Poland, Ukraine, Russia
and Belarus. Procurement is international.
1-3/2009 1-3/2008 Change 1-12/2008
Net Sales, MEUR 28.8 31.5 -2.7 172.7
Operating Profit, MEUR 0.1 0.7 -0.6 1.0
Personnel 232 132 100 230
Telko was created through the merger of Aspokem and Kauko-Telko's
industrial raw material operations at the beginning of May 2008.
Telko's position has strengthened since the acquisition in Northern
Europe in particular in engineering plastics that have higher unit
prices.
The steep drop in the prices and demand of petrochemical products
that began in the fall, turned around in Q1. Prices have remained at
a low level. In some raw materials, heavy volatility in prices is
expected.
Customers have decreased their volumes and adjusted orders to their
own volume of orders. Some customers have shifted to a shorter order
cycle and smaller delivery batches. In the current market situation
this has also benefitted Telko, which stores liquid chemicals.
Operations have focused on recognizing the profitability of the
different operational units. Unprofitable operations, such as
consumer sales and international sales of automotive chemicals, have
been reduced in the first quarter. Changes in the external value of
currencies outside the euro area still had a slight negative effect
on earnings.
Telko managed to turn its operations profitable after the loss seen
in the fourth quarter last year. Efficiency will still be improved in
operations.
Kaukomarkkinat
Kaukomarkkinat specializes in energy efficiency technology, the
efficiency of the process industry and on security and audio visual
applications. Operations are based on the products of the best
companies in the industry and the willingness of the company's own
experts to improve the operations or efficiency of its customers. The
company operates in Finland, Poland, Germany, Russia, China and
Vietnam.
1-3/2009 1-3/2008 Change 1-12/2008
Net Sales, MEUR 9.7 9.7 30.8
Operating Profit, MEUR 1.0 1.0 2.1
Personnel 96 96 100
The core competence of Kaukomarkkinat is based on a 40-year
cooperation with Panasonic. The distribution channels used are
wholesaler and installer networks. Agent sales represents the
strongest companies in the sector, with know-how based on improving
the efficiency of the paper and energy industries by creating more
efficient processes.
During the review period, the sales of air-source heat pumps
developed well in Finland. Business and market growth is based on
improving energy efficiency in vacation homes and one-family houses.
Pump installations are carried out either in new houses or as part of
other renovations.
From Polish agent operations, a considerable net sales and result was
recognized as income from improving efficiency in paper industry
processes. Operations in China progressed as expected. Restructuring
of operations began in Russia with a decision to shut down the
loss-making operations of the Moscow agency.
Other operations
Other operations comprises Aspo Group's administration. The cost
structure has been higher than usual since the summer of 2008 due to
the acquisition. The restructuring decisions and other efficiency
measures will lower costs considerably so that the targeted cost
effect will be achieved during the fourth quarter in 2009.
NET SALES
Aspo Group's net sales for January-March 2009 amounted to EUR 78.4
million, compared with EUR 65.2 million in the corresponding period
last year.
Net Sales by Segment, MEUR
1-3/2009 1-3/2008 Change 1-12/2008
MEUR MEUR MEUR MEUR
ESL Shipping 17.3 21.0 -3.7 84.1
Leipurin 21.7 21.7 69.3
Telko 28.8 31.5 -2.7 172.7
Kaukomarkkinat 9.7 9.7 30.8
Other operations 0.9 0.0 0.9 1.3
Continuing operations total 78.4 52.5 25.9 358.2
Discontinued operations 12.7 -12.7 45.1
Total 78.4 65.2 13.2 403.3
Inter-segment net sales is not considerable.
Net Sales by Market Area, MEUR
1-03/09 1-03/08 Change 1-12/08
Finland 37.1 22.9 14.2 166.0
Nordic countries 7.0 8.6 -1.6 47.5
Baltic countries 7.5 3.5 4.0 32.8
Russia + other CIS countries 11.6 10.5 1.1 61.1
Other countries 15.2 7.0 8.2 50.8
Continuing operations total 78.4 52.5 25.9 358.2
Discontinued operations 12.7 -12.7 45.1
Total 78.4 65.2 13.2 403.3
The significance of Russia and other CIS markets in Aspo's business
is further emphasized when ESL Shipping's raw material transport
costs from Russia, totaling EUR 7.4 million (9.1), are included in
the net sales of the Russian market area.
1-03/09 1-03/08 Change 1-12/08
Russia + other CIS countries 18.3 18.8 -0.5 90.6
EARNINGS
Operating profit for Aspo Group's continuing operations in
January-March amounted to EUR 3.8 million (2.9).
ESL Shipping's operating profit was EUR 4.1 million (3.2).
Leipurin's operating profit was EUR 0.3 million. The profit was below
estimates because no project deliveries from the machine division
were recognized as income during the review period.
Telko's operating profit turned positive after the loss-making fourth
quarter last year, amounting to EUR 0.1 million (0.7).
Kaukomarkkinat posted good operating profit at EUR 1.0 million.
Other operations comprises Aspo Group's administration. The operating
profit of other operations was EUR 1.7 million in the red.
Operating Profit by Segment, MEUR
1-3/2009 1-3/2008 Change 1-12/2008
MEUR MEUR MEUR MEUR
ESL Shipping 4.1 3.2 0.9 15.6
Leipurin 0.3 0.3 3.1
Telko 0.1 0.7 -0.6 1.0
Kaukomarkkinat 1.0 1.0 2.1
Other operations -1.7 -1.0 -0.7 -7.7
Continuing operations total 3.8 2.9 0.9 14.1
Discontinued operations -0.4 0.4 9.6
Total 3.8 2.5 1.3 23.7
Earnings per share
Earnings per share for continuing operations stood at EUR 0.07 (EUR
0.08). The Group's earnings per share was EUR 0.07 (0.05) and the
diluted earnings per share was EUR 0.07 (0.05). Equity per share was
EUR 2.21 (2.44).
INVESTMENTS
The investments in the Group's continuing operations amounted to EUR
1.5 million (3.2).
Investments by segment, MEUR
1-3/2009 1-3/2008 Change 1-12/2008
MEUR MEUR MEUR MEUR
ESL Shipping 0.8 2.2 -1.4 18.8
Leipurin 0.2 0.2 0.1
Telko 0.0 0.0 0.0 0.4
Kaukomarkkinat 0.1 0.1 0.1
Other operations 0.4 1.0 -0.6 1.1
Continuing operations total 1.5 3.2 -1.7 20.5
Discontinued operations 0.2 -0.2 0.6
Total 1.5 3.4 -1.9 21.1
FINANCING
The Group's financing position developed favorably during the review
period. Interest-bearing debt, which increased as a result of the
purchase of Kauko-Telko Oy's entire stick and the redemption of the
Eira vessel in 2008, has continued decreasing. Liquid assets totaled
EUR 9.5 million (EUR 13.8 million) at the end of the period.
Interest-bearing liabilities amounted to EUR 87.1 million (EUR 33.5
million) at the end of the period. Interest-free liabilities totaled
EUR 65.6 million (EUR 42.4 million).
Aspo Group's gearing was 136.0 % (31.3%) and the equity ratio
adjusted for deferred tax liabilities was 27.8 % (45.5%). The figures
for the review period were affected by the decision of the
Shareholders' Meeting on March 31, 2009, to distribute EUR 10.8
million in dividends. The Group's cash flow remained good in Q1. In
January-March the cash flow from operations was EUR 6.8 million.
Aspo Plc and its key financing banks have signed binding financial
limits for a total of EUR 100 million. Credit withdrawn within the
framework of these financial limits amounted to EUR 5.0 million at
the end of the review period. During the review period, current
liabilities have been converted with long-term liabilities.
PERSONNEL
The average number of personnel in Aspo Group's continuing operations
during January-March was 769 (366).
Personnel by Segment
1-3/2009 1-3/2008 Change 1-12/2008
ESL Shipping 221 222 -1 240
Leipurin 184 184 168
Telko 232 132 100 230
Kaukomarkkinat 96 96 100
Other operations 36 12 24 83
Continuing operations total 769 366 403 821
Discontinued operations 309 -309 6
Total 769 675 94 827
Rewarding
Aspo Group has a profit bonus system. Part of the Group's profit is
paid as a profit bonus to the personnel fund. The aim is that the
personnel fund uses the majority of the profit bonuses to purchase
Aspo Plc shares. The long-term goal is that the personnel will become
a considerable shareholder group in the company. Currently, all
persons working at Aspo Group's Finnish subsidiaries are members of
the personnel fund. Aspo's business areas pay part of their earnings
as bonuses to the personnel. The calculation principles for the
bonuses are decided on by business area. Of the 2008 Group earnings,
EUR 130,103 was paid to the personnel fund.
The Board of Aspo Plc has approved a new share-ownership plan for the
Aspo Group key employees. The aim of the plan is to combine the
objectives of the shareholders and the key employees in order to
increase the value of the company, to commit the employees, and to
offer them a competitive reward plan based on holding of company
shares.
The earning period of the plan commenced on January 1, 2009, and it
will end on December 31, 2011. The prerequisite for inclusion in the
program and for receipt of any gains is that key employees acquire
Aspo shares at maximum the amount predetermined by the Board.
The potential gain is based on the cumulative Earnings per Share
(EPS) for the Aspo Group in 2009-2011 and the requirement for
receiving the bonus involved is that the employment relationship is
still effective. The potential gain will be paid partly in Aspo
shares and partly in cash during January-March 2012. The plan
encompasses about 40 people.
Furthermore, the Board decided to continue the 2006 management
share-ownership plan by granting the people included in the plan a
possibility to receive Aspo shares in spring 2010. The potential gain
will be paid partly in Aspo shares and partly in cash. The employee
must retain ownership of the shares until October 1, 2010. If the
employment relationship ends before this date, the shares received as
reward must be returned to the company without any compensation. The
2006 share-ownership plan encompasses about 30 people. The gross
rewards to be paid in spring 2010 will correspond to the value of a
maximum total of 90,000 Aspo shares.
MANAGEMENT AND AUDITORS
Aspo Plc's Shareholder's meeting on March 31, 2009, re-elected Matti
Arteva, Esa Karppinen, Roberto Lencioni, Gustav Nyberg and Risto Salo
as members of the Board of Directors for the next term. Kristina
Pentti-von Walzel was elected as a new member. In the meeting
arranged after the Shareholders' meeting, the Board selected Gustav
Nyberg as its Chairman and Matti Arteva as its Deputy Chairman.
Aki Ojanen, eMBA, who has worked as Aspo Plc's COO since October 1,
2007, started working as Aspo Plc's CEO on January 1, 2009.
Simultaneously, Gustav Nyberg, M.Sc. (Econ.), eMBA, who has worked as
Aspo's CEO since 1999, became the full-time Chairman of Aspo's Board
of Directors. Arto Meitsalo, M.Sc. (Econ.) started working as Aspo
Plc's CFO on January 1, 2009.
The authorized public accounting firm PricewaterhouseCoopers Oy
continues as the company's auditor. Mr. Jan Holmberg, APA, acts as
the auditor in charge.
CONVERTIBLE CAPITAL NOTES
Aspo Plc has issued Convertible Capital Notes worth EUR 15,512,500.
The period for the notes is June 4, 2004 - June 4, 2009. The notes
will be repaid in one instalment on June 4, 2009. The repayment
conditions outlined in the terms of the convertible capital loan are
met. On June 4, 2009, the unconverted capital of the loan will be
repaid at a rate of one hundred (100) per cent plus interest
accumulated by the repayment day. The loan capital on the date of
issue was EUR 20,000,000.
SHARES AND SHAREHOLDERS
During January-March 2009, a total of 480,390 Aspo Plc shares were
traded on NASDAQ OMX Helsinki at EUR 2.15 million, or 1.82% of the
shares changed owners. The share reached a high of EUR 5.35 and a low
of EUR 3.94 during the period. The average price was EUR 4.48 and the
closing price was EUR 5.03. The market value of the share capital at
the end of the period, less treasury shares, was EUR 130.2 million.
Aspo Plc's registered share capital on March 31, 2009, was EUR
17,691,729.57 and the total number of shares was 26,406,063. The
company's own shareholding was 620,000 shares, accounting for 2.35
percent of Aspo Plc's stock.
At the end of the period, the number of Aspo Plc shareholders was
4,920. A total of 822,257 shares or 3.1% of the total share capital
were nominee registered or held by non-domestic shareholders.
Henrik B. Nyberg announced on January 19, 2009 that his share of Aspo
Plc's share capital and votes fell below 10%.
In line with the Board's proposal, Aspo Plc's Annual Shareholders'
Meeting approved the payment of a dividend totaling EUR 0.42 per
share.
BOARD AUTHORIZATIONS
At the Annual Shareholders' Meeting on March 31, 2009, the
shareholders authorized the Board to decide on the acquisition of
company-held shares using the unrestricted shareholders' equity of
the company. The shares shall be acquired through public trading. The
authorization covers a maximum of 400,000 own shares. The shares
shall be acquired to be used to finance or carry out possible
acquisitions or other arrangements, to balance the financial risk of
the company's share-ownership program or for other purposes
determined by the Board.
Further to this, the shareholders authorized the Board to decide on a
share issue, through one or several instalments, to be executed by
conveying shares held by the company. An aggregate maximum amount of
1,020,000 shares may be conveyed based on the authorization. The
authorization will be used for the financing or execution of
corporate acquisitions or other transactions or for other purposes
determined by the Board.
The authorizations are valid until the Annual Shareholders' Meeting
in 2010, but no more than 18 months from the approval at the
Shareholders' Meeting. As of April 27, 2008, the Board has not
applied these authorizations.
PROSPECTS FOR 2009
The general economic uncertainty in the Baltic Sea region continues.
The basic industrial demand is expected to be lower than in 2008.
Consumers' confidence in their own economy has weakened further.
Aspo Group's new structure creates a good basis for growth in
continuing operations. Administrative costs are expected to be
clearly lower than in 2008. The targeted level in cost efficiency
will be reached in the last quarter as the Finnish operations move
into joint premises.
Aspo's aim is to improve its profitability. The Group has the
preconditions to improve the result of continuing operations but
earnings per share is not expected to reach last year's record level.
ESL Shipping
The aim of the shipping company is to maintain its position as the
leading dry cargo shipping company and transporter on the Baltic Sea.
The new vessel being built in India will be completed in late 2009 to
replace decreased capacity.
A considerable share of the transportation capacity of 2009 has been
covered with long-term agreements but the transport volumes of the
steel and construction industry customers in particular will decrease
from 2008. Sea freight prices on the Baltic Sea took a considerable
downturn during the fall of 2008.
The summer and early fall in particular are expected to be
challenging on the Baltic Sea freight markets. The Scandinavian steel
industry has already announced considerable production decreases for
summer, which will decrease the cargo volumes for the steel industry.
The economic recession is likely to decrease energy consumption and
no increase is expected in transported energy coal volumes. ESL
Shipping is prepared to lay up its fleet if necessary.
The result for the second quarter is expected to be good but it is
harder to foresee the second half of the year. Dry cargo markets,
however, are estimated to strengthen in the last quarter.
Negotiations for compensation of the loss of income caused by the
delay in completion of the vessels ordered from India and
a compensation for the delay itself are ongoing with the shipyard. It
is unrealistic to expect that ESL Shipping's result will reach last
year's level.
Leipurin
Organic growth is expected to continue. Leipurin will continue
establishing itself in Russia's new megalopolis. Leipurin has started
preparing for establishment in the Ukraine and considerable
distribution agreements have been made with local clients. The new
offices create a good basis for several years of growth. The machine
division's order book is normal and it is expected to deliver the
orders in the second and third quarter. Leipurin is expected to
generate a good result.
Telko
Telko will continue focusing on improving its result and
profitability without a net sales target. The aim is to strengthen
the relative market share. If Telko succeeds in directing its
operations, the result is expected to improve from 2008.
Kaukomarkkinat
The main target of the operation is to grow at least as much as the
general market growth in the Finnish air-source heat pump markets.
Project sales are expected to remain at last year's level.
Audio-visual and giant screen operations are being developed as a new
growth area, but its earnings effect will not be substantial in 2009.
Kaukomarkkinat is expected to improve its operating result.
Operational risks
The general economic situation is affecting the industrial demand in
the Baltic Sea region. Among Aspo's customer segments, the economic
recession will affect basic industry such as the steel and
construction industries in particular. It is more difficult to
foresee the changes in demand in emerging markets. We expect that
particular markets in Russia will, despite the recession, develop so
that Russia's share of Aspo Group's operations will remain intact, or
increase. The risk of a recession in the financial markets and the
economy may still be reflected in the exchange rates in our
neighboring areas (Russia, the Ukraine, the Baltic region and Poland)
and possibly also in customers' solvency.
Helsinki, April 27, 2009
ASPO Plc
Board of Directors
ASPO GROUP INCOME STATEMENT
1-03/09 1-03/08 1-12/08
MEUR % MEUR % MEUR %
Net sales 78.4 100.0 52.5 100.0 358.2 100,0
Other operating income 0.7 0.9 0.5 1.0 1.6 0.4
Depreciation and
write-downs -2.3 -2.9 -2.3 -4.4 -10.8 -3.0
Operating profit 3.8 4.8 2.9 5.5 14.1 3.9
Financial income and
expenses -1.3 -1.7 -0.5 -1.0 -4.6 -1.3
Profit before taxes 2.5 3.2 2.4 4.6 9.5 2.7
Profit for the period
continuing operations 1.9 2.4 2.1 4.0 7.0 2.0
Profit for the period
discontinued operations -0.9 8.5
Profit for the period 1.9 1.2 15.5
Other comprehensive income
Translation differences -0.9 -0.2 -1.5
Cash flow hedges 0.9 -0.8 0.9
Income tax on other
comprehensive income -0.2 0.5 -0.2
Other comprehensive income
for the year, net of taxes -0.2 -0.5 -0.8
Total comprehensive income 1.7 0.7 14.7
Profit attributable to
shareholders 1.9 1.2 15.5
Minority interest 0.0 0.0 0.0
Total comprehensive income
attributable to
shareholders 1.7 0.7 14.7
Minority interest 0.0 0.0 0.0
ASPO GROUP BALANCE SHEET 03/09 03/08 Change 12/08
MEUR MEUR % MEUR
Assets
Non-current assets
Intangible assets 16.6 2.6 538.5 17.0
Goodwill 40.5 10.1 301.0 40.4
Tangible assets 69.6 48.4 43.8 69.1
Available-for-sale assets 0.2 0.2 0.0 0.2
Long-term receivables 1.4 2.3 -39.1 1.1
Shares in associated companies 0.9 1.1 -18.2 0.9
Total non-current assets 129.2 64.7 99.7 128.7
Current assets
Inventories 30.0 23.8 26.1 33.4
Sales and other receivables 41.0 36.8 11.4 43.3
Cash and bank deposits 9.5 13.8 -31.2 12.6
Total current assets 80.5 74.4 8.2 89.3
Assets classified as held for sale 0.7
Total assets 209.7 139.1 50.8 218.7
Shareholders' Equity and Liabilities
Shareholders' equity
Share capital 17.7 17.7 0.0 17.7
Other shareholders' equity 39.3 45.5 -13.6 48.3
Shareholders' equity attributable
to equity holders of the parent 57.0 63.0 -9.5 66.0
Minority interest 0.0 0.2 -100.0 0.0
Long-term liabilities 70.4 23.8 195.8 50.2
Short-term liabilities 82.3 52.1 58.0 102.0
Liabilities classified as held for sale 0.5
Total shareholders' equity
and liabilities 209.7 139.1 50.8 218.7
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
A = Share Capital
B = Premium Fund
C = Fair Value Fund
D = Other Funds
E = Repurchased Shares
F = Translation Difference
G = Retained Earnings
H = Total
I = Minority Interest
J = Total Shareholders' Equity
MEUR A B C D E F G H I J
Balance at
31.12.2008 17.7 4.3 -0.3 0.5 -3.7 -1.5 49.0 66.0 0.0 66.0
Total Comprehensive
income 0.7 -0.9 1.9 1.7
Dividend payment -10.8 -10.8
Share based payment 0.1 0.1
Balance at
31.3.2009 17.7 4.3 0.4 0.5 -3.7 -2.4 40.2 57.0 0.0 57.0
Balance at
31.12.2007 17.7 4.3 -1.0 0.5 -3.0 0.0 44.3 62.8 0.2 63.0
Total Comprehensive
income -0.3 -0.2 1.2 0.7
Share repurchase -0.5 -0.5
Balance at
31.3.2008 17.7 4.3 -1.3 0.5 -3.5 -0.2 45.5 63.0 0.2 63.2
ASPO GROUP CASH FLOW STATEMENT
1-3/09 1-3/08 1-12/08
MEUR MEUR MEUR
Net operational cash flow 6.8 4.9 30.9
Investments
Investments in tangible and
intangible assets -1.5 -3.5 -22.0
Gains on the sale of tangible
and intangible assets 0.7
Purchases of subsidiary shares -78.2
Sale of the subsidiary shares 28.8
Total cash flow from investments -1.5 -3.5 -70.7
Financing
Share acquisition -0.4 -0.8
Share disposal 0.1
Change in short-term borrowings -27.9 0.2 16.9
Change in long-term borrowings 19.5 -0.6 34.0
Profit distribution to minorities -0.1
Dividends paid -10.8
Total financing -8.4 -0.8 39.3
Increase / Decrease in liquid funds -3.1 0.6 -0.5
Liquid funds in beginning of year 12.6 13.2 13.1
Liquid funds at period end 9.5 13.8 12.6
KEY FIGURES AND RATIOS
1-3/09 1-3/08 1-12/08
Earnings per share, EUR continuing operations 0.07 0.08 0.27
Earnings per share, EUR discontinued operations -0.03 0.33
Earnings per share total 0.07 0.05 0.60
EPS adjusted for dilution, EUR continuing
operations 0.07 0.08 0.26
EPS adjusted for dilution, EUR discontinued
operations -0,03 0.30
EPS adjusted for dilution, EUR total 0.07 0.05 0.56
Comparable earnings per share, EUR continuing
operations 0.27
Comparable earnings per share, EUR,
Discontinued operations -0.03
The whole group
Equity per share, EUR 2.21 2.44 2.56
Equity ratio, % 27.8 45.5 30.6
Gearing, % 136.0 31.3 124.9
ACCOUNTING PRINCIPLES
Aspo Plc's interim report has been compiled in accordance with the
principles of IAS 34 Interim Financial Reporting. IAS 1 Presentation
of financial statements and IFRS 8 Operating segments have been
applied to the report. In other regards, the same accounting
principles that were applied to the Financial Statement for December
31, 2008, have been applied. The report is unaudited.
FINANCIAL REPORTS
Aspo Plc will publish the following Interim Reports in 2009:
for the second quarter on August 24,2009
for the third quarter on October 26, 2009
INFORMATION MEETING
Aspo will arrange a press conference for the media and analysts
today, Monday 27 March, 2009, starting at 14:30 at Hotel Kämp,
Pohjoisesplanadi 29, 00100 Helsinki, Finland.
ASPO Plc
Aki Ojanen Arto Meitsalo
CEO CFO
For more information, please contact
Aki Ojanen, tel. +358 9 7595 363, +358 400 106 592
aki.ojanen@aspo.fi
www.aspo.com
Aspo is a conglomerate that owns and develops businesses in the
Baltic Sea region focusing on demanding B-to-B customers. The aim of
our strong corporate brands - ESL Shipping, Leipurin, Telko and
Kaukomarkkinat - is to be the market leaders in their sectors. They
are responsible for their own operations, customer relationships and
the development of these. Together they generate Aspo's goodwill.
Aspo's Group structure and business operations are developed
persistently without any predefined schedules.
Distribution:
NASDAQ OMX Helsinki
Key Media
www.aspo.com
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