2015-08-13 09:00:13 CEST
2015-08-13 09:01:15 CEST
REGULATED INFORMATION
Aspo - Interim report (Q1 and Q3)
Aspo Group's Interim Report January 1 to June 30, 2015
ASPO Plc STOCK EXCHANGE RELEASE August 13, 2015, at 10:00 a.m.
ASPO GROUP'S INTERIM REPORT JANUARY 1 TO JUNE 30, 2015
Aspo: A good result for the first half of the year
(figures for the corresponding period in 2014 are presented in parentheses)
January-June 2015
- Aspo's comparable operating profit decreased to EUR 8.4 (10.1) million. The
operating profit was EUR 7.1 million, including a EUR -1.3 million impairment of
Kaukomarkkinat's goodwill.
- Profit for the period increased to EUR 10.3 (7.9) million.
- Of Aspo's business operations, Telko improved its operating profit to EUR 5.3
(5.0) million. The operating profit of ESL Shipping was EUR 5.8 (6.0) million.
In addition, ESL Shipping sold its shares in Alandia Insurance in the first
quarter, recording a sales gain of EUR 4.9 million in financial items.
Leipurin's operating profit decreased to EUR 1.2 (2.2) million. In the first
quarter, the operating profit of Kaukomarkkinat decreased due to the divestment
of the loss-making international Industrial business. As a result of this, Aspo
reduced the goodwill of the Kaukomarkkinat segment. The negative impact of the
divestment on Aspo Group's result was EUR 1.3 million.
- Earnings per share increased to EUR 0.32 (0.24).
April-June 2015
- Aspo's operating profit decreased to EUR 4.1 (6.3) million.
- Profit for the quarter decreased to EUR 3.3 (5.5) million.
- Earnings per share were EUR 0.10 (0.17).
- In the demanding market situation, the operating profit of ESL Shipping
weakened and amounted to EUR 2.5 (2.7) million. Telko's operating profit
decreased and amounted to EUR 2.3 (3.2) million. However, Telko's profitability
continued to be more than 5% in Russia. Leipurin's operating profit weakened and
amounted to EUR 0.7 (1.9) million. This was due to decreased profitability in
Russia and loss-making machinery business operations. However, Leipurin's
operating profit for bakery raw materials remained above 5% in Russia. The
operating profit of Kaukomarkkinat was EUR 0.1 (0.0) million.
General outlook for 2015
The markets will continue to be uncertain. Industrial production is not expected
to increase in the main market areas of Aspo's business operations during 2015.
The prices of the raw materials important to Aspo and international shipping
freight rates are expected to remain at a low level. The Russian national
economy is expected to continue to decline, as is industrial production in
Russia. The purchasing power of consumers has decreased as a result of the fall
in the external value of the Russian ruble, as well as the high inflation rate.
Aspo specifies its guidance for 2015
New guidance: Aspo's profit will increase compared to 2014 or remain at the same
level.
Previous guidance: Aspo expects to reach a good result.
KEY FIGURES
4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2015 2014 % 2015 2014 % 2014
Net sales, MEUR 110.2 122.7 -10.2 212.2 230.7 -8.0 482.9
Operating profit, MEUR
*) 4.1 6.3 -34.9 7.1 10.1 -29.7 23.4
Operating profit, % 3.7 5.1 3.3 4.4 4.8
Profit before taxes,
MEUR **) 3.6 5.0 -28.0 11.1 7.6 46.1 19.0
Profit for the period,
MEUR **) 3.3 5.5 -40.0 10.3 7.9 30.4 18.4
Earnings per share, EUR 0.10 0.17 -41.2 0.32 0.24 33.3 0.57
Operational cash flow,
MEUR 3.3 -2.8 217.9 -4.1 -2.3 -78.3 22.0
Equity per share, EUR 3.27 3.28 -0.3 3.42
Return on equity (ROE),
% 20.1 15.6 17.8
Equity ratio, % 33.7 32.4 35.2
Gearing, % 118.6 124.2 101.0
ESL Shipping, operating
profit, MEUR 2.5 2.7 -7.4 5.8 6.0 -3.3 16.0
Leipurin, operating
profit, MEUR 0.7 1.9 -63.2 1.2 2.2 -45.5 4.4
Telko, operating profit,
MEUR 2.3 3.2 -28.1 5.3 5.0 6.0 9.9
Kaukomarkkinat,
operating profit, MEUR
*) 0.1 0.0 - -1.9 -0.2 -850.0 0.1
*) The cumulative operating profit in 2015 includes a MEUR -1.3 impairment of
goodwill.
**) The cumulative profit in 2015 includes a MEUR -1.3 impairment of goodwill
and a MEUR 4.9 sales gain.
AKI OJANEN, CEO OF ASPO GROUP, COMMENTS ON Q2:"Aspo has been improving its comparable quarterly operating profit for three
years. In the second quarter of 2015, however, our operating profit decreased
from the reference period, even though we fared well compared to previous years,
considering the market situation. Our return on equity was more than 20%,
meaning that we reached our target.
The operating environment for Aspo's businesses has been difficult for a long
time. However, we have improved the Group's profitability since 2012 by
improving cost-efficiency in western markets and increasing profitable business
operations in eastern markets.
The operating profit of ESL Shipping was excellent, considering the market
situation. The shipping company docked an exceptionally high number of vessels
during the second quarter. We achieved an Ebitda level of 24%, which is a good
result compared to benchmarks.
The crisis between Russia and Ukraine has had strong negative economic effects.
Our euro-denominated net sales in Russia decreased, but net sales increased by
5% in the local currency. Telko performed well: its net sales in Russia, Ukraine
and other CIS countries were EUR 24 million, and its profitability in the market
area stayed above 5%. Telko has grown particularly in plastic raw materials.
Leipurin's result in Russia decreased markedly. The strong increase in the
retail prices of food products has caused a shift from imported raw materials to
raw materials produced in Russia. Exceptionally, euro-denominated net sales of
Leipurin's bakery raw materials decreased by more than 30% in Russia. Leipurin's
overall profitability decreased, even though its operating profit in eastern
markets remained at a level of around 5%. Due to the crisis in Russia,
production orders for bakery machinery decreased, with production being at its
lowest during the second quarter. Leipurin recorded a loss in its machinery
business operations.
Kaukomarkkinat recorded a positive result for the second quarter. Its decision
to focus on IT solutions for demanding environments has improved its
profitability."
ASPO GROUP
NET SALES
Net sales by segment
4-6/2015 4-6/2014 Change 1-6/2015 1-6/2014 Change 1-12/2014
MEUR MEUR % MEUR MEUR % MEUR
ESL Shipping 18.2 19.2 -5.2 36.4 40.4 -9.9 85.2
Leipurin 29.7 34.5 -13.9 58.0 64.6 -10.2 134.9
Telko 55.2 60.4 -8.6 105.2 110.0 -4.4 226.8
Kaukomarkkinat 7.1 8.6 -17.4 12.6 15.7 -19.7 36.0
Other operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total 110.2 122.7 -10.2 212.2 230.7 -8.0 482.9
There is no considerable inter-segment net sales.
Net sales by market area
4-6/2015 4-6/2014 Change 1-6/2015 1-6/2014 Change 1-12/2014
MEUR MEUR % MEUR MEUR % MEUR
Finland 38.5 38.3 0.5 73.9 77.2 -4.3 162.0
Scandinavia 12.9 12.0 7.5 24.6 23.1 6.5 47.9
Baltic
countries 13.3 14.7 -9.5 25.0 26.7 -6.4 55.7
Russia, Ukraine +
other
CIS countries 32.2 41.7 -22.8 58.6 72.8 -19.5 153.0
Other
countries 13.3 16.0 -16.9 30.1 30.9 -2.6 64.3
Total 110.2 122.7 -10.2 212.2 230.7 -8.0 482.9
The main reasons behind the decrease in net sales in Russia, Ukraine and other
CIS countries included a strong decline in the value of the local currencies and
a decrease in industrial production in the market area. In Finland and
Scandinavia, net sales remained at the previous year's level.
EARNINGS
Operating profit by segment
4-6/2015 4-6/2014 Change 1-6/2015 1-6/2014 Change 1-12/2014
MEUR MEUR % MEUR MEUR % MEUR
ESL Shipping 2.5 2.7 -7.4 5.8 6.0 -3.3 16.0
Leipurin 0.7 1.9 -63.2 1.2 2.2 -45.5 4.4
Telko 2.3 3.2 -28.1 5.3 5.0 6.0 9.9
Kaukomarkkinat 0.1 0.0 - -1.9 -0.2 -850.0 0.1
Other operations -1.5 -1.5 0.0 -3.3 -2.9 -13.8 -7.0
Total 4.1 6.3 -34.9 7.1 10.1 -29.7 23.4
Earnings per share
Earnings per share were EUR 0.32 (0.24) for the first half of the year. Equity
per share was EUR 3.27 (3.28). The result for the first half of 2015 was
significantly improved by a sales gain of EUR 4.9 million recognized in
financial items through ESL Shipping's sale of shares in Alandia Insurance. Its
positive effect on earnings per share was around EUR 0.16.
Financial targets
Aspo is aiming at an operating profit level which is closer to 10% than 5%, an
average return on equity of over 20%, and gearing of up to 100%.
During the first half of 2015, the operating profit rate was 3.3% (4.4), return
on equity was 20.1% (15.6), and gearing was 118.6% (124.2).
OUTLOOK FOR 2015
The period of low growth in the international economy and in industry in the EU
will continue. Uncertainty will continue in eastern growth markets, which are
important areas for Aspo, and evaluating future developments and their financial
effects is difficult. Currencies are expected to remain volatile, and inflation
is estimated to remain high in Russia, while GDP is expected to decrease
significantly. The price of oil is likely to remain at a low level. In general,
the prices of industrial raw materials are expected to remain at a low level.
The Group will continue to increase its market shares in the strategically
important eastern growth markets following the withdrawal of some of its
competitors from the markets. International dry bulk cargo rates are expected to
remain low, but the shipping company has ensured sufficient capacity
utilization, mainly through long-term agreements.
Aspo specifies its guidance for 2015. New guidance: Aspo's profit will increase
compared to 2014 or remain at the same level. Previous guidance: Aspo expects to
reach a good result.
ASPO'S BUSINESS OPERATIONS
ESL SHIPPING
ESL Shipping is the leading dry bulk cargo company in the Baltic Sea region. At
the end of the period, the company's fleet consisted of 14 vessels, of which the
company owned 13 in full and one was leased.
4-6/2015 4-6/2014 Change % 1-6/2015 1-6/2014 Change % 1-12/2014
Net sales,
MEUR 18.2 19.2 -5.2 36.4 40.4 -9.9 85.2
Operating
profit, MEUR 2.5 2.7 -7.4 5.8 6.0 -3.3 16.0
Operating
profit, % 13.7 14.1 15.9 14.9 18.8
International dry bulk cargo rates continue to be at a historically low level,
but ceased to decrease toward the end of the review period. ESL Shipping's
vessels mainly operated in the Baltic Sea and the North Sea, and in
international traffic from Northern Europe to the Mediterranean. Transportation
operations are mainly based on long-term contracts and established customer
relationships.
ESL Shipping's net sales in April-June stood at EUR 18.2 (19.2) million. The
decrease in net sales was due to lower capacity by one time-chartered vessel,
the effect of maintenance shutdowns in the steel industry on the timing of
deliveries to customers, and the periodical docking of vessels. The total number
of docking days during the second quarter of 2015 was 42 (10), which is higher
than normal. Early docking serves as preparation for the possible international
transitional period for the installation of ballast water treatment systems. One
of the two pusher barge units was laid up as planned, due to a capacity
adjustment in the steel industry. ESL Shipping transported 2.4 (2.7) million
tons of cargo in April-June. In the second quarter, the shipping company's
profitability remained at the reference period's level and operating profit was
EUR 2.5 (2.7) million.
The actual freight rate level for Supramax vessels was lower than in the
corresponding period of the previous year, but still satisfactory, considering
the market situation. The low freight rates for large vessels have increased
customer demand for loading and unloading at sea, and these operations have
continued at a high level. In the steel industry, transportation volumes and
open-sea operations requiring special expertise and equipment increased year-on-
year. The threatened support strike directed at Finnish vessels earlier in the
spring had a negative impact on operational efficiency.
The transportation volume in the energy industry decreased significantly year-
on-year, due to inventories resulting from the mild winter and the low wholesale
price of electricity. In the energy industry, decisions were made to close down
several coal condensing power plants. The decrease in the transportation volume
is not significant for the shipping company, as the number of service hours of
the plants has already been at a low level.
The operating profit for the first half of the year was EUR 5.8 (6.0) million.
Outlook for ESL Shipping in 2015
International dry bulk cargo rates are expected to remain at a low level in
2015, but to increase within the limits of typical seasonal variation during the
second half of the year. Overall, the market freight rates of large standard
vessels are at an unhealthily low level in terms of business operations.
However, a significant part of ESL Shipping's transportation capacity has been
secured through long-term contracts in the Baltic Sea and the North Sea. In
addition, several volume contracts that supplement contractual traffic in 2015
were signed during the review period, regarding Russian Arctic territory, for
example. In line with its strategy, ESL Shipping is focusing on bulk cargo
transportation that requires special expertise and equipment, which allows for
cargo levels higher than the market level.
Transportation volumes in the steel industry are expected to be at a
satisfactory level during the second half of 2015, and both of the pusher barge
systems can be employed from July onward. The demand for loading and unloading
large vessels at sea will remain high. Transportation needs in the energy
industry will remain close to the previous year's level in combined heat and
power production. In the production of condensing power, transportation volumes
are likely to decrease markedly from the previous year, and the total
transportation volumes for coal will decline. The company has already taken
account of any decrease in the use of coal in its strategic planning.
ESL Shipping aims to expand into areas where it can make use of the independent
load handling capacity and ice-strengthening of its vessels, expand its area of
operation and reduce the impact of seasonal and industrial cycles. During the
second half of 2015, two vessel units will be docked in accordance with the
accelerated schedule.
LEIPURIN
Leipurin serves the bakery industry and other food industry by providing product
development services, raw materials needed for baking, and equipment from
individual machines to full-scale baking lines. Leipurin operates in Finland,
Russia, the Baltic countries, Poland, Ukraine, Belarus, and Kazakhstan. In
Russia, its operations cover all geographic areas. In its procurement
operations, Leipurin operates both internationally and by developing local
procurement.
4-6/2015 4-6/2014 Change % 1-6/2015 1-6/2014 Change % 1-12/2014
Net sales,
MEUR 29.7 34.5 -13.9 58.0 64.6 -10.2 134.9
Operating
profit, MEUR 0.7 1.9 -63.2 1.2 2.2 -45.5 4.4
Operating
profit, % 2.4 5.5 2.1 3.4 3.3
The prices of key raw materials are increasing slightly before the harvest
season. The market situation has remained unchanged in the bakery industry in
the Baltic countries and Poland. In the Finnish bread retail sector, the market
share of frozen imported bread has increased, which has reduced the total volume
of bread baked in Finland. The volumes of bakery raw materials imported to
Russia decreased year-on-year due to the high rate of inflation in the country
and a shift from imported raw materials to less expensive local raw materials.
Leipurin's net sales for the second quarter decreased year-on-year, totaling EUR
29.7 (34.5) million. Its operating profit decreased to EUR 0.7 (1.9) million.
Its operating profit margin decreased to 2.4% (5.5). The profitability of bakery
raw materials decreased year-on-year, particularly in Russia. However, the
decrease in the operating profit was mainly due to loss-making bakery machinery
operations. The net sales and profitability of bakery machinery decreased
strongly as a result of the strong fall in value of the Russian ruble in 2014,
which caused Russian bakery customers to postpone or cancel their machine orders
during the fourth quarter of 2014. We estimate that the effect of the canceled
orders was at its strongest during the second quarter of 2015. Employees at the
Nastola production facility were laid off temporarily during the first half of
the year.
In Russia, consumer purchasing power decreased and demand shifted toward less
expensive local products during the second quarter. Net sales from operations in
Russia, Ukraine and other CIS countries totaled EUR 8.0 (11.8) million. The net
sales of bakery raw materials in Russia fell by 31% in euros and 11% in rubles.
Net sales increased in Ukraine and other CIS countries. The operating profit in
Russia, Ukraine and other CIS countries stood at the level of 5% of net sales.
In Russia, preparations are being made to open new test bakeries in St
Petersburg and Kazan. In addition, the company is preparing to enter new
geographical areas in the east.
Leipurin is further developing its overall product range in line with its
strategy. Customers' business operations are developed on the basis of product
development and training services, new raw materials, an even more developed
baking equipment offering, and investment-related planning. Leipurin continues
to invest in increasing the share of raw materials sold under the Leipurin
brand. The goal is to rapidly increase the share of local raw materials in
Russia, Ukraine and other CIS countries. Local procurement has been successful,
and the local products make up 40% of total volume.
Leipurin's operating profit for the first half of the year was EUR 1.2 (2.2)
million. The decrease was mainly due to loss-making bakery machinery business
operations.
Outlook for Leipurin in 2015
The prices of raw materials used in the bakery and food industries are expected
to increase slightly until the harvest season of 2015, when a new price level
will be established. In Finland, the Baltic countries and Poland, demand will
continue at the current level, and growth will be sought from the out of home
market. In Finland, the efficiency measures implemented are expected to produce
annual cost savings of around EUR 1 million from summer 2015 onward.
Evaluating the Russian business environment remains a challenge. Uncertainty
over the Russian economic situation and the strong fluctuation in the value of
the ruble at the end of 2014 and in early 2015 are making it more difficult to
predict future volumes and margin levels. Leipurin will continue to develop its
local procurement, with the aim of increasing the share of local procurement.
Due to weak demand in Russia, the order book for bakery machinery is smaller
than in the reference period. The collapse in the value of the Russian ruble in
2014 and the ensuing low number of orders had a strong impact during the first
half of the year. The Nastola production facility has now full employment for
the summer and autumn seasons. In the long term, the structural change within
the Russian bakery industry and trade offers good opportunities to increase
machine sales. The growth in the demand for high-quality, healthy bread is
expected to continue in Russia in the long run.
TELKO
Telko is the leading expert and supplier of plastic raw materials and industrial
chemicals in the Baltic Sea region. The company operates in Finland, the Baltic
countries, Scandinavia, Poland, the Czech Republic, Slovakia, Ukraine, Russia,
Belarus, Kazakhstan, Azerbaijan, Georgia and China. Procurement operations are
international. Business is based on the representation of the best international
principals and on the expertise of the personnel. Telko cooperates with its
regional customers to develop their production and competitiveness.
4-6/2015 4-6/2014 Change % 1-6/2015 1-6/2014 Change % 1-12/2014
Net sales,
MEUR 55.2 60.4 -8.6 105.2 110.0 -4.4 226.8
Operating
profit,
MEUR 2.3 3.2 -28.1 5.3 5.0 6.0 9.9
Operating
profit, % 4.2 5.3 5.0 4.5 4.4
In the second quarter of 2015, the prices of the plastic raw materials sold by
Telko increased quarter-on-quarter. The overall demand for industrial raw
materials continued to be at a low level in Telko's area of operation. The
volume of raw materials supplied increased compared to the previous quarter, but
decreased year-on-year.
Telko's net sales for the second quarter were EUR 55.2 (60.4) million and its
operating profit amounted to EUR 2.3 (3.2) million. Operating profit margin
decreased to 4.2% (5.3). In terms of net sales, the proportion of emerging
markets of all of its market areas decreased because of the challenging market
situation in Ukraine and Russia. Net sales from Russia, Ukraine and other CIS
countries totaled EUR 24.2 (28.5) million, representing a decrease of 15%. The
operating profit from the market area declined, but continued to be more than
5% of net sales.
The share of plastic raw materials increased to 65% of net sales, and their
profitability improved year-on-year. Industrial chemicals are sensitive to
economic cycles, and their profitability decreased significantly. Telko's net
sales increased in Scandinavia and Poland and remained unchanged in the Baltic
countries, but decreased in the Russian and Ukrainian markets due to weaker
currencies compared to the reference period. The decline in industrial
production and the economy in Russia and Ukraine has reduced the demand for
Telko's products in the market area.
In the St Petersburg region, the analysis of the investment in a logistics
center has progressed, and Telko signed a letter of intent with YIT on
purchasing a lot in the Gorelovo Industrial Park. The transaction is expected to
be completed during the second half of the year. The investment supports Telko's
strategy in Russia and strengthens the company's position in the Russian market.
Telko believes that it is cost-efficient for a long-term operator to invest in
land areas and buildings in Russia. The terminal is expected to be fully
operational in 2017.
Telko's operating profit for the first half of the year was EUR 5.3 (5.0)
million. Net sales from Russia, Ukraine and other CIS countries totaled EUR
43.5 (49.2) million, representing a decrease of 12%.
During the second quarter, Telko expanded its operations into Azerbaijan and
Georgia.
Outlook for Telko in 2015
The prices of raw materials sold by Telko were at a remarkably high level during
the first half of the year. This was partly due to several force majeure
situations experienced by suppliers, as well as a decrease in the euro exchange
rate, which served to redirect raw-material streams of the production industries
to Asia. During the second half of the year, prices are expected to decrease
compared to the second quarter.
There continues to be uncertainty about economic development in the markets of
Russia, Ukraine and other CIS countries. Recent developments related to the
future of the eurozone have added to the uncertainty.
Telko will continue to operate in line with its strategy in Russia by expanding
into new large cities. It is also exploring opportunities for expansion in
Poland, the Czech Republic and Slovakia.
KAUKOMARKKINAT
Kaukomarkkinat supplies products and systems that improve efficiency for the
real estate and industrial sectors, as well as tools for mobile professionals.
The goal is to increase the energy efficiency, process efficiency and safety of
our customers, as well as the profitability of their operations. The business is
based on an in-depth understanding of customer needs, an extensive network of
principals, and the ability to combine products and systems into functional
entities. Kaukomarkkinat operates in Finland and China.
4-6/2015 4-6/2014 Change % 1-6/2015 1-6/2014 Change % 1-12/2014
Net sales,
MEUR 7.1 8.6 -17.4 12.6 15.7 -19.7 36.0
Operating
profit, MEUR 0.1 0.0 - -1.9 -0.2 -850.0 0.1
Operating
profit, % 1.4 0.0 -15.1 -1.3 0.3
Net sales of Kaukomarkkinat for the second quarter totaled EUR 7.1 (8.6)
million. Its operating profit improved to EUR 0.1 (0.0) million.
In Finland, the demand for energy efficiency equipment continued to be at a
satisfactory level, even though deliveries being scheduled for forthcoming
quarters in customer projects had a negative effect on the result for the review
period. Deliveries of solar power systems continued to increase. New special IT
equipment was launched in the healthcare sector. As a result of this, sales
continued to grow at a good pace. In Finland, the market for desktop and laptop
computers decreased strongly. The sales of information technology for demanding
work environments, as well as special computers and tablets, continued to grow
for Kaukomarkkinat. The deliveries included in the largest contract with public
administration will mainly take place during the third quarter.
The operating profit of Kaukomarkkinat for the first half of the year was EUR
-1.9 (-0.2) million. The negative result is mainly due to the divestment of the
loss-making Industrial business in the first quarter, as well as a one-off
write-down of EUR 1.3 million related to goodwill.
Sami Koskela, M.Sc. (Tech.), took over the position as Managing Director of
Kaukomarkkinat during the second quarter.
Outlook for Kaukomarkkinat in 2015
The sales of IT solutions based on special expertise in demanding work
environments, combined with wireless communications, will continue to be at a
good level. Kaukomarkkinat is seeking profitable growth in rugged computers and
tablets, special IT equipment and services for the healthcare sector, as well as
AV solutions for demanding environments.
Despite the challenges in the construction industry, Kaukomarkkinat believes
that the sales of energy efficiency equipment will remain at their present
level. The demand for energy efficiency equipment will increase in the next
coming years as a result of new energy regulations and an increase in the
taxable energy price paid by consumers.
The divestment of the Industrial business, which specialized in industrial
machinery and equipment, will improve the profitability of Kaukomarkkinat and
increase its opportunities to focus on the further development of its profitable
operations in Finland. The strategy and operating methods of Kaukomarkkinat will
be further specified during 2015.
OTHER OPERATIONS
Other operations include Aspo Group's administration, the financial and ICT
service center, and a small number of other functions not covered by business
units.
4-6/2015 4-6/2014 Change % 1-6/2015 1-6/2014 Change % 1-12/2014
Net sales,
MEUR 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating
profit, MEUR -1.5 -1.5 0.0 -3.3 -2.9 -13.8 -7.0
The operating profit from other operations was EUR -1.5 (-1.5) million for the
second quarter and EUR -3.3 (-2.9) million for the first half of the year.
FINANCING
The Group's financing position improved. The Group's cash and cash equivalents
amounted to EUR 14.9 (18.6) million. The consolidated balance sheet included a
total of EUR 133.3 (143.1) million in interest-bearing liabilities. The average
interest rate of interest-bearing liabilities was 1.2% at the end of the review
period. Non-interest-bearing liabilities totaled EUR 65.2 (69.4) million.
The Group's gearing was 118.6% (124.2), and its equity ratio was 33.7% (32.4). A
dividend of EUR 12.2 million was paid in the second quarter.
The Group's cash flow from operating activities in January-June 2015 decreased
to EUR -4.1 (-2.3) million. The change in working capital was negative, EUR
-16.2 (-15.4) million, at the end of the review period. Cash flow from
investments during the review period was EUR 2.6 (-12.9) million. The gain of
EUR 4.9 million from the sale of shares in Alandia Insurance had a positive
effect on the cash flow from investments. The Group's free cash flow was EUR
-1.5 (-15.2) million.
The amount of committed revolving credit facilities signed between Aspo and its
main financing banks stood at EUR 60 million at the end of the review period. At
the end of the review period, none of the revolving credit facilities and EUR
40 million of the commercial paper program of EUR 80 million were in use. A term
loan of EUR 15 million matured during the second quarter. Aspo signed a loan
agreement for an equal amount, with a maturity period of four years. No other
significant loan agreements will mature in 2015.
On November 18, 2013, Aspo issued a hybrid bond of EUR 20 million. The coupon
rate of the bond is 7% per annum. The bond has no maturity, but the company may
exercise an early redemption option in 2016 - that is, three years after the
date on which the bond was issued.
Aspo has hedged its interest rate risk by means of an interest rate swap subject
to hedge accounting. Its fair value on June 30, 2015, was EUR -0.7 million.
Previously, changes in its fair value were recognized in other comprehensive
income. After the loan restructuring, changes in the fair value of the interest
rate swap are recognized through profit or loss. The loss of EUR 0.6 million
accumulated in the equity reserve is recognized in the result in accordance with
the original expected transaction by 2019. The financial instrument is at level
2 of the fair value hierarchy.
INVESTMENTS
The Group's investments totaled EUR 1.1 (1.5) million in the second quarter,
consisting of maintenance investments.
Investments by segment, acquisitions excluded
4-6/2015 4-6/2014 Change 1-6/2015 1-6/2014 Change 1-12/2014
MEUR MEUR % MEUR MEUR % MEUR
ESL Shipping 0.7 0.8 -12.5 1.4 14.4 -90.3 16.0
Leipurin 0.2 0.2 0.0 0.3 0.3 0.0 0.7
Telko 0.1 0.5 -80.0 0.5 0.7 -28.6 1.8
Kaukomarkkinat 0.0 0.0 - 0.0 0.1 -100.0 0.2
Other operations 0.1 0.0 - 0.1 0.0 - 0.0
Total 1.1 1.5 -26.7 2.3 15.5 -85.2 18.7
PERSONNEL
Personnel by segment, period-end
6/2015 6/2014 Change % 12/2014
ESL Shipping 221 218 1.4 226
Leipurin 287 290 -1.0 297
Telko 259 248 4.4 258
Kaukomarkkinat 44 80 -45.0 69
Other operations 24 32 -25.0 29
Total 835 868 -3.8 879
At the end of the period, Aspo Group had 835 employees (868). The number of
personnel has decreased mainly as a result of the divestment of the Industrial
business of Kaukomarkkinat. The number of Telko's employees has increased in
Russia. The number of personnel in other operations decreased as a result of the
outsourcing plan for ledger operations made in 2014.
Rewarding
In 2012, Aspo's Board of Directors decided on a share-based incentive plan for
about 30 persons. The plan included three earnings periods, the calendar years
2012, 2013 and 2014. The reward was based on Aspo Group's earnings per share
(EPS) indicator for each earnings period of the plan. No reward was paid for the
2012 earnings period. Aspo has transferred 19,492 treasury shares to employees
included in the share-based incentive plan for the 2013 earnings period and
94,786 shares for the 2014 earnings period.
In February 2015, the Board of Directors of Aspo Plc approved a new share-based
incentive plan for about 30 persons. The plan includes three earnings periods,
the calendar years 2015, 2016 and 2017. The Board of Directors will decide on
the plan's performance criteria and required performance levels for each
criterion at the beginning of each earnings period. The reward from the earnings
period 2015 will be based on the Group's Earnings per share (EPS). The potential
reward from the earnings period 2015 will be paid partly in the company's shares
and partly in cash in 2016.
RISKS AND RISK MANAGEMENT
The economic uncertainty is increasing risks in all of Aspo's business areas.
Aspo's business environment has been challenging for a long time. Economic
development in western countries remained weak throughout the first half of the
year, even though industrial production picked up slightly in Europe. However,
industrial production in Finland continued to decrease. The effects of the
crisis between Russia and Ukraine have decreased the national income in Russia,
reduced the value of local currencies, lowered local purchasing power and
reduced industrial production. The situation of the national economy in Ukraine
is weak.
Strategic risks
It is difficult to estimate what impact the economic sanctions imposed by the
West on Russia will have on the customers of Aspo's business operations and the
product ranges of its principals. However, some alternative raw materials and
products manufactured in Russia have been introduced for sale, notwithstanding
the decrease in quality. Leipurin in particular has increased its business in
locally acquired raw materials.
The increase in the prices of foreign products and the decline in the economy
have slowed down and consumer demand has stabilized in Russia. In spite of this,
the inflation rate is expected to be more than 15% in 2015, and the national
deficit is expected to increase. The economic structure continues to rely on
oil. The weakening currencies are inhibiting Telko's and Leipurin's growth in
euro-denominated net sales, but euro-denominated costs will also decrease in
Russia and Ukraine. The deteriorating economic situation is reflected not only
in trade, but also in the financing markets and payments in Russia and Ukraine.
Aspo has been responding to the weakened situation in Ukraine since the fall of
2013, when inventories were decreased and the turnover time of trade receivables
was reduced. Items denominated in foreign currencies have been converted into
euros, and any changes in exchange rates have rapidly been transferred to prices
in Ukraine and Russia. The situation is being monitored continuously.
A key element in Aspo's strategy is the implementation of various structural
changes. If the current situation in Russia extends or escalates, structural
changes within Aspo may become more difficult as investors and industrial
operators become wary of the political and operational environment in Russia.
Economic sanctions or other obstacles arising from the current situation in
Russia may, in part, reduce coal transportation volumes originating from Russia
and decrease unloading services for large ocean liners at sea. The social
objective of reducing the consumption of coal in energy production has increased
in significance, which may reduce the need to transport coal. The low levels of
international freight indices and the increases in international vessels in
specific size categories have increased uncertainty over the profitability of
shipping companies.
In addition to the international political atmosphere, strategic risks result
from the outlook for industrial customers, as well as production solutions and
consolidation. The current decisions on energy production structures affected by
the environmental policy and other political choices may cause changes in
industry and energy production that may decrease the use of fossil fuels and
increase the use of alternative forms of energy. The flow of goods in the Baltic
Sea may change as a result of the cost structures, changes in the customer
structure such as centralization, or other reasons. These changes may have
negative consequences on operations as the need for transportation decreases,
but they can also be seen as significant opportunities. Despite changes in the
freight rates of global maritime transport, competition for cargo may become
more intense, even in the Baltic Sea area.
Strategic risks are affected by changes in cargo prices, investment trends, and
changes in retail structures, especially in western markets. In eastern markets,
risks are increased by such factors as political instability, social structures
or their lack of reaction to the difficulties encountered by business
operations. Rapid changes in economic structures may cause risks due to changes
in the customer or principal structure or technologies, and due to unutilized
opportunities that require a quick response. Despite the aggravation of the
political situation and the alarming direction of economic development, Aspo's
strategic risks are evened out by the distribution of business operations over
four segments, its engagement in business operations in a broad geographical
area, and its ability to react quickly to changing situations.
Operational risks
Operational risks have remained unchanged. These include risks related to supply
chains and people, for example. The focus of Aspo's growth is on emerging market
areas, where growth risks are affected by factors such as the level of and
changes in the global market prices for raw materials, exchange rates, interest
rate levels, industrial and commercial investments, customer liquidity, changes
in legislation and import regulations, and ineffective authorities. Similar
risks are also encountered in western markets, where changes in the operating
methods and established practices of the authorities may cause financial risks
for Aspo's governance and all of its business areas.
Economic growth and any deceleration or decrease in production may have an
impact on the demand for raw materials in eastern markets. Currently, the
political instability in Ukraine is disturbing commercial activities. If the
situation continues, the growth of Aspo's business operations in Ukraine will
slow down. There may be a similar trend in Russia if purchasing power decreases.
Furthermore, consumer behavior is reflected in the risks generated through B-to-
B customers and their risk levels. The growth opportunities presented by
emerging markets are encouraging interest among competitors in starting or
expanding business operations in these areas. The challenging emerging markets
and the escalated situation in Ukraine have also caused competitors to withdraw
from the area, which has created new potential for Aspo's business operations,
increased their market share and even improved profitability in some areas.
Hedging against exchange rate changes in emerging markets is not possible or
reasonable in all situations, and it is particularly difficult to do so without
interruptions. Changes in exchange rates may also reduce equity on the balance
sheet as a result of translation differences. As changes in credit loss risks
are divided between businesses and customers, Aspo's businesses have not been
subjected to any significant credit losses. However, the limits of credit
insurers have become tighter and, in general, credit loss risks have increased
and been realized to some extent.
The quantity and probability of loss risks are assessed regularly. The amounts
insured are sufficient in view of the scope of Aspo's operations, but insurance
companies may restrict the validity of insurance policies in areas with military
operations.
Internal control and risk management
One of the responsibilities of Aspo's Audit Committee is to monitor the
efficiency of the Group's internal supervision, internal audits, and risk
management systems. The Audit Committee monitors the risk management process and
carries out necessary measures to prevent strategic risks, in particular. In
accordance with the internal supervision principles approved by the Board of
Directors, risk management is part of Aspo's internal supervision, and its task
is to ensure the implementation of the Group's strategy, development of
financial results, shareholder value, dividend payment ability, and continuity
in business operations. The operational management of the business areas is
responsible for risk management. The management is responsible for specifying
sufficient measures and their implementation, and for monitoring and ensuring
that the measures are implemented as part of day-to-day operational control.
Risk management is coordinated by Aspo's CFO, who reports to the Group CEO.
Aspo Group's financing and financing risk management are centralized in the
parent company in accordance with the financing policy approved by the Board of
Directors.
A more detailed account of the risk management policy and the most significant
risks has been published in the 2014 Annual Report and on the company's website.
Financing risks are described in more detail in notes to the financial
statements.
SHARE CAPITAL AND SHARES
Aspo Plc's share capital on June 30, 2015 was EUR 17,691,729.57 and the total
number of shares was 30,975,524 of which the company directly or indirectly held
478,599 shares; that is, 1.5% of the share capital. Of these company-held shares
a total of 477,612 were held by the subsidiary Aspo Management Oy. Aspo Plc has
one share series. Each share entitles the shareholder to one vote at the
shareholders' meeting. Aspo's share is quoted on NASDAQ OMX Helsinki Oy's Mid
Cap segment under industrial products and services.
During January-June 2015, a total of 3,437,417 Aspo Plc shares with a market
value of EUR 25.1 million were traded on Nasdaq Helsinki, in other words, 11.1%
of the stock changed hands. During the review period, the stock reached a high
of EUR 8.16 and a low of EUR 5.92. The average price was EUR 7.30 and the
closing price at period-end was EUR 7.48. At the end of the period, the market
value excluding treasury shares was EUR 228.1 million.
The number of Aspo Plc shareholders was 8,684 at period-end. A total of 939,157
shares, or 3.0% of the share capital, were nominee registered or held by non-
domestic shareholders.
DECISIONS AT THE SHAREHOLDERS' MEETING
Dividend
The Annual Shareholders' Meeting of Aspo Plc held on April 9, 2015 decided,
according to the Board of Directors' proposal, to pay a dividend of EUR 0.40 per
share. The payment date was April 20, 2015.
Board of Directors and Auditor
The Annual Shareholders' Meeting of Aspo Plc re-elected Matti Arteva, Mammu
Kaario, Roberto Lencioni, Gustav Nyberg, Kristina Pentti-von Walzel and Risto
Salo to the Board of Directors for a one-year term. At the Board's organizing
meeting held after the Annual Shareholders' Meeting, Gustav Nyberg was elected
to carry on as Chairman of the Board and Robert Lencioni as Vice-Chairman. At
the meeting the Board also decided to appoint Roberto Lencioni Chairman of the
Audit Committee and Mammu Kaario and Kristina Pentti-von Walzel as committee
members. The authorized public accounting firm Ernst & Young Oy was elected as
company auditor.
Board authorizations
Authorization of the Board of Directors to decide on the acquisition of the
company's own shares
The Annual Shareholders' Meeting on April 9, 2015, authorized the Board of
Directors to decide on the acquisition of no more than 500,000 of the company's
own shares using the unrestricted shareholders' equity of the company. The
authorization will remain in force until the Annual Shareholders' Meeting in
2016.
Authorization of the Board of Directors to decide on a share issue of the
company's own shares
The Annual Shareholders' Meeting authorized the Board of Directors to decide on
a share issue, through one or several installments, to be executed by conveying
the company's own shares. An aggregate maximum amount of 900,000 shares may be
conveyed based on the authorization. The authorization will remain in force
until September 30, 2018.
Authorization of the Board of Directors to decide on a rights issue
Furthermore, the Annual Shareholders' Meeting authorized the Board of Directors
to decide on a rights issue for consideration. The authorization also includes
the right to decide on a directed share issue. The total number of new shares to
be offered for subscription may not exceed 1,500,000. The authorization will
remain in force until September 30, 2018.
The Board has not used its authorizations in the second quarter.
LEGAL PROCEEDINGS
On February 27, 2015, the Helsinki District Court announced its judgement in the
case between ESL Shipping and the Finnish State regarding fairway dues levied
during the years 2001-2004. According to the judgement, the Finnish State will
be required to refund to ESL Shipping approximately EUR 3.0 million in
accordance with the company's claim, as well as legal expenses and interest. The
State has appealed against the judgement. If the district court judgement
becomes final, it will affect Aspo Group's result positively with a
corresponding amount.
The shipping company and ABG Shipyard in India have been involved in
negotiations concerning the compensation payable for repairs made to m/s Alppila
during the warranty period. The vessel was delivered to ESL Shipping in 2011.
The negotiations have not proceeded in the way the shipping company had hoped
and, therefore, the shipping company has currently legal proceedings underway
against ABG Shipyard.
Helsinki August 13, 2015
ASPO Plc
Board of Directors
ASPO GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
4-6/2015 4-6/2014
MEUR % MEUR %
Net sales 110.2 100.0 122.7 100.0
Other operating income 0.4 0.4 0.2 0.2
Materials and services -79.5 -72.1 -88.5 -72.1
Employee benefit expenses -9.8 -8.9 -11.1 -9.0
Depreciation, amortization and impairment -2.6 -2.4 -2.9 -2.4
Other operating expenses -14.6 -13.2 -14.1 -11.5
Operating profit 4.1 3.7 6.3 5.1
Financial income and expenses -0.5 -0.5 -1.3 -1.1
Profit before taxes 3.6 3.3 5.0 4.1
Income taxes -0.3 -0.3 0.5 0.4
Profit for the period 3.3 3.0 5.5 4.5
Other comprehensive income
Items that may be reclassified to profit or loss in
subsequent periods:
Translation differences 0.2 0.2
Cash flow hedges 0.1 -0.1
Available-for-sale financial assets 0.0
Reclassification 0.0
Income tax on other comprehensive income 0.0 0.0
Other comprehensive income for the period, net of
taxes 0.3 0.1
Total comprehensive income 3.6 5.6
Profit attributable to shareholders 3.3 5.5
Non-controlling interest 0.0 0.0
Total comprehensive income attributable to
shareholders 3.6 5.6
Non-controlling interest 0.0 0.0
Earnings per share, EUR 0.10 0.17
EPS adjusted for dilution, EUR 0.10 0.16
1-6/2015 1-6/2014 1-12/2014
MEUR % MEUR % MEUR %
Net sales 212.2 100.0 230.7 100.0 482.9 100.0
Other operating income 0.9 0.4 0.2 0.1 0.8 0.2
Materials and services -150.6 -71.0 -164.9 -71.5 -345.3 -71.5
Employee benefit expenses -21.1 -9.9 -22.0 -9.5 -43.5 -9.0
Depreciation, amortization and
impairment -6.7 -3.2 -5.6 -2.4 -11.2 -2.3
Other operating expenses -27.6 -13.0 -28.3 -12.3 -60.3 -12.5
Operating profit 7.1 3.3 10.1 4.4 23.4 4.8
Financial income and expenses 4.0 1.9 -2.5 -1.1 -4.4 -0.9
Profit before taxes 11.1 5.2 7.6 3.3 19.0 3.9
Income taxes -0.8 -0.4 0.3 0.1 -0.6 -0.1
Profit for the period 10.3 4.9 7.9 3.4 18.4 3.8
Other comprehensive income
Items that may be reclassified to
profit or loss in subsequent periods:
Translation differences 0.5 -4.1 -12.7
Cash flow hedges 0.1 -0.1 0.0
Available-for-sale financial assets 1.8 3.1
Reclassification -4.9
Income tax on other comprehensive
income 0.6 0.0 -0.6
Other comprehensive income for the
period, net of taxes -1.9 -4.2 -10.2
Total comprehensive income 8.4 3.7 8.2
Profit attributable to shareholders 10.3 7.9 18.4
Non-controlling interest 0.0 0.0 0.0
Total comprehensive income attributable
to shareholders 8.4 3.7 8.2
Non-controlling interest 0.0 0.0 0.0
Earnings per share, EUR 0.32 0.24 0.57
EPS adjusted for dilution, EUR 0.32 0.24 0.57
ASPO GROUP BALANCE SHEET
6/2015 6/2014 Change 12/2014
MEUR MEUR % MEUR
Assets
Intangible assets 11.8 12.7 -7.1 12.3
Goodwill 42.7 45.2 -5.5 44.4
Tangible assets 108.8 113.7 -4.3 111.4
Available-for-sale assets 0.2 0.2 0.0 3.2
Long-term receivables 3.8 4.1 -7.3 4.0
Total non-current assets 167.3 175.9 -4.9 175.3
Inventories 52.0 48.5 7.2 47.3
Sales and other receivables 64.1 69.3 -7.5 56.4
Cash and cash equivalents 14.9 18.6 -19.9 19.3
Total current assets 131.0 136.4 -4.0 123.0
Assets classified as held for sale 0.4 -100.0
Total assets 298.3 312.7 -4.6 298.3
Shareholders' equity and liabilities
Share capital 17.7 17.7 0.0 17.7
Other shareholders' equity 82.1 81.8 0.4 86.4
Shareholders' equity attributable to equity
holders of the parent 99.8 99.5 0.3 104.1
Non-controlling interest 0.0 0.7 -100.0 0.0
Non-current liabilities 78.0 87.0 -10.3 83.3
Current liabilities 120.5 125.4 -3.9 110.9
Liabilities classified as held for sale 0.1 -100.0
Total shareholders' equity and liabilities 298.3 312.7 -4.6 298.3
ASSETS AND LIABILITIES BY SEGMENT
Segments' assets, MEUR
6/2015 6/2014 12/2014
ESL Shipping 121.1 125.0 119.4
Leipurin 62.4 64.9 63.7
Telko 73.5 76.3 68.3
Kaukomarkkinat 21.3 22.5 19.4
Unallocated items 20.0 24.0 27.5
Total 298.3 312.7 298.3
Segments' liabilities, MEUR
6/2015 6/2014 12/2014
ESL Shipping 10.7 11.3 12.2
Leipurin 14.6 17.6 17.7
Telko 25.3 25.8 25.3
Kaukomarkkinat 5.4 5.2 4.9
Unallocated items 142.5 152.6 134.1
Total 198.5 212.5 194.2
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
A = Share capital F = Translation differences
B = Premium fund G = Retained earnings
C = Fair value fund H = Total
D = Other funds I = Non-controlling interest
E = Treasury shares J = Total shareholders' equity
MEUR A B C D E F G H I J
Balance at Dec.
31, 2014 17.7 4.3 1.9 32.0 -3.4 -16.0 67.6 104.1 0.0 104.1
Comprehensive income:
Profit for the period 10.3 10.3
Translation
differences 0.5 0.5
Cash flow hedges* 0.1 0.1
Available-for-sale
financial assets* -2.5 -2.5
Total comprehensive
income -2.4 0.5 10.3 8.4
Transactions with
owners:
Dividend payment -12.2 -12.2
Interest on hybrid
instrument -0.7 -0.7
Share-based incentive
plan 0.7 -0.5 0.2
Transfer of funds -0.1 0.1 0.0
Total transactions
with owners -0.1 0.7 -13.3 -12.7
Balance at June
30, 2015 17.7 4.3 -0.5 31.9 -2.7 -15.5 64.6 99.8 0.0 99.8
Balance at Dec.
31, 2013 17.7 4.3 -0.6 33.7 -4.3 -3.3 55.1 102.6 0.7 103.3
Comprehensive income:
Profit for the period 7.9 7.9
Translation
differences -4.1 -4.1
Cash flow hedges* -0.1 -0.1
Total comprehensive
income -0.1 -4.1 7.9 3.7
Transactions with
owners:
Dividend payment -6.4 -6.4 Repayment of
convertible capital
loan -1.7 1.7 0.0
Interest on hybrid
instrument -0.7 -0.7
Share-based incentive
plan 0.2 0.1 0.3
Total transactions
with owners -1.7 0.2 -5.3 -6.8
Balance at June
30, 2014 17.7 4.3 -0.7 32.0 -4.1 -7.4 57.7 99.5 0.7 100.2
*net of taxes
ASPO GROUP CASH FLOW STATEMENT
1-6/2015 1-6/2014 1-12/2014
MEUR MEUR MEUR
OPERATIONAL CASH FLOW
Operating profit 7.1 10.1 23.4
Adjustments to operating profit 7.0 5.9 12.7
Change in working capital -16.2 -15.4 -8.1
Interest paid -1.5 -2.1 -4.0
Interest received 0.5 0.2 0.3
Income taxes paid -1.0 -1.0 -2.3
Total operational cash flow -4.1 -2.3 22.0
INVESTMENTS
Investments in tangible and intagible assets -2.0 -14.8 -17.5
Proceeds from sale of tangible and intangible
assets 0.1 0.2
Proceeds from available-for sale financial
assets 4.9
Subsidiaries acquired, contingent consideration -0.3 -0.3 -0.3
Business operations and subsidiaries sold -0.1 0.9
Associated companies sold 2.2 2.2
Total cash flow from investments 2.6 -12.9 -14.5
FINANCING
Change in short-term borrowings 13.5 2.4 -12.3
Change in long-term borrowings -4.4 9.8 5.3
Hybrid instrument -1.4
Dividends paid -12.2 -6.4 -6.4
Total financing -3.1 5.8 -14.8
Increase / Decrease in liquid funds -4.6 -9.4 -7.3
Liquid funds in beginning of year 19.3 28.5 28.5
Translation differences 0.2 -0.5 -1.9
Liquid funds at period end 14.9 18.6 19.3
ACCOUNTING PRINCIPLES
Aspo Plc's interim report has been prepared in accordance with the principles of
IAS 34 Interim Financial Reporting. As of January 1, 2015, Aspo applies certain
new or amended IFRS standards and IFRIC interpretations as described in the
2014 financial statements. The adoption of these new or amended standards has
not had any substantial impact on the reported figures. In other respects, the
same accounting principles have been adopted in the interim report as in the
Financial Statements on December 31, 2014. The calculation principles of key
figures are explained on page 94 of the 2014 Annual Report. The information in
this report is unaudited.
SEGMENT REPORTING
Aspo Group's operational segments are ESL Shipping, Leipurin, Telko and
Kaukomarkkinat. Other operations consists of Aspo Group's administration, the
financial and ICT service center, and a small number of other functions not
covered by business units.
The Group reports its net sales on the basis of the following geographical
division: Finland; Scandinavia; the Baltic countries; Russia, Ukraine and other
CIS countries; and other countries.
PRESS AND ANALYST CONFERENCE
A press and analyst conference will be arranged today, Thursday August 13, 2015
at 14.00 at the Paavo Nurmi cabinet at Hotel Kämp, Pohjoisesplanadi 29, 00100
Helsinki.
FINANCIAL INFORMATION IN 2015
Aspo Plc will publish the following Interim Report:
for the third quarter on October 28, 2015.
Helsinki, August 13, 2015
ASPO Plc
Aki Ojanen Arto Meitsalo
CEO CFO
For more information: Aki Ojanen, 09 521 4010, 0400 106 592, aki.ojanen
(a)aspo.com
DISTRIBUTION:
Nasdaq Helsinki
Key media
www.aspo.com
Aspo is a conglomerate that owns and develops businesses in Northern Europe and
growth markets 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.
[HUG#1945236]
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