Aspo Plc
Inside information
June 14, 2022 at 5 p.m.

Aspo raises its financial guidance for 2022: comparable operating profit will be improvement compared to the previous year (€42.4 million)

Aspo Plc is raising its financial forecast for the full year 2022, in particular due to the better than expected development of the business activities of ESL Shipping and Telko and the outlook for the rest of the year.

Aspo’s new financial guidelines for 2022:

The comparable operating profit of the Aspo group will improve compared to the previous year (42.4 million euros).

Previous guidance (published 5 April 2022):

The comparable operating profit of the Aspo group will be 27 to 34 million euros (42.4 million euros) in 2022.

Comparable operating income is calculated by adjusting operating income by adding or subtracting capital gains and losses, goodwill impairment losses and other items affecting comparability.

Financial implications related to
the war in Ukraine and operations in Russia

Telko is exploring options to exit its Russian and Belarusian operations during this year. As previously announced, Leipurin has decided to withdraw from its operations in Russia, Belarus and Kazakhstan. The process is proceeding as planned and more details on the timing and methods of implementation will be announced in due course. The combined net sales of Telko and Leipurin in the above-mentioned countries represented around 18% of the Aspo Group’s net sales in 2021, and the companies had around 185 employees in these countries. In addition, the majority of ESL Shipping’s operations in Russia have already been suspended and vessel capacity has been transferred to other traffic areas. All transport related to Russia should end at the end of July, earlier than expected.

Items affecting comparability caused by the war in Ukraine and decisions regarding business operations in Russia will result in an estimated total expense of €15-20 million. This figure includes items affecting comparability in the first quarter of 2022 for a total of -4.9 million euros that were previously reported. The above items are not included in comparable operating income.

In accordance with IFRS standards, the exit from the Russian activities would also lead to the reclassification of translation differences from equity to the statement of comprehensive income. An amount of approximately 7 million euros would be recognized as an expense based on the figures and the Russian ruble exchange rate in May. The recognition does not reduce the Group’s shareholders’ equity since translation differences have, under IFRS, been recognized as a reduction of shareholders’ equity when they are incurred.

For the rest of the year, there are still uncertainties related to the war in Ukraine and general economic development. Aspo will publish its half-year financial report on Wednesday August 10, 2022.

Aspo Plc

Rolf Janson

For more information, please contact:
Rolf Jansson, CEO, Aspo Plc, +358 400 600 264, [email protected]

Nasdaq Helsinki
Key media

Aspo creates value by owning and developing business in a sustainable and long-term manner. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these to lead the way in sustainability. Aspo supports the profitability and growth of its businesses with the right capabilities. The Aspo Group has businesses in 18 different countries and employs a total of around 930 professionals.