Aspo Plc
Half year financial report
Aspo Group Half year financial report,
Aspo Q2: Record-high operating profit and earnings per share
April–June 2021
Figures from the corresponding period in 2020 are presented in brackets.
- Net sales increased significantly to
EUR 142.9 (115.6) million. - Operating profit improved strongly to
EUR 9.6 (4.1) million. - Profit for the second quarter was
EUR 7.8 (2.7) million. - Earnings per share increased to an all-time high, amounting to
EUR 0.24 (0.08). - The operating profit of
ESL Shipping wasEUR 5.4 (0.6) million, LeipurinEUR 0.3 (0.3) million, and TelkoEUR 5.5 (4.2) million. - Net cash from operating activities was
EUR 15.6 (16.6) million. Rolf Jansson will start as the CEO of Aspo onAugust 16, 2021 , with CEOAki Ojanen retiring onAugust 15, 2021 .
January–June 2021
- Aspo’s net sales increased to
EUR 275.2 (248.8) million. - Operating profit increased significantly to
EUR 17.5 (8.1) million, driven by the record performance ofESL Shipping and Telko. - Profit for the period grew strongly and was
EUR 14.2 (5.3) million. - Earnings per share improved significantly and were
EUR 0.43 (0.15). - The operating profit of
ESL Shipping wasEUR 9.9 (2.9) million, LeipurinEUR 0.6 (0.9) million, and TelkoEUR 10.0 (6.6) million. - Net cash from operating activities was
EUR 22.2 (30.5) million. The impact of the change in working capital wasEUR -7.2 (10.9) million.
Key figures | ||||||
4-6/2021 | 4-6/2020 | 1-6/2021 | 1-6/2020 | 1-12/2020 | ||
Net sales, MEUR | 142.9 | 115.6 | 275.2 | 248.8 | 500.7 | |
Operating profit, MEUR | 9.6 | 4.1 | 17.5 | 8.1 | 19.3 | |
Operating profit, % | 6.7 | 3.5 | 6.3 | 3.3 | 3.9 | |
5.4 | 0.6 | 9.9 | 2.9 | 7.6 | ||
Leipurin, operating profit, MEUR | 0.3 | 0.3 | 0.6 | 0.9 | 1.4 | |
Telko, operating profit, MEUR | 5.5 | 4.2 | 10.0 | 6.6 | 14.9 | |
Earnings per share (EPS), EUR | 0.24 | 0.08 | 0.43 | 0.15 | 0.39 | |
Profit before taxes, MEUR | 8.6 | 3.0 | 15.6 | 5.9 | 14.8 | |
Profit for the period, MEUR | 7.8 | 2.7 | 14.2 | 5.3 | 13.4 | |
Net cash from operating activities, MEUR | 15.6 | 16.6 | 22.2 | 30.5 | 65.0 | |
Free cash flow, MEUR | 11.1 | 15.1 | 16.2 | 28.4 | 56.0 | |
Return on equity (ROE), % | 24.5 | 9.0 | 11.4 | |||
Equity ratio, % | 30.5 | 29.4 | 30.1 | |||
Gearing, % | 141.8 | 163.0 | 149.0 | |||
Equity per share, EUR | 3.77 | 3.64 | 3.63 |
Guidance for 2021 (issued
Aspo’s operating profit will be approximately EUR 30–36 (19.3) million in year 2021.
Aspo’s previous guidance for 2021, issued on
Aspo had a very strong second quarter in 2021. The excellent development of the previous two quarters continued, and the operating profit was higher than ever before, reaching
The market situation in industry is good at the moment, but the impacts of the coronavirus pandemic continue to be reflected in some of our operations through restrictions on operations and component shortages, as well as raw material availability issues to some degree. As a result of rapid market recovery, the prices of raw materials and shipping freight have increased to their current high level exceptionally quickly. We expect the strong market situation to continue for the time being.
Our core operations consist of owning, leading and developing business operations over the long term.
I will leave my position as the CEO of
I would also like to thank our more than 11,000 shareholders and the company’s Board of Directors and principal owners for their strong support for my work at
ASPO GROUP
Financial results and targets
With its current structure, Aspo targets an operating profit rate of 6%, return on equity (ROE) of more than 20% on average and gearing of at most 130%. Aspo aims to reach the financial targets set in 2023.
The operating profit rate increased significantly during the second quarter of 2021 and was 6.7% (3.5%). The return on equity improved strongly and was 24.5% (6/2020: 9.0%). Gearing continued to decrease and was 141.8% (12/2020: 149.0%).
At the end of 2020, Aspo’s Board of Directors defined a new long-term sustainability target, according to which the businesses Aspo owns will be forerunners in sustainability in their respective fields. The work to set new business-specific sustainability targets continued during the spring and summer, and the targets will be announced during the second half of the year.
Operating environment
Aspo’s operating environment has returned to close to normal after the negative business impacts caused by the coronavirus pandemic. Demand for goods and services has grown rapidly, which has improved Aspo’s operating conditions. At the same time, however, increased demand has slowed down supply chain operations and added to price pressures. In western markets, business operations have increased rapidly to the pre-pandemic level. In eastern markets, the Russian ruble has remained weak in relation the euro, even though the price of oil has increased markedly. Demand has also grown rapidly in
Net sales by market area | |||||
1-6/2021 | Share | 1-6/2020 | Share | Change | |
MEUR | % | MEUR | % | % | |
91.5 | 33 | 89.1 | 36 | 3 | |
Scandinavia | 52.4 | 19 | 38.9 | 16 | 35 |
Baltic countries | 25.5 | 9 | 21.9 | 9 | 16 |
71.7 | 26 | 69.0 | 28 | 4 | |
Other countries | 34.1 | 12 | 29.9 | 12 | 14 |
Total | 275.2 | 100 | 248.8 | 100 | 11 |
The Group’s main market areas are
Cash flow and financing
The Group’s cash flow from operating activities in January–June was
6/2021 | 6/2020 | 12/2020 | |
MEUR | MEUR | MEUR | |
Interest-bearing liabilities | 188.1 | 213.1 | 201.4 |
Cash and cash equivalents | 21.1 | 27.5 | 32.3 |
Net interest-bearing debt | 167.0 | 185.6 | 169.1 |
Net interest-bearing liabilities decreased to
Net financial expenses in January–June decreased to
The Group’s liquidity position remained strong. Cash and cash equivalents were
The first installment of the dividend (
Short-term risks and uncertainties in business operations
The negative impacts of the coronavirus pandemic on business operations have decreased, and economic activity has returned to almost normal in terms of volume. Nevertheless, new variants of the virus and their rapid spread may lead to interruptions and financial losses. Local measures imposed by the authorities may also cause temporary interruptions in business operations, unless the spread of the disease can be stopped or the regulations of the authorities can be satisfied.
Risks have not materialized as a result of geopolitical tensions, but the company has continued to prepare for such risks.
The rapid growth of economic activity has caused the prices of many raw materials and logistics to increase quickly. Aspo may benefit from this situation temporarily, but the acquisition prices of raw materials or rental capacity, such as leased vessels, are increasing at the same time. Longer delivery times for spare parts, components and raw materials are also increasing risks. With Aspo’s customers benefitting from the increase in activity, the risk of production cuts and the pressure to carry out necessary business arrangements, for example, are decreasing, which also creates stability in Aspo’s operating environment.
The prices of food products have risen sharply, and this trend is reinforced by the increase in eating out as the impacts of the pandemic are easing. Demand for food products is growing, but the rising prices, as well as any slowing down of supply chains, are increasing risks in this business area.
Sudden changes in currency values may cause disruption in business operations and financial losses. Forecasting is difficult, which is exemplified by the fact that the Russian ruble weakened despite the significant increase in the price of oil compared with the previous year.
ASPO’S BUSINESSES
4-6/2021 | 4-6/2020 | Change,% | 1-6/2021 | 1-6/2020 | Change,% | |
Net sales, MEUR | 46.0 | 32.9 | 39.8 | 89.4 | 75.6 | 18.3 |
Operating profit, MEUR | 5.4 | 0.6 | 800.0 | 9.9 | 2.9 | 241.4 |
Operating profit, % | 11.7 | 1.8 | 11.1 | 3.8 |
ESL Shipping’s capacity was almost fully in use during the second quarter. Demand and transportation volumes among all ESL Shipping’s main customers remained at the expected strong level. Transportation volumes among all steel industry customers increased significantly from the exceptionally weak comparative period. The transportation volumes of coal consumed for energy continued to decrease in transport to
The international cargo market for the shipping company’s Supramax vessels was very strong during the review period, and the profitability of the vessels was good, improving very strongly from the comparative period. The market freight rates in all vessel categories improved significantly year-on-year. The price of ship fuel increased strongly from the comparative period, but its cost impact was largely offset by the fuel clauses included in transport contracts.
The operations of all ESL Shipping’s vessel categories were successful in the second quarter. Ports have continued to be very congested in the shipping company’s main transportation areas because of higher traffic volumes and the impact of the coronavirus pandemic on the availability of stevedores. In the smaller vessel category, longer waiting times at some ports in contract traffic made operations more difficult. Despite this, profitability was historically strong even in the smaller vessel category in the second quarter and significantly better than in the comparative period.
The long-term development of responsibility and the maintenance of a high level of safety are essential to the shipping company’s operations. During the review period,
The company made planned investments in the environmental performance of vessels. Six large vessel units were docked and the docking of the seventh unit was started in the second quarter, with a total of more than 70 docking days. Smaller time-chartered vessels were out of service more than usual because of prolonged docking and coronavirus infections, among other reasons.
The net sales of
Outlook for
Demand for transportation in the company’s main market area in
Most of the shipping company’s transportation capacity utilization has been secured through long-term agreements in the
The impact of the coronavirus pandemic on the market situation has decreased, but various measures limiting the functioning of societies may affect demand and the shipping company’s operating activities during the rest of the year. Measures to protect employees’ health and safety will continue at least at their current level for the time being.
During 2021, significant environmental investments of around
Leipurin
Leipurin is a wholesaler specializing in bakery, food industry and foodservice solutions. Leipurin’s business operations are divided into three areas: the bakery business, the machinery business and the foodservice business. The solutions offered by the bakery business comprise raw materials, recipes, product range development, and training for bakeries and other food industries. As part of its machinery business, Leipurin delivers and maintains bakery equipment, in-store bakeries and other machinery and equipment for the food industry. The machinery business also includes
4-6/2021 | 4-6/2020 | Change,% | 1-6/2021 | 1-6/2020 | Change,% | |
Net sales, MEUR | 25.8 | 23.2 | 11.2 | 53.7 | 50.1 | 7.2 |
Operating profit, MEUR | 0.3 | 0.3 | 0.0 | 0.6 | 0.9 | -33.3 |
Operating profit, % | 1.2 | 1.3 | 1.1 | 1.8 |
Leipurin’s operating environment continued to be challenging because of the coronavirus pandemic. Bakery raw material sales for packaged consumer products are returning to normal in the retail channel, while regional restrictions caused by the coronavirus pandemic have continued to have a significant negative impact on foodservice and machinery operations. In addition, product development and project activities continue to be hindered by travel restrictions.
Leipurin’s net sales increased to
The net sales of the bakery business increased by around 16% during the second quarter of 2021, representing around 89% of Leipurin’s total net sales. Despite the increase in net sales, the operating profit remained unchanged because the weaker currency exchange rates created price pressures in eastern markets. The net sales of the bakery business in eastern markets increased by around 4% during the second quarter and were
The foodservice business accounted for around 3% of Leipurin’s total net sales during the second quarter. Net sales improved slightly because of the easing of the restrictions caused by the coronavirus pandemic. The indirect impact of the foodservice market is also reflected in Leipurin’s net sales through the bakery business.
The net sales of the machinery business decreased significantly in the second quarter from the comparative period. A strong cyclical nature is typical of the machinery business due to the timing of project deliveries. Several significant machinery orders were received in the second quarter, with deliveries scheduled for the second half of 2021 and 2022. The order book of
Leipurin’s net sales increased in January–June, but its operating profit decreased year-on-year. Major machine deliveries to
Leipurin completed a reassessment of its Group structure and organization in the second quarter. Its goal is to streamline cooperation with customers and ensure economies of scale arising from its international business operations. The reorganization will not affect the number of employees.
Leipurin’s strategy review continued in the second quarter. Measures related to strategy implementation cover the entire strategy period.
Outlook for Leipurin for 2021
Restrictions related to the coronavirus pandemic have varied in Leipurin’s countries of operation. The markets and the circumstances of Leipurin’s customers are expected to normalize, provided that restrictions will to be lifted. The impacts of the pandemic on global supply chains are highlighted, and affect the price levels and availability of certain raw materials and possibly even delivery times.
Leipurin will continue to invest in growth in eastern markets. The production unit for bakery raw materials in
Telko
Telko is a leading expert in and supplier of plastic raw materials, industrial chemicals and lubricants. Telko’s business operations are based on representing the best international principals, the expertise of personnel and long-term customer relationships. Telko operates as a responsible partner in the value chain by bringing together well-known international principals and customers. Its competitive advantages include technical support, efficient logistics and local expert service in both the east and the west. Kauko, reported as part of the Telko segment, is a specialist in demanding mobile knowledge work environments. The Telko segment has operations in
4-6/2021 | 4-6/2020 | Change,% | 1-6/2021 | 1-6/2020 | Change,% | |
Net sales, MEUR | 71.1 | 59.5 | 19.5 | 132.1 | 123.1 | 7,3 |
Operating profit, MEUR | 5.5 | 4.2 | 31.0 | 10.0 | 6.6 | 51,5 |
Operating profit, % | 7.7 | 7.1 | 7.6 | 5.4 |
Telko’s market situation continued to be strong in the second quarter of the year. Demand was at a good level in all markets, but the development of sales volumes was hindered by availability issues in certain product categories. Prices remained high. The increase in prices stopped for the most part toward the end of the quarter, and improved availability in some product categories has caused price levels to decrease.
In the second quarter, the net sales of the Telko business increased by 29% to
Net sales in the market area consisting of
The net sales of the plastics business grew by 29% in the second quarter, amounting to
The net sales of the chemicals business increased by 17% to
The net sales of the lubricants business increased by 66% to
Telko’s net sales in January–June increased by 12% to
Kauko’s net sales decreased by 49% in the second quarter, amounting to
Outlook for Telko for 2021
Demand in Telko’s main market is quite good, and is expected to remain strong. Product availability is expected to improve in the coming months, but there are still significant availability challenges in several product categories. With the availability situation normalizing, Telko’s volumes are expected to increase, and prices are expected to decrease from the current high level.
The production volumes of several of Telko’s key industrial customers decreased significantly during 2020. Demand has picked up considerably during 2021, but production volumes continue to be below the pre-pandemic level in most customer segments.
Telko’s goal is to maintain the relative profitability level achieved during 2020. In line with its revised strategy, Telko is seeking an even stronger role in the value chain, focusing on cooperation with both customers and principals.
Kauko expects new equipment and service packages to improve the profitability of basic business operations in 2021. During the second quarter, an agreement was signed on a significant delivery of equipment to public administration, scheduled for the second half of 2021. If the exceptional circumstances related to the coronavirus pandemic continue, the sales of personal protective equipment are expected to remain at a good level.
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. The operating result of other operations was
COMPANY INFORMATION
Aspo is a conglomerate that owns, leads and develops its businesses in
Aspo’s businesses —
Share capital and shares
Aspo Plc’s registered share capital on
During January–June 2021, a total of 1,857,507
The company had 11,120 shareholders at the end of the review period. A total of 1,323,967 shares, or 4.2% of the share capital, were nominee-registered or held by non-domestic shareholders.
Remuneration
On
The rewards to be paid under the 2021–2023 share-based incentive plan are based on the Group’s earnings per share (EPS) during the 2021 financial year. The shares paid as reward may not be transferred during the restriction period, which will end on
The share-based incentive plan is directed at around 20 people, including the members of the Group Executive Committee. The rewards payable based on the plan correspond to a maximum total value of 204,000
Decisions of the Annual Shareholders’ Meeting
Dividend
Aspo Plc’s Annual Shareholders’ Meeting held on
The Board of Directors and the auditor
Mammu Kaario,
The Authorized Public Accountant firm
Board authorizations
Authorization of the Board of Directors to decide on the acquisition of treasury shares
The Annual Shareholders’ Meeting on
Authorization of the Board of Directors to decide on a share issue of treasury shares
The Annual Shareholders’ Meeting on
Authorization of the Board of Directors to decide on a share issue of new shares
The Annual Shareholders’ Meeting on
FINANCIAL INFORMATION
Aspo Group’s condensed consolidated statement of comprehensive income
4-6/2021 | 4-6/2020 | 1-6/2021 | 1-6/2020 | 1-12/2020 | |
MEUR | MEUR | MEUR | MEUR | MEUR | |
Net sales | 142.9 | 115.6 | 275.2 | 248.8 | 500.7 |
Other operating income | 0.2 | 0.1 | 0.2 | 0.2 | 0.5 |
Share of profits accounted for using the equity method | -0.1 | 0.0 | -0.1 | 0.0 | -0.4 |
Materials and services | -87.4 | -72.4 | -167.3 | -157.5 | -315.8 |
Employee benefit expenses | -13.1 | -10.6 | -25.6 | -21.8 | -44.0 |
Depreciation, amortization and impairment losses | -4.1 | -3.9 | -8.2 | -7.9 | -15.8 |
Depreciation, leased assets | -3.4 | -3.3 | -6.7 | -6.6 | -13.2 |
Other operating expenses | -25.4 | -21.4 | -50.0 | -47.1 | -92.7 |
Operating profit | 9.6 | 4.1 | 17.5 | 8.1 | 19.3 |
Financial income and expenses | -1.0 | -1.1 | -1.9 | -2.2 | -4.5 |
Profit before taxes | 8.6 | 3.0 | 15.6 | 5.9 | 14.8 |
Income taxes | -0.8 | -0.3 | -1.4 | -0.6 | -1.4 |
Profit | 7.8 | 2.7 | 14.2 | 5.3 | 13.4 |
Other comprehensive income | |||||
Items that may be reclassified to profit or loss in subsequent periods: | |||||
Translation differences | 0.5 | 1.9 | 1.5 | -4.0 | -7.8 |
Cash flow hedging | 0.1 | 0.1 | |||
Other comprehensive income for the period, net of taxes | 0.5 | 1.9 | 1.5 | -3.9 | -7.7 |
Total comprehensive income | 8.3 | 4.6 | 15.7 | 1.4 | 5.7 |
Profit attributable to shareholders | 7.8 | 2.7 | 14.2 | 5.3 | 13.4 |
Total comprehensive income attributable to shareholders | 8.3 | 4.6 | 15.7 | 1.3 | 5.7 |
Basic earnings per share, EUR | 0.24 | 0.08 | 0.43 | 0.15 | 0.39 |
Diluted earnings per share, EUR | 0.24 | 0.08 | 0.43 | 0.15 | 0.39 |
Aspo Group’s condensed consolidated balance sheet
6/2021 | 6/2020 | 12/2020 | |
Assets | MEUR | MEUR | MEUR |
Intangible assets | 55.0 | 51.1 | 55.2 |
Tangible assets | 167.2 | 174.6 | 169.1 |
Leased assets | 19.8 | 19.8 | 20.1 |
Investments accounted for using the equity method | 0.9 | 1.3 | 1.0 |
Other non-current assets | 0.8 | 0.7 | 0.8 |
Total non-current assets | 243.7 | 247.5 | 246.2 |
Inventories | 48.8 | 46.3 | 42.4 |
Accounts receivable and other receivables | 75.9 | 70.1 | 63.2 |
Cash and cash equivalents | 21.1 | 27.5 | 32.3 |
Total current assets | 145.8 | 143.9 | 137.9 |
Total assets | 389.5 | 391.4 | 384.1 |
Equity and liabilities | |||
Share capital and premium | 22.0 | 22.0 | 22.0 |
Other equity | 95.7 | 91.9 | 91.5 |
Total equity | 117.7 | 113.9 | 113.5 |
Loans and overdraft facilities | 132.2 | 166.0 | 149.1 |
Lease liabilities | 7.1 | 7.7 | 7.2 |
Other liabilities | 4.4 | 4.5 | 4.5 |
Total non-current liabilities | 143.7 | 178.2 | 160.8 |
Loans and overdraft facilities | 35.7 | 27.0 | 32.5 |
Lease liabilities | 13.1 | 12.4 | 13.4 |
Accounts payable and other liabilities | 79.3 | 59.9 | 63.9 |
Total current liabilities | 128.1 | 99.3 | 109.8 |
Total equity and liabilities | 389.5 | 391.4 | 384.1 |
* Right-of-use assets in accordance with IFRS 16 standard have been renamed leased assets starting from
Aspo Group’s condensed consolidated cash flow statement
1-6/2021 | 1-6/2020 | 1-12/2020 | |
MEUR | MEUR | MEUR | |
CASH FLOWS FROM/USED IN OPERATING ACTIVITIES | |||
Operating profit | 17.5 | 8.1 | 19.3 |
Adjustments to operating profit | 15.3 | 14.7 | 29.2 |
Change in working capital | -7.2 | 10.9 | 23.0 |
Interest paid | -2.0 | -2.9 | -4.4 |
Interest received | 0.1 | 1.1 | 0.7 |
Income taxes paid | -1.5 | -1.4 | -2.8 |
Net cash from operating activities | 22.2 | 30.5 | 65.0 |
CASH FLOWS FROM/USED IN INVESTING ACTIVITIES | |||
Investments | -6.1 | -2.4 | -7.2 |
Investment subsidy | 2.5 | ||
Proceeds from sale of tangible assets | 0.1 | 0.1 | 0.2 |
Acquisition of businesses | -4.7 | ||
Dividends received | 0.1 | 0.1 | |
Net cash used in investing activities | -6.0 | -2.2 | -9.0 |
CASH FLOWS FROM/USED IN FINANCING ACTIVITIES | |||
Change in current loans | -11.9 | -6.1 | 0.8 |
Repayments of non-current loans | -2.0 | -0.7 | -18.9 |
Payments of lease liabilities | -6.7 | -6.5 | -13.0 |
Hybrid bond repayment | -25.0 | -25.0 | |
Proceeds from Hybrid bond issue | 20.0 | 20.0 | |
Hybrid bond, interest paid | -1.7 | -1.6 | -1.6 |
Hybrid bond, transaction costs paid | -0.3 | -0.3 | |
Dividends paid | -5.6 | -3.4 | -6.9 |
Net cash used in financing activities | -27.9 | -23.6 | -44.9 |
Change in cash and cash equivalents | -11.7 | 4.8 | 11.1 |
Cash and cash equivalents | 32.3 | 23.7 | 23.7 |
Translation differences | 0.5 | -1.0 | -2.5 |
Cash and cash equivalents at period-end | 21.1 | 27.5 | 32.3 |
Aspo Group consolidated statement of changes in equity
Share capital and premium | Other reserves | Hybrid bond | Translation differences | Retained earnings | Total | |
MEUR | ||||||
Equity | 22.0 | 16.5 | 20.0 | -27.0 | 81.9 | 113.4 |
Comprehensive income: | ||||||
Profit for the period | 14.2 | 14.2 | ||||
Translation differences | 1.5 | 1.5 | ||||
Total comprehensive income | 1.5 | 14.2 | 15.7 | |||
Transactions with owners: | ||||||
Dividend payment | -10.9 | -10.9 | ||||
Interest on hybrid bond | -0.9 | -0.9 | ||||
Share-based incentive plan | 0.4 | 0.4 | ||||
Total transactions | -11.4 | -11.4 | ||||
with owners | ||||||
Equity | 22.0 | 16.5 | 20.0 | -25.5 | 84.7 | 117.7 |
Equity | 22.0 | 16.4 | 25.0 | -19.2 | 77.8 | 122.1 |
Comprehensive income: | ||||||
Profit for the period | 5.3 | 5.3 | ||||
Translation differences | -4.0 | -4.0 | ||||
Cash flow hedging | 0.1 | 0.1 | ||||
Total comprehensive income | 0.1 | -4.0 | 5.3 | 1.4 | ||
Transactions with owners: | ||||||
Dividend payment | -3.4 | -3.4 | ||||
Hybrid bond | -5.0 | -5.0 | ||||
Hybrid bond interest and transaction costs | -1.1 | -1.1 | ||||
Total transactions | -5.0 | -4.5 | -9.5 | |||
with owners | ||||||
Equity | 22.0 | 16.5 | 20.0 | -23.2 | 78.6 | 113.9 |
Accounting principles
Aspo Plc’s half-year financial report has been prepared in accordance with the principles of IAS 34 Interim Financial Reporting. As of
Personnel
At the end of the quarter,
Net sales and segment information
Aspo Group’s reporting segments are
Aspo Group disaggregation of net sales
Net sales by business area | |||||
4-6/2021 | 4-6/2020 | 1-6/2021 | 1-6/2020 | 1-12/2020 | |
MEUR | MEUR | MEUR | MEUR | MEUR | |
46.0 | 32.9 | 89.4 | 75.6 | 148.4 | |
46.0 | 32.9 | 89.4 | 75.6 | 148.4 | |
Leipurin | |||||
Bakery business | 23.8 | 20.2 | 45.2 | 43.5 | 90.6 |
Machinery business | 2.0 | 3.0 | 8.5 | 6.6 | 10.4 |
25.8 | 23.2 | 53.7 | 50.1 | 101.0 | |
Telko | |||||
Plastics business | 36.8 | 28.6 | 68.9 | 61.1 | 122.9 |
Chemicals business | 21.5 | 18.4 | 38.0 | 38.8 | 74.6 |
Lubricants business | 9.3 | 5.6 | 18.7 | 12.3 | 27.4 |
Kauko | 3.5 | 6.9 | 6.5 | 10.9 | 26.4 |
71.1 | 59.5 | 132.1 | 123.1 | 251.3 | |
Total | 142.9 | 115.6 | 275.2 | 248.8 | 500.7 |
Net sales by timing of revenue recognition | |||||
4-6/2021 | 4-6/2020 | 1-6/2021 | 1-6/2020 | 1-12/2020 | |
MEUR | MEUR | MEUR | MEUR | MEUR | |
At a point in time | 0.9 | 0.5 | 2.0 | 0.9 | 2.3 |
Over time | 45.1 | 32.4 | 87.4 | 74.7 | 146.1 |
46.0 | 32.9 | 89.4 | 75.6 | 148.4 | |
Leipurin | |||||
At a point in time | 24.6 | 21.7 | 51.3 | 47.1 | 97.2 |
Over time | 1.2 | 1.5 | 2.4 | 3.0 | 3.8 |
25.8 | 23.2 | 53.7 | 50.1 | 101.0 | |
Telko | |||||
At a point in time | 70.9 | 59.4 | 131.8 | 122.8 | 250.7 |
Over time | 0.2 | 0.1 | 0.3 | 0.3 | 0.6 |
71.1 | 59.5 | 132.1 | 123.1 | 251.3 | |
Total | |||||
At a point in time | 96.4 | 81.6 | 185.1 | 170.8 | 350.2 |
Over time | 46.5 | 34.0 | 90.1 | 78.0 | 150.5 |
142.9 | 115.6 | 275.2 | 248.8 | 500.7 |
Net sales by market area | |||||
4-6/2021 | 4-6/2020 | 1-6/2021 | 1-6/2020 | 1-12/2020 | |
MEUR | MEUR | MEUR | MEUR | MEUR | |
20.5 | 16.3 | 42.8 | 36.8 | 69.4 | |
Scandinavia | 13.6 | 9.7 | 25.5 | 20.9 | 41.3 |
Baltic countries | 0.2 | 0.1 | 0.7 | 0.3 | 2.2 |
0.8 | 0.3 | 1.1 | 2.2 | 5.4 | |
Other countries | 10.9 | 6.5 | 19.3 | 15.4 | 30.1 |
46.0 | 32.9 | 89.4 | 75.6 | 148.4 | |
Leipurin | |||||
9.8 | 9.4 | 19.3 | 19.9 | 39.8 | |
Scandinavia | 1.0 | 0.0 | 1.6 | 0.0 | 0.0 |
Baltic countries | 7.4 | 6.1 | 14.1 | 13.2 | 27.9 |
7.4 | 7.5 | 18.5 | 16.1 | 31.7 | |
Other countries | 0.2 | 0.2 | 0.2 | 0.9 | 1.6 |
25.8 | 23.2 | 53.7 | 50.1 | 101.0 | |
Telko | |||||
15.9 | 16.9 | 29.4 | 32.4 | 67.7 | |
Scandinavia | 13.1 | 8.5 | 25.3 | 18.0 | 36.6 |
Baltic countries | 5.9 | 4.2 | 10.7 | 8.4 | 16.0 |
28.5 | 23.8 | 52.1 | 50.7 | 104.4 | |
Other countries | 7.7 | 6.1 | 14.6 | 13.6 | 26.6 |
71.1 | 59.5 | 132.1 | 123.1 | 251.3 | |
Total | |||||
46.2 | 42.6 | 91.5 | 89.1 | 176.9 | |
Scandinavia | 27.7 | 18.2 | 52.4 | 38.9 | 77.9 |
Baltic countries | 13.5 | 10.4 | 25.5 | 21.9 | 46.1 |
36.7 | 31.6 | 71.7 | 69.0 | 141.5 | |
Other countries | 18.8 | 12.8 | 34.1 | 29.9 | 58.3 |
142.9 | 115.6 | 275.2 | 248.8 | 500.7 |
Segment information | ||||||
Reconciliation of segment operating profit to the group's profit before taxes | ||||||
1-6/2021 | ||||||
Leipurin | Telko | Unallocated | Group | |||
MEUR | items | total | ||||
Operating profit | 9.9 | 0.6 | 10.0 | -3.0 | 17.5 | |
Net financial expenses | -1.9 | -1.9 | ||||
Profit before taxes | 15.6 | |||||
1-6/2020 | ||||||
Leipurin | Telko | Unallocated | Group | |||
MEUR | items | total | ||||
Operating profit | 2.9 | 0.9 | 6.6 | -2.3 | 8.1 | |
Net financial expenses | -2.2 | -2.2 | ||||
Profit before taxes | 5.9 | |||||
Investments by segment | ||||||
Leipurin | Telko | Unallocated | Group | |||
MEUR | items | total | ||||
Investments | 1-6/2021 | 5.9 | 0.1 | 0.1 | 0.0 | 6,1 |
Investments | 1-6/2020 | 2.2 | 0.0 | 0.1 | 0.0 | 2,3 |
Segment assets and liabilities | ||||||
Leipurin | Telko | Unallocated | Group | |||
MEUR | items | total | ||||
Assets | 210.4 | 59.9 | 77.7 | 36.1 | 384.1 | |
Assets | 212.8 | 59.0 | 92.9 | 24.8 | 389.5 | |
Liabilities | 27.7 | 19.9 | 32.7 | 190.3 | 270.6 | |
Liabilities | 30.4 | 16.5 | 43.3 | 181.6 | 271.8 |
Board of Directors
Press and analyst conference
A press and analyst conference will be arranged today,
The press conference can be followed via a live webcast at https://aspo.videosync.fi/2021-q2-results, or by calling +358 9 817 10310 (12219443#) 5 to 10 minutes before the beginning of the press conference. The recording of the event will be available on the company’s website later on the same day.
Financial information in 2021
CEO | CFO |
For more information, please contact:
DISTRIBUTION:
Nasdaq
Key media
www.aspo.fi
Aspo is a conglomerate that owns and develops businesses in
Attachment
- Aspo Plc Half year financial report Q2 2021
© OMX, source