Correction: Aspo’s revised financial key figures

Aspo Plc
Stock exchange release
August 8, 2024, at 9:45

Correction: Aspo’s revised financial key figures

Aspo Plc corrects the stock exchange release published on June 26, 2024, at 8.50 a.m. The key figures have been corrected due to some errors, as well as rounding adjustments. To improve accuracy, the revised key figures have been calculated without rounding and may therefore differ from those published in previous years. Below is the correct release in its entirety.

Aspo has revised its financial key figures in line with its updated financial targets announced on 14 May 2024 on Aspo's Capital Markets Day.

Aspo Plc applies guidance on alternative key figures issued by the European Securities and Market Authority and publishes in addition to IFRS figures other commonly used key figures, which are mainly derived from the statement of comprehensive income and balance sheet. According to management, the alternative key figures clarify the view drawn by the statement of comprehensive income and balance sheet of Aspo’s financial performance and financial position.

The principles for preparing the alternative key figures have not been defined in IFRS or other applicable accounting standards. They also do not replace the key figures required by IFRS. For these reasons, they may not be comparable with alternative performance measures presented by other companies. The purpose of the alternative key figures published by Aspo is to provide deeper insight into the results of Aspo's business segments and how management reviews different business segments.

Below you can find the revised key figures and their calculation principles. The key figures have been calculated based on exact values. Thus, the total does not necessarily equal the sum of its components when viewed with one decimal.

Financial key figures by quarter

Aspo Group	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Net sales from continuing operations, MEUR	132.7	132.2	130.1	132.5	141.6	536.4	152.8	142.9	136.2	128.8	560.7
EBITA, Group total, MEUR	-2.9	0.3	6.9	-4.9	8.8	11.1	-3.2	12.6	15.0	10.3	34.7
Comparable EBITA, Group total MEUR	5.1	7.4	8.2	3.9	8.3	27.9	11.3	13.5	16.2	15.2	56.2
EBITA from continuing operations, MEUR	-2.9	6.8	8.4	3.1	8.9	27.2	12.5	12.2	11.8	4.1	40.7
Comparable EBITA from continuing operations, MEUR	5.1	7.2	7.7	3.9	8.7	27.5	12.7	12.8	11.8	8.9	46.2
Comparable EBITA from continuing operations, %	3.8	5.5	5.9	2.9	6.1	5.1	8.3	9.0	8.6	6.9	8.2
Profit for the period, MEUR	-6.0	-3.7	3.8	-5.6	7.2	1.6	-5.4	9.4	9.7	7.0	20.7
Comparable profit for the period from continuing operations, MEUR	2.0	3.5	4.6	2.1	6.2	16.5	8.9	9.9	10.3	6.4	35.5
Earnings per share (EPS), EUR	-0.16	-0.13	0.10	-0.19	0.21	-0.01	-0.21	0.30	0.31	0.21	0.61
Comparable EPS from continuing operations, EUR	0.09	0.10	0.13	0.05	0.18	0.46	0.25	0.32	0.33	0.19	1.08
Free cash flow, MEUR	-3.5	0.3	12.0	5.9	9.1	27.3	16.5	-9.7	13.8	13.8	34.4
Free cash flow per share, EUR	-0.1	0.0	0.4	0.2	0.3	0.9	0.5	-0.3	0.4	0.4	1.1
Invested capital from continuing operations, MEUR	320.2	314.5	309.8	315.8	328.5	314.5	322.6	326.9	298.9	295.5	322.6
Comparable ROCE from continuing operations, %	6.4	9.3	9.8	4.8	10.7	8.6	15.6	16.4	15.8	12.0	14.9
Return on equity (ROE), Group total, %	-15.2	-10.4	10.6	-15.6	19.7	1.2	-14.1	23.4	26.8	21.2	15.2
Comparable ROE from continuing operations, %	4.9	9.9	13.1	6.0	17.9	11.9	25.9	29.8	33.8	22.9	28.7
Equity per share, EUR	4.77	4.47	4.67	4.50	4.71	4.47	4.58	5.24	4.99	4.28	4.58
Equity ratio, %	38.6	34.4	35.8	34.8	34.8	34.4	34.7	35.8	35.6	31.4	34.7
Net debt, MEUR	131.5	165.2	153.2	162.1	156.7	165.2	155.7	160.2	144.9	159.5	155.7
Net debt / comparable EBITDA (12 months rolling)	2.3	2.7	2.4	2.3	1.9	2.7	1.7	1.8	1.7	2.0	1.7

ESL Shipping	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Net sales, MEUR	49.9	49.4	43.0	43.9	52.7	189.0	63.3	65.0	60.2	56.8	245.4
EBITA, MEUR	-5.0	4.4	4.1	3.4	6.0	17.8	10.3	9.8	9.1	9.2	38.4
Comparable EBITA, MEUR	2.7	5.0	4.1	3.3	6.0	18.4	10.6	9.8	9.2	8.0	37.6
Comparable EBITA, %	5.4	10.1	9.4	7.6	11.4	9.7	16.8	15.1	15.3	14.0	15.3
Invested capital, MEUR	208.8	218.4	207.4	206.6	206.5	218.4	202.8	209.6	202.8	200.3	202.8
Comparable ROCE, %	5.1	9.4	7.8	6.5	11.8	8.7	20.6	19.1	18.3	16.0	18.7

Telko	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Net sales, MEUR	50.2	49.0	53.8	54.2	54.3	211.3	54.3	51.6	52.9	50.5	209.3
EBITA, MEUR	2.3	2.6	3.2	0.1	2.8	8.7	2.7	3.6	4.5	-1.9	8.9
Comparable EBITA, MEUR	2.3	2.6	3.2	1.1	2.8	9.7	2.1	3.1	4.0	2.7	12.0
Comparable EBITA, %	4.7	5.3	6.0	2.0	5.2	4.6	3.9	6.1	7.5	5.4	5.7
Invested capital, MEUR	64.9	48.4	54.9	60.5	64.1	48.4	60.8	56.0	55.3	51.7	60.8
Comparable ROCE, %	16.5	19.9	22.5	6.9	18.0	17.8	14.6	22.5	29.8	20.3	20.7

Leipurin	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Net sales, MEUR	32.6	33.9	33.2	34.4	34.6	136.1	35.3	26.2	23.0	21.4	105.9
EBITA, MEUR	1.2	1.0	2.1	1.4	1.3	5.9	1.3	-0.4	-0.3	-0.8	-0.2
Comparable EBITA, MEUR	1.2	0.9	1.4	1.1	1.0	4.5	1.5	0.6	0.1	0.1	2.3
Comparable EBITA, %	3.6	2.6	4.2	3.3	3.0	3.3	4.1	2.4	0.3	0.7	2.2
Invested capital, MEUR	45.0	46.0	46.7	48.0	56.6	46.0	57.8	59.5	39.6	42.9	57.8
Comparable ROCE, %	10.3	7.5	11.8	8.8	7.3	8.6	10.0	5.1	0.6	1.3	4.6

Other operations	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
EBITA, MEUR	-1.5	-1.2	-1.0	-1.8	-1.2	-5.2	-1.7	-0.8	-1.5	-2.4	-6.4
Comparable EBITA, MEUR	-1.2	-1.2	-1.0	-1.6	-1.2	-5.1	-1.5	-0.7	-1.5	-1.9	-5.7

Discontinued operations	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Net sales, MEUR		3.7	3.3	3.8	5.9	16.6	11.8	17.2	29.1	33.8	91.9
EBITA, MEUR		-6.5	-1.5	-8.0	-0.1	-16.1	-15.7	0.4	3.2	6.1	-6.0
Comparable EBITA, MEUR		0.2	0.5	0.0	-0.3	0.4	-1.3	0.6	4.4	6.3	10.0
Comparable EBITA, %		6.2	16.6	-0.7	-5.8	2.4	-11.0	3.5	15.0	18.6	10.9

EBITA reconciliation, continuing operations

MEUR	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Comparable EBITA from continuing operations	5.1	7.2	7.7	3.9	8.7	27.5	12.7	12.8	11.8	8.9	46.2
Items affecting comparability of EBITA from continuing operations	-8.0	-0.4	0.7	-0.8	0.2	-0.2	-0.1	-0.6	0.0	-4.7	-5.5
Amortization and impairment of intangible assets, continuing operations	-0.3	-0.4	-0.4	-0.3	-0.3	-1.3	-1.6	-0.2	-0.2	-0.2	-2.3
Operating profit from continuing operations	-3.2	6.4	8.0	2.8	8.6	25.9	10.9	12.0	11.6	3.9	38.4

EBITA reconciliation, Group total

MEUR	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Comparable EBITA, Group total	5.1	7.4	8.2	3.9	8.3	27.9	11.3	13.5	16.2	15.2	56.2
Items affecting comparability of EBITA, Group total	-8.0	-7.2	-1.3	-8.8	0.5	-16.8	-14.6	-0.8	-1.1	-4.9	-21.5
Amortization and impairment of intangible assets, Group total	-0.3	-0.4	-0.4	-0.3	-0.3	-1.3	-1.6	-0.2	-1.5	-0.2	-3.5
Operating profit, Group total	-3.2	-0.1	6.6	-5.2	8.5	9.8	-4.9	12.4	13.5	10.1	31.2

Reconciliation of operating profit, Group total

MEUR	I/24	IV/23	III/23	II/23	I/23	2023	IV/22	III/22	II/22	I/22	2022
Comparable operating profit, Group total	4.7	7.1	7.9	3.5	8.1	26.5	11.1	13.2	15.9	15.0	55.3
Items affecting comparability of operating profit, Group total	-8.0	-7.2	-1.3	-8.8	0.5	-16.8	-15.9	-0.8	-2.4	-4.9	-24.1
Operating profit, Group total	-3.2	-0.1	6.6	-5.2	8.5	9.8	-4.9	12.4	13.5	10.1	31.2

Definitions of financial key figures

Return on equity (ROE), %	=	profit for the period × 100
		total equity (average of the current and previous reporting period)

Comparable ROE, %	=	comparable profit for the period × 100
		total equity (average of the current and previous reporting period)

Equity ratio, %	=	total equity × 100
		balance sheet total – advances received

Interest-bearing liabilities, EUR	=	loans and overdraft facilities in use (interest-bearing) + lease liabilities

Net debt, EUR	=	interest-bearing liabilities - cash and cash equivalents

Free cash flow, EUR	=	operating cash flow + investing cash flow

Free cash flow per share, EUR	=	free cash flow
		average number of shares, excluding treasury shares

Earnings per share (EPS), EUR	=	profit for the period attributable to parent company shareholders – hybrid interest, net of tax
		average number of shares, excluding treasury shares

Comparable EPS, EUR	=	comparable profit for the period attributable to parent company shareholders – hybrid interest, net of tax
		average number of shares, excluding treasury shares

Equity per share, EUR	=	equity attributable to parent company shareholders
		number of shares on the closing date, excluding treasury shares

Comparable operating profit, EUR	=	operating profit, excluding items affecting comparability

EBITA, EUR	=	operating profit - amortization and impairment of intangible assets

Comparable EBITA, EUR	=	EBITA, excluding items affecting comparability

EBITDA, EUR	=	operating profit - depreciation, amortization and impairment

Comparable EBITDA, EUR	=	EBITDA, excluding items affecting comparability

Comparable profit for the period, EUR	=	profit for the period, excluding items affecting comparability

Net working capital, EUR	=	inventories + accounts receivable - accounts payable - advances received

Invested capital, EUR	=	Non-current assets - deferred tax assets + net working capital

Return on invested capital (ROCE), %	=	EBITA x 100
		invested capital (average of current and previous reporting period)

Comparable ROCE, %	=	comparable EBITA x 100
		invested capital (average of current and previous reporting period)


Net debt / EBITDA	=	net debt
		EBITDA (12 months rolling)

Net debt / comparable EBITDA	=	net debt
		comparable EBITDA (12 months rolling)

Aspo Plc

Rolf Jansson
CEO

Further information:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com

Distribution:
Nasdaq Helsinki
Key media
www.aspo.com

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs a total of approximately 800 professionals (including the personnel of the Swed Handling companies).

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