Aspo Group interim report, January 1 to September 30, 2022: Strong financial performance continued; Q3 comparable operating profit at EUR 13.0 million, net sales up by 8%

Rolf Jansson, CEO of Aspo Group, comments on the third quarter of 2022:

Aspo’s strong financial performance continued in the third quarter. Boosted by yet another record quarter of ESL Shipping and solid performance of Telko, our comparable operating profit for the quarter increased to EUR 13.0 million. Despite the expected sales drop in the Eastern market, our net sales were up 8% at EUR 160.1 million. Our comparable operating profit rate for Q3 remained strong at 8.1%, again above the target level of 8%. Overall, a great continuum to a financially successful year.

We have continued making strides in our strategy execution. Leipurin’s milestone acquisition of the Swedish bakery distributor Kobia was approved by the competition authorities in the third quarter, and integration work is already underway. Kobia is included in Aspo Group’s financial reporting as of September, 2022. Structural changes are negatively impacting Leipurin’s financial figures for 2022 but I am confident that the company is heading in the right direction with the renewed strategy.

In September, Telko announced that it will strengthen its plastics distribution business by acquiring Johan Steenks, a Norwegian distributor of engineering plastics and plastic additives with an established customer base in the local markets. Clear evidence of Telko’s ability to execute its accelerated growth strategy.

During the quarter, ESL Shipping confirmed that it will establish a long-term shipping pool for energy efficient electric hybrid vessels together with a group of institutional and private investors. The upcoming Green Coaster pool will accelerate growth, profitability and return on capital of ESL Shipping's business, and fits seamlessly to Aspo’s renewed strategy.

On October 17, we announced that Telko has signed a binding framework agreement according to which it will sell the share capital of its Russian subsidiary Telko OOO to Russian industrial operator GK Himik. This is an important step, and I’m pleased that we have found a new owner for Telko's operations in Russia. This frees up time and resources to pursue further growth in western markets in accordance with our strategy. In line with what we have indicated before, the comparable operating profit of Telko Russia and Belarus was close to zero during the third quarter. Therefore, Telko’s Q3 results already give some visibility to the future financial performance of the company after the targeted exits of both Russia and Belarus have taken place. Telko's Russian business is classified as held for sale from the month of signing the agreement.   

Due to the excellent performance of ESL Shipping in particular, we upgraded our guidance for the full-year 2022 on October 17. We are now estimating that Aspo Group’s comparable operating profit for 2022 will be EUR 52–57 million, well above the EUR 42.4 million achieved last year. At the same time, our visibility to the overall costs related to the war in Ukraine and exiting our Russian operations, as well as other items affecting comparability has increased. As announced, the new estimate of the total items affecting comparability is approximately EUR -25 million. This estimate includes the items affecting comparability of EUR -8.0 million reported by the end of the third quarter of 2022.

Our financial performance throughout the year has been solid and we remain confident on our short-term outlook. Macroeconomic uncertainty still remains and the foundations for moving into the next year differ substantially from a year ago. However, with the significant ongoing structural changes including exits from selected eastern markets and acquisitions in the western countries, we are in an excellent position to succeed in the fourth quarter 2022 and beyond. We continue our strategy execution during the coming years targeting both organic and non-organic growth especially in the western market.   

ASPO GROUP

Financial results and targets

On December 1, 2021, Aspo published new long-term financial targets:

• Net sales growth 5–10% per year
• Operating profit of 8%
• Return on equity of over 20%
• Gearing less than 130%

With regard to Aspo’s businesses, ESL Shipping’s operating profit target is 14%, Telko’s 8% and Leipurin’s 5%.

Good financial performance continued in Q3 2022. Aspo’s net sales, at Group total level, increased by 8% in the third quarter. The comparable operating profit rate was 8.1% (7.4%), again above the target level of 8.0%. Return on equity remained high at 23.7% (22.0%). Gearing was 97.6% (129.4%).

Aspo Group’s comparable operating profit from continuing and discontinued operations

Aspo Group’s comparable operating profit includes results for continuing and discontinued operations. The comparable operating profit excludes items affecting comparability, which are defined as significant, rare and deviating from normal business operations. These include for example impairment losses, sales gains from vessels, and financial losses caused by the war in Ukraine.

Aspo announced in December 2021 that the Kauko business segment has been defined as Aspo’s non-core operations. The Kauko business segment has been classified as a discontinued operation in accordance with IFRS, and its results are reported separately from the figures of Aspo Group’s continuing operations. With regards to the income statement, comparative periods’ figures have been restated to correspond to the same presentation method.

*) The items affecting comparability in the third quarter of 2022, totaling EUR -0.7 million,
include in the Leipurin segment costs related to the acquisition of Kobia and cost relating to the withdrawal from Russia totaling EUR -1.1 million. In the Telko segment, a positive item of EUR 0.5 million relates to the decrease of the credit loss provision in Ukraine. In addition, EUR -0.1 million restructuring costs were recognized in Other operations.

The items affecting comparability in the second quarter of 2022, totaling EUR -2.4 million,
included costs related to restructuring of Russia-related operations of EUR -0.2 million for ESL Shipping, EUR -0.4 million for Telko, EUR -0.1 million for Leipurin, the impact of the divestment of Vulganus of EUR -0.4 million for Leipurin, as well as the impairment loss of EUR -1.3 million on Kauko’s goodwill, which is reported as part of the results of the discontinued operations.

The items affecting comparability in the first quarter of 2022, totaling EUR -4.9 million, consisted of EUR 1.5 million in sales gains from ESL Shipping barge Espa, ESL Shipping’s cost provisions of approximately EUR -0.2 million related to the war in Ukraine, EUR -2.6 million in losses from the destruction of Telko’s warehouse in Ukraine, a credit loss provision of EUR -2.0 million associated with Telko’s accounts receivables in Ukraine, EUR -0.7 million in losses from the destruction of Leipurin’s warehouse in Ukraine, a credit loss provision of EUR -0.2 million associated with Leipurin’s accounts receivable in Ukraine, and EUR -0.2 million in Leipurin’s other restructuring expenses in Russia. The operating result of other operations included the share-based payment of EUR -0.5 million granted to Aspo’s previous CEO.

The items affecting comparability of 2021, totaling EUR -8.5 million, included the impairment loss of EUR -4.3 million recognized on Leipurin’s goodwill during the final quarter, and the impairment loss and restoration provision of EUR -0.8 million recognized on the fixed assets of Telko’s terminal in Rauma, as well as the impairment loss of EUR -3.4 million recognized on Kauko’s goodwill during the third quarter, which is reported as part of the results of the discontinued operations.

Sustainability

Sustainability is an instrumental factor in guiding management of Aspo and in particular its investments. Aspo’s businesses aim to be forerunners in sustainability in their respective sectors. To support the sustainability commitments, Aspo published new environmental, social and corporate governance (ESG) targets for the Group and its businesses in December 2021. The key goal is to reduce emission intensity, CO2 (tn) per net sales (EUR thousand), by 30% by 2025. The starting point (2020) was 0.44, while the target level (2025) is 0.30. With regards to the green transition in shipping, ESL Shipping is in close, long-term project cooperation with leading energy suppliers to provide fossil-free sea transportation to its key customers in the future.

During the past 12 months, the emission intensity continued to improve, driven by net sales growth in combination with operational efficiency, and it was 0.34 (12/2021: 0.42). Another key target is to improve safety, and during the past 12 months, TRI (Total Recordable Injury Frequency) was 7.8 (12/2021: 8.8), while the target for 2022 is 7.0. The long-term goal is zero occupational accidents.

Operating environment and the impact of the war in Ukraine on Aspo’s operations

Aspo’s operating environment has changed dramatically during 2022 due to Russia’s armed invasion of Ukraine. The invasion has caused a lot of uncertainty in the market, price inflation and in particular higher energy prices, as well as significant volatility in prices and exchange rates. Disturbances in logistic flows and poor availability of certain products are also evident in the market.

Suspended business operations in Ukraine due to the war have caused financial losses. The war drastically weakens operating conditions in Eastern markets as a result of operational challenges and regulations, but particularly based on values.

All of ESL Shipping's operations in Russia have been suspended and the ship capacity has been transferred to other traffic areas. As announced on October 17, Aspo Group’s subsidiary Telko has signed a binding framework agreement according to which it will sell the share capital of its Russian subsidiary Telko OOO to Russian industrial operator GK Himik. As previously announced, Telko will also exit Belarus. This process is still ongoing. Leipurin has decided to withdraw from its operations in Russia, Belarus and Kazakhstan. The process is proceeding as planned and more details on the timetable and methods of implementation will be announced in due course. Telko’s and Leipurin’s combined net sales in these countries accounted for approximately 16% of Aspo Group's net sales in 2021.

The net sales of Leipurin Russia, Belarus and Kazakhstan amounted to EUR 26.3 million in year 2021 which accounted for 23% of Leipurin’s total net sales in 2021 and 4% of the net sales of Aspo Group. The net sales of Telko Russia and Belarus amounted to EUR 69.9 million in year 2021 which accounted for 26% of Telko’s total net sales in 2021 and 12% of the net sales of Aspo Group.

The international sanctions and Russia’s legislative measures prevent transportation of goods and transfer of payments, reducing net sales and profitability of our Russian operations. The operating environment is expected to become even more challenging, and no rapid solution is in sight.

The equity of Russian Group companies is EUR 25.1 million, corresponding to 15.3% of Aspo Group’s total equity. Aspo’s assets in Russia are mainly consisting of cash, inventories and trade receivables. The number of employees working for Aspo companies in Russia is decreasing, amounting to 114 employees at the end of September (12/2021: 193).

Increasing interest rates and inflation, combined with declining general economic forecasts, have impacted consumers’ buying patterns, including by shifting consumption from higher priced to lower priced products.

In media, the coronavirus pandemic has been overshadowed by Russia’s invasion of Ukraine, but its impact is still present in the operating environment. For example, global shortage of components, caused by the pandemic, has an impact on Aspo’s businesses, decelerating trading and the completion of orders. The risk of infections must still be taken into account in daily operations and especially among crew members of ESL Shipping’s vessels.

The Group’s main market areas are Finland, Scandinavia, the Baltic region, and eastern markets (Russia, other CIS countries, and Ukraine). The relative share of net sales in eastern markets continued to decrease during the third quarter of 2022, mainly due to the war in Ukraine and the decision to reduce operations in Russia and Belarus, and ultimately exit the market. On the positive side, particularly Telko’s sales in Ukraine have picked up during the past months, although they are still not on the same level as during the previous year. According to the previously announced strategy, the company will channel its growth investments into western markets.

Cash flow and financing

The Group’s cash flow from operating activities in January–September was EUR 45.7 (33.3) million. The impact of the change in working capital on cash flow during the review period was EUR -5.8 (-12.6) million. The increase in working capital derives mainly from ESL Shipping and is partly offset by the improved working capital of Telko. The advance payments for the Green Coasters to be sold further are one root cause for the increase in ESL Shipping’s inventory balance. Free cash flow during January-September was EUR 17.9 (23.4) million. Investments of EUR -15.2 (-11.1) million mainly consisted of docking of ESL Shipping’s vessels and Green Coaster advance payments. In addition, the free cash flow includes the cash flow relating to the acquisition of Kobia and Mentum of EUR -15.6 million, and the cash inflow from the sale of Espa and Vulganus of EUR 3.0 million in total.

Net interest-bearing debt decreased to EUR 160.3 million (12/2021: EUR 167.4), and gearing fell to 97.6% (9/2021: 130.9%; 12/2021: 129.4%). The Group’s equity ratio at the end of the review period was 35.8% (9/2021: 31.8%; 12/2021: 32.0%). The balance sheet was strengthened as a result of improved profitability and a new hybrid bond issued in June.

Net financial expenses in January–September totaled EUR -7.0 (-2.9) million. Exchange rate fluctuations, particularly strengthening of the Russian rouble, increased in financial expenses by EUR -4.0 million. The average rate of interest-bearing liabilities, excluding lease liabilities, was 1.8% (1.6%).

The Group’s liquidity position remained strong. Cash and cash equivalents were EUR 43.7 million at the end of the review period (12/2021: EUR 17.7 million). Committed revolving credit facilities, totaling EUR 40.0 million, were fully unused, as in the comparative period. Aspo’s EUR 80 million commercial paper program was also fully unused (9/2021: EUR 5 million; 12/2021: EUR 5 million).

During the quarter, Aspo continued extending the maturity structure of interest-bearing liabilities. In September, AtoBatC Shipping signed EUR 32.2 million loan agreement with Svenska Skeppshypotek. The maturity of this loan is 15 years. Together with the EUR 20 million, 10-year loan agreement signed with Nordic Investment Bank in June, these loans complete the financing of ESL Shipping’s investment in a series of six new, highly energy-efficient electric hybrid 5,350 dwt vessels, a project first announced in September 2021. In addition, Aspo refinanced a bilateral revolving credit facility of EUR 20 million, about to mature in 2023, with a new agreement which will mature in 2025. The RCF agreement also includes two one-year extension options.

In June, Aspo issued a new hybrid bond of EUR 30 million. The coupon rate of the bond is 8.75% per annum. The bond has no maturity, but the company is entitled to redeem it in June 2025 at the earliest. Aspo’s previous hybrid bond of EUR 20 million was redeemed on May 2, 2022.

Short-term risks and uncertainties in business operations

Aspo and its businesses are exposed to a number of risks and uncertainties which include but are not limited to the risks stated below.

There is an increasing level of geopolitical uncertainty due to Russia's war in Ukraine. This affects the general economic environment, e.g. via inflation, interest rates, energy prices and prices of raw materials. Disturbances related to infrastructure may also occur as part of current uncertainties relating to Russia, for example due to cyber incidents or disruptions in information systems.

The ongoing process of exiting Russia and other selected Eastern markets is changing the structure of the Group significantly and will affect earnings of Aspo businesses in the long run. There are risks that the market exits will cause additional costs or losses and repatriation of funds or exits will not succeed fully or partly. It is also possible that the exits will not receive the required authority approvals or will be jeopardized or fail for any other reason.

Economic activity and current geopolitical uncertainties have caused prices of many raw materials, components, and logistics services to increase rapidly. Aspo may temporarily benefit from the price increases, while the prices of purchased raw materials or leased capacity, such as leased vessels, are increasing at the same time. Disturbances in logistics flows, longer delivery times for spare parts, components and raw materials, and any rapid price changes, are also accumulating risks.

International sanctions and countersanctions have been imposed, which may affect Aspo’s businesses directly or indirectly. Geopolitical tensions can escalate and cause direct business damage, jeopardized payments and even suspend business operations.

In line with its renewed strategy, Aspo aims to increase its earnings via acquisitions. Strategy execution may lead to a temporary weakening of the balance sheet and capital structure in situations where acquisitions require financial investments and consequently may reduce solvency.

The impact of the coronavirus on Aspo’s business has been limited on Group level, although the impact on Leipurin has been significant. Current and any new variants of the coronavirus and their rapid spread may lead to various interruptions and financial losses through interruptions in global logistics flows, among other things.

Because the future estimates presented in this interim report are based on the current situation and knowledge, they include significant risks and other uncertainties, due to which actual future outcomes may differ from the estimates.

ASPO’S BUSINESSES

ESL Shipping

ESL Shipping is the leading carrier of dry bulk cargo in the Baltic Sea region. ESL Shipping’s operations are mainly based on long-term customer contracts and established customer relationships. At the end of the review period, the shipping company’s fleet consisted of 47 vessels with a total capacity of 451,000 deadweight tons (dwt). Of these, 23 were wholly owned (75.3% of the tonnage), two were minority owned (2.3%) and the remaining 22 vessels (22.4%) were time chartered. ESL Shipping’s competitive edge is based on its pioneering role and ability to responsibly secure product and raw material transportation for industries and energy production year-round, even in difficult conditions. The shipping company loads and unloads large ocean carriers at sea as a special service.

The third quarter of 2022 displayed the strongest third quarter operating result in ESL Shipping’s history. Net sales increased by 37% from last year to EUR 65.0 (47.3) million. During the quarter, the operating profit increased by 37 % to a record-high level of EUR 9.7 (7.1) million. During the third quarter there were no items affecting comparability in operating profit.

The strong result was driven by the shipping company’s partnership strategy and the operational success delivered by the entire personnel. The operating profit rate of 14.9% (15.0%) achieved during the third quarter was excellent, especially considering the more modest market conditions and the historical change of abandoning cargo flows from Russia as a consequence of the war in Ukraine and resulted sanctions. The target level of 14.0% operating profit was again exceeded.

During the third quarter, price of diesel oil and especially price of LNG used as a ship fuel were significantly higher than in the comparative period last year. The current level of very high fuel surcharges continued to increase net sales and reduced the operating profit percentage rate, used as an indicator of relative profitability.

During the review period, the volume of cargo transported by the shipping company decreased slightly from the comparative period to 3.8 (3.9) million tons. The main drivers behind the volume development were re-routing of raw material supply out of Russia, which continued to result in increased transportation distances, and heavy congestion in certain major contract traffic ports. ESL Shipping has no remaining transport obligations related to cargo operations from Russian ports or with customers and cargo closely related to Russia.

The profitability of ESL Shipping’s all vessel categories remained strong during the third quarter. In contract traffic, demand for ton miles remained strong throughout the review period despite slightly lower volumes, and spot market freight rates were at a satisfying level in all customer segments and vessel categories. Towards the end of the period spot market rates softened and demand showed some symptoms of slowing down, with the clear exception of the energy industry, where the demand continued strong.

During the third quarter, ESL Shipping achieved a major strategic and structural milestone as it established a long-term Green Coaster pool for energy efficient electric hybrid vessels together with a group of institutional and private investors. A pooling structure is a model commonly used in the international shipping business for the ownership and operation of vessels. The forthcoming Green Coaster pool will accelerate the growth, profitability and return on capital of ESL Shipping's business. The pool will also form the first phase of the shipping company’s new low-carbon growth strategy that utilizes investor funding and pooling structure.

Resulting from the established pool structure, ESL Shipping’s subsidiary AtoBatC Shipping declared options and ordered five additional vessels from the Indian shipyard Chowgule & Company Private Limited, from which the shipping company has previously ordered seven identical electric hybrid vessels. Of the series of twelve new-generation electric hybrid vessels, every other vessel will be sold to a company formed by a group of investors. As previously announced, the total amount of ESL Shipping's own investment will remain at the size of six vessels and approximately EUR 70 million.

The first three of the new vessels are already under construction, and the planned delivery of the first vessel is scheduled for the autumn 2023. The planned delivery of the last vessel is scheduled for the second quarter of 2026. AtoBatC Shipping will act as the manager of the pool and all vessels in the pool will be placed as part of the shipping company's existing and growing contract traffic. The investor company is offered complete services related to the construction and maintenance of the vessels on a turnkey basis.

ESL Shipping’s long-term environmental activities focus on minimizing emissions to the sea and air. The shipping company aims to halve its carbon dioxide emissions per transportation unit by the end of the decade. One of the measures implemented together with a key client is to optimize a vessel’s speed with Virtual Arrival procedure, which has reduced emissions on the applied voyages on average by 24% in the past twelve months. Discussions are ongoing to extend the procedure for other trade lines and clients.

The scheduled drydockings of the current fleet continued with 63 (116) docking days during the third quarter.

The net sales of ESL Shipping in January–September increased significantly by 33% from the comparative period, amounting to EUR 182.1 (136.7) million. The comparable operating profit increased to EUR 26.8 (17.0) million and the comparable operating profit rate was 14.7% (12.4%).

ESL Shipping outlook for 2022

The overall macroeconomic uncertainty is increasing within ESL Shipping’s main geographical market area. High rate of inflation, mainly driven by high energy prices caused by supply constraints owing to the war in Ukraine, is increasing the pressure on demand and pricing among the shipping company’s main customers. As usual, most of the shipping company’s transportation capacity has been secured through long-term agreements, which will continue to support ESL Shipping’s performance going forward. The shipping company’s investments in energy efficient vessels will also further strengthen its market position, as the dominant role of energy cost as a driver in supply chain efficiency continues.

Spot market demand and spot market price level in the company’s main market area in Northern Europe have softened from the very high levels of first half-year 2022 but remain still at a satisfactory level in all vessel categories. Production volumes of ESL Shipping’s main clients are forecasted overall to continue on current levels with necessary access to key raw materials. Demand of energy shipments is expected to remain high. Clients in metal industry have however informed about production curtailments owing to maintenance breaks, high energy prices and decrease in their customer demand, which affect contract volumes already during the last quarter of 2022.

After deliveries of Russian raw materials stopped, some of the shipping company’s significant contractual customers were forced to seek new suppliers in new geographical areas for part of their required production input. This is expected to lengthen transportation distances and increase demand for sea transportation per ton mile especially for ESL Shipping’s larger vessels. Temporarily the share of energy coal is expected to increase in terms of ton miles, mainly due to longer transportation distance.

The expectations of providers of chartered-in tonnage are not meeting the realities of the market, and this may create uncertainty to availability of suitable tonnage.

Measures will continue to protect the personnel’s health security during the re-emergence of the coronavirus.

The impact of energy price increases on ESL Shipping’s costs are effectively offset through long-term fuel clauses in transportation agreements. The shipping company is moderately increasing the fuel stock level onboard its ships in anticipation for eventual supply shortages during late 2022.

During the fourth quarter, one larger vessel unit will be drydocked for a total of approximately 10 days due to unplanned maintenance. In total, there will be approximately 120 (229) dockage days in 2022. All vessels owned by ESL Shipping are now equipped with ballast water treatment systems that meet new environmental regulations.

Telko

Telko is a leading expert in and supplier of plastic raw materials, industrial chemicals and lubricants. It operates as a sustainable partner in the value chain, bringing well-known international principals and customers together. Its competitive edge is based on strong technical support, efficient logistics and local expert service. Telko operates in Finland, the Baltic countries, Scandinavia, Poland, Romania, Russia, Belarus, Ukraine, Kazakhstan, Uzbekistan, and China.

In the third quarter, Telko’s net sales declined by 13% to EUR 60.5 (69.6) million and its comparable operating profit decreased to EUR 3.7 (5.9) million. Telko’s comparable operating profit rate was 6.1% (8.5%). The comparable operating profit for the third quarter excludes items affecting comparability of EUR 0.5 million due to the decrease in credit loss provisions related to accounts receivables in Ukraine. Telko’s operating profit for the third quarter declined to EUR 4.2 (5.9) million.

Telko’s net sales dropped significantly during the third quarter due to decreased sales in Russia, as EU imports were terminated and sanctioned products abandoned. Telko´s sales outside of Russia, Belarus, and Ukraine continued to grow. During the last few years, Telko has consistently decreased the share of commodities and increased the share of specialty products and is therefore nowadays more resilient to price fluctuation than in the past.

Net sales of the plastics business decreased by 20% during the third quarter, amounting to EUR 30.5 (38.1) million. The main driver for the decline was Telko´s shrinking business in Russia. In Telko´s European markets demand of plastic polymers remained in general on a normal level. Product availability has improved, although it is still not fully normalized. Price levels, particularly in volume plastics, declined significantly, whereas price levels have still developed positively for technical products. Overall, prices are still clearly above long-term average.

Net sales of the chemicals business decreased by 22% to EUR 17.3 (22.2) million due to decreased sales in Russia. Overall price levels declined during the quarter but stabilized towards the end of the quarter. Increasing energy costs and other production costs prevented further price decline. In general, demand in western markets has softened slightly. In addition, demand of some customer segments has declined following export restrictions to Russia, impacting especially Finland and Latvia. Chemicals sales in Ukraine continued to recover reaching a 60-70% level in September, compared to the previous year’s levels.

Net sales of the lubricants business increased by 37% to EUR 12.7 (9.3) million. High price levels combined with the acquisition of Mentum AS at the end of 2021 were the most significant growth drivers. High demand especially for Industrial lubricants resulted in sales volume growth, whereas the automotive segment showed weaker performance. There were significant cost increases for raw materials, transportation, and product manufacturing.

Telko’s net sales increased by 7% during January–September to EUR 208.2 (195.2) million. Telko’s comparable operating profit for the review period was EUR 19.5 (16.0) million, and its comparable operating profit rate was 9.4% (8.2%). The comparable operating profit of Telko Russia and Belarus was close to zero during the third quarter, and hence the absolute profit level of the third quarter is an indication of performance after the targeted exit of Telko Russia and Belarus, excluding the losses caused by the exits. Telko’s operating profit stood at EUR 15.0 (16.0) million for January–September 2022 and the operating profit rate was 7.2% (8.2%).

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