The Group net sales totalled EUR 123.1 million (EUR 107.5 million). The operating profit after depreciation totalled EUR 8.7 million (EUR 5.6 million) and after financial items EUR 8.0 million (EUR 4.4 million). The Earnings per share totalled EUR 0.65 (EUR 0.35). The Board's dividend proposal is for EUR 0.56 per share. The Board will apply for share issue and repurchasing authorization.
BUSINESS CONDITIONS
The net sales of the Aspo Group for fiscal 2001 totalled EUR 123.1
million (EUR 107.5 million) and the profit after financial items amounted to EUR 8.0 million (EUR 4.4 million).
The Group generated heavy growth in its industrial logistics-based Chemicals, Shipping and Systems Divisions. The Group's earnings, ROI and ROE yields also improved significantly.
The operations were developed in accordance with a sector-specific business plan prepared in 1999. In addition to the organic growth business was increased by acquisition. At the beginning of the year the Chemicals Division made an acquisition in Estonia and a preliminary agreement was signed for an acquisition in Sweden that will strengthen the Systems Division.
The Chemicals Division focused on improving its operational efficiency and on the consolidation of Kemirol AS acquired in Estonia. Due to changes in market conditions trading activity declined during the year.
In the Shipping Division the capacity of the fleet increased by roughly 20 % with the delivery of the company's new bulk cargo vessel, ms Eira, on 9 February, 2001. At the same time a so-called bareboat agreement was signed by which the vessel was sold and leased back to the shipping company. The fleet operated at nearly full capacity and the freight volumes increased. The strong dollar had a positive effect on the shipping company's earnings.
Finland's conversion to euro affected the operations of Aspo Systems in the Systems Division especially during the latter part of the year. Business increased and its financial performance went into the black. By the end of the year Aspo Systems Oy signed a preliminary agreement on the acquisition of the Autotank Group operating in Scandinavia. The net sales of Navintra Ltd, part of the Systems business, continued to show strong growth, but despite these efforts the company remained unprofitable.
ANNUAL SHAREHOLDERS' MEETING
The Aspo Plc Annual Shareholders' Meeting will be held on Thursday, April 25, 2002 at 14.00 in the Aspo Building, Suola-kivenkatu 1, 00810 Helsinki, Finland. The record date for the Shareholders' Meeting is April 15, 2002.
In addition to the regular items to be handled at the Meeting, the Board will request an authorization to increase the company's share capital, either through new share issues and/or through issuance of convertible bonds or stock options. The authorization would also empower the Board to repurchase the company's own shares and to reduce the company's share capital through invalidation of shares held by the company.
ANNUAL REPORT 2001
The 2001 Aspo Group Annual Report is to be published on April 16, 2002.
INTERIM REPORTS 2002
Aspo Plc will publish interim reports on May 3, 2002, August 15, 2002 and October 31, 2002.
ASPO Plc
Board of Directors
The full report including tables can be downloaded from the enclosed link.
