Reclassification on reporting affects Aspo's financial reporting and guidance
(Thomson Reuters ONE) -
ASPO PLC STOCK EXCHANGE RELEASE November 20, 2014 at 10.00
Not for publication or distribution, directly or indirectly, in or into the
United States, Canada, Australia, Hong Kong, South Africa, Singapore or Japan or
any other jurisdiction in which the distribution or release would be unlawful.
RECLASSIFICATION OF REPORTING AFFECTS ASPO'S FINANCIAL REPORTING AND GUIDANCE
Aspo Group's financial information regarding continuing operations
The Board of Directors of Leipurin Plc ("Leipurin" or the "Company"), and the
Board of Directors of its sole shareholder Aspo Plc ("Aspo"), have decided on
November 19, 2014 to arrange a share issue (the "Share Issue") and share sale
(the "Share Sale"), together (the "Offering") and apply for listing of the
shares in Leipurin on the Official List of NASDAQ OMX Helsinki Ltd ("Helsinki
Stock Exchange").
Prior to the Offering, Aspo was the only shareholder in the Company. If both the
Offering and the issue of scrip dividends planned to be realised in connection
with the Offering are carried out in full, Aspo's proportion of the Company's
shares and the number of votes is estimated to diminish to 49.5 percent, if the
Over-Allotment Instalment agreed upon by Aspo and the lead manager of the
Offering is not used.
Aspo Group's financial information regarding the continuing operations is
presented below, the purpose of which is to illustrate Aspo's certain key
figures excluding the Leipurin business.
The Boards of Directors of Aspo Plc and Leipurin Plc have decided to carve out
Leipurin Plc by a share sale, on the basis of which the Leipurin business will
be reported in 2014 as discontinued operations in Aspo Group's consolidated
financial statements. The result after taxes from discontinued operations will
be presented as one line item after the continuing operations in Aspo Group's
consolidated income statement. The comparative data in the consolidated income
statement and the cash flow statement will be restated accordingly. The
comparative data in the consolidated balance sheet will not be restated.
The table below presents certain key figures previously reported by Aspo Group
and the restated data in accordance with IFRS 5 excluding the Leipurin business.
The restated data are unaudited.
Reported data Restated comparative data
Continuing operations
1-9/2014 1-12/2013 1-9/2014 1-12/2013
Net sales, MEUR 360.3 476.3 261.6 340.1
Operating profit, MEUR 17.9 10.8 13.7 4.9
Share of net sales, % 5.0 2.3 5.2 1.4
Profit before taxes, MEUR 15.0 6.6 10.9 0.9
The assets and liabilities of Leipurin segment reported in Aspo Group's
consolidated financial statements illustrate the net assets of the Leipurin
business to be carved out from Aspo. Leipurin Group's carve-out financial
statements for the years 2011-2013 published by Leipurin Plc deviate from this
segment information as described in more detail in the carve-out financial
statements.
Effects on Aspo Group's income statement arising from the carve out of the
Leipurin business are presented as part of the result from discontinued
operations.
If the share sale, offering and the planned issue of scrip dividends are carried
out in full, Aspo will retain significant influence on Leipurin Plc, and
Leipurin Group will be accounted for in Aspo's consolidated financial statements
as an associated company using equity method. A share of the associated
company's result will be presented in financing items of the continuing
operations.
Reclassification of reporting affects the guidance of Aspo's operating profit
On the basis of listing decision Leipurin business' share of Aspo's operating
profit will be reported below operating profit in Aspo Group's income statement
(IFRS 5 classification). The total outlook of Aspo's business operations,
excluding possible positive non-recurring items from Leipurin's listing, will
not change due to the decision.
Aspo's new guidance on November 20, 2014 is as follows: Aspo's operating profit
from continuing operations will increase significantly in 2014 compared to 2013
and amount to EUR 16-19 million (operating profit from continuing operations for
2013: EUR 4.9 million).
Aspo's guidance on October 17, 2014 is as follows: Aspo's operating profit will
increase significantly in 2014 compared to 2013 and amount to EUR 22-24 million
(operating profit for 2013: EUR 10.8 million).
Should the listing of Leipurin not materialize in 2014, the previous
classification and guidance will be valid.
ASPO PLC
Board of Directors
Further information:
Aki Ojanen, CEO Aspo Plc, +358 9 5211, +358 400 106 592
aki.ojanen(a)aspo.com
Aspo is a conglomerate that owns and develops business operations in northern
Europe and growth markets, focusing on demanding B-to-B customers. Aspo's strong
company brands - ESL Shipping, Leipurin, Telko and Kaukomarkkinat - aim to be
the market leaders in their sectors. They are responsible for their own
operations, customer relationships and the development of these. Together they
generate Aspo's goodwill. Aspo's Group structure and business operations are
continually developed without any predefined schedule.
DISTRIBUTION:
Nasdaq Helsinki
Key media
www.aspo.fi
DISCLAIMER:
The information contained in this stock exchange release shall not constitute an
offer to sell or the solicitation of an offer to buy the securities referred to
herein. Any potential decision to invest in the securities mentioned herein,
either through subscription or purchase, shall be exclusively based on the
prospectus published in connection with such offer, and not on this stock
exchange release.
The information contained herein is not for publication or distribution,
directly or indirectly, in or into the United States, Canada, Australia, New
Zeeland, South Africa, Hong Kong, Singapore or Japan or any other jurisdiction
in which the distribution or release would be unlawful. This release does not
constitute an offer of securities for sale in the United States, nor may the
securities be offered or sold in the United States absent registration or an
exemption from registration as provided in the U.S. Securities Act of 1933, as
amended, and the rules and regulations thereunder. The company does not intend
to register any portion of the possible offering in the United States or to
conduct a public offering of securities in the United States.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Aspo Oyj via GlobeNewswire
[HUG#1872932]
Unternehmensinformation / Kurzprofil:
Datum: 20.11.2014 - 09:01 Uhr
Sprache: Deutsch
News-ID 354200
Anzahl Zeichen: 8067
contact information:
Town:
Helsinki
Kategorie:
Business News
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"Reclassification on reporting affects Aspo's financial reporting and guidance"
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