ASPO Plc STOCK EXCHANGE BULLETIN February 13, 2007 at 10:30 a.m
ASPO GROUP FINANCIAL PERFORMANCE FOR 2006:
Net sales rose to EUR 225.9 million, the operating profit was EUR 12.8 million
- The Group's net sales amounted to EUR 225.9 million (EUR 204.9 million)
- The operating profit totaled EUR 12.8 million (EUR 17.3 million)
- The profit before taxes was EUR 11.1 million (EUR 15.8 Me)
- The earnings per share totaled EUR 0.32 (EUR 0.45)
- The dividend proposal is for EUR 0.41 (EUR 0.40)
- Prospects for fiscal 2007 continue to be positive
The financial statements information has been drawn up in line with IFRS
bookkeeping and valuation principles. All figures are unaudited.
KEY FIGURES 2006 2005 Change
%
Net Sales, MEUR 225.9 204.9 10.2
Operating Profit, MEUR 12.8 17.3 -26.0
Share of Net Sales, % 5.7 8.4
Profit Before Taxes, MEUR 11.1 15.8
Share of Net Sales, % 4.9 7.7
Earnings/Share, EUR 0.32 0.45
Earning/Share, (adjusted), EUR 0.31 0.43
Equity/Share, EUR 2.26 2.30
Equity Ratio, % 45.2 47.2
Gearing, % 35.7 23.6
Personnel, December 31 694 681
Gustav Nyberg, CEO of Aspo:
"Strong market conditions persisted in 2006 and Aspo was able to increase its
net sales. The Chemicals and Systems Divisions boosted growth and earnings. The
Shipping Division, which is the most important division in terms of the Group's
total earnings, experienced some rapid changes in transport demand and cargo
availability. Shipping's operating profit declined, which is why the entire
Group's performance was unsatisfactory.
During the year, the Group's structure was strengthened and improved in many
different ways. Our investment activities were higher than on average: we made
an acquisition, we ordered two vessels, and introduced new shipping capacity. We
also strengthened operational management systems, and implemented an action plan
designed to improve the profitability of the Systems Division.
At the year-end, operational efficiency improved considerably, bringing
profitability to the targeted level.
Thanks to our determined efforts, Aspo's Divisions are now in a better shape
than ever. This provides a strong foundation for future operations and a good
financial performance."
OPERATIONAL OVERVIEW
In early 2006, the prevailing favorable market conditions were expected to
persist, foreshadowing growth for all of Aspo's three divisions. The ongoing
globalization of operations resulted in an expected strong sales growth,
especially in Russia and Ukraine. Meanwhile in the Nordic and Baltic countries
there was moderate or no growth in net sales. The Group's total net sales
continued to show double-digit growth.
The high price of crude oil had both positive and negative impacts on
operations: Although the prices of chemicals rose, fuel costs in sea transport
increased significantly. In the fuel distribution business, the high price of
oil resulted in new fuel mixtures flowing into the markets. Emissions trading
and the dry summer caused rapid changes in the demand for sea transports, which
undermined productivity. The Group's operational profitability was disappointing
despite improvements towards the year-end. During the year, exceptionally large
investments were made in new tonnage and operational efficiency, and one
acquisition was carried out.
Aspo Chemicals
Petrochemical prices varied much less than a year ago. Furthermore, product
availability was good and there were no problems with material flows.
In Finland and Scandinavia, sales performance was modest and profitability was
disappointing. In the Baltic countries, the organizational changes implemented
last year and the decision to place the handling of liquid chemicals in Latvia
produced results: profitability improved even though net sales showed fairly
modest growth. In Russia and Ukraine net sales remained on a strong growth track
and profits were up.
Fiscal 2006 marked the first time that total earnings from foreign operations
exceeded domestic earnings. Net sales of the Chemicals Division were up and
profitability picked up slightly.
In April, the Division acquired the operations of the Finnish Sealco Oy, which
specializes mainly in automotive anti-corrosion products. The deal creates
synergies for the Division's Automotive Chemicals unit since it expands Sealco's
business and product range.
Aspo Shipping
In early 2006, the demand for sea transports on the Baltic Sea was weaker than
usual. Due to the EU emissions trading system, energy companies reduced the use
of coal. At the same time, the commissioning of the Shipping Division's newest
vessel increased shipping capacity. Some of the capacity had to be sold on spot
markets.
During the course of the year, global markets picked up and the dry summer
caused a spike in the demand for energy coal in the Baltic Sea region. Higher
costs and continued availability problems in shipping ports taxed operational
earnings compared with the previous year. The Shipping Division recorded
moderate sales growth.
Transports for the steel industry, which represented roughly 53% (60%) of the
total transport volume, continued at a steady pace throughout the year.
Transports for the energy industry picked up towards the year-end and accounted
for some 37% (34%) of the shipping company's total transport volume of 14.6
million tons (13.9). Although operational profitability improved in the second
half, earnings fell short of last year and were unsatisfactory.
At the beginning of the year, an important decision in view of the future was
made to order two new Eira-class vessels. The vessels, to be built in India,
will raise the number of the company's Eira-class vessels to four. The vessels
are scheduled for completion in 2008 and 2009. The effect of the total
investment on cash flow was cut in half to approximately EUR 25 million, because
one of the newbuildings was resold to SEB Leasing Oy. As the prices of used
vessels began to rise sharply towards the year-end, a decision was made to sell
one of the oldest vessels in the fleet, the Ms Arkadia built in 1983. The sale
of the vessel was part of the company's fleet modernization strategy.
Aspo Systems
Higher than average activity continued in the service station markets, boosting
the Systems Division's net sales. Towards the year-end, the market featured
several mergers and acquisitions. Customer investments in equipment and
maintenance services were, for the most part, carried out as planned, but orders
linked to the new chip card technology were postponed partly because of lack of
components and partly owing to the type approval schedules for new products.
An action plan to streamline and rationalize operations was implemented in the
second half. It is expected to produce annual savings of EUR 1.5 million
starting 2007. The approximately EUR 0.7 million non-recurring costs of the
program hampered the Division's performance. Without non-recurring costs, the
comparable earnings picked up from the previous year.
The Systems Division signed an extensive agreement with the international
Gilbarco Veeder-Root organization covering fuel dispensing equipment for service
stations and a number of other products, as well as their maintenance.
The operations of a joint venture in St. Petersburg that makes payment terminals
for the Russian markets proceeded as planned. An IT investment designed to
improve the efficiency of maintenance and servicing was completed at the end of
the year.
NET SALES
The Aspo Group's net sales were up by EUR 21.0 million (10.2%) to EUR 225.9
million. The Group's direct exports combined with the net sales of foreign
subsidiaries totaled EUR 88.5 million (76.5).
The net sales of the Chemicals Division increased by 21.1% to EUR 89.1 million
(73.6), with Russia and Ukraine generating the strongest growth. The net sales
of the Shipping Division were up by 4.4% to EUR 82.7 million (79.2). Meanwhile
the Systems Division saw an increase of 3.8% in net sales, totalling EUR 54.1
million (52.1).
Net Sales by Division
2006 2005 Change Change
MEUR MEUR MEUR %
Chemicals 89.1 73.6 15.5 21.1
Shipping 82.7 79.2 3.5 4.4
Systems 54.1 52.1 2.0 3.8
Total Net Sales 225.9 204.9 21.0 10.2
EARNINGS
The Aspo Group posted an operating profit of EUR 12.8 million (17.3).
The Chemicals Division's operating profit rose by EUR 0.5 million to EUR 2.7
million (2.2). More than half of the operating profit was generated by
international subsidiaries. The operating profit of the Shipping Division fell
to EUR 12.6 million (17.9). The Systems Division saw earnings growth of EUR 0.2
million but it recorded an operating loss of EUR 1.0 million (1.2).
The Group's depreciation grew by a million euro to EUR 9.3 million. The
Chemicals Division's depreciation amounted to EUR 0.5 million, the Shipping
Division's to EUR 8.4 million and the Systems Division's to EUR 0.4 million.
The Group's net financial expenses totaled 0.8% of net sales or EUR 1.8 million
(1.5).
Earnings before taxes and minority interests amounted to EUR 11.1 million
(15.8). Earnings for the fiscal year totaled EUR 8.2 million (10.8).
The Group's direct taxes and the change in deferred tax liabilities amounted to
EUR 2.8 million (3.9).
Operating Profit by Division
2006 2005 Change Change
MEUR MEUR MEUR %
Chemicals 2.7 2.2 0.5 22.7
Shipping 12.6 17.9 -5.3 -29.6
Systems -1.0 -1.2 0.2 16.7
Other operations -1.5 -1.6 0.1 6.3
Total Operating Profit 12.8 17.3 -4.5 -26.0
Aspo has adjusted its accounting policies for tangible assets with regard to
dockage costs. The reference data for 2005 has been adjusted accordingly.
Stock Performance
The Group's earnings/share totaled EUR 0.32 (EUR 0.45) and the adjusted
earnings/share EUR 0.31 (EUR 0.43). Equity/share was EUR 2.26 (EUR 2.30).
INVESTMENTS
The Group's investments during the year totaled EUR 10.2 million (5.8). The
majority of the investments involved advances on the vessel acquisitions and the
business acquisition.
Investments by Division
2006 2005
MEUR MEUR
Chemicals 1.3 0.4
Shipping 7.3 0.6
Systems 1.4 4.7
Other operations 0.2 0.1
Total Investments 10.2 5.8
FINANCING
The Group's liquidity was good throughout the year with liquid funds standing at
EUR 9.1 million (12.5) on the balance sheet date. Interest-bearing liabilities
in the consolidated balance sheet totaled EUR 29.9 million on the balance sheet
date (26.3) while interest-free liabilities amounted to EUR 31.9 million (26.7).
The Aspo Group's net gearing was 35.7 % (23.6%), the return on equity was 14.1%
(19.9%) and the equity ratio adjusted for deferred tax liabilities was 45.2%
(47.2%).
RISK MANAGEMENT
Risk management is a part of Aspo Group's management control system. Its
objective is to identify, analyze and contain possible operational threats and
risks. Risks are considered to include all internal and external factors
affecting Aspo's ability to reach its business objectives and to generate
earnings.
Risks are surveyed, classified and assessed systematically, and decisions on
necessary measures are then taken. For certain risks, the principles and the
essential contents of risk management are defined in Group level policies and
instructions. Damage risks are covered by appropriate insurance.
PERSONNEL
At the year-end, the Aspo Group employed 694 (681) personnel and an average of
693 (688) during the year. Office staff represented 312 (307) and non-office
workers 381 (381) of the total. The parent company employed 9 (9) office staff
at the year-end and 9 (9) on average during the year.
Of Aspo Group personnel, 60% (63%) work in Finland, 28% (28%) in other Nordic
countries, 5% (5%) in the Baltic countries, and 7% (4%) in Russia. Men
represented 82% (83%) and women 18% (17%) of total personnel. In the Aspo Group,
98% (98%) of employment contracts were full-time. During the year, 47 (38) new
employment contracts were signed. Total wages and salaries paid to personnel in
2006 amounted to EUR 26,493,996 (25,480,462).
Average Personnel by Division
2006 2005
CHEMICALS
Office staff 90 82
Non-office workers 14 9
Total 104 91
SHIPPING
Office staff 30 30
Crew members 227 231
Total 257 261
SYSTEMS
Office staff 183 186
Non-office workers 140 141
Total 323 327
Group Management 9 9
Total 693 688
Rewards and Incentives
The Aspo Group has introduced a profit-sharing scheme and a personnel fund,
which at this point covers all Aspo Group personnel working in Finnish units.
Part of the Group's earnings is placed in the personnel fund as a profit bonus.
The objective is for the fund to use the majority of the profit bonuses to
acquire Aspo Plc shares. The long-term objective is to make the personnel one of
the company's key shareholder groups.
In January 2006, the Board of Aspo Plc decided to introduce a new share price
linked incentive scheme for key personnel, in which any bonus is based on the
performance of the company's share in the next three years. The scheme covers
approximately 30 Aspo Group executives and key employees. Each of them purchased
an agreed number of Aspo shares in May. The bonus, which is linked to the share
price performance, will be paid in cash when the scheme matures in 2009.
RESEARCH AND DEVELOPMENT
The Aspo Group's research and development activities are organized according to
the nature of each Division. In the Chemicals and Shipping Divisions R&D is
mainly focused on the development of operations, methods and production
technology without a dedicated organization, which is why these development
investments are recorded under normal operating expenses without an itemized
breakdown.
The Autotank Group representing the Systems Division invests heavily in R&D with
a special focus on the development of new payment solutions. In Finland and
Sweden, a total of 20 (28) people have participated in research and development.
During fiscal 2006, investments amounted to EUR 1.0 million (1.1), accounting
for 2.0% (2.1) of the Autotank Group's net sales.
ENVIRONMENT
The Aspo Group's ordinary activities do not cause any significant harm to the
environment. Group companies follow Aspo's environmental policy in their
environmental affairs management, the key principle being sustainable
development. The Aspo Group has also undertaken to comply with the International
Chamber of Commerce Business Charter to ensure sustainable development.
MANAGEMENT AND AUDITORS
At Aspo Plc's Annual Shareholders' Meeting held on April 4, 2006, Mr. Matti
Arteva, Mr. Kari Haavisto, Mr. Esa Karppinen, Mr. Roberto Lencioni and Mr. Kari
Stadigh were re-elected to the Board for a term of one year. Kari Stadigh has
acted as the Chairman and Matti Arteva as Vice-Chairman of the Board.
Mr. Gustav Nyberg has been the CEO of the company.
The company auditor is PricewaterhouseCoopers Oy, an authorized public
accountant firm with Jouko Malinen as the auditor in charge.
BOARD AUTHORIZATIONS
The Annual Shareholders' Meeting 2006 authorized the Board of Directors to use
distributable profit funds to repurchase a maximum of 400,000 company shares
irrespective of the shareholders' holdings. The shares will be purchased through
public trading organized by the Helsinki Stock Exchange at the going price. The
share repurchase will reduce the amount of the company's distributable equity.
The shareholders further authorized the Board of Directors to decide on the
disposal of a maximum of 765 950 repurchased shares in one or more lots in
deviation from the shareholders' pre-emptive rights.
The shares will be purchased and disposed of mainly to finance any acquisitions
or other purchases related to the company's operations. The Board may also
propose to the shareholders that some shares be nullified. The authorizations
are valid for a year from the decision of the Shareholders' Meeting.
The Board has used its authorization to dispose of shares during the fiscal
period. In its meeting on May 17, 2006, the Board decided to transfer 7,700
treasury shares to the company's key personnel under an incentive scheme. The
transfer price for the shares was the fair market value at time of transfer
based on public trading. The Board did not exercise the authorization to
repurchase shares during the fiscal period.
EQUITY
Aspo Plc's registered share capital on 31 December 2006 was EUR 17,451,695.37
and the total number of shares was 26,047,803. The company's own shareholding
was 358,250 shares, accounting for 1.38 percent of Aspo Plc's stock.
During the year, the convertible capital notes were used to subscribe for
364,560 shares, and the share capital was correspondingly raised by EUR
243,922.56.
During 2006, a total of 6,043,932 Aspo Plc shares were traded in the Helsinki
Stock Exchange with a value of EUR 41.9 million, or 23.2 percent of the shares
changed owners. The high during the period was EUR 8.62 and the low was EUR
5.75. The average price was EUR 6.96 and the closing price EUR 6.80. The company
has a liquidity providing agreement regarding its share with Kaupthing Bank Oyj.
CONVERTIBLE CAPITAL NOTES
Aspo Plc has issued Convertible Capital Notes worth EUR 17,645,000. The period
for the notes is from June 4, 2004 to June 4, 2009. The notes will be repaid in
a single instalment on June 4, 2009 provided that the repayment conditions
specified in chapter 5 of the Companies Act and in the terms and conditions of
the Convertible Capital Notes are met. The notes carry a fixed 5% interest rate.
POST-FISCAL EVENTS
At the beginning of 2007, ESL Shipping Oy's second oldest vessel, the Ms
Arkadia, built in 1983, was sold in accordance with a decision made earlier. The
vessel had been written off in full, which means the deal will result in an
approximately EUR 10 million gain before taxes. The gain will be recognized in
the second quarter. The vessel will be handed over to the buyer as agreed by the
end of April.
DIVIDEND PROPOSAL
At the Annual Shareholders' Meeting scheduled for March 29, 2007 the Board will
propose that a dividend of EUR 0.41 on each of the 25,689,553 shares outstanding
be distributed for fiscal 2006, totaling EUR 10,532,716.73.
PROSPECTS FOR 2007
The prospects for all Aspo's Divisions for 2007 appear positive at the moment.
The Group is expected to further increase its net sales, and earnings are
expected to improve over the previous year.
The Group's international units account for the majority of Aspo's growth and
for an increasingly large part of its consolidated net sales. In terms of
financial performance, the countries with the greatest potential are those with
a geographic or logistical connection to the Baltic Sea area. Growth
opportunities for the next few years in this area appear promising.
Aspo Chemicals
The dramatic price fluctuations experienced in the international chemicals
markets in the past few years appear to be continuing. Manufacturers are heavily
cutting the production capacity for low-profit products. As demand exceeds
supply, prices tend to rise quickly. There's growing uncertainty regarding the
price of crude oil. A major long-term price reduction is not, however, on the
horizon.
In 2006, the Chemicals Division came close to its best ever performance, largely
thanks to strong market conditions in the East. The positive trend is expected
to continue. The Division is expected to generate growing net sales, although
the growth is likely to slow down from the 20% level exceeded last year. The
Chemicals Division's objective is to outperform market growth. According to our
current estimate, Chemicals will perform well this year, too.
The biggest risks affecting the Chemicals Division have to do with the potential
negative impact of the European Union's chemical legislation (REACH). In the
worst-case scenario, the legislation would restrict the manufacture and use of
chemicals in the European Union. Other risks include political and financial
instability in Russia and Ukraine.
Aspo Shipping
The year-end was very dynamic on international bulk freight markets, but the
situation is expected to normalize during this year. However, global trends are
not expected to have a significant impact on market conditions in the Baltic Sea
region. The demand for energy coal transport is expected to stabilize while
demand for steel industry shipments is likely to pick up from last year.
The transport capacity of the Shipping Division will decline somewhat after the
handover of the Ms Arkadia in spring 2007. The new vessel commissioned last year
has now been fully integrated with the fleet, and the shipping company is
expected to improve its operational efficiency this year. The Shipping Division
is well positioned to boost earnings provided it does not experience the same
availability problems as it did last year. No major changes are expected in
terms of net sales.
Foreign exchange risks associated with Shipping Division's business have been
hedged primarily using forwards. The risks related to fuel price fluctuation
have been hedged using bunker clauses in customer contracts.
Aspo Systems
Dynamic market conditions in fuel distribution are expected to persist in 2007.
Supporting this view are technology investments as well as the increasing
distribution of new fuel mixtures and the consolidation of the industry.
Equipment orders associated with chip card introduction are already in the order
book, which suggests that technology investments will be launched in 2007. The
new all-Nordic product generation completed last year as well as organizational
streamlining and rationalization will provide a solid foundation for improved
efficiency.
The Systems Division's objective is to increase its net sales moderately. The
Division is expected to generate a profitable performance on the year.
Helsinki, February 13, 2007
ASPO Plc
Board of Directors
ASPO GROUP INCOME STATEMENT
2006 2005
MEUR MEUR
NET SALES 225.9 204.9
Other operating income 0.9 1.1
Depreciation and write-downs -9.3 -8.7
OPERATING PROFIT AFTER DEPRECIATION 12.8 17.3
Financial income and expenses -1.8 -1.5
PROFIT BEFORE TAXES AND MINORITY INTEREST 11.1 15.8
PROFIT FOR THE PERIOD 8.2 11.6
Profit attributable to shareholders 8.2 11.5
Minority interest 0.1
ASPO GROUP BALANCE SHEET
2006 2005
MEUR MEUR
ASSETS
Non-current Assets
Intangible assets 1.2 0.5
Goodwill 8.2 7.2
Tangible assets 54.4 54.2
Available-for-sale assets 0.2 0.9
Long-term receivables 2.3 2.9
Affiliate shares 1.4 1.2
Current Assets
Inventories 17.7 15.4
Sales and other receivables 34.9 28.7
Cash and bank deposits 9.1 12.5
TOTAL ASSETS 129.4 123.5
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Share capital 17.5 17.2
Other shareholders' equity 40.6 41.0
Minority interest 0.1 0.1
Long-term liabilities 28.7 34.0
Short-term liabilities 42.5 31.2
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 129.4 123.5
ASPO GROUP CASH FLOW STATEMENT
2006 2005
MEUR MEUR
OPERATIONS
Operating profit 12.8 17.3
Adjustments to operating profit 6.8 9.0
Net changes in working capital -0.6 2.0
Interest paid -3.2 -2.4
Interest received 1.0 0.7
Taxes paid -4.5 -4.6
Net Operational Cash Flow 12.3 22.0
INVESTMENTS
Investments in tangible and
intangible assets -5.0 -2.8
Advance payments for vessels -5.2
Gains on the sale of tangible
and intangible assets 0.1 0.1
Gains on the sale of shares 0.9
Purchases of subsidiary shares -3.2
Purchases of affiliate shares -0.4
Total Cash Flow from Investments -9.2 -6.3
FINANCING
Disposal of shares 0.1
Repurchase of shares -0.9
Repayments of short-term debt -0.8 -0.5
New short-term loans 8.0
Change in long-term receivables -0.1
Repayments of long-term debt -3.5 -3.9
Dividends paid -10.2 -10.1
Total Financing -6.5 -15.4
Increase/Decrease in Liquid Funds -3.4 0.3
Liquid funds in beginning of year 12.5 12.2
Liquid funds at period end 9.1 12.5
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
A = Share capital
B = Share premium fund
C = Fair value reserve
D = Other reserves
E = Own shares
F = Translation differences
G = Retained earnings
H = Total
I= Minority interest
J = Total shareholders' equity
11(12)
MEUR A B C D E F G H I J
Balance at
31.12.2005 17.2 0.5 0.3 0.2 -1.9 0.0 40.9 57.4 0.1 57.4
IAS 8 adjustment*) 0.8
Balance at
1.1.2006 17.2 0.5 0.3 0.2 -1.9 0.0 41.7 58.2 0.1 58.3
Translation
differences 0.1 0.0
Amount carried to
income statement -0.4
Share of
deferred taxes 0.1
Net profit for
the period 8.2 0.0
Increase in
hedging reserve -0.1
Share of
deferred taxes 0.0
Dividend payment -10.1 -0.1
Share disposal 0.0 0.0
Conversion of
convertible bond
to shares 0.2 1.9
Change in
minority interest -0.1 0.1
Balance at
31.12.2006 17.5 2.5 0.0 0.2 -1.8 0.1 39.7 58.1 0.1 58.2
*) Comparative data has been adjusted with an IAS 8 compliant change in
accounting principles
KEY FIGURES AND RATIOS
2006 2005
Earnings/share, EUR 0.32 0.45
Equity/share, EUR 2.26 2.30
Equity Ratio, % 45.2 47.2
Gearing 35.7 23.6
Return on Investment, % (ROI) 14.9 20.6
Return on Equity,% (ROE) 14.1 19.9
Gross investments, MEUR 10.2 5.8
ASPO GROUP CONTINGENT LIABILITIES
2006 2005
MEUR MEUR
Securities on Group liabilities 37.1 6.3
Leasing liabilities 11.6 13.3
Derivative contracts 0.4 2.2
Helsinki, February 13, 2007
ASPO Plc
Gustav Nyberg Dick Blomqvist
CEO CFO
FINANCIAL INFORMATION
Aspo has arranged a press conference for the media and analysts to be held
today, February 13, 2007 starting at 14:00 at Palace Gourmet, Eteläranta 10,
00130 Helsinki.
ANNUAL SHAREHOLDERS' MEETING
The Aspo Plc Annual Shareholders' Meeting will be held on Thursday, March 29,
2007 at 12:00 in the Stock Exchange Building at Fabianinkatu 14, 00100 Helsinki.
FINANCIAL REPORTS 2007
The 2006 Annual Report will be published on the week 12 in Finnish, in English
and in Swedish. You can read and order the report on our website at www.aspo.fi
Aspo Plc will publish three Interim Reports in 2007:
for the first quarter on April 26, 2007
for the second quarter on August 23, 2007
for the third quarter on October 25, 2007
For more information contact
Gustav Nyberg, +358 9 7595 256, +358 40 503 6420
gustav.nyberg@aspo.fi
DISTRIBUTION:
Helsinki Stock Exchange
The Media
www.aspo.fi
Aspo Group focuses on logistical services for industry. Aspo serves businesses
in the energy and industrial process sectors requiring strong specialist and
logistical know-how. Aspo's net sales in 2006 totaled EUR 225.9 million. About
39% of this came from Aspo Chemicals, 37% from Aspo Shipping and 24% from Aspo
Systems.