Reclassification on reporting affects Aspo's financial reporting and guidance

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Not for publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, South Africa, Singapore or Japan or any other jurisdiction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.

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.