Aspo Oyj Reports Increased Net Sales and Strong Operating Cash Flow for 2019
Aspo Oyj has released its 2019 financial statement, reporting an increase in net sales to EUR 587.7 million and a significantly strong operating cash flow. The company's profit for the period also saw an improvement compared to the previous year.
Aspo Oyj announced its full-year financial results for 2019, highlighting an increase in net sales to EUR 587.7 million, up from EUR 540.9 million in 2018. The company's operating profit rose slightly to EUR 21.1 million from EUR 20.6 million in the prior year. Profit for the period also improved, reaching EUR 16.1 million compared to EUR 14.2 million in 2018.
A notable aspect of the 2019 performance was the strong net cash from operating activities, which amounted to EUR 52.5 million, a substantial increase from EUR 20.3 million in 2018. The Board of Directors has proposed a dividend of EUR 0.45 per share for the 2019 financial year. Aspo also issued guidance for 2020, anticipating a higher operating profit than in 2019.
The performance varied across Aspo's business segments. ESL Shipping reported an operating profit of EUR 14.6 million, Leipurin EUR 3.0 million, and Telko EUR 8.0 million. During the fourth quarter of 2019 (October-December), net sales decreased to EUR 147.0 million from EUR 156.6 million in the same period of 2018, although operating profit saw a significant increase.
Aspo noted the impact of adopting the IFRS 16 standard on comparability and a positive effect on earnings per share from a tax-related administrative court decision. The 2018 figures were impacted by an impairment loss on goodwill. The company anticipates ongoing general market uncertainty in 2020 due to the global political climate.