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24
Contents
24 BOARD OF DIRECTORS’ REPORT
41 Sustainability Statement
90 Notes to the Sustainability Statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
Aspo Plc –
Board of Directors'
Report and Financial
Statements
Jan 1–Dec 31, 2024
Business ID 1547798-7
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ASPO GROUP KEY FIGURES
2024 2023 2022
Net sales from continuing operations, MEUR 592.6 536.4 560.7
EBITA Group total, MEUR 21.2 11.1 34.7
Comparable EBITA, Group total, MEUR 29.1 27.9 56.2
EBITA from continuing operations, MEUR 21.2 27.2 40.7
Comparable EBITA from continuing operations, MEUR 29.1 27.5 46.2
Comparable EBITA from continuing operations, % 4.9 5.1 8.2
Profit for the period, MEUR 7.3 1.6 20.7
Comparable profit for the period from continuing operations,
MEUR 15.2 16.5 35.5
Earnings per share (EPS), EUR 0.14 -0.01 0.61
Comparable EPS from continuing operations, EUR 0.39 0.46 1.08
Free cash flow, MEUR -36.1 27.3 34.4
Free cash flow per share, EUR -1.2 0.9 1.1
Comparable ROCE from continuing operations, % 8.1 8.6 14.9
Return on equity (ROE), % 4.4 1.2 15.2
Comparable ROE from continuing operations, % 9.2 11.9 28.7
Invested capital from continuing operations, MEUR 403.7 314.5 322.6
Net debt, MEUR 188.0 165.2 155.7
Net debt / comparable EBITDA, 12 months rolling 3.2 2.7 1.7
Equity per share, EUR 5.13 4.47 4.58
Equity ratio, % 36.9 34.4 34.7
Board of Directors’ report 2024
Items affecting comparability are explained on page 27 and 28 of this Board of Direc-
tors’ report. The principles for calculating key figures are presented on page 40.
25
ASPO’S OPERATING MODEL
Aspo seeks sustainable long-term growth by
investing earnings profitably and by seeking
to implement a compounder profile. Aspo
enables growth for the businesses it owns
and aims to improve their profitability and
revenues by developing them and ensuring
steady cash flows. Aspo actively supports
and implements various business arrange-
ments, acquisitions and other growth invest-
ments in the Group's businesses. Sustaina-
bility is a key factor in guiding Aspo Group’s
leadership, operations and the process of
identifying new investment opportunities.
Aspo’s businesses aim to lead the way in
sustainability in their respective fields. Aspo
focuses on B-to-B industrial services in par-
ticular, and its key clusters include logistics
and trade. The current businesses in Aspo’s
portfolio are ESL Shipping, Telko and Leipu-
rin. They are responsible for their own opera-
tions and customer relationships, as well as
for developing these.
In 2024, Aspo’s reportable segments
were ESL Shipping, Telko and Leipurin. Other
operations include Aspo Group’s administra-
tion, financial management and ICT service
center.
SUPPLEMENTARY REPORTS
Aspo Plc has released a separate 2024 Cor-
porate Governance Statement, which will be
published on the company’s website www.
aspo.com/en.
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
OPERATING ENVIRONMENT IN 2024
Economic development in the European
Union continued to be weak during 2024.
GDP is estimated to have grown by 0.8%,
only slightly better than in the previous year
(0.4%). Industrial production is expected
to have been at the previous year's level,
and GDP growth is expected to have come
largely from service growth. Inflation stabi-
lized during 2024, averaging 2.5%. Short-
term market interest rates in the euro area
started to decline during the year.
Aspo’s core business environment
remained challenging during 2024. ESL Ship-
ping was affected by low contract demand
and weak spot market price levels in par-
ticular. Early in the year, ESL Shipping suf-
fered from the exceptionally harsh win-
ter conditions and from political strikes.
Telko’s market prices decreased year-on-
year, but organic volume growth compen-
sated for the impact of the price decrease
on net sales. Leipurin’s net sales decreased
during the year mainly because of the stra-
tegic improvement of the sales mix in the
low-margin categories. Leipurin’s market
prices fell slightly. In a challenging market sit-
uation, Aspo managed to increase its profit-
ability from the previous year.
Aspo’s portfolio strategy implementation
progressed significantly in 2024. Telko and
Leipurin have grown through several strate-
gic acquisitions, all business operations have
completely left Russia, and ESL Shipping has
made significant investments in new environ-
mentally friendly vessels.
Telko made significant progress in its
compounder strategy during 2024 by com-
pleting three major acquisitions. In March,
Telko acquired Optimol and Greenfluid, which
have industrial lubricants business opera-
tions in the Benelux countries and France.
In early June, Telko acquired Polyma Kunt-
stoff’s plastic distribution business in Ger-
many. In July, Telko completed a major acqui-
sition in Sweden by acquiring Swed Handling
AB, a leading local distributor of chemicals.
Leipurin expanded its food industry business
operations in Sweden by acquiring the tech-
nical raw material distributor Kebelco in July.
The net sales of the acquired companies in
2024 were around EUR 88 million.
The new construction project of ESL Ship-
ping’s Green Coaster vessels has progressed
as planned. At the end of 2024, four vessels
were in commercial traffic, and the fifth ves-
sel was delivered in December. Deliveries of
subsequent vessels in the series of twelve
vessels are now expected every quarter, and
the last vessel of the series is scheduled to
be delivered in the fall of 2026. In October
2024, Aspo announced that ESL Shipping
would build four new Green Handy vessels.
The total value of the four vessels is around
EUR 186 million. The vessels are scheduled
to enter service starting from the third quar-
ter of 2027 and the fourth ship of this series
is scheduled to enter service in the first half
of 2028. In the second quarter of 2024,
ESL-Shipping sold two Supramax vessels.
The cash received from the sale was EUR
33.5 million.
FINANCIAL PERFORMANCE AND
TARGETS OF THE GROUP
Aspo's long-term financial targets introduced
at Aspo’s CMD on May 14, 2024, are:
• Minimum increase in net sales: 5–10% a
year
• Comparable EBITA of 8%
• Return on equity: more than 20%
• Net debt to comparable EBITDA, rolling
12 months ratio below 3.0
On a business level, ESL Shipping’s long-
term comparable EBITA target is 14%,
Telko’s 8% and Leipurin’s 5%.
Aspo’s financial ambition is to reach EUR
1 billion of net sales and an EBITA of 8% in
year 2028. To reach this ambition, a total
investment of approximately EUR 350 mil-
lion is required during 2024-2028, out of
which approximately EUR 205 million is
already committed. The focus of the invest-
ment is on the future acquisitions of Telko
and Leipurin, and investments in new capac-
ity of ESL Shipping. Aspo’s vision is to split
the company into two separate companies,
i.e. Aspo Compounder (Telko and Leipurin)
and Aspo Infra (ESL Shipping), before Aspo
turns 100 years in 2029.
In 2024, Aspo’s net sales from continu-
ing operations grew by 10.5% to EUR 592.6
(536.4) million. The comparable EBITA rate
of the continuing operations stood at 4.9%
(5.1%). Comparable return on equity from
continuing operations was 9.2% (11.9%) and
net debt to comparable EBITDA, rolling 12
months ratio was 3.2 (2.7).
■
NET SALES, CONTINUING OPERATIONS
MEUR 2024 2023 2022
ESL Shipping, net sales 206.2 189.0 245.4
Telko, net sales 253.3 211.3 209.3
Leipurin, net sales 133.1 136.1 105.9
Net sales, continuing operations 592.6 536.4 560.7
■
NET SALES BY MARKET AREA, CONTINUING OPERATIONS
MEUR 2024 2023 2022
Finland 195.0 197.4 224.4
Scandinavian countries 204.9 157.5 137.6
Baltic countries 63.5 63.9 67.8
Other European countries 95.4 74.5 89.6
Other countries 33.8 43.1 41.3
Total 592.6 536.4 560.7
26
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo’s reportable market areas are: Finland,
Scandinavian countries, Baltic countries,
Other European countries and Other coun-
tries. The Swed Handling acquisition in Swe-
den has increased the share of Scandinavia
in Telko and Leipurin segments. In the ESL
Shipping segment, net sales to Scandinavia
have increased mainly due to the sale of the
Green Coaster vessels to the Swedish Green
Coaster Shipping AB. Net sales of the geo-
graphical regions are presented as per cus-
tomer location.
■
COMPARABLE EBITA
MEUR 2024 2023 2022
ESL Shipping, comparable EBITA 16.9 18.4 37.6
Telko, comparable EBITA 12.6 9.7 12.0
Leipurin, comparable EBITA 4.9 4.5 2.3
Other operations, comparable EBITA -5.2 -5.1 -5.7
Comparable EBITA from continuing operations 29.1 27.5 46.2
Comparable EBITA from discontinued operations 0.4 10.0
Comparable EBITA, Group total 29.1 27.9 56.2
Items affecting comparability of EBITA, Group total -7.9 -16.8 -21.5
The comparable EBITA, Group total includes
results of the continuing and discontinued
operations. In 2024 the Group total figures
equal the figures of the continuing opera-
tions. The comparable EBITA is calculated
by adjusting the reported EBITA with rare
and material items affecting EBITA. These
may include impairment losses, sales gains
and losses from divested businesses and
non-current assets.
In 2023, the figures for discontinued
operations include the figures for the Non-
core businesses segment. In 2022 discontin-
ued operations include the figures for Kauko
Oy and the Non-core businesses segment.
■
ITEMS AFFECTING COMPARABILITY IN 2024, MEUR
MEUR
ESL
Shipping Telko Leipurin
Other
operations Total
Impairment of supramax vessels -7.0 -7.0
Other items relating to the sale of supras -0.2 -0.2
Restructuring activities -0.2 -0.2
Sale of minority share in ESL Shipping -0.5 -0.1 -0.6
Exit of businesses 0.1 -0.1 -0.2 -0.2
Acquisition expenses -0.2 -0.2
Gain from sale of tangible assets 0.5 0.5
Total -7.6 -0.1 -0.4 0.2 -7.9
In 2024 the items affecting comparability
totaled EUR -7.9 million. EUR -7.6 million
reported for ESL Shipping consisted of the
impairment loss and other expenses relat-
ing to the sale of the supramax vessels of
EUR -7.2 million and expenses relating to
the sale of the minority stake in ESL Ship-
ping Ltd EUR -0.5 million as well as EUR 0.1
million income from reversal of a cost accrual
relating to Russia. EUR -0.1 million reported
for Telko related to the exit from Azerbai-
jan. EUR -0.4 million reported for Leipurin
related to the exit from Russia of EUR -0.2
million, and to the acquisition expenses of
Kebelco of EUR -0.2 million. Items affecting
comparability reported in other operations
totaled EUR 0.2 million and included corpo-
rate restructuring expenses of EUR -0.2 mil-
lion and expenses for the sale of the minor-
ity stake in ESL Shipping Ltd of EUR -0.1
million as well as gains from the sale of real
estate assets of EUR 0.5 million.
27
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ITEMS AFFECTING COMPARABILITY IN 2023, MEUR
MEUR
ESL
Shipping Telko Leipurin
Other
operations
Discontinued
operations Total
Advisory expenses, minority stake -0.6 -0.6
Write down of inventory,
Russia related -1.0 -1.8 -2.7
Sale and leaseback transactions 1.3 1.3
Restructuring activities -0.2 -0.1 -0.3
Withdrawal from Russia -14.8 -14.8
Divestment of businesses 0.2 0.2
Total -0.6 -1.0 1.4 -0.1 -16.5 -16.8
In 2023, items affecting comparability
amounted to EUR -16.8 million in total. EUR
-0.6 million reported for ESL Shipping were
advisory costs related to the sales process
of a minority stake in ESL Shipping. EUR -1.0
million reported in the Telko segment related
to inventory write downs caused by Russia’s
invasion in Ukraine. EUR 1.4 million reported
in the Leipurin segment consisted of EUR
1.3 million from gains on sale and leaseback
transactions of properties in Sweden and
premises in Lithuania, EUR -0.2 million from
restructuring activities in Sweden and EUR
0.2 million from sale on Leipurin’s bakery
equipment trading business. EUR -0.1 mil-
lion reported in other operations related to
corporate restructuring costs. EUR -16.5 mil-
lion reported in discontinued operations con-
sisted of the sales loss of Telko Russia EUR
-8.1 million, the write down of Telko Russia’s
inventory EUR -1.8 million, a loss of EUR
-0.8 million for the deconsolidation of Telko’s
subsidiary in Belarus, and EUR -5.9 million
related to the deconsolidation of Leipurin’s
entities in Russia, Belarus and Kazakhstan.
■
ITEMS AFFECTING COMPARABILITY IN 2022, MEUR
MEUR
ESL
Shipping Telko Leipurin
Other
operations
Discontinued
operations Total
Sale of Espa 1.5 1.5
Inventory in Ukraine -2.6 -0.7 -3.3
Accounts receivable in Ukraine -0.5 -0.1 -0.6
Withdrawal from Russia -0.7 -14.7 -15.4
Divestment of businesses -0.4 -1.2 -1.6
Other -1.4 -0.7 -2.0
Total 0.8 -3.1 -2.5 -0.7 -15.9 -21.5
In 2022, items affecting comparability
totaled EUR -21.5 million, of which EUR
-19.3 million resulted from the impact of
Russia’s invasion in Ukraine on Aspo Group’s
business operations. The divestment loss of
Kauko Ltd. was EUR -1.2 million, reported
in the result from discontinued operations.
Other items affecting comparability totaled
EUR -1.0 million. Of the items affecting com-
parability, EUR -5.5 million were reported in
the result from continuing operations.
CASH FLOW AND FINANCING
The Group’s operating cash flow in January–
December was EUR 32.4 (47.6) million. The
cash flow was mainly derived from the busi-
ness of ESL Shipping. The cash flow impact
of change in working capital was EUR -12.0
(4.5) million. The change in working capital
was mainly driven by the EUR 12.7 million
increase (in 2023 EUR 14.6 million decrease)
in inventory of Telko, and the Green Coaster
and Green Handy advance payments for the
vessels that are going to be sold further.
These advance payments increased inven-
tory by EUR 2.7 (4.9) million compared to
the previous year. Operating cash flow was
also negatively impacted by the average
interest rate for the entire year being higher
than in the previous year with the net inter-
est paid being EUR -9.5 (-8.4) million.
The free cash flow was EUR -36.1 (27.3)
million. Investments amounted to EUR 49.7
(21.8) million and consisted mainly of invest-
ments of ESL Shipping. The proceeds from
the sale of the Supramax vessels amounted
to EUR 33.5 million and the cash outflow
relating to acquisitions mainly in Telko’s busi-
ness amounted to EUR 56.5 million. The
rest of the investing cash flow of EUR 4.1
million consisted of proceeds from sale of
tangible assets and of dividend income.
28
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
NET INTEREST-BEARING DEBT, GROUP TOTAL
MEUR 2024 2023 2022
Interest-bearing liabilities, incl. lease liabilities 224.4 195.9 189.3
Cash and cash equivalents 36.4 30.7 33.6
Net interest-bearing debt 188.0 165.2 155.7
Net interest-bearing debt was EUR 188.0
(165.2) million and net debt to compara-
ble EBITDA, rolling 12 months ratio was 3.2
(2.7). The Group’s equity ratio at the end of
the year was 36.9% (34.4%).
Net financial expenses in January–
December totaled EUR -8.5 (-9.3) million.
The average interest rate of interest-bearing
liabilities, excluding lease liabilities, started
to decrease and was 4.8% (5.4%) in Decem-
ber. The net financial expenses were lower in
2024 compared with 2023 due to earn-out
adjustments of EUR 1.5 million.
The Group’s liquidity position remained
strong, cash and cash equivalents stood at
EUR 36.4 (30.7) million at the end of the
year. Committed revolving credit facilities,
totaling EUR 40 million, were fully unused,
as in the comparative period. The revolving
credit facilities are maturing in 2027. Aspo’s
EUR 80 million commercial paper program
was utilized by EUR 5 million at the end of
the year 2024.
In September 2024, Aspo repaid at matu-
rity the EUR 15 million unsecured bond guar-
anteed by Garantia Insurance Company.
In October 2024, Aspo Plc signed a new
syndicated term loan facility agreement
amounting to EUR 60 million with OP Cor-
porate Bank plc, Nordea Bank Abp and Dan-
ske Bank A/S, Finland Branch as lenders.
The loan will be repaid in one installment at
the end of the loan term, which is two years,
with a one-year option to extend.
In December 2024, Aspo Plc renewed
a loan of EUR 10 million with LocalTapiola
maturing in 2027. The renewed loan will be
repaid in one installment at the end of the
five-year loan term.
EVENTS AFTER THE FINANCIAL YEAR
After the end of the financial year in Feb-
ruary 2025 ESL-Shipping signed a loan
agreement of EUR 70 million with Sven-
ska Skeppshypotekskassan for financing the
Green Handy –vessels. The loan is expected
to be drawn in the years 2027 and 2028.
After the end of the financial year on Feb-
ruary 12, 2025, Aspo announced that Lei-
purin has completed the agreement to take
over the food ingredients distribution busi-
ness previously conducted by the Lithuanian
company, Kartagena UAB.
After the end of the financial year on Feb-
ruary 17, 2025, Aspo announced that it
establishes a new long-term share-based
incentive plan for key employees and pays
part of the short-term remuneration plan in
shares. In addition, it was announced that
the long-term share-based incentive plans
2023-2025 and 2024-2026 are terminated.
GUIDANCE AND ASSUMPTIONS
BEHIND THE GUIDANCE FOR 2025
Aspo Group’s comparable EBITA is expected
to be EUR 35 - 45 million in 2025 (EUR 29.1
million in 2024).
Aspo’s operating environment is esti-
mated to remain challenging during the first
half of the year and to gradually improve
during the second half of the year. Aspo’s
profit improvement for the year is expected
to come mainly from profit generation of
the Green Coaster vessels, from Telko’s and
Leipurin’s acquisitions completed in 2024,
as well as from various intensified profit
improvement actions throughout Aspo’s
businesses. The higher end of the expected
comparable EBITA range is expected to be
achieved if all the planned profit improve-
ment measures are successful and there is
a clear economic recovery during the second
half of the year. The lower end of the range
may be realized if the economic recovery is
further delayed, or significant volumes would
be lost due to strikes or other unforeseen
negative events.
When entering into year 2025, ESL Ship-
ping’s demand is expected to be weak over-
all, with fairly low contractual volumes com-
bined with low spot market pricing. Volumes
from forest and steel industry customers are
expected to slowly revive during the year.
For Telko, overall stable market devel-
opment is expected going forward with
demand slowly picking up. After successfully
completing three acquisitions in 2024, the
focus is on integrating the acquired compa-
nies. Securing organic growth and positive
profitability development will be in focus.
Acquisition-related expenses are expected
to be at a much lower level in 2025 com-
pared with 2024.
For Leipurin, the market is expected to be
stable. Significant opportunities for growth
remains in the food industry, where the
addressable market for Leipurin is multiple
compared to bakery. Leipurin remains in a
good position to continue improving its prof-
itability.
BOARD OF DIRECTORS’ PROPOSAL
ON THE DISTRIBUTION OF FUNDS
To support the execution of Aspo’s growth
strategy the dividend policy was updated in
year 2024 to reflect the company strategy
and growth ambition, the ongoing transition
and specific business characteristics. Accord-
ing to the revised dividend policy, Aspo’s div-
idend growth is based on positive profita-
bility development with the aim to pay-out
annually up to 50% of net profit as dividend.
The goal is to gradually increase the amount
of dividends, while considering financing
needs of growth initiatives with strategic
priority. The execution of Aspo’s portfolio
strategy has meaningfully moved forward in
2024. The acquisition of Swed Handling AB,
and ESL Shipping’s decision to invest in four
Green Handy vessels represent the latest
major investments.
The Board of Directors proposes to the
Annual General Meeting of Aspo Plc to be
held on April 25, 2025, that EUR 0.19 per
share be distributed in dividends for the
2024 financial year, and that no dividend is
paid for shares held by Aspo Plc. The pro-
posed dividend represents 49% of Aspo’s
comparable earnings per share for 2024. It
is proposed that the dividend is paid in two
instalments.
29
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
The first instalment of EUR 0.09 per
share is proposed to be paid to sharehold-
ers registered on the record date of April
29, 2025 in the company’s register of share-
holders maintained by Euroclear Finland Oy.
The Board proposes that the payment date
for the first dividend instalment would be
May 7, 2025. The second instalment of EUR
0.10 per share is proposed to be paid to
shareholders registered on the record date
of October 30, 2025 in the company’s regis-
ter of shareholders maintained by Euroclear
Finland Oy. The Board proposes that the
payment date for the second dividend instal-
ment would be November 6, 2025.
On December 31, 2024, the distributa-
ble funds of the parent company were EUR
40,996,272.18, with the profit for the finan-
cial year totaling to EUR 18,123,440.79.
There are a total of 31,417,511 shares enti-
tled to dividends on the publication date of
this financial statements release. As a result,
the proposed dividend would total EUR 6.0
million.
No material changes have taken place
in respect of Aspo’s financial position after
the balance sheet date. In the opinion of the
Board of Directors, the proposed distribution
of profits does not risk the solvency of the
company.
ASPO’S BUSINESS OPERATIONS
ESL Shipping
ESL Shipping is the leading dry bulk sea
transport company operating in the Bal-
tic Sea area. ESL Shipping’s operations are
mainly based on long-term customer con-
tracts and established customer relation-
ships. ESL Shipping’s strategy and compet-
itive edge is based on sustainability lead-
ership and the company’s unique ability to
develop and provide reliable infrastructure
for the ice-bound Nordic industrials invest-
ing in the green transition. The shipping com-
pany loads and unloads large ocean liners at
sea as a special service.
At the end of the year, the shipping com-
pany’s fleet consisted of 43 vessels with a
total capacity of 345,000 deadweight tons
(dwt). Of these, 24 were wholly owned (71%
of the tonnage), two were minority owned
(3%) and the remaining 17 vessels (26%)
were time chartered. The figures include the
Green Coaster pool, which consisted of four
vessels, two owned by AtoBatC Shipping AB
and two by investors.
ESL Shipping 2024 2023 2022
Handy 79.1 78.5 99.3
Coaster 119.5 93.7 120.4
Supra 7.5 16.8 25.7
Net sales, MEUR 206.2 189.0 245.4
EBITA, MEUR 9.2 17.8 38.4
Items affecting comparability, MEUR -7.6 -0.6 0.8
Comparable EBITA, MEUR 16.9 18.4 37.6
Comparable EBITA, % 8.2 9.7 15.3
Invested capital, MEUR 212.1 218.4 202.8
Comparable ROCE, % 7.8 8.7 18.7
ESL Shipping’s net sales increased by 9% to
EUR 206.2 (189.0) million. Net sales include
proceeds of EUR 25.3 million from the exe-
cuted sale of mv Stellamar and mv Aqua-
mar to the company established by the pool
investors, impacting positively net sales
growth for coasters. The combined net
sales of the handy and coaster operations
excluding vessel sale increased by 1% com-
pared to the previous year. Sales were neg-
atively impacted by the lower marine diesel
fuel prices. Comparable EBITA for the period
decreased by 8% to EUR 16.9 (18.4) million
resulting from the poor first quarter caused
by the strikes and exceptionally severe win-
ter conditions and a softer than expected
fourth quarter. The combined negative profit
impact from the political strikes and the
exceptionally harsh winter conditions was
estimated to be approximately EUR 4.0
million for the first half of the year. Items
affecting comparability amounted to EUR
-7.6 (-0.6) million and included mainly impair-
ment losses related to the sale of the supra-
max vessels as well as some advisory costs
related to the sale of the minority stake in
ESL Shipping.
During the year ESL Shipping carried 12.3
(11.9, excluding the Supramax vessels) mil-
lion tons of cargo. Carried cargo volumes
were negatively affected by the repeated
waves of political strikes and by the excep-
tionally severe winter conditions in the Bay
of Bothnia between January-April, and the
overall softer than expected demand in the
fourth quarter.
The newbuilding project of ESL Shipping’s
Swedish subsidiary AtoBatC Shipping AB at
the Chowgule & Company Private Limited
shipyard in India proceeded as planned. Four
vessels were operating in Baltic Sea related
trades at the end of the review period and
the fifth vessel, Maximar, was delivered in
December and is expected to be in commer-
cial traffic by end of the first quarter 2025.
Deliveries of subsequent vessels in the
series of twelve ships are now expected on
a quarterly basis, with the last vessel to be
delivered in the autumn of 2026.
The minority investments in Aspo’s sub-
sidiary ESL Shipping Ltd by OP Finland Infra-
structure and Varma Mutual Pension Insur-
ance Company were completed in Febru-
ary. The transaction was completed as a
share issue where ESL Shipping Ltd issued
new shares to OP Finland Infrastructure and
Varma against a cash consideration of EUR
45.0 million. This resulted in a minority own-
ership stake corresponding to 21.43 % in
ESL Shipping.
In March Aspo announced that its subsid-
iary ESL Shipping Ltd had signed a memo-
randum of understanding according to which
it will sell its two Supramax class vessels to
companies belonging to HGF Denizcilik Lim-
ited Sirket group, a Turkish shipping and
logistics company, with sales proceeds of
30
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
EUR 33.5 million. The sale of the supramax
vessels was successfully completed in the
second quarter.
On October 9th Aspo announced that
ESL Shipping will build a series of four new,
fossil free handy sized vessels. These new
1A ice class vessels are top of the mar-
ket in terms of cargo capacity, technology
and innovation. The total value of the four
ships is approximately EUR 186 million and
this investment takes place during the years
2024–2028. The new vessels are built in
Nanjing, China at China Merchants Jinling
Shipyard (Nanjing) Co, Ltd. The vessels are
scheduled to enter service starting from the
third quarter of 2027. The fourth ship of this
series is scheduled to enter service in the
first half of 2028.
In connection with the order of fossil free
handy size vessels announced during the
fourth quarter, the possibilities of using var-
ious ship ownership and financing solutions
to accelerate business growth and expand
the service will be explored. This may
include, among others, pooling as a financial
instrument, already successfully used by ESL
Shipping when financing the smaller Green
Coaster vessels.
Telko
Telko is a leading expert in and supplier of
plastic raw materials, industrial chemicals,
and lubricants. It operates as a sustaina-
ble partner in the value chain, bringing well-
known international principals and custom-
ers together. The company’s competitive
edge is based on strong technical support,
efficient logistics, and local expert service.
Telko operates in Finland, the Baltic coun-
tries, Scandinavia, Poland, Germany, France,
Belgium, the Netherlands, Romania, Ukraine,
Kazakhstan, Uzbekistan, and China.
Telko 2024 2023 2022
Plastics business 105.9 101.4 110.1
Chemicals business 82.7 59.4 49.1
Lubricants business 64.7 50.5 50.1
Net sales, MEUR 253.3 211.3 209.3
EBITA, MEUR 12.5 8.7 8.9
Items affecting comparability, MEUR -0.1 -1.0 -3.1
Comparable EBITA, MEUR 12.6 9.7 12.0
Comparable EBITA, % 5.0 4.6 5.7
Invested capital, MEUR 140.1 48.4 60.8
Comparable ROCE, % 13.4 17.8 20.7
Telko´s net sales increased by 20% to
EUR 253.3 (211.3) million. Sales growth
was driven by acquisitions as well as vol-
ume growth. Sales prices were overall at a
lower level than the previous year, causing
a slight decline in organic net sales. Compa-
rable EBITA improved to EUR 12.6 (9.7) mil-
lion driven primarily by higher sales margins,
efforts to improve cost efficiency, as well as
the acquired businesses. Acquisition related
expenses and reversal of fair value alloca-
tion to inventory impacted Telko´s compara-
ble EBITA by EUR -3.4 (-1.2) million, almost
fully mitigating the positive EBITA effect of
the completed acquisitions during the year
2024.
Net sales of the plastic business
increased by 4% in 2024. Sales volumes
grew significantly both organically and
through the acquisition of Polyma, whereas
prices were on a significantly lower level
than previous year. Market demand was
modest throughout the year. New customer
acquisition affected positively sales and
profitability. The business in China was grow-
ing and developed positively. Ukrainian mar-
ket demand remained modest due to the
war, but Telko kept the strong position as a
plastic importer with a local sales team. In
Europe, challenges in demand were espe-
cially seen in automotive related businesses.
Net sales of the chemicals business
increased by 39%. The acquisition of Swed
Handling was the most significant growth
driver. Sales volumes grew slightly organi-
cally, although prices were on a significantly
lower level than previous year. Telko´s sales
development in Europe exceeded clearly
overall market development. Eltrex, a Pol-
ish chemical distributor acquired by Telko in
2023, has exceeded all targets set for the
acquisition and the outlook remains strong.
Swed Handling has contributed as planned
and the work on capturing identified syn-
ergies has started well. Telko’s business in
Mid-Asia improved its financial performance
during the year 2024.
Net sales of the lubricants business
increased by 28%. The acquired businesses
contributed to growth, whereas organic
sales volumes declined slightly. Industrial
lubricants reached an all-time high sales level
in the Nordics and a new greenfield indus-
trial lubricants business unit was established
in Poland. Industrial Lubricants in France and
Benelux, i.e. recently acquired Optimol and
Greenfluid, faced a challenging market envi-
ronment with lower-than-expected demand
and price level, in addition to delayed new
projects. Despite challenges in these mar-
kets, Telko managed to increase market
share.
Telko has made major progress related
to its compounder strategy during 2024,
by completing three major acquisitions. In
March, Telko acquired Optimol and Green-
fluid, industrial lubricants businesses in Ben-
elux and France. In the beginning of June,
Telko acquired Polyma Kuntstoff, a plas-
tics distribution business in Germany. In July,
Telko completed a major acquisition in Swe-
den by acquiring Swed Handling AB, a locally
leading chemicals distributor.
31
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
During the last quarter of the year Telko
has focused on securing profitability and
on integrating the acquired businesses and
thereby achieving planned synergies. So far,
the synergies have primarily related to realiz-
ing benefits from supplier and customer rela-
tionships across countries, as well as intro-
ducing common processes. Telko continues
preparations for future growth aligned with
its compounder strategy, but during coming
months securing organic growth and posi-
tive profitability development remains top
priority.
Leipurin
Leipurin operates as part of the food chain,
sourcing raw materials in global markets
and from domestic companies and supply-
ing them through its effective logistics chain
to serve customer needs. Leipurin has opera-
tions in five countries including Finland, Swe-
den, and the Baltic countries, and serves
bakeries, the food industry, and food service
customers by offering raw materials, sup-
porting research & development, recipes,
and innovations for new products.
Leipurin 2024 2023 2022
Finland 45.4 49.3 50.9
Sweden 55.1 50.2 17.3
Baltics *) 32.6 36.6 37.7
Net sales, MEUR 133.1 136.1 105.9
EBITA, MEUR 4.5 5.9 -0.2
Items affecting comparability, MEUR -0.4 1.4 -2.5
Comparable EBITA, MEUR 4.9 4.5 2.3
Comparable EBITA, % 3.7 3.3 2.2
Invested capital, MEUR 49.7 46.0 57.8
Comparable ROCE, % 10.2 8.6 4.6
*) In the comparative period Baltics include also the net sales of the Ukrainian business unit.
Leipurin’s net sales decreased by 2% to
EUR 133.1 (136.1) million. The deflation-
ary market price trend continued through-
out the year, as well as the impact of activi-
ties targeted to improve sales mix, decreas-
ing sales volumes in low margin categories.
In Finland net sales decreased by 8% to EUR
45.4 (49.3) million, in the Baltic countries net
sales decreased by 11% to EUR 32.6 (36.6)
million, and in Sweden net sales increased
by 10% to EUR 55.1 (50.2) million. The
growth in Sweden was mainly explained by
Kebelco’s net sales of EUR 4.5 million. Dur-
ing January-December, net sales to bakeries
decreased by 6% to EUR 93.6 (99.7) million.
Net sales to the food industry increased by
32% to EUR 15.6 (11.8) million.
Leipurin expanded its food industry busi-
ness in Sweden on July 1, 2024, via the
acquisition of technical food ingredient dis-
tributor Kebelco. Kebelco is a subsidiary of
Swed Handling AB and is reported in the Lei-
purin segment. Kebelco offers a very strong
platform to develop food industry sales
in Sweden, while also bringing significant
cross-selling opportunities across all Leipu-
rin countries, as well as logistics synergies in
Sweden.
The Swedish subsidiary Kobia entered the
implementation phase of a major logistics
restructuring program during the third quar-
ter, with promising results already during
year 2024. During the second half of 2024
Kobia was able to strengthen its presence in
in-store bakeries via winning key tenders.
The comparable EBITA for stood at EUR
4.9 (4.5) million, and the comparable EBITA
rate was 3.7% (3.3%). The items affect-
ing comparability of EUR -0.4 (1.4) million
included expenses related to the acquisi-
tion of Kebelco AB and the exit from Russia.
In the comparative period, the items affect-
ing comparability consisted of gains on sale
and lease back transactions of properties
in Sweden and premises in Lithuania, the
divestment of the bakery equipment trad-
ing business and of restructuring expenses
in Sweden. Leipurin continues to execute a
wide range of efforts throughout its oper-
ations, with the aim to improve profitabil-
ity. Currently, these efforts primarily relate to
improving product mix, developing key cus-
tomer approach, and supply chain efficiency.
In addition, Kebelco will contribute to Leipu-
rin’s profitability for the full year 2025 and
allow for new synergies.
Non-core businesses
Following the Russian invasion in Ukraine in
February 2022, Aspo started to seek stra-
tegic options for restructuring its business
operations in Russia and its nearby areas.
At the beginning of 2023, Aspo established
a new reportable segment: Non-core busi-
nesses. The Non-core businesses segment
consisted of the following: Telko’s opera-
tions in Russia and Belarus, as well as Kauko
GmbH, which were previously reported in the
Telko segment; Leipurin’s operations in Rus-
sia, Belarus and Kazakhstan, which were pre-
viously reported the Leipurin segment; and
ESL Shipping’s operations in Russia, which
were previously reported in the ESL Shipping
segment. The Non-core businesses segment
was established to separate the result of
32
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo’s non-core operations from the result
of the continuing operations.
Telko’s subsidiary in Russia was sold in
April 2023, and the sale of Leipurin’s sub-
sidiaries in Russia was finally completed in
October 2024. The ESL Shipping segment’s
business operations in the Russian market
ended in the summer of 2022, and the com-
pany was liquidated during 2024. The con-
solidation of all the business operations
reported in the Non-core business segment
into the Aspo Group ended in 2023.
Discontinued operations 2023 2022
Net sales, MEUR 16.6 91.9
EBITA, MEUR -16.1 -6.0
Items affecting comparability, MEUR -16.5 -15.9
Comparable EBITA, MEUR 0.4 10.0
Comparable EBITA, % 2.4 10.9
In 2023 discontinued operations included
the Non-core businesses segment. In 2022
discontinued operations also included Kauko
Ltd. For 2024 Aspo does not report discon-
tinued operations as all the entities included
in the Non-core businesses segment were
either sold or deconsolidated from Aspo
Group in 2023.
Other operations
Other operations include Aspo Group’s
administration, finance and ICT service
center. The comparable EBITA of other oper-
ations was EUR -5.2 (-5.1) million and EBITA
was EUR -5.0 (-5.2) million. In year 2024
items affecting comparability of EUR 0.2
(-0.1) million included corporate restructuring
expenses of EUR -0.2 million and expenses
for sale of the minority stake in ESL Shipping
Ltd of EUR -0.1 million as well as gains from
sale of real estate assets of EUR 0.5 mil-
lion. In 2023 items affecting comparability
related to corporate restructuring.
STRUCTURAL ARRANGEMENTS
In the Telko segment, Eltrex Partnership
was first transferred to the ownership of
its parent company, Telko-Poland Sp. z o.o.,
and then merged with its parent company.
The liquidation process of Eltrex Sp. Z.o.o.
started at the end of December 2024. Telko
Caucasus LLC in Azerbaijan was sold to the
company’s management in April 2024.
In the Leipurin segment, the ownership
of Leipurin LLC in Ukraine was transferred
to LLC Telko, and the company has been
reported in the Telko segment since the
beginning of September 2024.
In the ESL Shipping segment, Bothnia
Bulk AB was merged with its sister company
AtoBatC Shipping AB.
For the companies reported in the Non-
core Business segment in 2023, there were
a few changes in 2024. FLLC Telko in Bela-
rus was dissolved on April 11, 2024, Lei-
purin’s Russian companies OOO Leipurien
Tukku and OOO NPK Leipurin were sold on
October 10, 2024, and the liquidation pro-
cess of ESL Shipping Russia LLC was com-
pleted on November 27, 2024.
INVESTMENTS
■
INVESTMENTS, GROUP TOTAL
MEUR 2024 2023 2022
Investments in intangible and tangible assets 49.7 21.8 17.8
In 2024, Aspo Group’s investments totaled
EUR 49.7 (21.8) million and consisted mainly
of ESL Shipping segment’s investments in
Green Coaster and Green Handy vessels.
Further information about investments is
provided in note 4 Invested capital to the
consolidated financial statements.
PERSONNEL
The employee benefit expenses of contin-
uing operations in 2024 amounted to EUR
54.4 (48.5) million. More detailed informa-
tion on personnel is provided in Aspo’s sus-
tainability statement, separately published
remuneration report and note 3.6 Employee
benefit expenses and number of employees
to the consolidated financial statements.
■
PERSONNEL, GROUP TOTAL
2024 2023 2022
Number of personnel, December 31 800 712 886
Average number of personnel 765 835 914
Wages, salaries and fees, MEUR 44.7 43.2 47.3
Share-based incentive schemes for the
Group’s key personnel are described in note
5.4 Share-based payments to the consoli-
dated financial statements.
33
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
RESEARCH AND DEVELOPMENT
Aspo Group’s R&D focuses, according to
the nature of each segment, on developing
operations, procedures and products as part
of the customer-specific operations, which
means that the development inputs are
included in other operating expenses and are
not capitalized.
RISK MANAGEMENT
The purpose of risk management is to con-
tribute to the achievement of the Group’s
goals. Risk management aims to proactively
identify and manage potential problems
and to identify and use business opportuni-
ties. Risk management supports the devel-
opment and implementation of Aspo’s strat-
egy.
The purpose of risk management is that:
• Aspo has an effective risk management
control model, and related processes
integrated into Aspo’s business
management.
• Managers have access to high-quality and
up-to-date information on business risks
and their control measures, providing
support for decision-making.
• The probability of the realization of
risks and unexpected events, and their
impact on finances and reputation can be
reduced effectively.
• Risk management measures and selected
control measures are based on Aspo’s
willingness to take risks and ability to
tolerate risks.
• Cooperation in risk management between
Aspo’s different businesses is effective.
The managers of the Group and its busi-
nesses are responsible for risk manage-
ment. They are also responsible for deter-
mining sufficient measures and their imple-
mentation, and for monitoring and ensuring
that the measures are implemented as part
of the daily management of operations. Risk
management is coordinated by the Group’s
Director of Legal Affairs who reports to the
CEO. The Audit Committee monitors the
effectiveness of the risk management sys-
tems and deals with risk management pro-
cesses, plans and reports.
Each business has a separate risk man-
agement program. Business risks and their
management are discussed regularly by the
management teams of the businesses. The
Group’s shared functions ensure that suffi-
cient risk assessment and reporting proce-
dures are incorporated into the processes
they are responsible for. The Group’s admin-
istration is responsible for Group-level insur-
ance plans.
Characteristic risks in each business area
are identified in the business units, assessed
in the business unit management teams,
and reported to the subsidiary Boards and, if
necessary, to the Aspo Board of Directors or
the Audit Committee.
Risks are continuously assessed, and
their management is discussed in the busi-
ness unit management teams. Risk assess-
ments are updated according to Aspo’s man-
agement policy, and the most notewor-
thy findings are presented in the quarterly
interim reports.
Financial risks, their management princi-
ples and related organization are presented
in the notes to the financial statements.
The objective of Aspo’s internal con-
trol is to ensure the profitability and effi-
ciency of operations, reliable financial report-
ing, and compliance with the applicable laws
and regulations, and the agreed practices
and operating principles. Aspo’s internal con-
trol includes the control that is built in to the
business processes, the Group’s manage-
ment system, and financial reporting cover-
ing the entire Group. Internal control is an
integral part of the company’s management,
risk management and administration.
Internal control
The aim of internal control is to create suffi-
cient certainty of goals and objectives being
reached in the following issues:
• operational profitability and efficiency
and capital control
• reliability and integrity of financial and
operational information
• compliance with laws, regulations and
agreements, as well as ethical principles
and social responsibility
• safeguarding and responsible
management of assets and brands
The responsibility to arrange internal control
lies with the Board of Directors and the CEO
both at Group level and in the different busi-
ness areas. The internal audit function sup-
ports the Group and business management
in their internal control responsibility, and the
aim is to provide the Aspo Board of Direc-
tors with sufficient certainty of the function-
ing of internal control. The Audit Commit-
tee monitors the operations and effective-
ness of the company’s internal control at its
meetings and reviews the plans and reports
of internal control.
RISKS AND NEAR-TERM UNCERTAINTIES
The main uncertainties in Aspo’s financial
performance are related to the demand for
maritime transport and to some extent also
to the development of market prices and the
volume and price development of the prod-
ucts sold by Telko and Leipurin. These con-
ditions are affected by general economic
developments. In 2023 and 2024, economic
growth in Europe has been very low. In par-
ticular, industrial production has been low or
even declining. Low consumer and industrial
confidence and high geopolitical uncertainty
have negatively impacted investment activity
and reduced the demand for industrial and
consumer products and services. Delay or
further deterioration of the recovery of eco-
nomic activity may have a negative impact
on the profitability of Aspo’s business oper-
ations.
Geopolitical tensions, such as Russia’s
ongoing war in Ukraine, increased security
threats in the Baltic Sea, conflicts in the Mid-
dle East and trade tensions between major
economies, continue to cause great uncer-
tainty in the operating environment and
may undermine overall economic growth,
affect energy prices and interrupt shipping,
and lead to increased costs, disrupt supply
chains and change trade flows. The prolon-
gation and possible expansion of geopoliti-
cal tensions may have a negative impact on
business operations in Aspo’s market areas.
Increasing global tensions can worsen the
operating conditions in all business opera-
tions.
In line with its strategy, Aspo aims to
increase its profit through investments in
environmentally friendly vessels and through
acquisitions. The future profitability of these
investments involves uncertainty. Imple-
menting the strategy, combined with the
currently relatively high financing costs, can
reduce the free cash flow and weaken the
balance sheet and solvency.
Changes in environmental legislation and
uncertainty in the schedule of the green
transition may affect the competitiveness
of Aspo’s business operations, as well as
the competitiveness of Aspo’s key principals
34
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
and customers. This may negatively impact
Aspo’s business volumes and margins.
Aspo’s operations depend on the avail-
ability of IT systems and network services.
Lack of services can cause disruptions to
business operations. Recent geopolitical ten-
sions have increased the threat of cyberat-
tacks.
Because the estimates concerning the
future presented in this annual report are
based on the current situation, they involve
risks and other uncertainties that may cause
actual future outcomes to differ from the
estimates.
LEGAL PROCEEDINGS
Aspo Group’s companies are parties to some
legal proceedings and disputes associated
with regular business operations. There were
no significant changes in these during 2024.
On the basis of the information available and
taking into account the existing insurance
cover and provisions made, Aspo believes
that they do not have any material adverse
impact on the Group’s financial position.
THE BOARD OF DIRECTORS
AND MANAGEMENT
Patricia Allam, Tapio Kolunsarka, Mikael
Laine, Kaarina Ståhlberg, Tatu Vehmas
and Heikki Westerlund were re-elected to
the Board of Directors. Annika Ekman was
elected as a new member of the Board. At
the Board's organizing meeting held after
the Annual General Meeting, Heikki Wester-
lund was elected as Chairman of the Board
and Mikael Laine as Vice Chairman. At the
meeting the Board decided to appoint
Heikki Westerlund as Chair of the Human
Resources and Remuneration Committee,
and Patricia Allam, Tapio Kolunsarka, and
Tatu Vehmas as committee members. At the
meeting the Board also decided to appoint
Kaarina Ståhlberg as Chair of the Audit Com-
mittee, and Annika Ekman, Mikael Laine and
Tatu Vehmas as committee members.
The Board of Directors had 20 meetings
in 2024. The attendance rate was 99%.
In August 2023 Aspo announced that
Erkka Repo has been appointed Aspo
Group's Chief Financial Officer and a member
of Aspo's Group Executive Committee. Repo
started in this position during February 2024
when his predecessor Arto Meitsalo retired.
In October 2024 Aspo announced that
Karri Kivi has been appointed as the new
Senior Vice President, Corporate Develop-
ment and a member of Aspo's Group Exec-
utive Committee. Karri Kivi joined Aspo in
December 2024 when his predecessor Mikko
Heikkilä transferred to another company.
AUDITOR AND SUSTAINABILITY
REPORTING ASSURANCE PROVIDER
Deloitte Oy, Authorized Public Accountants,
has served as the company’s auditor. Jukka
Vattulainen, APA, has served as the princi-
pal auditor. The same auditor has also acted
as the company’s sustainability reporting
assurance provider. The remuneration shall
be paid to the auditor and sustainability
reporting assurance provider according to an
invoice approved by the company.
BOARD AUTHORIZATIONS
Authorization of the Board of Directors to
decide on the acquisition of treasury shares
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on the acqui-
sition of no more than 500,000 treasury
shares using the unrestricted equity of the
company representing about 1.6% of all the
shares in the Company. The authorization
includes the right to accept treasury shares
as a pledge. The authorization is valid until
the Annual General Meeting in 2025 but not
more than 18 months from the approval at
the General Meeting.
Authorization of the Board of Directors to
decide on a share issue of treasury shares
As proposed by the Board of Direc-
tors, the Annual General Meeting author-
ized the Board of Directors to decide on a
share issue, through one or several install-
ments, to be executed by conveying treas-
ury shares. An aggregate maximum amount
of 2,500,000 shares may be conveyed
based on the authorization. The authoriza-
tion is valid until the Annual General Meeting
in 2025 but not more than 18 months from
the approval at the General Meeting.
In 2024, a total of 13,976 shares were
conveyed based on the share-based incen-
tive plans.
Authorization of the Board of Directors to
decide on a share issue of new shares
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on a share
issue for consideration, or on a share issue
without consideration for the company itself
through one or several instalments. The
authorization includes the right of the Board
of Directors to decide on all of the other
terms and conditions of the conveyance and
thus also includes the right to decide on a
directed share issue, in deviation from the
shareholders’ pre-emptive right, if a compel-
ling financial reason exists for the company
to do so. The total number of new shares
to be offered for subscription is a maximum
of 2,500,000 in total. The authorization is
proposed to be valid until the Annual Gen-
eral Meeting in 2025, however no more than
18 months from the approval at the Annual
General Meeting.
Authorization of the Board of Directors to
decide on charitable contributions
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on contribu-
tions in the total maximum amount of EUR
100,000 for charitable or similar purposes,
and to decide on the recipients, purposes
and other terms of the contributions. The
authorization is valid until the Annual Gen-
eral Meeting in 2025.
In November 2024, the Board of Direc-
tors decided to donate 10,000 euro through
UNICEF to children in Ukraine. The donation
was paid in December 2024.
SHARES AND SHAREHOLDERS
Shares and payment of dividends
Aspo Plc’s registered share capi-
tal on December 31, 2024, was EUR
17,691,729.57, and the total number of
shares was 31,419,779, of which the com-
pany held 2,268 shares, i.e. approximately
0.01% of the share capital.
Aspo has share-based compensation
plans based on which Aspo has granted
13,976 treasury shares to employees
included in the plans. The transfers were
based on the share issue authorizations of
the Annual General Meeting.
Aspo Plc has one share series. Each share
entitles the shareholder to one vote at the
General Meeting. Aspo’s share is quoted
on Nasdaq Helsinki Ltd’s Mid Cap segment
under Industrial Goods and Services.
35
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
In January-December 2024, a total of
3,349,003 Aspo Plc shares, with a market
value of EUR 18.8 million, were traded on
Nasdaq Helsinki, which equals 10.7% of the
total number of shares. During the review
period, the share price reached a high of
EUR 6.35 and a low of EUR 4.71. The aver-
age price was EUR 5.63 and the closing
price at the end of the review period was
EUR 4.85. At the end of the review period,
the market value, less treasury shares, was
EUR 152.4 million.
Distribution of funds in 2024
The Annual General Meeting held on April
12, 2024, decided, as proposed by the
Board of Directors, that EUR 0.24 per share
be distributed in dividends for the 2023
financial year, and that no dividend is paid
for shares held by Aspo Plc. The record date
for the dividend was April 16, 2024, and the
payment date was April 23, 2024.
Furthermore, the Annual General Meet-
ing 2024 authorized the Board of Directors
to decide on a possible distribution of cap-
ital from the invested unrestricted equity
fund in the maximum amount of EUR 0.23
per share on a later date, if aligned with the
growth strategy and considering the long-
term benefit of Aspo’s shareholders.
In 2024, Aspo’s dividend policy has been
updated to reflect the company strategy
and growth ambition, the ongoing transition
and specific business characteristics. Accord-
ing to the revised dividend policy Aspo’s div-
idend growth is based on positive profita-
bility development with the aim to pay-out
annually up to 50% of net profit as dividend.
The goal is to gradually increase the amount
of dividends, while considering financing
needs of growth initiatives with strategic pri-
ority.
Aspo’s Board of Directors decided in its
meeting on October 29, 2024, that the
authorization of the Annual General Meeting
2024 to distribute funds from the invested
unrestricted equity fund will not be used.
The decision was based on Aspo’s renewed
dividend policy. Therefore, the distribution
for the year 2023 remained at EUR 0.24 per
share which was paid in April 2024.
Shareholders
Aspo’s shares are included in the book-en-
try system maintained by Euroclear Finland
Ltd. The company had 11,173 shareholders
at the end of the year. A total of 1,198,245
shares, or 3.81% of the share capital, were
nominee registered or held by non-domes-
tic shareholders. A monthly updated list of
Aspo’s major shareholders is available on
Aspo’s website.
Share ownership by members of
the Board and the Group Executive
Committee
On December 31, 2024, the total number of
shares owned by the members of Aspo Plc’s
Board of Directors and their controlled enti-
ties was 6,740,656 shares, or 21.46% of
the shares and voting rights in the company.
On December 31, 2024, Aspo Plc’s CEO
and the other members of the Group Exec-
utive Committee held a total of 223,001
shares, or 0.71% of the shares and voting
rights in the company.
36
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
MAJOR SHAREHOLDERS ON DECEMBER 31, 2024
Osakkeita
kpl
Osuus
osakkeista ja
äänistä, %
Havsudden Oy Ab 3,412,941 10.86
AEV Capital Holding Oy 3,253,554 10.36
Keskinäinen työeläkevakuutusyhtiö Varma 1,423,076 4.53
Vehmas Tapio 1,275,827 4.06
Ilmarinen Mutual Pension Insurance Company 875,226 2.79
Nyberg Gustav 797,349 2.54
Investment fund Nordea Nordic Small Cap 728,040 2.32
Mandatum Life Insurance Company 679,096 2.16
Citibank Europe Plc 620,850 1.98
IAIK Oy 602,947 1.92
Ten major shareholders, total 13,668,906 43.52
■
DISTRIBUTION OF SHARE OWNERSHIP ON DECEMBER 31, 2024
BY NUMBER OF SHARES
Shares qty
Number of
sharehold-
ers
Percentage of
shareholders
%
Number of
shares
qty
Percentage of
all shares
%
1–100 2,810 25.15 139,686 0.45
101–500 4,012 35.91 1,101,060 3.50
501–1,000 1,773 15.87 1,357,187 4.32
1,001–5,000 2,082 18.64 4,582,711 14.56
5,001–10,000 266 2.38 1,871,174 5.96
10,001–50,000 184 1.65 3,757,708 11.96
50,001–100,000 16 0.14 1,157,928 3.69
100,001–500,000 17 0.15 3,214,073 10.23
500,001– 11 0.09 14,233,788 45.30
Total in joint accounts 4,464 0.01
Total 11,171 100.00 31,415,315 99.99
■
DISTRIBUTION OF SHARE OWNERSHIP ON DECEMBER 31, 2024
BY OWNER GROUP
Percentage of
shareholders %
Percentage of
shares %
Households 95.0 49.6
Companies 3.6 29.5
Financial and insurance institutions 0.2 6.2
Non-profit organizations 0.7 3.2
Public organizations 0.1 7.6
Non-domestic 0.4 1.8
Total 100.0 100.0
37
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
SHARE-SPECIFIC KEY FIGURES
2024 2023 2022 2021 2020
Equity per share, EUR 5.13 4.47 4.58 4.14 3.63
Dividend per share, EUR (2024 proposal by the Board of Directors) 0.19 0.24 0.46 0.45 0.35
Dividend/earnings, % 140.0 -1,642.8 75.2 58.9 91.0
Effective dividend yield, % 3.9 4.0 5.6 4.0 4.2
Price/earnings ratio (P/E) 35.7 -409.2 13.4 14.9 21.8
Share price performance, EUR
Weighted average price 5.63 6.83 8.01 10.08 6.80
Lowest price 4.71 5.50 6.09 8.28 5.50
Highest price 6.35 8.70 11.80 13.50 8.56
Closing price 4.85 5.98 8.20 11.36 8.40
Market value of shares, Dec. 31, MEUR 152.4 187.8 257.1 355.1 262.6
Share trading, 1,000 shares 3,349 2,370 4,243 4,068 6,798
Share trading, MEUR 18.8 16.2 33.9 41.0 46.3
Share trading/number of shares, % 10.7 7.5 13.5 12.9 21.6
Total number of shares on the closing date, 1,000 shares 31,420 31,420 31,420 31,420 31,420
Shares held by the company 2 16 62 162 162
Outstanding shares 31,418 31,404 31,358 31,258 31,258
Average number of shares (outstanding), 1,000 shares 31,414 31,390 31,333 31,258 31,191
38
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
24 12
20 10
16 8
12 6
8 4
4 2
0 0
20 21 22 23 24* 20 21 22 23 24*
20 21 22 23 24
20 21 22 23 24
MEUR EUR
MONTHLY TURNOVER, MEUR AVERAGE PRICE, EUR
■
SHARE TRADING AND AVERAGE PRICE
■
DIVIDEND PER SHARE, EUR
■
EQUITY PER SHARE, EUR
■
EFFECTIVE DIVIDEND YIELD, %
■
NUMBER OF SHAREHOLDERS
* Board proposal to the Annual Shareholders’ Meeting* Board proposal to the Annual Shareholders’ Meeting
0.5
0.4
0.3
0.2
0.1
0
6.0
5.0
4.0
3.0
2.0
1.0
0
6.0
5.0
4.0
3.0
2.0
1.0
0
12,000
10,000
8,000
6,000
4,000
2,000
0
4.2
10,904
11,659
11,711
11,502
11,173
0.35
3.63
4.14
4.58
4.47
5.13
4.0
5.6
4.0
3.9
0.45
0.46
0.24
0.19
39
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
2020 2021 2022 2023 2024
■
CALCULATION PRINCIPLES OF THE KEY FIGURES
Aspo Plc applies the guidance on alternative key figures issued by the European Securities
and Market Authority (ESMA). In addition to IFRS figures, the company releases other com-
monly used key figures (alternative key figures), which are mainly derived from the consoli-
dated statement of comprehensive income and balance sheet. According to the management,
alternative key figures clarify and supplement the picture drawn by the consolidated state-
ment of comprehensive income and balance sheet, as well as the IFRS key figures, of Aspo’s
financial performance and financial position.
Return on equity (ROE), % =
profit for the period × 100
total equity (average of the current and previous reporting period)
Comparable ROE, % =
comparable profit for the period × 100
total equity (average of the current and previous reporting period)
Equity ratio, % =
total equity × 100
balance sheet total – advances received
Gearing, % =
(interest-bearing liabilities – cash and cash equivalents*) × 100
total equity
Interest-bearing liabilities,
EUR
= loans and overdraft facilities in use (interest-bearing) + lease liabilities
Net debt, EUR = interest-bearing liabilities - cash and cash equivalents
Free cash flow, EUR = operating cash flow + investing cash flow
Free cash flow per share,
EUR
=
free cash flow
average number of shares, excluding treasury shares
Earnings per share (EPS),
EUR
=
profit for the period attributable to parent company shareholders – hybrid
interest, net of tax
average number of shares, excluding treasury shares
Comparable EPS, EUR
=
comparable profit for the period attributable to parent company
shareholders – hybrid interest, net of tax
average number of shares, excluding treasury shares
Equity per share, EUR =
equity attributable to parent company shareholders
number of shares on the closing date, excluding treasury shares
Dividend/earnings, % =
dividend per share × 100
earnings per share (EPS)
Effective dividend yield, % =
dividend per share × 100
closing price
Price/earnings ratio (P/E) =
closing price
earnings per share (EPS)
Market value of shares,
EUR
=
number of shares on the closing date, excluding treasury shares × closing
price
EBITA, EUR = operating profit - amortization and impairment of intangible assets
Comparable EBITA, EUR = EBITA, excluding items affecting comparability
EBITDA, EUR = operating profit - depreciation, amortization and impairment
Comparable EBITDA, EUR = EBITDA, excluding items affecting comparability
Comparable profit
for the period, EUR
= profit for the period, excluding items affecting comparability
Net working capital, EUR = inventories + accounts receivable - accounts payable - advances received
Invested capital, EUR = Non-current assets - deferred tax assets + net working capital
Return on invested capital
(ROCE), %
=
EBITA x 100
invested capital (average of current and previous reporting period)
Comparable ROCE, % =
comparable EBITA x 100
invested capital (average of current and previous reporting period)
Net debt / EBITDA =
net debt
EBITDA (12 months rolling)
Net debt / comparable
EBITDA
=
net debt
comparable EBITDA (12 months rolling)
*) In the calculation of gearing, interest-bearing liabilities and cash and cash equivalents also include inte-
rest-bearing liabilities and cash and cash equivalents classified as held for sale. In 2022, of cash and cash
equivalents held for sale of EUR 11.5 million were considered restricted cash and cash equivalents in accor-
dance with IAS 7 standard.
40
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo's Sustainability Statement
CONTENTS
GENERAL INFORMATION 42
ESRS 2 General disclosure requirements 42
BP-1 – General basis for preparation of sustainability statements 42
BP-2 – Disclosures in relation to specific circumstances 42
GOV-1 – The role of the administrative, management and supervisory bodies 42
GOV-2 – Information provided to and sustainability matters addressed by
the undertaking’s administrative, management and supervisory bodies 43
GOV-3 – Integration of sustainability-related performance in incentive schemes 44
GOV-4 – Statement on due diligence 44
GOV-5 – Risk management and internal controls over sustainability reporting 44
SBM-1 – Strategy, business model and value chain 44
SBM-2 – Interests and views of stakeholders 46
SBM-3 – Material impacts, risks and opportunities, and their interaction
with strategy and business model 47
IRO-1 – Description of the processes to identify and assess material impacts,
risks and opportunities 51
E1: Climate change 53
E2: Pollution 53
E3: Water and marine resources 53
E4: Biodiversity and ecosystems 53
E5: Resource use and circular economy 54
G1: Business conduct 54
ENVIRONMENTAL INFORMATION 55
Information pursuant to Article 8 of Regulation 2020/852
(Taxonomy Regulation) 55
ESRS E1 Climate change 64
E1-1: Transition plan for climate change mitigation 64
E1-2: Policies related to climate change mitigation and adaptation 64
E1-3 and E1-4: Targets, actions and resources related to climate change 64
E1-5: Energy consumption and mix 66
E1-6: Gross Scopes 1, 2, 3 and Total GHG emissions 69
SOCIAL INFORMATION 77
ESRS S1 Own workforce 77
S1-1: Policies related to own workforce 77
S1-2: Processes for engaging with own workforce and workers’
representatives about impacts 78
S1-3: Processes to remediate negative impacts and channels for own
workforce to raise concerns 79
S1-4 and S1-5: Taking action on material impacts on own workforce, and
approaches to managing material risks and pursuing material opportunities
related to own workforce, and effectiveness of those actions (S1-4), and targets
related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities (S1-5) 79
S1-6: Characteristics of the undertaking’s employees 84
S1-9: Diversity metrics 85
S1-14: Health and safety metrics 86
S1-16: Remuneration metrics (pay gap and total remuneration) 86
GOVERNANCE INFORMATION 87
ESRS G1 Business conduct 87
G1-1: Business conduct policies and corporate culture 87
G1-3: Prevention and detection of corruption and bribery 89
G1-4: Incidents of corruption or bribery 89
APPENDIX 1: DISCLOSURE REQUIREMENTS AND REFERENCES 90
APPENDIX 2: DATA POINTS DERIVED FROM OTHER EU LEGISLATION 93
41
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
General information – ESRS 2 General disclosure requirements
General basis for preparation
of sustainability statements
Aspo Plc (Aspo) is Aspo Group’s parent
company. It consists of three business
segments, and it owns and develops its
business brands. Business operations
consist of three subsidiaries: ESL Shipping,
a shipping company carrying dry bulk car-
goes; Leipurin, a provider of raw materials
and expert services to the bakery, food
and food service markets; and Telko, a dis-
tributor of plastic raw materials, industrial
chemicals and lubricants. All the Group’s
businesses serve corporate customers.
Aspo has prepared this Sustainability
Statement in accordance with the
European Union’s Corporate Sustainability
Reporting Directive (CSRD). This Sustain-
ability Statement has been prepared at a
Group level, including information on the
subsidiaries. The scope is identical to the
consolidated financial statements. The
reporting period for this Sustainability
Statement is the same period, from
January 1 to December 31, as in financial
reporting, and the Sustainability Statement
is published annually.
Aspo’s reported material sustainability
topics are based on the double materiality
assessment conducted in 2023. This
Sustainability Statement covers the entire
value chain. It does not exclude information
related to intellectual property, expertise
or innovation results. Nor does it use the
exemption set out in Article 19a, paragraph
3 and Article 29a, paragraph 3 of Directive
2013/34/EU to omit information about
impending development or matters during
negotiation. Due to the sensitivity of
the information, Aspo has utilized the
opportunity to not publish the absolute
emissions of its emission intensity target
for the target year.
The sustainability assurance provider
Deloitte Oy has provided the company
with a limited assurance verification report
on Aspo's Sustainability Statement, in
accordance with the ISAE 3000 (Revised)
standard, as an independent sustainability
reporting auditor. The statement does
not cover the marking of the consolidated
Sustainability Statement with digital XBRL
sustainability tags in accordance with
chapter 7, section 22, subsection 1, para-
graph 2 of the Accounting Act, as it has
been impossible for sustainability reporting
companies to comply with this provision
due to the absence of the ESEF regulation
or other EU law.For EU Taxonomy, the
presented comparative data has not
been subjective to the assurance. Other
comparative data has not been reported in
this year’s report, as Aspo has applied the
phase-in disclosure requirements to omit
them.
Disclosures in relation to
specific circumstances
Aspo Group has used indirect sources in
the calculation of its Scope 3 emissions
regarding data and metrics concerning
the value chain. Indirect sources, including
emission factors, have been used in report-
ing ESL Shipping’s emissions (EU MRV
emissions reporting system), emissions
trading system (EU ETS), and the DCS
reporting of the International Maritime
Organization’s (IMO) fuel and emissions
information system. ESL Shipping uses the
factors given in the aforementioned regu-
latory documents. Average data has been
used in Telko and Leipurin value chains'
emission reporting for both products and
transportation. The data will be improved
when we have obtained further information
from principals and transportation
partners.
The most significant measurement
uncertainties concern Scope 3 emissions
from upstream and downstream logistics in
the greenhouse gas (GHG) metrics applied
to Telko and Leipurin, and to the end-of-life
treatment of sold products. Uncertainties
in logistics include the averaging calculation
model, incomplete address data and data
on realized delivery routes. In the calcu-
lation of emissions from products sold,
country-specific assumptions have been
made when there has been insufficient
accurate data on the disposal methods
applied to products sold and the emissions
the methods cause. Other measurement
uncertainties concern data on emissions
from ESL Shipping’s capital and production
goods, the waste Telko generates in its
operations, Telko’s vehicles’ fuel consump-
tion and the products Leipurin purchases.
In 2024, Aspo expanded its operations
with the acquisition of new companies in
Sweden, Germany, France, the Netherlands
and Belgium. Other acquired companies
were merged into Telko, with the exception
of Kebelco. It was acquired in Sweden and
was merged into Leipurin. The acquired
companies’ GHG emissions are included
in Aspo’s total emissions; part of the
emissions data has been extrapolated. The
emissions data of the new companies is
included in the Group’s data from the date
on which the company was merged into
Aspo Group.
Measurement uncertainties, limitations
and measurement methodologies are
described in more detail under E1-6 Mea-
surement methodologies – gross Scopes 1,
2 and 3 and Total GHG emissions.
Aspo applies other reporting standards
or frameworks as follows: Emissions from
ESL Shipping’s vessels are reported in
accordance with the EU MRV system, in the
EU Emissions Trading System (ETS), and
pursuant to the IMO DCS system. MRV and
DCS data are verified for Handysize vessels
by an external verifier. From the beginning
of 2025, the EU MRV system will also
apply to coaster vessels. The external ver-
ifier provides the company-specific report
and the required compliance document for
the vessels concerned. The external verifier
is different than the assurance provider of
this sustainability statement.
The opportunity to include data by
reference has been applied in Appendix 1.
The utilized phase-in requirements can also
be found from Appendix 1.
The role of the administrative,
management and supervisory bodies
Aspo Plc’s governing bodies are the Annual
General Meeting, the Board of Directors
and the CEO. The Board of Directors is
responsible to the shareholders, and the
42
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
CEO to the Board. The Annual General
Meeting is arranged every year on a date
the Board of Directors sets. It deals with
the issues that are the Annual General
Meeting’s responsibility as outlined in the
Articles of Association, the proposals of
the Shareholders’ Nomination Board and
the Board of Directors, and other proposals
to the Annual General Meeting. The Annual
General Meeting confirms the financial
statements, elects the Board members,
the auditor and the auditor of the Sustain-
ability Statement, and decides on profit
distribution and the remuneration of the
Board members and the auditor.
The task of Aspo Plc’s Shareholders’
Nomination Board is to prepare proposals
for the Annual General Meeting for the
election of the members of the Board of
Directors. Aspo’s Shareholders’ Nomination
Board consists of the four largest
shareholders’ representatives. The Chair of
Aspo’s Board of Directors also acts as an
expert member of the Nomination Board.
The Board of Directors is responsible for
Aspo’s administration and its operations’
appropriate organization. The Board
of Directors has established an Audit
Committee and a Human Resources and
Remuneration Committee to support its
work. The Human Resources and Remuner-
ation Committee’s task is to prepare the
CEO’s appointment, which is decided by the
Board of Directors. The Board of Directors
reports to the Annual General Meeting.
The CEO leads and develops the Group’s
business and is responsible for operations
management in accordance with the
Board of Directors’ instructions. The CEO
presents and reports matters to the Board
of Directors. The CEO is responsible for
ensuring that the company’s accounting is
in accordance with law, and that financial
management is reliably arranged. The CEO
also serves as the Chair of the subsidiaries’
Boards and acts as the operational
supervisor of the Managing Directors of
the subsidiaries and Aspo’s administration.
In particular, the Board of Directors
of ESL Shipping plays a key role, as it
also represents ESL Shipping’s minority
shareholders.
The CEO is responsible for internal
control and the Group’s risk management,
which the CFO coordinates. Aspo’s internal
control includes the control that is built
into business processes, the Group’s
management system, and sustainability
and financial reporting covering the entire
Group. Responsibility for arranging internal
control lies with the Board of Directors
and the CEO, both at Group level and in
the different business areas. The Audit
Committee monitors the company’s inter-
nal control’s operations and effectiveness
at its meetings. It also reviews internal
control plans and reports.
The Group Executive Committee is a
key management body that assists the
CEO in the Group’s management. Aspo’s
businesses’ management teams assist
their Managing Directors.
According to the Articles of Association,
Aspo Plc’s Board of Directors comprises
no fewer than five and no more than eight
members. In 2024, the Board of Directors
consisted of seven members, 57% of
whom were men, and 43% were women.
There is no personnel representative
among the members of the Board of Direc-
tors, and the members are not employed
by the Group. Two members are dependent
on significant shareholders of the company.
The members of the Board of Directors
and the Group Executive Committee, and
the Group CEO, have considerable expe-
rience and expertise in various business
management tasks.
Information provided to and
sustainability matters addressed by
the undertaking’s administrative,
management and supervisory bodies
In 2024, as a result of regulatory changes
in sustainability reporting, the respon-
sibilities of the Annual General Meeting
and the Board of Directors expanded to
cover oversight and monitoring related
to sustainability reporting. At Aspo, the
changes have been included in the Annual
General Meeting’s rules of procedure, as
well as those of the Board of Directors and
the Audit Committee.
The Board of Directors bears overall
responsibility for assessing the company’s
operations’ sustainability impacts, risks
and opportunities. The Board of Directors
approves Aspo’s sustainability targets
and monitors their progress. Furthermore,
the Board of Directors is responsible for
monitoring and assessing the sustainability
reporting system and its assurance.
The Audit Committee monitors sustain-
ability activities. Among other matters,
the Audit Committee monitors the sustain-
ability reporting process, digital reporting
and the identification of information to be
reported in accordance with sustainability
reporting standards, the effectiveness of
internal control, audit and risk management
in these processes, and the implementation
of sustainability reporting assurance.
The Group Executive Committee is
responsible for the implementation of
sustainability policies and strategic goals.
It also validates impacts, risks and oppor-
tunities. The Group Executive Committee
reports sustainability matters to the Board
of Directors’ Audit Committee. The Senior
Vice President of Legal, HR and Sustain-
ability and the sustainability organization
are responsible for implementing the
double materiality assessment. Based on
the double materiality assessment, the
sustainability organization prepares pro-
posals for the materiality of sustainability
topics, targets, policies and action plans
for the Group Executive Committee. The
sustainability organization reports to the
Group Executive Committee.
Aspo’s CEO presents the sustainability
targets to the Board of Directors and
reports related matters whenever there
are significant events. The Senior Vice
President of Legal, HR and Sustainability
statements the status of the key targets
on a quarterly basis at the Board of Direc-
tors’ meetings, and the Group Executive
Committee monitors the targets’ progress.
Aspo’s administrative, management and
supervisory bodies are also notified of
material impacts, risks and opportunities
when the double materiality assessment
is updated, and when the due diligence
process is implemented.
The assessment of sustainability
impacts, risks and opportunities has been
integrated into Aspo’s decision-making
processes, including consideration of any
compromises in the supervision of the
company’s strategy, significant business
activities and risk management. Compro-
mises mean situations where an invest-
ment cannot be made because it does
not sufficiently support environmental,
social and governance (ESG) targets. The
43
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ESG perspective is considered in business
acquisitions.
During the reporting period, Aspo’s
administrative, management and supervi-
sory bodies addressed all material sustain-
ability impacts, risks and opportunities the
company had identified. More information
is available under SBM-3 – Material impacts,
risks and opportunities and their interaction
with strategy and business model.
The members of Aspo’s administrative,
management and supervisory bodies have
considerable experience and expertise in
various business management positions,
as well as long-term experience in either
operational or trust positions in the sus-
tainability impacts, risks and opportunities
related to the company’s sectors. Matters
related to the company’s operations’
sustainability are regularly reported to the
Board of Directors. The Board of Directors’
members are provided with training regard-
ing current sustainability matters, and the
Board of Directors and management can
use external specialists as required.
Aspo’s Board of Directors’ members have
expertise in all three ESG elements, both
directly and indirectly, through specialists
and training. The Board of Directors regu-
larly assesses and develops its expertise
through training, specialist cooperation and
recruitment. This expertise covers Aspo’s
material matters (E1, S1, G1) and supports
the management of key impacts, risks and
opportunities.
Integration of sustainability-related
performance in incentive schemes
The main purpose of the remuneration
policy for Aspo Plc’s bodies is to support
the fulfillment of the company’s business
strategy and its financial success. A
particular aim is to secure recruitment
opportunities for the personnel and their
willingness to commit to the company.
The Board of Directors prepares the
remuneration policy and presents it to the
Annual General Meeting. The shareholders’
Nomination Board appointed by the Annual
General Meeting prepares proposals for the
Annual General Meeting regarding remu-
neration and any other financial benefits
provided for members of Aspo Plc’s Board
of Directors and its committees.
Remuneration paid to Aspo Plc’s CEO
can consist of a fixed salary, short- and
long-term variable remuneration, pension
benefits, and other benefits. Aspo Plc has
three three-year share-based long-term
incentive (LTI) plans: LTI 2022–2024, LTI
2023–2025 and LTI 2024–2026, which
include the management of the Group and
its businesses. The share-based incentive
plans consist of three earnings periods,
with the earned reward being based on the
Group’s earnings per share (EPS, weight
80%) and two sustainability metrics
(emission intensity, weight 10% and TRIF,
weight 10%). Remuneration is paid in
Aspo’s shares, which aligns the company’s
managers’ and shareholders’ interests.
In short-term remuneration, earnings
metrics include the operating result, as well
as the achievement of selected strategic
goals. The strategic goals’ key principle is
to lay a foundation for a significant value
increase in the next few years to benefit
shareholders. The reward to be earned will
from year 2025 onwards be also partly
based on two sustainability metrics:
emission intensity (CO
2
(tn) per net sales
(EUR thousand)) and the total recordable
injury frequency (TRIF). TRIF has already
earlier been in use as a possible personal
sustainability metric for Aspo’s personnel.
The emission intensity target’s earning
metric is based on ESL Shipping’s vessels’
Scope 1 emissions reductions. In deter-
mining earnings, the achievement of the
emission intensity target is assessed in
accordance with these emission reductions,
as well as Aspo’s net revenue.
Statement on due diligence
■
MAPPING THE DUE DILIGENCE PROCESS IN THE SUSTAINABILITY
STATEMENT
Core elements of due diligence Paragraphs in the sustainability statement
a) Embedding due diligence in governance, strate-
gy and business model
GOV-2, GOV-3, SBM-3
b) Engaging with affected stakeholders in all key
steps of due diligence
GOV-2, SBM-2, IRO-1, E1-2, S1-1
c) Identifying and assessing adverse impacts IRO-1, SBM-3
d) Taking actions to address these adverse impacts E1-3, S1-4
e) Tracking the effectiveness of these efforts and
communicating
E1-4, S1-5, G1-1, E1-5, E1-6, S1-6, S1-9, S1-14, S1-16
Risk management and internal
controls over sustainability reporting
The Annual Report presents risk manage-
ment and related internal control over
sustainability reporting. Risk management
is supported by the company’s IT control
environment, and a comprehensive
control description has been prepared for
sustainability reporting as part of the risk
management framework. As a result of
the regulatory changes in sustainability
reporting, Aspo will integrate sustainability
reporting into its risk management and
internal audit processes in the coming
years.
Strategy, business model
and value chain
STRATEGY AND BUSINESS MODEL
Aspo Group creates value by sustainably
owning and developing the Group’s busi-
nesses in the long term. As subsidiaries,
Aspo’s three businesses – ESL Shipping,
Leipurin and Telko – are responsible for
their own operations, customer relation-
ships and their development, and they seek
to lead the way in sustainability in their
respective sectors. Aspo Group has busi-
ness operations in 17 different countries,
and it employs approximately 800 profes-
sionals. More detailed information about
the number of employees by geographical
area is available under S1- 6 Ch a ra c te risti cs
of the undertaking’s employees.
44
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo Group aims to strengthen the par-
ent company’s role in mergers, acquisitions
and other reorganizations, as well as in the
current business’s growth investments.
Sustainability is integral to investment
target mapping. In line with its strategy,
Aspo seeks to increase its profit through
business acquisitions and investments in
environmentally friendly vessels. Aspo’s key
sustainability themes and impact on the
achievement of Aspo’s sustainability goals
are the ESG assessment criteria applied to
investment targets. In business reorgani-
zation, the ESG strategy is developed with
acquired companies.
The strategy of ESL Shipping, a company
operating in the shipping industry, is to
strengthen its market position by leading
the way in green shipping, in which reduc-
ing emissions is key. ESL Shipping’s vessels
operate primarily in long-term contract
traffic in the Baltic Sea and Northern
Europe. Its vessels also provide loading and
unloading services at sea. ESL Shipping’s
competitive edge is based on its ability
to responsibly secure product and raw
material transportation for industries and
energy production year-round, regardless of
difficult weather conditions. In 2024, profit
from the transportation of fossil fuels, i.e.,
coal, totaled EUR 5,166,362. New vessels,
low-emission technology and renewable
fuels play a key role in reducing emissions.
New vessels are significant investments
that commit large amounts of capital
and require committed customers. A
challenge in renewable fuels is their limited
availability and high price, which reduces
customers’ willingness to use them. In the
2024 EcoVadis sustainability assessment,
ESL Shipping was ranked in the top one
percentile, reaching the highest platinum
level.
Telko’s significant product and service
groups in the chemicals distribution
business are industrial chemicals, plastics
and lubricants, which it sells, processes and
transports. Telko aims to provide custom-
ers with more sustainable and responsible
alternatives such as chemicals that support
the achievement of customers’ sustain-
ability goals. Many customers, especially
in Europe, also require this. The supply of
bio-based plastics is emphasized in the
sustainability of products. Bio-based or
recycled plastics can replace fossil plastics.
In lubricants, sustainability can be seen in
that Telko provides lubricants that have a
long change interval and can help improve
the efficiency of wind turbines and vessels.
In industrial chemicals, Telko’s range
includes additives that significantly reduce
the processing temperature in asphalt
production and thereby reduce emissions
in the value chain. Telko’s profit from the oil
refining industry in 2024 was EUR 645,977.
Telko does not produce chemicals. It only
mixes and packages them. Telko does
not have any activities that fall within the
scope of the manufacture of pesticides
and other agrochemical products as
referred to in Annex I to Regulation (EC) No
1893/2006. Telko’s operations are subject
to significant product-specific regulation. In
EEA markets, products must comply with
the EU REACH legislation on chemicals
and be REACH-registered. For example,
Telko monitors that its windscreen washing
agents do not contain any methanol. Trade
in precursors for narcotics and explosives,
as well as products subject to the Chemical
Weapons Convention, is also monitored.
Telko ensures that the raw materials it
sells do not end up being used in purposes
subject to REACH restrictions or other
prohibited purposes, and products subject
to sanctions cannot enter the markets
through Telko.
A key challenge in environmentally
sustainable solutions is their price: green
solutions are more expensive and raise
costs throughout the value chain that accu-
mulate for the end customer. The volumes
of the most sustainable products therefore
remain small.
Supporting customers’ sustainability
goals is key in the operations of Leipurin, a
provider of raw materials and expert ser-
vices for the bakery, food and food service
markets. Food safety is another significant
element in the industry. In addition to
supporting customers’ sustainability goals,
the goal is to operate sustainably and
minimize the environmental footprint and
food waste.
Supporting customers’ sustainability
goals requires a sustainable product range
and the ability to deliver the necessary
sustainability information about the supply
chain and products comprehensively and
transparently. Leipurin can also support its
customers in research and development by
developing recipes. The company’s systems
and processes meet the requirements of
each country’s legislation and customers.
In Finland, Leipurin’s quality system is ISO
22000 certified, and the Swedish opera-
tions are BRC certified with the exception
of Kebelco acquired in 2024.
Leipurin’s product range is more than
90% plant-based, and the range and
competence are developed to meet the
growing market demand for both plant-
based proteins and future microbial foods.
A general challenge in the development of
plant-based proteins is making products’
flavor, texture and appearance pleasing to
consumers. Leipurin can use its extensive
supplier and R&D network in addition to
its own expertise here and in developing
its product range. The price of sustainable
alternatives also presents challenges. For
example, Leipurin offers RSPO certified
alternatives for palm oil products, but the
price remains a more important factor
than sustainability for many customers.
This also applies to decision making in the
supply chain.
VALUE CHAIN
Aspo’s value chain consists of three
sectors’ value chains. In addition to the
upstream and downstream value chains
and the Group’s own operations, the
Group’s value chain includes activities
that crosscut the value chains at different
points, including logistics and waste
management. Activities that support the
operations of the Group’s parent company
and businesses include human resources
(HR), information technology (IT) and
finances.
A significant number of ESL Shipping’s
customers operate in energy production
and industry, especially in the metal and
forest industries. Many key customers have
ambitious emission targets, and ESL Ship-
ping is engaged in an ongoing dialogue with
its customers to reduce emissions. Figure
1 presents ESL Shipping’s value chain, from
raw materials for shipbuilding to chartering
and decommissioning of vessels.
Most of Telko’s operating countries are
in Europe, which is also the largest market
area. Other important markets are Central
Asia and China. In 2024, operations were
expanded to Germany, Belgium, France
45
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
OWN OPERATIONS DOWNSTREAMUPSTREAM
■
ASPO’S VALUE CHAINS
Raw materials Vessel building
Procurement of
goods and services
Fleet management
Chartering
Second life
of vessel
End-of-life
management
Raw materials Ingredient production
and processing
Product and assortment
development &
innovation
Sourcing &
supply chain
management
Food producers
Retail / Food service
Consumers
Raw materials Chemical producers Technical & industry
expertise
Sourcing,
mixing/packing &
logistics
Industrial customers
and wholesale
End-users
End-of-life
management
and the Netherlands. Telko’s customer
groups can be divided into industrial cus-
tomers and buyers of lubricants. Industrial
customer relationships consist of several
subgroups, including industrial subcontrac-
tors and the end-product manufacturing
industry. Buyers of lubricants include
repair shop chains and retail. Central parts
of Telko’s value chain are upstream raw
material production and processing. Telko
adds value to the value chain by supporting
and consulting with its customers in the
selection of green raw materials. Central
parts of Telko’s downstream value chain
are clients and wholesale, end-users and
management of end-of life treatment.
Telko’s value chain is presented in Figure 1.
Telko focuses on transportation methods
and seeks to optimize transportation and
routes. It also requires its partners to use
environmentally friendly alternatives. Good
examples include Telko’s transportation
partner Kaukokiito’s biodiesel-fueled trucks.
Outbound cargo is mainly carried by trucks,
while the inbound transportation chain
consists of vessels, trucks and trains.
Leipurin’s most important markets are
Finland, Sweden and the Baltic countries.
Customers include bakeries, and other food
industry, retail and restaurant services.
Leipurin focuses on plant- and dairy-based
raw products, packaging materials and
utilities. From 2024, equipment sales have
no longer been part of operations.
Key elements in the Leipurin value chain
include the production and processing of
raw materials, Leipurin’s own R&D and
innovation activities, and procurement,
and logistics in the upstream value chain,
and food producers, retail and food
services, and ultimately consumers in the
downstream value chain. The company
In Aspo’s value chain, the value chains of Telko and Leipurin are linked by the processing and sale of transported products. ESL Shipping’s value
chain consists of logistics without product-related sales or processing. The added value produced by ESL Shipping consists of the efficiency and
sustainability of logistics, while for Telko and Leipurin, it’s their expertise to offer more sustainable products. ESL Shipping, Telko and Leipurin secure
their production inputs through strategic sourcing. Active supplier management is important for all segments, with Leipurin especially emphasizing the
importance of a broad supplier network. The workforce is secured across all segments through measures related to employee well-being and training.
For ESL Shipping’s sea personnel in particular, regular training ensures the maintenance of maritime-related qualifications.
CROSS-CUTTING ACTIVITIES
such as logistics and waste management
46
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
also assesses and monitors its suppliers
from the perspective of sustainability. The
aim is to create full transparency in the
supply chain and develop supplier auditing.
Leipurin supports consumers’ sustainable
choices through R&D based on plant-based
proteins. Figure 1 shows Leipurin’s value
chain.
Interests and views of stakeholders
Employees, shareholders, investors and
financiers such as banks are the main
stakeholders of Aspo, Aspo Group’s parent
company. Customers and suppliers are also
important stakeholders through Aspo’s
businesses. The businesses regularly
monitor the satisfaction of stakeholders
and their willingness to recommend each
business using the net promoter score
(NPS), a broadly used international market
research metric.
Aspo Group regularly conducts personnel
surveys to better understand the needs
and views of its own workforce. Actions
taken based on surveys ensure that
strategic decisions and business model
development address the workforce’s
interests and rights.
Aspo has identified job satisfaction,
commitment, occupational health and
safety, and the possibility of hybrid
work as material topics for employees.
Personnel surveys, training and internal
communication maintain interaction with
employees. Key topics for investors and
shareholders include the company’s profit-
ability, sustainable growth and ESG ratings.
Communication and dialogue with them
take place in the form of press releases,
Shareholders’ Meetings, reports and the
Capital Markets Day.
The most important stakeholders in all
businesses include customers, employees,
suppliers of products and services, and
investors. In contrast, principals and the
authorities, as well as industry associ-
ations, are important industry-specific
stakeholders.
Aspo’s businesses are engaged in a
dialogue with suppliers to ensure smooth
cooperation. Supplier compliance with
policies is also monitored, and their
operations are subject to onsite audits.
The sustainability of Aspo’s operations
is discussed as part of the dialogue with
customers. The businesses are committed
to their own customers’ supplier policies.
Addressing the results of stakeholder
interaction at a practical level means
development activities address customer
feedback, and strategic decision making
encompasses the views of suppliers and
investors. Stakeholders’ interests and
views, as well as customers’ sustainability
goals, are addressed in operations by
adding environmentally friendly hybrid
vessels to ESL Shipping’s fleet that will
have a positive impact on residents and
other stakeholders in the area in which
the vessels operate. Leipurin develops the
provision of sustainability-related product
information for customers and seeks to
reduce waste in the supply chain in line
with stakeholders’ expectations. Aspo
aims to further strengthen stakeholder
interaction and address the views obtained
which may lead to changes in the strategy
and business model. A more detailed
schedule for this is not yet available.
Stakeholders’ views and expectations
related to material sustainability matters
were an important part of the double
materiality assessment conducted in
2023. Administrative, management and
supervisory bodies obtain information
about affected stakeholders’ views and
interests regarding impacts related to the
company’s sustainability as part of the
double materiality assessment. A more
detailed description of how the interests
and views of Aspo’s key stakeholders were
considered in the materiality assessment
process is available under IRO-1 – Descrip-
tion of the processes to identify and assess
material impacts, risks and opportunities.
Material impacts, risks and
opportunities, and their interaction
with strategy and business model
Based on the double materiality assess-
ment, Aspo Group has identified the follow-
ing as the Group’s material sustainability
themes: climate change mitigation and
energy (Climate, E1); working conditions,
and equal treatment and opportunities for
all (Own workforce, S1); as well as corpo-
rate culture, protection of whistleblowers,
corruption and bribery incidents (Business
conduct, G1).
Separate action plans and targets have
been prepared for impacts, risks and
opportunities related to the company’s
own workforce (S1) and business conduct
(G1). They are described under S1-4 and
G1-1. An action plan on impacts, risks and
opportunities related to climate change will
be prepared in conjunction with the SBTi
process. Aspo Group has not conducted
a resilience analysis for its strategy and
business model. Aspo has not identified
any assets that involve a significant risk of
material adjustment in the next financial
year.
Tables 2–4 below describe material
impacts, risks and opportunities, and their
interaction with the strategy and business
model.
47
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CLIMATE CHANGE MITIGATION AND ENERGY (E1)
 Material impact, risk or opportunity Description Location in the value chain
CLIMATE CHANGE MITIGATION
Negative impact, actual, short-term GHG emissions GHG emissions are generated in all segments. Upstream, own operations, downstream,
cross-cutting activities
Negative impact, actual, short-term Changes related to air quality Air quality is lowered by emissions from business operations. Upstream, own operations, downstream,
cross-cutting activities
Negative impact, actual, short-term Sea level rise and its impact on coastal
infrastructure
Aspo’s operations’ adverse impacts on climate change have a negative
impact on the sea level and coastal infrastructures. Sea transportation
also has adverse impacts on coastal infrastructures.
Upstream, own operations, downstream,
cross-cutting activities
Negative impact, actual, short-term Waste generation Waste is generated especially as a result of Leipurin’s and Telko’s wholesale
operations, resulting in GHG emissions.
Upstream, own operations, downstream,
cross-cutting activities
Negative impact, actual, short-term Deforestation Deforestation is related to Leipurin’s operations through its upstream value
chain, i.e. food production, causing GHG emissions
Upstream, own operations, downstream,
cross-cutting activities
ENERGY
Negative impact, actual, short-term Impact of GHG emissions and energy
consumptionon climate change
Aspo’s operations have an impact on climate change through energy
consumption. GHG emissions are generated in the operations of all
segments and the value chain.
Upstream, own operations, downstream,
cross-cutting activities
■
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO OWN WORKFORCE (S1)
 Material impact, risk or opportunity Description Location in the value chain
WORKING CONDITIONS
Secure employment
Positive impact, actual, short-term Job stability Aspo provides job stability across all segments. Own operations
Negative impact, actual, short-term Automation displacing employees Automation may displace certain tasks and employees in some positions
at ESL Shipping and Telko.
Own operations
Opportunity, short-term Resource efficiency Low employee turnover ensures a skilled and experienced workforce, thus
improving resource efficiency.
Own operations
Opportunity, short-term Job satisfaction A secure workplace increases job satisfaction, providing employees stability
and a sense of security.
Own operations
Working time
Negative impact, actual, short-term Fatigue and stress Long working hours increase exhaustion and stress, which may reduce
productivity and wellbeing.
Own operations
Positive impact, actual, short-term Remote work opportunities Flexible working hours, combined with remote working opportunities,
improve employees’ work-life balance.
Own operations
Opportunity, short-term Cost savings Optimized working hours can produce significant cost savings by
reducing overtime costs and improving operational efficiency, especially
at ESL Shipping.
Own operations
Risk, short-term Fatigue and reduced cognitive performance Long working hours can lead to exhaustion and a decrease in
cognitive performance, increasing financial risks due to errors and
poor decision making.
Own operations
48
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
 Material impact, risk or opportunity Description Location in the value chain
Work-life balance
Negative impact, actual, short-term Excessive workload leads to burnout Excessive workloads disrupt work-life balance and can lead to burnout,
reducing both employee wellbeing and productivity.
Own operations
Negative impact, actual, short-term Prolonged absences Prolonged absences may disrupt work-life balance, making it challenging
for employees to maintain stability and wellbeing at both personal and
professional levels.
Own operations
Risk, short-term Burnout A significant imbalance between work and private life may lead to burnout. Own operations
Risk, short-term Reputational damage Neglect of management that supports the work-life balance may lead to
employee dissatisfaction and a negative public image for Aspo.
Own operations
Health and safety
Negative impact, actual, short-term Occupational hazards Any poor health and safety practices increase occupational hazards.
This has a negative impact on employees’ health and safety.
Own operations
Negative impact, actual, short-term Mental health Neglecting health and safety can have a negative impact on mental health,
increasing stress and anxiety, and reducing employees’ overall wellbeing.
Own operations
Risk, short-term High turnover rates High employee turnover presents financial risks, as it leads to inexperienced
and, in the worst case, insufficiently trained employees, increasing the
likelihood of health and safety incidents.
Own operations
Opportunity, medium-term Cost savings Reducing health and safety accidents leads to cost savings. Own operations
EQUAL TREATMENT AND EQUAL OPPORTUNITIES FOR ALL
Measures against violence and harassment in the workplace
Positive impact, actual, short-term Safety and well-being Actions against workplace violence and harassment strengthen the safety
culture and increase employees’ wellbeing.
Own operations
Negative impact, actual, short-term Legal consequences Insufficient actions to combat workplace violence and harassment can
lead to legal consequences, including litigation and fines.
Own operations
Diversity
Positive impact, actual, short-term Diverse workforce A diverse workforce fosters a more inclusive and supportive environment,
allowing people to feel valued and respected, and to bring out their unique
perspectives and talents.
Own operations
Positive impact, actual, short-term Attracting talent Accepting diversity helps attract professionals and build an inclusive environ-
ment where people from different backgrounds feel welcome and appreciat-
ed, making Aspo more attractive to a broader range of potential employees.
Own operations
Negative impact, actual, short-term Limited representation Limited representation may lead to a sense of exclusion, which has a
negative impact on employees’ morale, commitment and wellbeing.
Own operations
49
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
 Material impact, risk or opportunity Description Location in the value chain
Gender equality and equal pay for work of equal value
Positive impact, actual, short-term Diverse workforce Gender equality and equal pay for work of equal value promote diversity,
ensuring fair treatment and creating an inclusive environment where all
employees feel valued and respected.
Own operations
Positive impact, actual, short-term Attracting talent Gender equality and equal pay for equal work attract skilled professionals.
The employer’s commitment to fairness and inclusiveness makes Aspo
more attractive to a broad range of jobseekers.
Own operations
Negative impact, actual, short-term Limited representation and gender pay gap Limited representation and gender pay gaps reduce gender equality, including
equal pay, and lead to gaps that can damage employee morale, engagement,
and Aspo’s reputation.
Own operations
Training and skills development
Positive impact, actual, short-term Career advancement Training and skills development the employer provides promotes the
personnel’s competence and career development.
Own operations
Positive impact, actual, short-term Employee satisfaction Training and skills development increase job satisfaction by providing
opportunities for personal growth and improving task management.
Own operations
Opportunity, medium-term Operational cost savings Investments in training and skills development bring operational cost savings.
They increase productivity by reducing errors and the need for external
recruitment.
Own operations
Employment and inclusion of persons with disabilities
Positive impact, actual, short-term Diverse workforce Employing people with disabilities enriches diversity, brings new perspectives
and contributes to a more inclusive and innovative work environment.
Own operations
Positive impact, actual, short-term Attracting talent Employing and engaging people with disabilities in the workforce improves
Aspo’s ability to attract top professionals by demonstrating a commitment
to inclusiveness and equal opportunities for all.
Own operations
50
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo Group’s business models have nega-
tive impacts on employees and cause risk
factors, which mainly affect the Group’s
employees. In its double materiality assess-
ment, Aspo has not identified that any of
its operations would be at significant risk
of forced labor or child labor in terms of
either the type of operation or geographic
area. The impacts and risk factors have
been addressed in the segments’ opera-
tional plans.
The shipping business (ESL Shipping)
includes round-the-clock operations,
especially requiring sea personnel to work
in varied and relatively long shifts. The
onshore and office personnel are also
required to travel and accept occasional
on-call duty shifts outside regular
office hours. Vessels and exposure to
changing weather conditions also present
challenging working conditions from the
perspective of occupational health and
safety. Risk factors are to be prevented
through guidelines and controlled practices.
Aspo provides its employees with at least
the occupational healthcare and accident
insurance required by local legislation. In
Finland, all employees are provided with
occupational healthcare and accident
insurance that is more comprehensive than
the statutory minimum.
The optimization of supply chains is key
in the delivery of industrial raw materials
and other products (Telko and Leipurin).
This also includes the accurate sizing of the
workforce. Optimized personnel sizing may
cause excessive workloads for individual
employees.
Description of the processes to
identify and assess material
impacts, risks and opportunities
Aspo’s double materiality assessment
(DMA) consisted of stakeholder discus-
sions, a review of material ESRS topics, an
expert assessment of impacts, risks and
opportunities, and a Group-level analysis.
The inclusion of stakeholder perspectives
in the double materiality assessment was
ensured by engagement in a dialogue
with stakeholders in each segments. The
stakeholder survey mapped the most
significant stakeholders’ expectations
and perspectives, including employees,
suppliers and customers regarding impacts
related to them. The topic was also dis-
cussed with shareholders, Board members
and financiers. Although the stakeholder
survey’s results, including the impacts’
significance, did not directly influence the
scoring of impacts, risks and opportunities,
they were considered in scoring.
Following the dialogue with stakeholders,
the ESRS topics potentially relevant to
the segments were reviewed. A long list
of possibly material ESRS topics was
compiled by assessing relevant research
material, ESRS standard guidance, and
other related industry information about
business value chains and business models.
The ESRS topics were classified based
on their perceived materiality at Aspo.
The most material ESRS topics were then
selected for a more detailed review.
Internal subsidiary expert workshops
were held for the validation of key ESRS
topics, the scoring of related impacts,
risks and opportunities, and the definition
of thresholds. The scoring was based
■
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO BUSINESS CONDUCT (G1)
 Material impact, risk or opportunity Description Location in the value chain
CORPORATE CULTURE
Negative impact, potential, medium-term High turnover A negative corporate culture may increase the employee turnover rate if
employees feel undervalued.
Own operations
Risk, medium-term Reputational damage A negative corporate culture may cause reputational damage, as it can
lead to public criticism, loss of stakeholder confidence, and challenges in
recruiting top professionals.
Own operations
PROTECTION OF WHISTLEBLOWERS
Negative impact, potential, medium-term Lack of confidentiality A lack of trust in whistleblower protection can discourage employees from
reporting abuses, leading to unresolved issues and a potential loss of trust
in management.
Upstream, own operations, downstream,
cross-cutting activities
Risk, medium-term Reputational damage Failure to protect whistleblowers may lead to the perception that Aspo
tolerates abuse, which reduces public trust in Aspo and its credibility and
its management.
Upstream, own operations, downstream,
cross-cutting activities
CORRUPTION AND BRIBERY INCIDENTS
Negative impact, potential, medium-term Opportunity for corruption Corruption and bribery cases open doors to increased corruption,
encouraging dishonest and unethical conduct.
Upstream, own operations, downstream,
cross-cutting activities
51
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
on information obtained from previous
sustainability statements, the stakeholder
surveys and the views of specialists from
the subsidiaries. The workshops identified
impacts, risks and opportunities, and
thresholds were set to determine material
sustainability matters for ESL Shipping,
Telko and Leipurin.
The final phase of the double materiality
assessment included a workshop which
defined the topics and sustainability
impacts, risks and opportunities material
for Aspo Group. They were identified
using segment-specific double materiality
assessments.
All the segments’ double materiality
assessments were brought together
in the Group-level double materiality
assessment. The impact materiality
assessment included those impacts whose
scores exceeded the materiality threshold
at a segment level. When materiality
was defined later at a Group level, the
Group-level double materiality assessment
included the impact above the lowest
segment-level score in each of the mate-
riality themes. In the financial materiality
assessment, materiality was calculated
for the segment risk limits (EUR million) in
relation to the Group-level risk limits (EUR
million). The euro-denominated risk was
then converted into materiality on a scale
of 1 to 5 at a Group level.
A sustainability matter was considered
material when it met the criteria for the
materiality of impacts, financial materiality
or both. The threshold is three for the
materiality of impacts and four for financial
materiality. Not all matters material at a
segment level were considered material at
a Group level. Sustainability matters that
exceeded the threshold at a Group level
are material for Aspo and are reported in
accordance with the sustainability report-
ing standards.
The double materiality assessment did
not identify any sector-specific material
impacts, risks or opportunities that are not
included in the ESRS. Operations in Russia
were excluded from the scope of the dou-
ble materiality assessment because Russia
is not covered by financial reporting.
The impact assessment includes the
following steps:
1. Stakeholder discussion: Stakeholders
were engaged to understand their expec-
tations and views regarding the impacts of
the segments.
2. Assessment of material sustain-
ability matters: With specialist support,
sustainability matters were classified as
either material or non-material, and the
most material matters were selected for a
further review.
3. Impact assessment: The most signifi-
cant sustainability matters constituted the
basis for identifying actual and potential
positive and negative impacts on people
and the environment. Once the impacts
had been identified, they were scored with
internal business specialists. Stakeholders’
views were also addressed. At a segment
level, the materiality of impacts was
assessed using factors such as the scale
and scope, the irremediable character
(negative impacts only), and likelihood. The
materiality of impacts was scored on a
scale of 1 to 5, and the scores of impacts,
risks and opportunities were determined as
an average of these factors.
4. Determination of materiality: The
materiality threshold for segment-level
impacts was set during a workshop. The
Group-level double materiality assessment
included those segment-level impacts
whose scores exceeded the materiality
threshold in each theme.
The process included an assessment of
the activities, business relationships and
geographical areas with the highest risk
of adverse impacts. These factors were
specifically addressed in the identification
and scoring of impacts. The double mate-
riality assessment addressed the impacts
in which the segments are engaged
through their own operations or business
relationships. The views of relevant
stakeholders and external specialists have
been addressed in stakeholder engagement
through the stakeholder survey. The
survey’s results have been addressed in the
assessment and scoring of impacts, risks
and opportunities.
The irremediable character has only been
assessed in terms of negative impacts.
The same factors were used in the scoring
of positive impacts, regardless of the
irremediable character. Three was set as
an impact materiality threshold for all seg-
ments. Scores were given on a scale of 1 to
5. The threshold of three was set because
the results are in line with previously
reported sustainability matters, Aspo’s
strategy and stakeholders’ expectations.
The financial assessment includes the
following steps:
1. Stakeholder discussion: Stakeholders
were engaged to understand their expec-
tations and views on the impacts of the
segments at a segment level.
2. Assessment of material ESRS
matters: With specialist support, ESRS
matters were classified as either material
or non-material, and the most material
matters were selected for a further review.
3. Assessment of risks and opportuni-
ties: The most significant ESRS matters
formed the basis for identifying actual and
potential positive and negative impacts
on people and the environment. Once the
impacts had been identified, they were
scored with internal business specialists.
Stakeholders’ views were also addressed
in the scoring. The financial materiality of
matters related to sustainable develop-
ment consists of the financial size of risks
and opportunities (scope, scoring 1–5) and
the likelihood of their realization. Risk limits
have been assessed and set separately for
each segments.
4. Determination of materiality: A work-
shop set the threshold for segment-level
financial materiality. A Group-level assess-
ment was later conducted by calculating
materiality based on the segment-specific
risk limits. A workshop set thresholds for
Group-level risk limits.
Risks and opportunities were identified
based on impacts. For example, envi-
ronmental damage (negative impact) is
strongly linked to financial risks. Similarly,
dependence on certain natural resources
presents a financial risk. Providing a
whistleblowing channel was seen as an
opportunity to prevent abuse and the
resulting financial consequences.
For likelihood, a percentage value has
been used to estimate how likely it is a
risk or opportunity will materialize, while
for scope, a customized monetary (EUR
million) risk limit is used for each segment.
The final financial materiality score was
calculated by multiplying the likelihood and
scope. Four was set as a financial material-
ity threshold for all segments. Scores were
given on a scale of 1 to 5. The threshold
of four was set because the results are in
52
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
line with previously reported sustainability
matters, Aspo’s strategy and stakeholders’
expectations.
The perspective of the assessment of
risks related to sustainability is in line with
Aspo’s broader risk assessment process.
Aspo is currently developing its risk man-
agement process to ensure that financial
and sustainability risks are addressed more
comprehensively and consistently.
In terms of internal control, an external
advisor participated in the double
materiality assessment to ensure that
segment-specific differences were well
represented in the assessment. In the
financial assessment, Aspo’s financial spe-
cialists participated in setting the Group’s
threshold. Segment representatives, the
Group Executive Committee, the Audit
Committee and the Group’s Board of Direc-
tors approved the results of the double
materiality assessment.
The sustainability risk management
process’s main principles and methods
are the same as those applied to the
company’s other risks, and the Group’s
internal risk specialists participated in
the assessment of the financial risks
related to sustainability themes. The
identification of material risks, impacts and
opportunities has addressed the Group’s
general decision-making processes and
governance model. Aspo’s strategy team
has been closely involved in the process of
identifying and scoring opportunities.
Aspo’s double materiality assessment
covers its own operations, in addition
to which the assessment has addressed
impacts related to the upstream produc-
tion chain and downstream value chain.
No input parameters were used in the
assessment.
The double materiality assessment is
intended to be part of Aspo’s annual strat-
egy process and will be reviewed with ESG
specialists and the segments. The double
materiality assessment’s next revision is
scheduled for 2025.
Aspo has examined its operations and
plans to identify actual and potential future
sources of greenhouse gas emissions. In
the double materiality assessment, sources
of greenhouse gas emissions from Aspo’s
own operation have been identified from
fuel, logistics, fossil-based products, and
the transportation of energy coal.
E1: CLIMATE CHANGE
Aspo has described its overall process
to identify and assess impacts, risks and
opportunities under IRO-1 – Description
of the processes to identify and assess
material impacts, risks and opportunities.
The approach described under IRO-1 has
also been applied to the assessment of
impacts, risks and opportunities related to
climate. Aspo has not conducted a scenario
analysis in the identification and assess-
ment of climate risks but will conduct one
during 2025. Regarding climate-related
risks, Aspo has not assessed whether it
considers a risk to be a physical or transi-
tion risk and has not conducted a related
resilience analysis. Aspo has sought to
reduce its adverse climate impacts through
investment decisions for the modernization
of ESL Shipping’s fleet in the coming years.
Aspo has described its overall process
to identify and assess impacts, risks and
opportunities under IRO-1 – Description
of the processes to identify and assess
material impacts, risks and opportunities.
E2: POLLUTION
Aspo has not screened its sites and
segments to identify actual and potential
pollution-related impacts, risks and
opportunities in its own operations and
the upstream and downstream value
chains and has not held consultations with
affected or other communities.
E3: WATER AND MARINE RESOURCES
Aspo has not assessed its assets and
activities to identify actual and potential
impacts, risks and opportunities related
to water and marine resources in its own
operations and the upstream and down-
stream value chains and has not held any
consultations.
E4: BIODIVERSITY AND ECOSYSTEMS
Aspo has not systematically identified and
assessed actual and potential impacts,
dependencies, risks or opportunities
related to biodiversity and ecosystems
at its sites or at different stages of its
value chain. Furthermore, Aspo has not
identified or assessed the transition risks,
physical risks and opportunities associated
with biodiversity and ecosystems and has
not consulted the affected communities.
Aspo has not used a scenario analysis for
biodiversity and ecosystems to identify and
assess material risks and opportunities.
Aspo has identified two sites in or near
biodiversity-sensitive areas. The branch
of AtoBatC Shipping, a subsidiary of ESL
Shipping, is located at the Port of Raahe,
which is close to the protected Raahe
Archipelago. The Archipelago is a Natura
2000 nature protection area and an area
covered by Directive 2009/147/EC of the
European Parliament and of the Council on
the conservation of wild birds and Council
Directive 92/43/EEC on the conservation
of natural habitats and of wild fauna and
flora. Another biodiversity sensitive area
is the Händelö area near the location of
Telko’s subsidiary in Norrköping in Sweden.
The site is a Natura 2000 nature protection
area and covered by Council Directive
92/43/EEC on the conservation of natural
habitats and of wild fauna and flora. Fixed
locations do not cause any adverse impacts
on habitats or species’ living environments.
Operations in the Norrköping location
comply with environmental permit issued
by authorities. Regarding locations, it is
not considered necessary to carry out the
biodiversity mitigation measures specified
in the directives.
ESL Shipping’s vessels have no signif-
icant impact on nature reserves, even
though their routes may be close to such
areas. ESL Shipping’s vessels are equipped
with ballast water treatment systems
that prevent the spread of invasive alien
species from one body of water to another
with ballast water. ESL Shipping has also
prepared a biofouling management plan
based on the IMO’s biofouling guidelines,
which aims to prevent the introduction of
invasive alien species through the hulls of
vessels. ESL Shipping’s internal guidance
includes guidelines in accordance with
the IMO guidelines for the reduction of
underwater noise.
53
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
E5: RESOURCE USE AND
CIRCULAR ECONOMY
Aspo has not screened its assets and
activities to identify actual and potential
impacts, risks and opportunities related to
resource use and the circular economy in
its own operations and the upstream and
downstream value chains and has not held
any consultations.
G1: BUSINESS CONDUCT
The process to identify and assess
impacts, risks and opportunities related
to business conduct is described under
General information, IRO-1. While impacts,
risks and opportunities related to business
activities were identified during workshops
for the double materiality assessment, the
assessment discussions also covered the
segments’ geographical location, activities,
sector and structure.
Disclosure requirements in ESRS
covered by the undertaking’s
sustainability statement
A list of the disclosure requirements that
Aspo has complied with in preparing the
Sustainability Statement is presented as a
content index in Appendices 1 (Disclosure
requirements and references) and 2 (Data
points derived from other EU legislation) at
the end of the Sustainability Statement.
54
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Taxonomy-eligible activities are further
classified as taxonomy-aligned if they
comply with the technical screening criteria
((EU) 2021/2139 and (EU) 2023/2486)
and are carried out in compliance with
minimum safeguards. To meet the technical
screening criteria, an economic activity
should contribute substantially to one or
more environmental objectives while not
doing significant harm to any of the other
environmental objectives.
Aspo reports the taxonomy aligned
activities in its Board of Directors’ report
in accordance with the Finnish Accounting
Act as defined in the EU taxonomy. As a
rule, our interpretation of eligibility and
alignment is based on the Taxonomy
Regulation, the Climate Delegated Act and
the Environmental Delegated Act, as well
as the technical criteria defined in them: 1)
substantial contribution to climate change
mitigation/adaptation; and 2) Do No
Significant Harm (DNSH) criteria. In addi-
tion, Aspo has assessed compliance with
the minimum safeguards in its activities.
In addition to Aspo’s Sustainability
Statement ESL Shipping publishes its own
sustainability statement and Telko pub-
lishes additional sustainability information
on its website.
Taxonomy eligibility and
Taxonomy alignment
The Group’s economic activities have
been examined to identify the eligible
and aligned activities in accordance with
Annexes I and II to the Climate Delegated
Act supplemented by the Environmental
Delegated Act. An analysis for Aspo’s
businesses ESL Shipping, Telko and Leipurin
has been conducted to assess the eligibility
and alignment of the activities. Below is a
summary of the key figures according to
the Taxonomy regulation.
2024 Total (mEUR)
Taxonomy
aligned economic
activities
Taxonomy-eligible
economic activities
(non-aligned)
Taxonomy-non-
eligible economic
activities
Turnover 592.6 5% 25% 69%
Capital expenditure 49.7 88% 8% 5%
Operating expenditure 8.1 20% 75% 5%
2023
(not assured) Total (mEUR)
Taxonomy
aligned economic
activities
Taxonomy-eligible
economic activities
(non-aligned)
Taxonomy-non-
eligible economic
activities
Turnover 536.4 4% 31% 65%
Capital expenditure 21.8 67% 28% 5%
Operating expenditure 0.8 6% 93% 1%
Environmental information
EU Taxonomy Regulation
EU Taxonomy Reporting
The EU taxonomy is a classification system for environmentally sustainable eco-
nomic activities for directing investments at more sustainable activities. Economic
activities are classified as taxonomy-eligible or taxonomy-non-eligible according
to the delegated acts supplementing the Taxonomy Regulation (Regulation (EU)
2020/852). The supplementary acts include the following:
·
Climate Delegated Act (Commission Delegated Regulation (EU) 2021/2139)
·
Disclosures Delegated Act (Commission Delegated Regulation (EU) 2021/2178)
·
Complementary Delegated Act (Commission Delegated Regulation (EU)
2022/1214)
·
Environmental Delegated Act (Commission Delegated Regulation (EU) 2023/2486)
55
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
TAXONOMY-ELIGIBILITY
We consider ESL Shipping’s operations
eligible as all ESL Shipping’s vessels are
eligible under activities CCM 6.10, CE
2.6 and CE 5.3. However, there is no
turnover, capital expenditure or operating
expenditure related to activities CE 2.6 and
CE 5.3 as there hasn’t been any disposal of
vessels during the financial year.
A large part of Aspo’s business activities
are considered Taxonomy-non-eligible
including the business operations of
Telko and Leipurin. Telko is a distributor
of plastics, chemical raw materials and
lubricants, while Leipurin is a distributor
of raw materials and supplies to bakeries
and the food industry. These activities
are considered Taxonomy-non-eligible as
the business activities do not meet the
description of any of the eligible activities
included in the Climate Delegated Act and
Environmental Delegated Act.
The table below presents the taxono-
my-eligible activities of the Aspo Group.
Economic activity Description NACE-Code
Climate change mitigation (CCM) 6.10 Sea and
coastal freight water transport, vessels for port
operations and auxiliary activities
Purchase, financing, chartering (with or without crew) and operation of
vessels designed and equipped for transport of freight or for the combined
transport of freight and passengers on sea or coastal waters, whether
scheduled or not. Purchase, financing, renting and operation of vessels
required for port operations and auxiliary activities, such as tugboats,
mooring vessels, pilot vessels, salvage vessels and ice-breakers.
H50.2, H52.22 and N77.34
Transition to a circular economy (CE) 2.6 Depollu-
tion and dismantling of end-of-life products
Construction, operation and upgrade of facilities dismantling and depollut-
ing complex end-of-life products, movable assets and their components for
materials recovery or preparation for re-use of components.
E38.31, E38.32 and E42.99
Transition to a circular economy (CE) 5.3 Prepara-
tion for re-use of end-of-life products and product
components
Preparation for re-use of products and components at the end of life. No specific NACE codes
TAXONOMY-ALIGNMENT
To meet the definition of taxonomy
alignment the taxonomy-eligible economic
activities should significantly contribute to
one or more of the environmental objec-
tives by fulfilling the technical screening
criteria, meanwhile not causing significant
harm to other environmental objectives
in accordance with the Do No Significant
Harm (DNSH) criteria. In addition, the activ-
ities should be carried out in compliance
with the minimum safeguards.
Aspo’s business ESL Shipping, which
operates in the vulnerable Baltic Sea, has
eligible activities of which part are also
aligned activities. ESL Shipping’s aligned
activities contribute to climate change
mitigation. ESL Shipping’s activity CCM
6.10 is partially Taxonomy-aligned as the
vessels have transported coal for use in
energy generation. Therefore, the turnover,
operating expenditure and capital expendi-
ture are partially taxonomy-aligned.
Substantial contribution
In order for an economic activity to be
Taxonomy-aligned, the activity must
contribute substantially to the achievement
of one or more of the environmental objec-
tives, fulfill the DNSH criteria and comply
with the minimum safeguards.
Aspo’s aligned activity (CCM 6.10)
includes ESL Shipping’s newest vessels
(Viikki, Haaga and Green Coasters) and
the construction of new Green Coaster
and Green Handy -vessels. Paragraph
1d of the technical screening criteria of
substantial contribution to climate change
mitigation regarding activity CCM 6.10
applies to these vessels. This means that
the vessels have been given an energy
efficiency design index (EEDI) value until
December 31, 2025, which is at least 10%
lower than the EEDI requirements applied
on April 1, 2022, if the vessels are able
to use fuel that does not generate direct
carbon dioxide emissions or fuels produced
from renewable sources. Of ESL Shipping’s
vessels, Viikki and Haaga are below the
required level by 18.5% and the Green
Coaster electric hybrid vessels by 20.5%.
On these grounds, we consider the taxono-
my’s technical criteria to be met, and these
vessels are substantially contributing to
climate change mitigation.
Paragraph 2 of the technical screening
criteria on substantial contribution to
climate change mitigation states that the
vessels are not to be dedicated for trans-
port of fossil fuels. Viikki, Haaga and Green
Coasters meet the criteria as they are not
dedicated for the transport of fossil fuels.
Viikki and Haaga have however transported
fossil fuels which has been considered in
the reporting by treating the part of the
net sales generated through transportation
of fossil fuels 5.1% as taxonomy eligible
but not taxonomy aligned. Therefore, these
vessels are substantially contributing to
climate change mitigation.
Do no significant harm (DNSH) criteria
As the activity CCM 6.10 only includes the
business operations of ESL Shipping the
DNSH analysis was conducted mainly at
the business level. Climate risk assessment
has been conducted at the Aspo Group
level. The DNSH criteria for CCM 6.10
specified in the Climate Delegated act
require compliance with the general criteria
and activity specific criteria. The details of
the analysis are further explained below for
each of the five environmental objectives.
Based on the analysis ESL Shipping’s oper-
ations are in compliance with all the DNSH
criteria for climate change mitigation.
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41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
CLIMATE CHANGE ADAPTATION
The DNSH criteria related to climate
change adaptation include performance of
robust climate risk and vulnerability assess-
ment and identification of material physical
climate risks in accordance with Appendix A
of the Climate Delegated Act.
Aspo has conducted a climate risk
assessment considering different climate
scenarios, changes in conditions and
resulting risks using the mid-term climate
scenarios of the Intergovernmental Panel
on Climate Change (IPCC). The World Wild-
life Fund’s (WWF) climate change scenarios
and resulting risks have also been used in
the assessment. ESL Shipping’s operations
meet the aforementioned requirements set
for climate change adaptation regarding
the assessment of climate risks and vulner-
abilities. As the lifecycle of ESL Shipping’s
operations has been assessed to be more
than ten years, climate risks and vulnera-
bilities have been assessed relative to time
and the scope of operations. Initially, ESL
Shipping’s vessels have been designed for
conditions expected in shipping operations,
including storms, wind, waves, arctic and
other challenging conditions. According to
the assessment, ESL Shipping has a good
ability to respond and adapt to various
risks caused by climate change.
SUSTAINABLE USE AND PROTECTION OF
WATER AND MARINE RESOURCES
Appendix B of the Climate Delegated Act
specifies the DNSH criteria for sustainable
use and protection of water and marine
resources including identifying and address-
ing the risks related to preserving water
quality and avoiding water stress. A water
use and protection management plan
should be developed for the potentially
affected water body or bodies in consulta-
tion with relevant stakeholders.
ESL Shipping has developed a water
protection plan in accordance with the
Appendix B of the Climate Delegated
Act. ESL Shipping has included measures
related to water protection and water
quality monitoring in its guidelines
according to the water protection plan. In
addition, ESL Shipping has taken measures
to ensure that its activities do not hamper
the achievement of good environmental
status of marine waters or does not dete-
riorate the marine waters already in good
environmental status. Viikki, Haaga and
the Green Coaster -vessels have received
several certificates related to water
protection and pollution prevention and
therefore meet the aforementioned crite-
ria. According to the EU directive 2011/92/
EC an environmental impact assessment is
required for ports and building or operation
of waterways, but not for operation of
vessels. Therefore, such an assessment
has not been conducted.
TRANSITION TO CIRCULAR ECONOMY
The DNSH requirements specified for activ-
ity CCM 6.10 in the Climate Delegated Act
include requirements of having measures
in place to manage and recycle waste at
the end-of-life appropriately. For ships over
5000 gross tonnage and the new-built
ones replacing them, the activity should
follow Regulation (EU) No 1257/2013
and appropriate recycling facilities should
be utilized in the scrapping of vessels
(Commission Implementing Decision
2016/2323). The discharge of waste gen-
erated onboard ships should comply with
Directive (EU) 2019/883 and the Annex V
of the IMO MARPOL Convention.
Any waste generated during the
operation of ESL Shipping’s vessels is
sorted and stored on board and transferred
to ports for further processing. Dockings
are carried out by operators that are able
to process the waste generated during
dockings sustainably. Lubricants and other
hazardous waste are processed so that
they can be used in recycling. ESL Shipping
has guidelines for waste processing, waste
safety, recycling and scrapping. The classi-
fication society has issued the company a
statement on compliance with MARPOL.
POLLUTION PREVENTION AND CONTROL
For pollution prevention and control the
DNSH requirements specified for activity
CCM 6.10 include that sulfur in fuel content
should not exceed 0.5% (Global limit) or
0.1% (SECA-areas) also complying with the
Directive (EU) 2016/802 and Annex VI to
the IMO MARPOL Convention.
ESL Shipping is closely monitoring the
sulfur emissions for Viikki and Haaga on an
annual basis for CSI (Clean Shipping Index)
verification. In the reporting period 2024
the sulfur content of the fuel used by Viikki
and Haaga were 0.0075% and 0.0031%,
respectively, which is significantly less than
the sulfur content requirements as defined
by IMO (MARPOL Annex VI, Regulation 14).
Vessels should comply with Regulation
13 of Annex VI to IMO MARPOL Conven-
tion related to nitrogen oxides emissions.
Criteria related nitrogen oxides (NO
x
) do
not apply to Viikki and Haaga as they
do not operate in NO
x
emission control
areas established by IMO. However, NO
x
emissions are monitored as a part of EU
MRV -reporting.
As for gray and black water Viikki, Haaga
and Green Coaster-vessels have Sewage
Pollution Prevention certificates issued by
the classification society that comply with
the Annex IV to the IMO MARPOL Conven-
tion. In addition, ESL Shipping’s internal
guidelines mention that the wastewater
should be discharged to port reception
facilities if it can be reasonably and
practically arranged. The certificated issued
by the classification society also cover
the requirements related to measures to
minimize toxicity of anti-fouling paint and
biocides as stated in Regulation (EU) No
528/2012.
PROTECTION AND RESTORATION OF
BIODIVERSITY AND ECOSYSTEMS
The DNSH requirements for protection and
restoration of biodiversity and ecosystems
specified for activity CCM 6.10 include con-
trolling that non-indigenous species are not
introduced as part of ballast water releases
or by biofouling of underwater areas of
ships. Noise and vibrations are limited by
using noise reducing propellers and the
activity does not hamper the achievement
of good environmental status as set out in
Directive 2008/56/EC.
ESL Shipping’s vessels are equipped with
ballast water treatment systems in com-
pliance with the International Convention
for the Control and Management of Ships’
Ballast Water and Sediments. ESL Shipping
also has its own Biofouling Management
Plan made based on the IMO Biofouling
Guideline to prevent the introduction of
non-indigenous species by biofouling of
hull. Instructions for underwater noise
reduction are included in ESL Shipping’s
internal instructions which comply with
IMO Guidelines for the Reduction of
Underwater Noise.
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Viikki, Haaga and Green Coaster -vessels
have received several certificates that
support the fact that the activity does
not hamper the achievement of good
environmental status, as set out in
Directive 2008/56/EC. This requires that
appropriate measures are taken to prevent
or mitigate impacts in relation to that
Directive’s Descriptors 1 (biodiversity), 2
(non-indigenous species), 6 (seabed integ-
rity), 8 (contaminants), 10 (marine litter), 11
(noise/energy). In addition, the Commission
Decision (EU) 2017/848 in relation to the
relevant criteria and methodological stan-
dards should be considered for the above
descriptors, as applicable.
Minimum safeguards
As part of the taxonomy-alignment assess-
ment, Aspo has also assessed compliance
with the minimum safeguards. The social
minimum safeguards include all procedures
implemented to ensure that economic
activities are carried out in alignment with
the OECD Guidelines for Multinational
Enterprises (OECD MNE Guidelines), the UN
Guiding Principles on Business and Human
Rights (UNGPs), including the principles
and rights set out in the eight fundamental
conventions identified in the Declaration of
the International Labour Organization (ILO)
on Fundamental Principles and Rights at
Work; and the International Bill of Human
Rights. Key ILO conventions define human
rights and workers' rights that companies
should respect.
Aspo’s minimum safeguards assessment
is based on the “Final Report on Minimum
Safeguards”, published by the Platform on
Sustainable Finance (PSF) in October 2022.
The scope of minimum safeguards work
covers human rights (including labour and
consumer rights), corruption and bribery,
taxation, and fair competition. As a result
of the minimum safeguards assessment,
ESL Shipping concludes that all its taxono-
my-aligned activities meet the criteria used
and that the principles are applied in ESL’s
businesses.
ESL Shipping follows a documented
HRDD process, including a process in
line with industry best practices on how
to identify and implement measures to
prevent and mitigate actual and potential
adverse human rights impacts. The HRDD
process followed by ESL Shipping is
approved by the company's management
that also monitors the implementation
of minimum safeguards, addresses any
potential issues, and reports them to the
board.
Especially for shipyards and already
in the request for tender-phase, the
operations of shipyards selected for the
so-called "shortlist" are audited, among
other things, with regard to quality require-
ments, in which context HRDD questions
are reviewed. The audit is conducted by an
external service provider following industry
best practices.
The audit findings and any needs for
corrective actions are reviewed both
internally and with the shipyards. If mutual
understanding on corrective actions cannot
be reached or they cannot be implemented,
the project cannot proceed with that
particular shipyard.
During the construction period, in addi-
tion to ESL Shipping's own staff, an exter-
nal consultant continuously monitors the
operations on-site and reports deviations
monthly. Serious deviations are reported
immediately. ESL Shipping's own staff
reports weekly on work progress, including
safety and technical issues. Weekly site
meetings are held to review current issues.
All deviations from the minimum
safeguards in the shipyard's operations are
reviewed with the shipyard, and corrective
actions are agreed upon.
The HRDD process described above
ensures that operations comply with the
EU taxonomy and do not cause significant
harm. If significant deficiencies are identi-
fied and the supplier does not implement
corrective actions within the agreed
timeframe, the supplier relationship may be
terminated based on a material breach of
contract.
Key performance indicators
and accounting policies
The Taxonomy key performance indicators
(“KPIs”) include the turnover, capital expen-
diture (CapEx) and operating expenditure
(OpEx). For presenting the Taxonomy KPIs,
we use the templates provided in Annex II
of the Environmental Delegated Act. The
accounting policy and detailed information
for each KPI is presented after the tem-
plates. The figures from the comparative
period have not been subject to assurance
procedures.
58
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2024 2024 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
Turnover (3)
Proportion of Turnover,
2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
turnover, year 2023
(not assured) (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 31.9 5% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 4% T
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 31.9 5% 5% 0% 0% 0% 0% 0% Y Y Y Y Y Y 4%
Of which Enabling Y Y Y Y Y Y E
Of which Transitional 31.9 5% 5% Y Y Y Y Y Y 4% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 149.0 25% EL N/EL N/EL N/EL N/EL N/EL 31%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 149.0 25% 25% 0% 0% 0% 0% 0% 31%
A. Turnover of Taxonomy eligible activities
(A.1+A.2) 180.9 31% 31% 0% 0% 0% 0% 0% 35%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 411.7 69%
TOTAL, Continuing operations 592.6 100%
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2024 2024 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of CapEx,
2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
CapEx, year 2023
(not assured) (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 43.5 88% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 67% T
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 43.5 88% 88% 0% 0% 0% 0% 0% Y Y Y Y Y Y 67%
Of which Enabling Y Y Y Y Y Y E
Of which Transitional 43.5 88% 88% Y Y Y Y Y Y 67% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 3.9 8% EL N/EL N/EL N/EL N/EL N/EL 28%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL 0%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 3.9 8% 8% 0% 0% 0% 0% 0% 28%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 47.3 95% 95% 0% 0% 0% 0% 0% 95%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 2.3 5%
TOTAL 49.7 100%
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2024 2024 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
OpEx (3)
Proportion of OpEx,
2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
OpEx, year 2023
(not assured) (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Meri- ja rannikkovesiliikenteen rahtialukset sekä satama- ja
aputoimintoihin tarkoitetut alukset
CCM
6.10 1.7 20% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 6% T
Ympäristön kannalta kestävien (luokitusjärjestelmän
mukaisten) toimintojen toimintamenot (A.1) 1.7 20% 20% 0% 0% 0% 0% 0% Y Y Y Y Y Y 6%
Of which Enabling Y Y Y Y Y Y E
Of which Transitional 1.7 20% 20% Y Y Y Y Y Y 6% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 6.1 75% EL N/EL N/EL N/EL N/EL N/EL 94%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 6.1 75% 75% 0% 0% 0% 0% 0% 94%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 7.7 95% 95% 0% 0% 0% 0% 0% 100%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 0.4 5%
TOTAL 8.1 100%
61
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Turnover
When calculating the performance indicator
for turnover, Aspo applies the same IFRS
accounting principles as it does in the
consolidated financial statements. The
accounting principles for revenue recog-
nition are presented in Note 3.1 of the
consolidated financial statements. The net
sales figure used in calculating the turnover
performance indicator is the net sales of
Aspo Group’s continuing operations, as pre-
sented in the statement of comprehensive
income.
Taxonomy-eligible turnover includes
the share of the Group’s net sales that
comes from activities within the Taxonomy
scope, i.e. the turnover of the ESL Shipping
segment. However, the revenue from
sale of the Green Coaster vessels to the
Green Coaster pool has been excluded
from the taxonomy-eligible turnover.
Environmentally sustainable net sales,
i.e. Taxonomy-aligned turnover consists
of the net sales of the vessels Viikki and
Haaga (excluding the sale of energy coal
transport), and the net sales of the Green
Coaster vessels. Turnover from taxonomy
non-eligible activities consists of the net
sales of the Telko and Leipurin segments.
CapEx
For Aspo capital expenditure as defined
in the Taxonomy Regulation includes
investments in tangible and intangible
assets. Additions to tangible assets are
presented in note 4.1 of the consolidated
financial statements, and additions to
intangible assets in note 4.2. CapEx does
not include additions from acquisitions. The
capital expenditure from taxonomy eligible
activities includes the capital expenditure
of ESL Shipping segment. The other capital
expenditures of the Group are taxonomy
non-eligible.
During the financial year 2024 the
taxonomy aligned CapEx of ESL Shipping
consisted of investments in the vessels
Viikki and Haaga as well as in the new
Green Coasters and the Green Coaster and
Green Handy vessels under construction.
Dockings are included in the CapEx KPI
as they are in Aspo Group classified as
capital expenditure and not maintenance
expenses. Investments in those six Green
Coaster vessels that have or are going
to be sold further to the investors in the
pooling arrangement are not included in the
CapEx KPI.
CapEx Plan
Of the twelve new advanced Green Coaster
electric hybrid vessels ordered, five have
been delivered and seven are still under
construction. Six vessels will remain in
Aspo’s ownership and the other six will
be sold further. The construction of the
Green Coaster vessels will be completed in
2025-2026. In addition, it has been decided
to build a series of four new, fossil-free
handysize vessels. The total value of the
Green Handy investment is approximately
EUR 186 million and the investment will
take place during the years 2024–2028. At
the end of the year 2024 the investment
commitment in these two investment
projects amounted to approximately EUR
184 million. Additional information about
the investments can be found in note
4 Invested capital of the consolidated
financial statements.
Aspo’s CapEx plan for the following years
consists mainly of the expenditure related
to the construction of the Green Coaster
and Green Handy vessels. Aspo discloses
all new relevant approved investment
decisions in stock exchange releases.
Future impact of the CapEx investments
The Green Coaster vessels under construc-
tion are advanced electric hybrid vessels
with modern technology, and the Green
Handy vessels to be built are next gener-
ation ships that can be operated entirely
fossil free by use of green methanol. As
these vessels become operational, they will
increase the taxonomy-aligned turnover
and OpEx of ESL Shipping and the entire
Aspo Group.
OpEx
Operating expenditure as defined in the
Taxonomy Regulation includes direct
non-capitalized costs that relate to
improvements, maintenance and repair of
vessels, and any other direct expenditures
relating to the day-to-day servicing of
assets of property, plant and equipment by
the undertaking or a third party to whom
activities are outsourced that are neces-
sary to ensure the continued and effective
functioning of such assets. However, repair
and maintenance costs incurred as part
of docking are capitalized and reported as
CapEx. In Aspo Group’s consolidated state-
ment of comprehensive income operating
expenditure as defined in the Taxonomy
Regulation are included under ’Other
operating expenses’, which are presented
in Note 3.5 of the consolidated financial
statements.
The taxonomy aligned OpEx includes the
operating expenditure of Viikki and Haaga,
as well as the operating expenditure of
the operational Green Coaster vessels. The
operating expenditure of these vessels
consists of technical maintenance costs.
The aligned OpEx does not include the
share of OpEx related to energy coal
transport of Viikki and Haaga (the excluded
share has been calculated based on the
energy coal transport’s share of total
revenue).
The Taxonomy non-eligible OpEx includes
the OpEx of Telko and Leipurin. The costs
related to property, plant and equipment
have been defined to include only buildings
that are in Telko’s or Leipurin’s ownership
as neither of the companies uses any other
type of relevant PP&E in their operations.
The reported non-eligible operating
expenditure relates to the maintenance and
repair costs of Telko's chemical warehouse
in Rauma, as well as the maintenance and
repair costs of buildings owned by the
Swedish companies Swed Handling AB and
Kemiverken AB.
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90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ASSESSMENT OF NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Nuclear energy related activities Applicable
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as
well as their safety upgrades, using best available technologies.
No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear
energy, as well as their safety upgrades
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and
power generation facilities using fossil gaseous fuels
No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities
that produce heat/cool using fossil gaseous fuels
No
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90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ESRS E1 Climate change
Material impacts, risks and opportunities related to
climate change mitigation and energy (E1)
NEGATIVE IMPACT
·
GHG emissions
·
Changes related to air quality
·
Sea level rise and its impact on coastal infrastructure
·
Waste generation
·
Deforestation
·
Impact of GHG emissions and energy consumptionon climate change
Transition plan for climate
change mitigation
Aspo Group committed to the Science
Based Targets initiative (SBTi) in 2024 and
aims to set a short-term science-based
climate target. Additionally, Aspo aims to
prepare a transition plan in 2025 to reduce
the Group’s emissions in line with the Paris
Agreement to limit global warming to 1.5
°C. ESL Shipping joined the SBTi already
at the end of 2023 and will set separate
long-term emission reduction targets in
addition to Aspo’s short-term target. With
Aspo Group‘s commitment to the SBTi,
Leipurin and Telko are also now committed
as a part of the Group. The entire Group’s
climate targets and related action plan will
be defined in accordance with the SBTi.
Policies related to climate change
mitigation and adaptation
In accordance with Aspo’s sustainability
policy, Aspo is mitigating climate change by
striving to lower the CO
2
emissions in all of
its operations. All Aspo’s segments share
the ambition to reduce emissions in the
entire supply chain, improve energy effi-
ciency and deploy renewable energy when
operationally and financially feasible Aspo
did not identify climate change adaptation
as a material sustainability theme for the
company in its materiality analysis.
Aspo’s sustainability policy covers all
material impacts, risks and opportunities.
The sustainability policy applies to Aspo
Group and all its segments, with main focus
on own operations and therefore excluding
the upstream and downstream value chain.
Group subsidiaries should adopt this policy
and adhere to its contents by also adopting
any additional policy documents, processes
and tools on a subsidiary level. Aspo’s
suppliers are required to commit to Aspo’s
Code of Conduct, which requires suppliers
to comply with environmental legislation
and obtain the required environmental
permits for operations.
The Group’s CEO and its subsidiaries’
managing directors are responsible for
implementing the sustainability policy. A
monitoring process is carried out when the
double materiality assessment is reviewed
once a year. The sustainability policy is
available on Aspo’s website.
Aspo Group and its segments are
committed to the UN Global Compact, the
UN Universal Declaration of Human Rights,
and the ILO Declaration on Fundamental
Principles and Rights at Work.
Targets, actions and resources
related to climate change
TARGETS RELATE D TO CLIMATE CHANGE
The key target related to the Group’s
environmental sustainability is to reduce
emission intensity, CO
2
(tn) per net revenue
(EUR thousand), by 30% by 2025. The
target level for emission intensity in Aspo’s
own operations in 2025 is 0.30 CO
2
(tn)
per net revenue (EUR thousand). The base
year is 2020, and the baseline value is 0.44
(tn) per net revenue (EUR thousand). The
intermediate target for emission intensity
in 2024 was 0.33, and the realized value
was 0.30.
The emission intensity target applies to
Aspo’s own operations. It includes the CO
2
emissions from the fuel consumption of
vessels operated by ESL Shipping (Scope
1). The 12 new energy-efficient electric
hybrid vessels ordered by ESL Shipping, the
first of which started operating in Decem-
ber 2023 and four in 2024, will help achieve
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96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
this target. According to the sustainability
policy, Aspo aims to reduce emissions
throughout the value chain.
The targets or their related measurement
methodologies, assumptions, sources or
data collection processes have not changed
since the target was set. Stakeholders
have not participated in setting the emis-
sion intensity target.
The Group aims to set a short-term
science-based emissions reduction target
and develop an action plan for it in 2025.
ACTIONS AND RESOURCES
RELATED TO CLIMATE CHANGE
A more effective use of energy and raw
materials plays a key role in reducing
Aspo’s environmental impact. As ESL
Shipping’s vessels generate the majority
of the Group’s Scope 1 GHG emissions, the
most significant environmental aspects
for the shipping company are related to
its fleet’s improved energy efficiency. The
largest environmental impact of Leipurin
and Telko, which operate in the fields of
trade and logistics, come from other parts
of the supply chain. The Group’s carbon
footprint can be reduced especially through
the effective planning of its logistics flows.
These activities are supported by improv-
ing the transparency of data in the value
chain and the inclusion of low-emission
products in the product range.
During 2024, Aspo Group conducted
its first full GHG inventory, enabling
science-based targets to be set both at
the Group level and for the segments.
Before setting the targets, data quality
and accuracy will be improved to ensure
that carbon dioxide emissions’ baseline
for science-based targets is as accurate
as possible. As part of the SBTi activities,
the emissions reduction potential will be
assessed, especially for Scope 3.
The goal of ESL Shipping is to reduce
carbon dioxide emissions by 50% per
ton-mile by 2030 and to reach net zero
emissions by 2040. Achieving this goal
requires the best possible vessel design
and technology, i.e., significant investments
in new vessels, as well as the large-scale
use of renewable fuels produced on an
industrial scale and in close cooperation
with customers.
During 2024, ESL Shipping transported
12.6 million tonnes of cargo, and its vessels
consumed 666,559 MWh of energy. CO
2
eq
emissions per tonne of cargo transported
decreased by 12.3% in 2024, mainly as a
result of the sale of Supramax vessels.
Absolute Scope 1 CO
2
eq emissions
decreased by 14.1% to 179,072 tonnes.
During 2024, significant steps forward
were taken in fleet modernization. In
October, ESL Shipping ordered four 17,000
dwt general cargo vessels that can operate
completely fossil-free using renewable
methanol. The new vessels will be delivered
in 2027 and 2028. At the end of 2024,
AtoBatC Shipping, a subsidiary of ESL
Shipping, operated five of the twelve Green
Coaster vessels ordered. The plug-in hybrid
vessels equipped with a shore power
connection and a 1 MWh battery are the
most energy-efficient in the world in their
size category, and their GHG emissions per
cargo unit transported are almost 50%
lower than those of current vessels. The
ordered vessels have a cargo capacity
of roughly 5,400 dwt, and a new vessel
will be delivered to AtoBatC Shipping
approximately every three months. In
addition, AtoBatC Shipping has signed
a multi-year time charter agreement for
six low-emission 5,900 dwt vessels. The
first two vessels will join the company’s
fleet during the first half of 2025, and
the remaining four in 2026 and 2027. ESL
Shipping’s capital expenditure allocated
to the vessel investments is described
in the EU Taxonomy section. Investment
commitments for the Green Handy and
Green Coaster vessels are reported in
the financial statements. Aspo has not
identified any significant future operational
expenses related to vessel investments.
In 2024, the share of renewable fuels
in vessels’ fuel consumption increased
to 0.1%. This reduced CO
2
eq emissions
by 0.1%. The reduction in CO
2
emissions
achieved with the Virtual Arrival, which
optimizes vessel speeds, was an average
of 24% for Handy class vessels and 17%
for Coaster vessels in voyages in which
Virtual Arrival was used. ESL Shipping has
been engaged in cooperation in the use of
Virtual Arrival with for example SSAB and
the ports of Oxelösund and Luleå.
During the year, an agreement was
signed with Metsä Forest to reduce
emissions from the 2022 level per ton-mile
by 30% by 2030. An agreement was also
reached with EFO, which is owned by
Swedish energy companies, to replace at
least 10% of the fuel consumed in EFO’s
annual transportation operations with
renewable fuels. Smart Fleet Optimiser is
a good example of digital solutions under
development to reduce emissions. It helps
find an optimal schedule for each vessel
and offers opportunities to optimize
schedules based on various factors such as
the smallest environmental footprint.
Telko’s strategic goals include reducing
its own operations’ carbon intensity and
promoting innovations that improve the
value chain’s carbon handprint. During
2024, Telko started to systematically
investigate how many of its suppliers
could deliver carbon footprint data on the
products and services Telko purchased,
and once the investigation has been
completed, emissions data will be collected
from suppliers. A similar investigation has
previously covered logistics partners. Mate-
rial suppliers have also been separately
requested to provide carbon footprint data
for customers.
In Telko’s transportation operations,
emissions are addressed in transportation
companies’ competitive tendering. Optimiz-
ing routing and warehouse locations also
improves logistics efficiency. In Finland, an
agreement was signed in 2024 with a key
transportation partner on the transporta-
tion of products using biodiesel trucks only.
According to the transportation company’s
calculations, this resulted in almost 90%
emissions reductions compared to the use
of fossil diesel.
Telko is constantly looking for products
in its product portfolio that have a smaller
carbon footprint than conventional prod-
ucts or that helps reduce CO
2
emissions.
For example, Telko has an ISCC certificate
for the sale of bio-based mass balance
plastics. Examples of products that reduce
CO
2
emissions are additives sold for the
production of asphalt, which allow the
temperature of the asphalt material to be
reduced by dozens of degrees compared to
traditional mixtures, as well as high-quality
lubricants that help extend the service life
of machinery and significantly increase the
lubricant change interval.
During 2024, Telko developed a reporting
tool to provide customers with emission
data based on GHG calculations for
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97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
products delivered to them. The first
version of the GHG inventory relies heavily
on internationally used emission factors.
The aim is to replace generic figures with
measured or calculated figures available
from the companies in the value chain.
Leipurin’s sustainability strategy also
includes the addition of transparent
emissions data to product information.
This helps customers make more
climate-friendly decisions. Other ways
to address the factors causing climate
change include improving carbon efficiency
in Leipurin’s own operations and possibly
also in part of Scope 3 activities, as well
as products’ plant-based nature. Most of
Leipurin’s product range is already plant-
based, and Leipurin is also engaged in the
development of plant-based alternatives
for its customers.
Actions and resources related to climate
change mitigation and adaptation can be
described later when the Group’s emissions
reduction measures are specified as a
result of SBTi activities. This will also
improve emissions data quality.
Energy consumption and mix
Fossil energy sources account for 98.5%
of Aspo Group’s energy consumption.
Crude oil and petroleum products have
the highest share, 94%. Correspondingly,
1.3% of the energy consumed comes
from renewable energy sources used in
purchased electricity, heating and cooling.
In 2024, Aspo Group’s energy intensity was
0.001143.
ESL Shipping is the largest single
segment from the perspective of energy
consumption. Marine fuels make up more
than 99.5% of its energy consumption. Oil-
based fuels accounted for 94.2%, liquified
natural gas for 5.7%, and renewables
for 0.1% of the fuel used in in 2024. The
increasing use of fuels from renewable
energy sources and investments in ESL
Shipping’s fossil-free vessels will reduce
the future share of fossil energy sources.
ESL Shipping had an energy intensity of
0.0032184.
Telko’s energy consumption consists
of the fuel consumed by the company’s
owned and leased cars, as well as facilities’
energy consumption. Fossil energy
accounted for 38%, renewable energy for
49.1%, and nuclear energy for 12.9 % in
2024. In 2024, Telko’s energy intensity was
0.000032.
Leipurin’s energy consumption consists
of facilities’ energy consumption, the
production of steam used in the company’s
Swedish plant’s operations, and the fuel
and electricity consumption of leased cars.
Renewable energy accounted for 79.9%,
fossil energy for 18.1%, and nuclear energy
for 2.1% of Leipurin’s energy consumption.
In 2024, Leipurin’s energy intensity was
0.000039
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90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ASPO GROUP’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024
Fuel consumption from coal and coal products (MWh) 0
Fuel consumption from crude oil and petroleum products (MWh) 627,035
Fuel consumption from natural gas (MWh) 37,971
Fuel consumption from other fossil sources (MWh) 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from
fossil sources (MWh) 1,690
Total fossil energy consumption (MWh) 666,696
Share of fossil sources in total energy consumption (%) 98.47%
Consumption from nuclear sources (MWh) 1,327
Share of consumption from nuclear sources in total energy consumption (%) 0.20%
Fuel consumption from renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh) 4,043
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh) 5004
The consumption of self-generated non-fuel renewable energy (MWh) 0
Total renewable energy consumption (MWh) 9,047
Share of renewable sources in total energy consumption (%) 1.34%
Total energy consumption (MWh) 677,070
■
ESL SHIPPING’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024
Fuel consumption from coal and coal products (MWh) 0
Fuel consumption from crude oil and petroleum products (MWh) 624,793
Fuel consumption from natural gas (MWh) 37,790
Fuel consumption from other fossil sources (MWh) 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from
fossil sources (MWh) 75
Total fossil energy consumption (MWh) 662,658
Share of fossil sources in total energy consumption (%) 99.85%
Consumption from nuclear sources (MWh) 111
Share of consumption from nuclear sources in total energy consumption (%) 0.02%
Fuel consumption from renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh) 727
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh) 170
The consumption of self-generated non-fuel renewable energy (MWh) 0
Total renewable energy consumption (MWh) 897
Share of renewable sources in total energy consumption (%) 0.14%
Total energy consumption (MWh) 663,666
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96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
TELKO’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024
Fuel consumption from coal and coal products (MWh) 0
Fuel consumption from crude oil and petroleum products (MWh) 1,645
Fuel consumption from natural gas (MWh) 85
Fuel consumption from other fossil sources (MWh) 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from
fossil sources (MWh) 1,354
Total fossil energy consumption (MWh) 3,084
Share of fossil sources in total energy consumption (%) 38.10%
Consumption from nuclear sources (MWh) 1,040
Share of consumption from nuclear sources in total energy consumption (%) 12.85%
Fuel consumption from renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh) 2,001
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh) 1,970
The consumption of self-generated non-fuel renewable energy (MWh) 0
Total renewable energy consumption (MWh) 3,971
Share of renewable sources in total energy consumption (%) 49.05%
Total energy consumption (MWh) 8,095
■
LEIPURIN’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024
Fuel consumption from coal and coal products (MWh) 0
Fuel consumption from crude oil and petroleum products (MWh) 580
Fuel consumption from natural gas (MWh) 97
Fuel consumption from other fossil sources (MWh) 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from
fossil sources (MWh) 249
Total fossil energy consumption (MWh) 926
Share of fossil sources in total energy consumption (%) 18.06%
Consumption from nuclear sources (MWh) 106
Share of consumption from nuclear sources in total energy consumption (%) 2.07%
Fuel consumption from renewable sources, including biomass (also comprising
industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)
(MWh) 1,315
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (MWh) 2,781
The consumption of self-generated non-fuel renewable energy (MWh) 0
Total renewable energy consumption (MWh) 4,096
Share of renewable sources in total energy consumption (%) 79.88%
Total energy consumption (MWh) 5,128
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161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Information about Aspo Group’s energy intensity is presented in the table below. All Aspo
Group segments have a significant climate impact.
■
ASPO’S ENERGY INTENSITY
Energy consumption per net revenue 2024
Total energy consumption per net revenue from activities in high climate impact
sectors (MWh per EUR) 0.001143
Net revenue from activities in high climate impact sectors (EUR) 592,599,000
Net revenue (other) (EUR) 0
Total net revenue (financial statements) (EUR) 592,599,000
■
ESL SHIPPING’S ENERGY INTENSITY
Energy consumption per net revenue 2024
Total energy consumption per net revenue from activities in high climate impact
sectors (MWh per EUR) 0.0032184
Net revenue from activities in high climate impact sectors (EUR) 206,207,000
Net revenue (other) (EUR) 0
Total net revenue (financial statements) (EUR) 206,207,000
■
TELKO’S ENERGY INTENSITY
Energy consumption per net revenue 2024
Total energy consumption per net revenue from activities in high climate impact
sectors (MWh per EUR) 0.000032
Net revenue from activities in high climate impact sectors (EUR) 253,304,000
Net revenue (other) (EUR) 0
Total net revenue (financial statements) (EUR) 253,304,000
■
LEIPURIN’S ENERGY INTENSITY
Energy consumption per net revenue 2024
Total energy consumption per net revenue from activities in high climate impact
sectors (MWh per EUR) 0.000039
Net revenue from activities in high climate impact sectors (EUR) 133,088,000
Net revenue (other) (EUR) 0
Total net revenue (financial statements) (EUR) 133,088,000
MEASUREMENT METHODOLOGIES E1-5 ENERGY CONSUMPTION AND MIX
The energy mix has been measured using a market-based Scope 2 metric, where the
energy sources used in the consumption of electricity, cooling and heating are broken
down by country in accordance with the International Energy Agency’s (IEA) energy mix
for electricity generation. The metric addresses the amount of electricity purchased with
Energy Attribute Certificates (EAC). Energy from a Scope 1 metric has been measured in
accordance with the fuel consumed and broken down into different energy sources. The
presentation currency is euro.
Gross Scopes 1, 2, 3 and Total GHG emissions
THE GROUP’S GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS
Aspo Group’s GHG emissions in 2024 totaled 716,799 tCO
2
eq. The most significant share
of the Group’s GHG emissions consists of Scope 3 emissions, which account for 74.9% of all
emissions. Scope 1 emissions account for 25.1%, the majority of which consists of the fuel
consumption of ESL Shipping’s vessels. Scope 2 GHG emissions account for less than 1%.
The most significant Scope 3 emissions come from purchased products and services
(Category 1), accounting for 77.9% of the Group’s Scope 3 emissions. A significant part of
this consists of products Telko and Leipurin purchase. Other significant Scope 3 emission
categories include fuel- and energy-related activities (Category 3), downstream leased
assets (Category 13), and upstream transportation and distribution (Category 4).
Aspo Group’s Scope 1, 2 and 3 GHG emissions do not include primary data. The emission
factors used do not come directly from Aspo’s own value chain, and no supplier-specific
emission factors have been used in the calculation of GHG emissions. For market-based
GHG emissions, Aspo’s segments had a total of seven EACs obtained from electricity
suppliers.
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174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
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189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
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■
GHG EMISSIONS, ASPO
Scope 1 GHG emissions 2024
Gross Scope 1 GHG emissions (tCO
2
eq) 179,675
The percentage of Scope 1 GHG emissions from regulated emission
trading schemes (%) 0
Scope 2 GHG emissions 2024
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 499
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 266
Significant Scope 3 GHG emissions (tCO
2
eq) 2024
Indirect (Scope 3) gross GHG emissions (tCO
2
eq) 536,625
1 Purchased goods and services 418,017
2 Capital goods 17,900
3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2) 39,003
4 Upstream transportation and distribution 23,395
5 Waste generated in operations 468
6 Business traveling 1,244
7 Employee commuting 1,069
8 Upstream leased assets 0
9 Downstream transportation 3,310
10 Processing of sold products 0
11 Use of sold products 99
12 End-of-life treatment of sold products 28,559
13 Downstream leased assets 3,561
14 Franchises 0
15 Investments 0
Total GHG emissions 2024
Total GHG emissions (location-based) (tCO
2
eq) 716,799
Total GHG emissions (market-based) (tCO
2
eq) 716,566
■
GHG EMISSIONS, ASPO
Scope 1: 179,675 tCO
2
eq
Scope 2: 499 tCO
2
eq
Scope 3: 536,625 tCO
2
eq
25%
75%
<1%
■
GHG INTENSITY, ASPO
GHG emissions per net revenue 2024
Total GHG emissions (location-based) per net revenue (tCO
2
eq per EUR) 0.0012096
Total GHG emissions (market-based) per net revenue (tCO
2
eq per EUR) 0.0012092
Net revenue used to calculate GHG intensity (EUR) 592,599,000
Net revenue (other) (EUR) 0
Total net revenue (in financial statements) (EUR) 592,599,000
70
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
EXCLUDED GHG CATEGORIES , ASPO
Significant Scope 3 GHG emissions included in and excluded from the inventory
1 Purchased goods and services Included
2 Capital goods Included
3 Fuel- and energy-related activities (not
included in Scope 1 or Scope 2)
Included
4 Upstream transportation and distribution Included
5 Waste generated in operations Included
6 Business travel Included
7 Employee commuting Included
8 Upstream leased assets Not included. Aspo sets organizational thresholds in accor-
dance with its approach to the consolidation of operational
control. Accordingly, when ESL Shipping leases a vessel, emis-
sions are reported in Scope 1 and Scope 2. The same principle
also applies to leased assets in Telko’s and Leipurin’s upstream
production chain, including leased cars and rental facilities the
companies use themselves.
9 Downstream transportation and
distribution
Included for Leipurin and Telko. The category was not con-
sidered significant for ESL Shipping, as there is no further
transportation in its activities.
10 Processing of sold products According to the GHG Protocol: In certain cases, the eventual
end use of sold intermediate products may be unknown. In
such a case, companies may disclose and justify the exclusion
of all downstream Scope 3 category 10, 11 and 12 emissions
related to sold intermediate products. Companies should
address emissions of intermediate products in the downstream
production chain, and if they are not included in categories 10,
11 and 12, companies must justify their exclusion. In Telko’s
situation, as there are many possible further uses, intermedi-
ate products’ possible end uses cannot be reliably assessed.
For Leipurin’s intermediate products, there is no processing
between sales and customers, as processing takes place when
customers use it. The resulting emissions could be included in
category 11. However, the GHG Protocol (5.8) states that the
use of sold food products does not need to be addressed.
ESL Shipping has no products sold.
11 Use of sold products Only included for Leipurin regarding sold products that con-
sume electricity. Only included for Telko regarding oils added to
two-stroke gasoline and organic solvents sold as additives to
gasoline.
In the case of Telko and Leipurin, as there are many possible
further uses, the possible end uses of intermediate products
cannot be reliably assessed. See a more detailed comment
under “10 Processing of sold products”.
ESL Shipping has no products sold.
Significant Scope 3 GHG emissions included in and excluded from the inventory
12 End-of-life treatment of sold products Only included for Leipurin regarding product packaging and
sold packaging material, not raw materials. Telko’s calculation
includes emissions from both sold products and product pack-
aging. ESL Shipping has no products sold.
13 Downstream leased assets Included for ESL Shipping. Telko and Leipurin have no leased
assets in the downstream production chain.
14 Franchises Aspo’s segments have no franchises.
15 Investments Aspo and its subsidiaries have no capital investments classified
in category 15. The CO
2
eq emissions of Aspo’s subsidiaries
are calculated as Aspo’s own emissions at a Group level in the
same way as in financial reporting.
BIOGENIC EMISSIONS
The table presents Aspo’s direct biogenic CO
2
emissions from owned or managed activities
(Scope 1) and, for indirect Scope 3 emissions, indirect biogenic CO
2
emissions from fuel- and
energy-related activities that are not included in Scope 1 or Scope 2 emissions. Other
indirect biogenic emissions include Scope 3 category 5 (waste generated in operations) and
category 12 (end-of-life treatment of sold products). No biogenic CO
2
emissions have been
reported in Scope 2 emissions.
■
BIOGENIC EMISSIONS, ASPO
Biogenic emissions tCO
2
2024
Direct biogenic CO
2
emissions from owned/managed activities (Scope 1) 22
Indirect biogenic CO
2
emissions – Upstream 0
1 Fuel- and energy-related activities (not included in Scope 2 or Scope 6) 299
Waste generated in operations 1
End-of-life treatment of sold products 135
71
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS OF EACH SEGMENT
ESL Shipping
ESL Shipping’s GHG emissions in 2024 totaled 272,965 tCO
2
eq. ESL Shipping’s emissions
focus on Scope 1, which accounts for about 66% of its total emissions. Scope 3 accounts
for about 34%, and Scope 2 for less than 1%. Approximately 81% of ESL Shipping’s total
emissions are related to vessels’ fuel consumption, considering the lifecycle emissions of
fuels (Scope 1 & Scope 3, category 3), as well as emissions from vessels time-chartered
out (Category 13). In Scope 3, the most significant emissions come from purchased goods
and services (category 1), fuels (category 3) and vessels chartered out. Vessels that are
time-chartered out are reported in category 13, as the charterer has operational control
over such vessels.
In 2024, ESL Shipping accepted two new buildings, which increased emissions in
category 2 (capital goods). Vessels sold to investors have not been taken into account. In
2024, significantly fewer vessels were time-chartered out than in the previous year, which
reduced emissions in category 13 (downstream leased assets).
■
GHG EMISSIONS, ESL SHIPPING
Scope 1: 179,072 tCO
2
eq
Scope 2: 24 tCO
2
eq
Scope 3: 93,869 tCO
2
eq
66%
34%
<1%
■
GHG INTENSITY, ESL SHIPPING
GHG emissions per net revenue 2024
Total GHG emissions (location-based) per net revenue (tCO
2
eq per EUR) 0.0013237
Total GHG emissions (market-based) per net revenue (tCO
2
eq per EUR) 0.0013237
Net revenue used to calculate GHG intensity (EUR) 206,207,000
Net revenue (other) (EUR) 0
Total net revenue (in financial statements) (EUR) 0
■
GHG EMISSIONS, ESL SHIPPING
Scope 1 GHG emissions 2024
Gross Scope 1 GHG emissions (tCO
2
eq) 179,072
The percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%) 0
Scope 2 GHG emissions 2024
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 24
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 23
Significant Scope 3 GHG emissions (tCO
2
eq) 2024
Indirect (Scope 3) gross GHG emissions (tCO
2
eq) 93,869
1 Purchased goods and services 37,808
2 Capital goods 13,022
3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2) 38,522
4 Upstream transportation and distribution 82
5 Waste generated in operations 8
6 Business traveling 208
7 Employee commuting 658
8 Upstream leased assets 0
9 Downstream transportation 0
10 Processing of sold products 0
11 Use of sold products 0
12 End-of-life treatment of sold products 0
13 Downstream leased assets 3,561
14 Franchises 0
15 Investments 0
Total GHG emissions 2024
Total GHG emissions (location-based) (tCO
2
eq) 272,965
Total GHG emissions (market-based) (tCO
2
eq) 272,964
72
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Telko
Telko’s total emissions in 2024 were 348,210 tCO
2
eq. As Telko operates as a raw material
distributor, the share of Scope 3 emissions in total emissions is very high – more than 99%.
Approximately 83% of total emissions come from purchased goods and services (category
1), with products accounting for almost 99%.
Scope 3 category 4 (emissions from transportation of purchased goods) accounted for 6
percent, and category 9 (emissions from outbound transportation) accounted for 0.8 per-
cent of Telko's total emissions. Estimates have been used to calculate emissions from the
transportation of both purchased and sold products. Other emissions, including commuting
and waste, have a minor impact on total emissions.
Scope 1 and Scope 2 accounted for only about 0.2% of Telko’s total emissions in 2024.
They consist of the fuel and energy consumed by the company’s owned and leased cars,
as well as the energy consumption of facilities. Acquired in 2024, Swed Handling AB will
slightly increase the share of Scope 1 and Scope 2 due to its production and trucks.
■
GHG EMISSIONS, TELKO
Scope 1: 435 tCO
2
eq
Scope 2: 284 tCO
2
eq
Scope 3: 347,491 tCO
2
eq
99.8%
<1%
<1%
■
GHG INTENSITY, TELKO
GHG emissions per net revenue 2024
Total GHG emissions (location-based) per net revenue (tCO
2
eq per EUR) 0.0013747
Total GHG emissions (market-based) per net revenue (tCO
2
eq per EUR) 0.0013741
Net revenue used to calculate GHG intensity (EUR) 253,304,000
Net revenue (other) (EUR) 0
Total net revenue (in financial statements) (EUR) 253,304,000
■
GHG EMISSIONS, TELKO
Scope 1 GHG emissions 2024
Gross Scope 1 GHG emissions (tCO
2
eq) 435
The percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%) 0
Scope 2 GHG emissions 2024
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 284
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 149
Significant Scope 3 GHG emissions (tCO
2
eq) 2024
Indirect (Scope 3) gross GHG emissions (tCO
2
eq) 347,491
1 Purchased goods and services 289,043
2 Capital goods 4,862
3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2) 334
4 Upstream transportation and distribution 20,739
5 Waste generated in operations 46
6 Business traveling 845
7 Employee commuting 286
8 Upstream leased assets 0
9 Downstream transportation 2,728
10 Processing of sold products 0
11 Use of sold products 98
12 End-of-life treatment of sold products 28,510
13 Downstream leased assets 0
14 Franchises 0
15 Investments 0
Total GHG emissions 2024
Total GHG emissions (location-based) (tCO
2
eq) 348,210
Total GHG emissions (market-based) (tCO
2
eq) 348,075
73
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Leipurin
Leipurin’s total emissions in 2024 were 94,899 tCO
2
e. Leipurin’s total Scope 1 and 2 emis-
sions accounted for roughly 0.4% of total emissions. Scope 1 emissions consisted mainly of
fuels consumed by company cars, as well as thermal energy generated locally using natural
gas and pellets. Scope 2 emissions consisted mainly of purchased electricity for warehouse
heating and cooling.
Scope 3 emissions accounted for 99.6% of Leipurin’s total emissions. Most of these
emissions came from purchased products in Leipurin’s upstream value chain. Significant
emissions were also generated in the transportation of products (categories 4 and 9).
■
GHG EMISSIONS, LEIPURIN
Scope 1: 165 tCO
2
eq
Scope 2: 175 tCO
2
eq
Scope 3: 94,559 tCO
2
eq
99.6%
<1%
<1%
■
GHG INTENSITY, LEIPURIN
GHG emissions per net revenue 2024
Total GHG emissions (location-based) per net revenue (tCO
2
eq per EUR) 0.0007131
Total GHG emissions (market-based) per net revenue (tCO
2
eq per EUR) 0.0007124
Net revenue used to calculate GHG intensity (EUR) 133,088,000
Net revenue (other) (EUR) 0
Total net revenue (in financial statements) (EUR) 133,088,000
■
GHG EMISSIONS, LEIPURIN
Scope 1 GHG emissions 2024
Gross Scope 1 GHG emissions (tCO
2
eq) 165
The percentage of Scope 1 GHG emissions from regulated emission trading
schemes 0
Scope 2 GHG emissions 2024
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 175
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 85
Significant Scope 3 GHG emissions (tCO
2
eq) 2024
Indirect (Scope 3) gross GHG emissions (tCO
2
eq) 94,559
1 Purchased goods and services 90,519
2 Capital goods 16
3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2) 144
4 Upstream transportation and distribution 2,575
5 Waste generated in operations 414
6 Business traveling 155
7 Employee commuting 105
8 Upstream leased assets 0
9 Downstream transportation 582
10 Processing of sold products 0
11 Use of sold products 0
12 End-of-life treatment of sold products 49
13 Downstream leased assets 0
14 Franchises 0
15 Investments 0
Total GHG emissions 2024
Total GHG emissions (location-based) (tCO
2
eq) 94,899
Total GHG emissions (market-based) (tCO
2
eq) 94,809
74
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
MEASUREMENT METHODOLOGIES IN
THE CALCULATION OF GROSS SCOPES 1,
2 AND 3 AND TOTAL GHG EMISSIONS
The measurement methodologies have
been audited only by the Sustainability
Statement Assurance provider.
Extrapolated emissions data
In 2024, part of emissions from businesses
acquired through acquisitions have been
extrapolated based on net revenue. In
Telko’s acquisitions, extrapolated Scope
3 emissions can be found in the following
categories: purchased services (category
1); capital goods (category 2); upstream
and downstream transportation and distri-
bution (categories 4 and 9); business travel
(category 6); as well as purchased goods
(category 1) and the end-of-life treatment
of sold products (category 12) regarding
the acquisition of Swed Handling by Telko.
Extrapolated Scope 3 emissions regard-
ing the acquisition of Kebelco by Leipurin
can be found in the following categories:
purchased goods (category 1), upstream
and downstream transportation and
distribution (categories 4 and 9), and end-
of-life treatment of sold products (category
12). In addition, Scope 2 emissions from
district heating consumption are based on
extrapolation.
Gross Scope 1 emissions
Direct Scope 1 emissions are calculated
based on fuel consumption and emission
factors (fuel-based method). Defra’s
emission factors are used to calculate the
fuel consumption of cars the company
owns and leases, as well as emissions
from buildings’ consumption of natural gas
and fuel. Complete combustion of fuels is
assumed. The measurement accuracy and
any variation in fuel quality may have an
impact on the results.
ESL Shipping’s fuel emissions from
vessels are based on emission factors
in accordance with the Global Logistics
Emissions Council’s (GLEC) framework.
For Telko’s new companies, estimates
of the proportion of diesel and gasoline
cars have been used to calculate their fuel
consumption.
Scope 1 emissions of Kebelco, acquired
by Leipurin, in relation to cars’ fuel con-
sumption are based on estimates.
Gross location-based Scope 2 emissions
Location-based Scope 2 emissions are
calculated using electricity, heating and
cooling consumption, and emission factors
(average data method). The amount of
biogenic emissions is not included in the
calculations.
Gross market-based Scope 2 emissions
The amount of market-based Scope 2
emissions is based on EAC data obtained
from energy providers on the amount of
renewable electricity purchased.
Gross Scope 3 emissions
Category 1 Purchased goods and services
All segments use a spend-based method
for calculating the emissions of purchased
services. Purchased goods have also been
calculated with spend-based method for
ESL Shipping using the Exiobase data-
base’s emission factors, while emissions
from Telko’s and Leipurin’s purchased
goods have been calculated using an
activity-based method. Emission factors
obtained from the Exiobase database have
been used to calculate emissions from all
purchased services. Purchased services
have been categorized at an account level
(e.g. IT expenses). Averages have been
used to calculate emissions from purchased
goods.
Emissions from goods purchased by
Telko have been calculated so that the
product range has been divided mainly into
general emission categories, and emission
factors have been obtained from the Eco-
invent and Defra databases for emissions
generated in the manufacture of products
(e.g. the category “polyethylene” for all
polyethylene products). Substance-specific
factors have been obtained for certain
high-volume basic chemicals. The number
of products purchased for new companies
has been estimated based on sales data.
Emissions from goods Leipurin
purchases have been calculated as follows:
The product assortment has been catego-
rized into specific emission categories. For
the categories, emission factors tCO
2
eq
per kg have been calculated on an LCA
basis. The kilograms purchased have been
multiplied by the aforementioned emission
factors.
Purchased services include the use of
shore power by ESL Shipping’s vessels at
port, excluding the tug Charlie, whose use
of shore power is reported in Scope 2.
Category 2 Capital goods
Emissions from capital goods are
calculated using a spend-based method.
Emissions from ESL Shipping’s new vessels
are calculated directly according to the
tonnes of steel used for the vessels.
Vessels sold to investors are not included
in the calculation.
3 Fuel- and energy-related activities
(not included in Scope 1 or Scope 2)
Scope 3 category 3 emissions are
calculated using the total amount of energy
and fuels, as well as emission factors,
derived from the Scope 1 and 2 emission
calculations.
Category 4 Upstream transportation
and distribution
For Telko and Leipurin, category 4
includes the upstream transportation
of all purchased goods, as well as direct
sales deliveries. Transportation emissions
have been calculated by estimating the
distances of transportation made using
different vehicles and the weight of
purchased goods based on the purchase
data obtained from the ERP system. Not
all orders are included in the calculation, as
it does not include purchase orders for the
businesses acquired through acquisitions in
2024, which have been extrapolated in the
emission calculation based on net revenue.
In the case of international transportation,
it has been assumed that the point of
departure is the center of the country of
purchase, as suppliers’ addresses rarely
correspond to the actual point of departure
for purchased goods. The combination of
these data results in the tonne-kilometers
of purchase orders. The emission factor
is based on the assumption that the
transportation utilization rate is 50% of
the transportation weight.
In the assessment of delivery routes,
it has been assumed that transportation
always follows the most direct route, even
though delivery trucks may in reality use
detours. If address information is incom-
plete, average data has been used to esti-
mate the distance travelled. For example,
75
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
if a postal address is missing, average
data on other deliveries to the same city
is used. Uncertainty is also caused by the
automatic system used to calculate the
length of routes. The calculation model
is based on estimates of transportation
methods. Transportation emissions have
also been extrapolated in countries with
insufficient data.
ESL Shipping’s category 4 emissions
have been calculated mainly on a spend-
based method.
Category 5 Waste generated in operations
Indirect emissions are calculated by
multiplying the amount of waste generated
in Aspo’s own operations in tonnes by a
waste material-specific emission factor
(waste type-specific method). The waste
treatment method is based on an estimate
if the waste treatment company does not
provide information about the method
applied to the waste material. The calcu-
lation includes data based on an estimate
of the amount of waste. For example, part
of the emissions from the new businesses
acquired in 2024 is based on estimates.
Category 6 Business traveling
Emissions from flights, hotels, taxis and
travel by ferries are calculated using a
spend-based method and Exiobase’s
emission factors. For operations in Finland,
emissions data on business trips made
by car are based on kilometers driven and
emission factors (Defra). Emissions under
this category have been calculated at an
account level, where the distribution of
costs between different forms of travel
and services has been estimated. In the
spend-based calculation method, price
fluctuations may reduce data quality.
Category 7 Employee commuting
The shares of employees commuting by
public transportation and those using their
own car are based on averages obtained
from a public transportation survey. The
average mileage based on the study is
used in the calculation, and the number of
employees in different travel categories
is multiplied using an applicable emission
factor. The calculation is based on the
number of employees on the last day of the
reporting period. Finland’s country-specific
averages have also been used to calculate
emissions in other countries. The category
also includes ESL Shipping’s sea person-
nel’s commuting flights to and from work.
Flight emissions data (CO
2
emissions) have
been obtained from travel agents.
Category 9 Downstream transportation
and distribution
Emissions from the transportation of
products sold include all downstream
transportation of sales orders. Direct sales
from suppliers to customers are included in
category 4 emissions. Emissions have been
calculated based on sales data obtained
from the ERP system in accordance with
the estimated kilometers from one postal
code to the next. The calculation does not
include sales orders for the businesses
acquired through acquisitions in 2024,
which have been extrapolated in the emis-
sion calculation based on net revenue. The
emission factor is based on an assumption
of the transportation utilization rate being
50% of the transportation weight.
It is assumed that sold products are
transported by truck. Furthermore, it has
been assumed that transportation follows
the most direct route, even though delivery
trucks may in reality use detours. If address
information is incomplete, average data
has been used to estimate the distance
traveled. For example, if a postal address is
missing, average data on other deliveries to
the same city is used. The automatic sys-
tem used to calculate the length of routes
also causes uncertainty. Transportation
emissions have also been extrapolated in
countries with insufficient data.
Category 11 Use of sold pr oducts
Emissions from the use of sold products
are calculated by multiplying the products’
end-use energy consumption by an emis-
sion factor.
Telko has products in the product cate-
gory that generate GHG emissions during
their use, including two-stroke oils added
to gasoline and organic solvents sold as
gasoline additives.
Category 12 End-of-life treatment
of sold products
The following data is used to calculate
emissions from the end-of-life treatment
of sold products: the total quantity of
products and packaging sold in tonnes;
the waste treatment method applied to
the waste material in question; and the
emission factor of the waste material in
question (waste type-specific method).
For packaging, the calculation is based on
estimates of the quantities of products
sold.
In situations where there is insufficient
accurate information about the emissions
from the end-of-life treatment of sold
products, country-specific assumptions
have been made. In these cases, emissions
have been calculated using the following
data: the kilograms of products sold,
packaging group, and packaging weight.
The packaging group of a product may
consist of different packaging materials,
which are taken into account in the
calculation. Assumptions have been made
regarding the waste treatment method for
the classification of emissions, as there is
not enough precise information available
about the waste treatment methods in all
countries.
Telko’s calculation addresses emissions
from both sold products and product
packaging.
Leipurin’s calculation only addresses
emissions from product packaging and sold
packaging material, not emissions from raw
materials.
Category 13 Downstream leased assets
Direct emissions from downstream leased
assets are calculated using fuel consump-
tion and emission factors (fuel-based
method). Vessel fuel emissions are based
on emission factors in accordance with the
GLEC framework. Vessels chartered out are
reported in category 13, as the charterer
has operational control over such vessels.
GHG intensity per net revenue
Total market-based and location-based
GHG emissions are determined per net
revenue. The presentation currency in the
calculation of GHG intensity is the euro.
76
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Social information
ESRS S1 Own workforce
Material impacts, risks and opportunities
related to own workforce (S1)
POSITIVE IMPACT
·
Job stability
·
Remote work opportunities, work-life balance 
·
Safety and well-being
·
Diverse workforce
·
Attracting talent
·
Career advancement
·
Employee satisfaction
NEGATIVE IMPACT
·
Automation displacing employees
·
Fatigue and stress
·
Excessive workload leads to burnout
·
Prolonged absences
·
Occupational hazards
·
Mental health
·
Legal consequences
·
Limited representation
·
Limited representation and gender pay gap
OPPORTUNITIES
·
Resource efficiency
·
Job satisfaction
·
Cost savings
RISKS
·
Fatigue and reduced cognitive performance
·
Burnout
·
Reputational damage
·
High turnover rates
Policies related to own workforce
Responsibility for the personnel is one of
Aspo’s key principles. This means Aspo
wants to provide the personnel with better
working conditions than those minimum
legal requirements require. Examples of
actions exceeding the minimum require-
ment include training provided for sea
personnel and occupational healthcare in
Finland. More training than the statutory
minimum level (Standards of Training,
Certification, and Watchkeeping, SCTW) is
provided for sea personnel, and a modern
e-learning platform has been deployed.
Flexible training models and compensation
have also been agreed with employees.
Occupational healthcare services for sea
personnel focus on preventive measures.
Occupational healthcare service solutions
have produced significant results, including
reductions in sick leave.
The policies established to manage
sustainability matters cover the entire
Aspo Group and its own workforce, while
focusing on its own operations. A monitor-
ing process is carried out once a year.
Aspo treats its employees fairly and
equally in all its operating countries in
accordance with local law and regulations.
The goal is for factors related to employ-
ment relationships will always be managed
professionally and fairly, and in a humanly
sustainable manner. This principle applies
to employment contracts, working hours,
working conditions, remuneration and
disciplinary measures.
Aspo is committed to respecting interna-
tionally accepted human rights as defined
in the UN’s Universal Declaration of Human
Rights, and the UN Guiding Principles on
Business and Human Rights. The company
does not accept any discrimination based
on education, competence, position,
personality, way of life, work experience,
ethnic origin, religion, gender, sexual
orientation, age, nationality, abilities or
other qualities. The annual personnel
survey investigates experiences of the
implementation of human rights policies in
the workplace. The policies also address
appropriate working conditions and do
not accept any human trafficking, child
or forced labor, or other human rights
violations in any circumstances or in any
part of the chain of operations. There are
no actions to remedy human rights impacts
or enable such remedies. Aspo is also
committed to the UN Global Compact.
Aspo has prepared a DEI policy, which
defines principles that obligate all employ-
ees to prevent all forms of discrimination
and harassment, and to promote diversity,
equity and inclusion. Aspo’s goal is for 40%
of the Group’s senior managers and super-
visors, excluding sea personnel, to be of
an under-represented gender by 2030. The
actions included in the related action plan
are described in Table 26 under S1-4 Taki ng
action on material impacts on own work-
force, and approaches to managing material
risks and pursuing material opportunities
related to own workforce, and effectiveness
of those actions, and S1-5 Targets related
to managing material negative impacts,
advancing positive impacts, and managing
material risks and opportunities. There are
no separate commitments to implementing
diversity.
Personnel policies, including the Aspo
Code of Conduct, state that employees can
report any activities that are in violation
of the policies through an anonymous
whistleblowing channel. The whistleblow-
ing channel and whistleblower protection
77
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
are described in more detail under G1-1
Business conduct.
The DEI policy covers all material
impacts, risks and opportunities related to
equity . Their timeliness is reviewed when
reviewing impacts, risks and opportunities
once a year. The DEI policy applies to Aspo
Group and all its segments, as well as its
stakeholders. Aspo’s CEO is responsible for
the policy’s implementation. The DEI policy
is available in Aspo’s intranet.
At Aspo, work environments range from
cargo vessels to chemical warehouses and
offices. Occupational safety is of para-
mount importance, and safety guidelines
and training are constantly developed to
prevent occupational accidents. The goal
is to create more operating models and
practices that help promote the work
ability and mental safety of the office
personnel. Occupational health and safety
programs and supplementary occupational
safety guidelines have been prepared on
a segment-specific basis. The Group has
defined straightforward metrics to monitor
the implementation of different aspects of
occupational safety and wellbeing.
Sustainability activities are guided by
local labor law and collective agreements,
Aspo’s Code of Conduct, DEI policy, occu-
pational health and safety organization,
working community mediation process, and
various guidelines and training in the areas
of personnel management, occupational
health and safety, wellbeing at work, and
work ability management. Aspo also has
related internal development teams and
supervisory bodies. The Code of Conduct is
available to Aspo Group’s entire personnel
on the Aspo website.
At the highest level, the implementation
of the policies prepared to manage
sustainability matters is the responsibility
of the Group’s CEO and each subsidiary’s
managing director.
Processes for engaging with
own workforce and workers’
representatives about impacts
Aspo Group’s cooperation with employees
and their representatives is controlled
centrally from the headquarters in Finland.
Aspo has appointed an occupational
health and safety committee which meets
bi-annually to extensively discuss matters
related to the employee well-being at
work, and occupational health and safety.
In addition to the statutory obligations
concerning the Finnish organization, Aspo’s
HR department supports organizations in
other countries in the planning and imple-
mentation of development initiatives and
programs. It is the responsibility of Aspo
Group’s Senior Vice President of Legal, HR
and Sustainability to maintain communi-
cation with Aspo’s own workforce and to
ensure that the results of communication
are addressed in operating methods.
One of Aspo’s key social sustainability
goals is to promote health and safety
in the workplace. The long-term goal is
zero occupational accidents and a strong
preventive health and safety culture,
part of which includes internal accident
reports and safety observations in high-risk
situations that may lead to occupational
accidents. According to Aspo’s guidelines, a
report of an accident or an observation of
a dangerous situation or near-miss incident
must be submitted within two days of
the incident and can be submitted by the
employee in question, the HR department
or a direct supervisor.
Aspo’s Finnish companies adhere to five
different collective agreements. The collec-
tive agreements of the Technology Indus-
tries of Finland and the Finnish Seafarers’
Union cover most of the personnel. In other
operating countries, Aspo’s companies
apply labor law, collective agreements and
local agreements in accordance with local
law and market practices. ESL Shipping
is a member of the Finnish Shipowners’
Association, which represents ESL Shipping
in collective bargaining. Associations
negotiate collective agreements for both
Finnish and non-EU sea personnel. ESL
Shipping complies with the Maritime
Labour Convention, which lays down pro-
visions on appropriate working conditions
for sea personnel in almost all areas related
to working and living conditions, including
grievance mechanisms.
An annual personnel survey measures
the Group’s own workforce’s commitment
and job satisfaction. The People Power
index represents the survey’s key results,
which are part of the Group’s sustainability
targets. The survey has included a section
covering a broad range of sustainability
elements since 2023, as well as a section
on wellbeing at work since 2024. Based on
the survey’s results, management practices
that support an excellent employee expe-
rience can be developed in all countries in
which Aspo operates. The Group Executive
Committee and the HR department
monitor the personnel’s job satisfaction
and wellbeing at work. Aspo's management
reviews the results of the personnel
survey in a staff meeting. In addition,
supervisors discuss the results with their
subordinates. After reviewing the results,
Aspo’s Executive Committee determines
any necessary actions or improvements
and communicates these to employees in
a staff meeting. Staff meetings are held
quarterly to inform Aspo’s employees on
Aspo’s result and other current topics
and are open for all Aspo’s employees.
Furthermore, supervisors communicate the
actions to their subordinates.
Employees can express their views and
experiences to their own supervisor, or to
the next-level supervisor or management
representative if necessary, or by talking
to HR representatives confidentially and
responding to the annual anonymized
personnel survey. No specific action has
been defined to gain an insight into the
perspectives of people in Aspo’s own
workforce who may be particularly vulner-
able to impacts or marginalized. In ESL
Shipping, the Group’s largest segment, it
has been identified however that retaining
women in the industry, especially after
parenthood, is a development area. Women
are encouraged to express their concerns
at a low threshold.
For its activities to promote diversity,
equity and inclusion, Aspo established a
working group in 2023, consisting of a
diverse group of people working in differ-
ent positions in the Group’s various activ-
ities. The working group coordinates DEI
activities and leads development initiatives
in accordance with the ESG goals. By the
end of 2024, the working group had com-
piled comprehensive DEI communication
material and provided training to increase
awareness and understanding among
management teams and supervisors.
78
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Processes to remediate negative
impacts and channels for own
workforce to raise concerns
Each of Aspo Group’s segments have
separate occupational health and safety
action plans, including the elements of
occupational health and safety. The action
plans describe the working environment’s
key elements, assess the resulting physical
and psychological risk factors, and provide
guidance for the processes and practices to
minimize occupational accidents and other
adverse impacts on the personnel’s health
and safety.
Aspo Group uses a shared wholly
anonymous whistleblowing channel for the
entire personnel through which they can
express their concerns about inappropriate
conduct or suspicions of abuse. The per-
sonnel are reminded of the whistleblowing
channel in conjunction with annual Code of
Conduct training. Trust in the process is not
assessed separately. The whistleblowing
channel is discussed in more detail under
G1 Business conduct.
Instead of using the anonymous
whistleblowing channel, the personnel can
disclose suspicions and shortcomings to
their supervisor or the HR department. All
notifications are handled using the proce-
dure most suitable for the situation, and
corrective measures are taken immediately.
Aspo does not have a formal process to
assess whether remedies are effective.
In addition to the management, the HR
department acts as a supervisory body
to remedy any shortcomings and follows
Aspo’s mediation process in remedies.
Aspo also has a working community media-
tion process that provides employees with
the opportunity to address shortcomings
and sensitive challenges related to teams
or individuals, even when they are not to
be addressed directly with the nearest
supervisor.
In addition to the channels for expressing
concern at the Aspo Group level, all ESL
Shipping’s vessels follow a procedure in
accordance with the Maritime Labour
Convention (MLC) that allows sea person-
nel to lodge a complaint on any matter
that is claimed to be in breach of the MLC
requirements.
Aspo’s goal is for each employee to have
an annual goal and development discussion
with their supervisor. Supervisors are also
encouraged to engage in a continuous
dialogue with team members, and to adopt
a coaching management approach, taking
each individual’s special characteristics
into account. The development of the
personnel’s competence focuses especially
on the maintenance and updating of
professional skills and competence, as well
as the development of linguistic skills and
supervisory work. Since 2024, competence
development has focused on change
management and DEI issues.
The consistency of the personnel’s job
descriptions and related remuneration
is strengthened through a development
project started in 2024, as a result of
which a shared job grading classification
system will be deployed in the Group. This
will also help Aspo prepare for the EU Pay
Transparency Directive that will enter into
force in the coming years.
Taking action on material impacts on
own workforce, and approaches to
managing material risks and pursuing
material opportunities related to own
workforce, and effectiveness of those
actions, and targets related to manag-
ing material negative impacts, advanc-
ing positive impacts, and managing
material risks and opportunities
Aspo’s goals of managing material negative
impacts and material risks and opportuni-
ties, and promoting positive impacts, are
related to stable employment relationships
and work-life balance, improving the
experiences of employees, customers and
principals, ensuring the safety of employ-
ees, and maintaining gender equality.
At Aspo, special attention is paid to
employees’ wellbeing. In accordance with
its sustainability policy, Aspo seeks to
provide safe employment relationships
and fair working hours, and to promote
work-life balance and gender equality,
including in remuneration. Aspo only works
with partners who share the company’s
commitment to health and safety.
The personnel’s progress in these goals
is tracked especially by the People Power
index, where the target is to achieve
the AA+ level by 2030. Progress will be
compared to 2023, when the AA level was
achieved. The AA level was also achieved
in 2024. The People Power index target is
limited to Aspo’s own operations. In 2024,
the satisfaction of other stakeholders and
their willingness to recommend Aspo are
measured regularly using the international
Net Promoter Score (NPS) survey. Another
goal is to improve the experiences of
employees, customers and principals, with
a particular focus on employee wellbeing. In
2024, NPS surveys showed that customer
satisfaction varied between different
businesses. The goal is to develop a numer-
ical NPS metric and a target schedule to
measure the experience of customers and
principals. The targets cover all Aspo’s own
operations globally.
The development of occupational safety
is monitored using the Total Recordable
Injury Frequency (TRIF) metric, which
describes the number of accidents per one
million working hours. TRIF figures are
monitored on a monthly basis. The TRIF
target for 2024 was 6.0, and the outcome
was 4.4. The long-term target is zero
accidents. The target applies to Aspo’s own
workforce, as well as leased employees
working on the vessels ESL Shipping owns.
The base year to which the TRIF target is
compared is 2022, when the TRIF figure
was 8.1.
Another goal is to increase the pro-
portion of the underrepresented gender
in senior management and managerial
positions, apart from sea personnel, to
40% by 2030. The base year to which the
targets are compared is 2024. In 2024, the
proportion of the underrepresented gender
in senior management and managerial
positions, apart from sea personnel, was
36.4%. The target covers the Group’s own
operations globally.
Aspo’s social sustainability steering
group will prepare goals, which will start
operating in 2025. In 2024, new goals
were prepared in goal workshops. The
Group Executive Committee and the Board
of Directors then approve Group-level
goals. The steering group consists of
representatives of Aspo Group’s manage-
ment. The steering group monitors the
79
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
implementation and effectiveness of action
plans, and if necessary, initiates additional
measures or updates action plans related
to goals, and impacts, risks and opportuni-
ties. A working group supports the steering
group. Employees’ representatives from
Aspo’s various operating countries and
businesses are invited to be members of
the working group. The working group’s
purpose is to share information and expe-
riences from employees’ perspectives in
relation to wellbeing at work, occupational
safety and management. It also identifies
any experiences and improvements that
have come to light in communication. Both
the steering group and the working group
are expected to meet 2–4 times a year.
In addition to the Group-level occupa-
tional health and safety committee, each
ESL Shipping vessel has an occupational
health and safety committee to openly dis-
cuss safety reports and risk assessments,
covering all crew members. Twelve safety
meetings were held on vessels during
2024. Safety meetings are also held with
customers and stakeholders.
Aspo Group’s stakeholders have
participated in setting the goals described
in this section at a general level in various
workshops, especially regarding stable
employment, working hours and work-life
balance, as well as equality. External stake-
holders have not been engaged in setting
numerical targets.
The action plan to achieve the goals is
described in the tables below. The planned
actions primarily aim to reduce material
negative impacts on the workforce.
The tables describe which part of the
value chain (upstream, own operations,
downstream) the action plan concerns.
The presented action plans only cover
Aspo’s own operations. “Global” means
that the plan is geographically global. The
right-hand section indicates that the action
plan applies to Aspo Group as a whole.
“Cross-cutting activity” means activities
covering the entire value chain.
The action plans include general
policies at Group level, and the segments
implement actions according to their own
needs. Each action plan is geographically
global. However, practical actions related
to occupational safety are location-specific
in principle. In addition to the shared
measures presented in the action plans,
the segments may have their own devel-
opment activities related to professional
development.
The action plans are not expected to
cause any significant operating expenses.
The action plans are followed, and their
progress is reported on regularly going
forward.
80
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ACTION PLAN TO REACH THE AA+ LEVEL IN THE PEOPLE POWER INDEX BY 2030
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during 2024 Actions planned for the coming years (2025->)
Secure employment
·
Job stability
·
Automation
·
Resource efficiency
·
Job satisfaction
·
Outplacement support for employees dismissed for financial and production-related reasons,
according to local practices.
·
Annual personnel survey.
·
Working space planning and ergonomics.
·
Remote working opportunities when possible in accordance with Group- or segment-level
guidelines (not applicable to sea personnel).
·
The actions taken during the reporting year will continue
from 2025.
Working time
·
Fatigue and stress
·
Remote work opportunities
·
Cost savings
·
Reduced cognitive performance
·
Occupational healthcare.
·
Interferencewith continuously working overtime.
·
Equal opportunities to adapt to different life situations and the possibility of part-time work
(not applicable to sea personnel.
·
Remote working opportunities when possible in accordance with Group- or segment-level
guidelines (not applicable to sea personnel).
·
The actions taken during the reporting year will continue
from 2025.
Work-life balance
·
Burnout
·
Prolonged absences
·
Reputational damage
·
Equal opportunities to adjust work according to different life situations and the possibility of
part-time work.
·
Interference with continuously working overtime.
·
Telko: Mental wellbeing and personal coaching are available to all employees globally.
·
Occupational wellbeing plan (e.g. within 2 years).
·
Development of mental wellbeing and personal coaching at
an Aspo level in 2025 as part of a more extensive develop-
ment of HR policy (schedule to be specified later).
81
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ACTION PLAN TO IMPROVE THE EXPERIENCES OF EMPLOYEES, CUSTOMERS AND PRINCIPALS, PAYING SPECIAL ATTENTION TO THE
WELLBEING OF EMPLOYEES.
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during 2024 Actions planned for the coming years (2025->)
Training and skills development
·
Career advancement
·
Employee satisfaction
·
Operational cost savings
·
Career advancement planning as part of employee performance dialogue.
·
The development of the capability development process,
competence and a coaching culture will be continued at
Group level.
■
ACTION PLAN TO ENSURE EMPLOYEES’ SAFETY WITH A TRIF TARGET OF 6.0 BY 2030
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during 2024 Actions planned for the coming years (2025->)
Health and safety
·
Occupational hazards
·
Mental health
·
High turnover rates
·
Cost savings
·
Occupational healthcare
·
Employee feedback on safety
·
Safety guidance in the workplace
·
Safety training, e.g. first aid training
·
Accident reporting
·
Adaptation to life situations and the possibility of part-time work
·
The safety working group meets bi-annually and supports the segments in safety matters.
·
To ensure occupational health and safety, a template has been created to be used locally for
sites and offices – action programmes are developed together with the Group’s management
and employee representatives.
·
Aspo Services support functions at segments offices and sites are included in the segments’
occupational health and safety action programs.
·
The actions taken during the reporting year will continue
from 2025.Combining Turvapuisto training with other train-
ing will be investigated.
82
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ACTION PLAN TO INCREASE THE SHARE OF THE UNDERREPRESENTED GENDER TO 40% AMONG SENIOR MANAGEMENT AND SUPERVISORS BY 2030
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during 2024 Actions planned for the coming years (2025->)
Gender equality and equal pay for work
of equal value
·
Diverse workforce
·
Attracting talent
·
Limited representation and gender pay gap
·
“Equal opportunities for all” guidelines in Group-level policies
·
Job grading system implementation to Aspo Group-level to report equal pay
·
The implementation of the job grading system will be contin-
ued at Group level to report equal pay from 2026.
·
The gender equality goal will be linked to compensation and
benefits (to be developed in 2025, possible implementation
from 2026).
·
Investigate opportunities to improve equality in family mat-
ters on a global level (long-term action)
Diversity
·
Diverse workforce
·
Attracting talent
·
Limited representation
·
Management and supervisory training on DEI topics
·
“Equal opportunities for all” guidelines in Aspo-level policies
·
Code of Conduct training
·
A DEI working group and sustainable development network established to discuss DEI matters
bi-annually
·
HR system development to support the expression of gender identity
·
Intranet page for DEI matters
·
DEI trainings for all employees
·
Develop the possibility for anonymized first round recruit-
ment phase, including external recruitment services upskill-
ing for DEI topics (2025-2026) as part of the HR Policy
development
·
The extension of DEI trainings to concern all Aspo Group
employees will also continue in the future (schedule to be
specified later).
·
Recruitment policy will be developed as part of the develop-
ment of HR policy (schedule to be specified later).
83
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Characteristics of the undertaking’s employees
At the end of 2024, Aspo Group employed a total of 800 people. The 2024 data only
includes employees in an employment relationship directly with Aspo’s companies. Mea-
sured by the number of employees, the largest operating countries are Finland and Swe-
den. Some two thirds of sea personnel work in the Finnish company, and about one third
in companies outside Europe. As is typical in the industry, sea personnel are predominantly
male. For the onshore and office personnel, the proportion of women and men is relatively
well balanced.
The majority of Aspo Group’s personnel are employed on a permanent and full-time basis.
Employee turnover in 2024 was 8.6%. The total number of employees corresponds to the
figure reported in the financial statements.
■
TOTAL NUMBER OF EMPLOYEES BY GENDER
2024 2024 2024
Gender
Number of
employees
(head count)
Of which
shore personnel
Of which
sea personnel
Male 528 351 177
Female 272 256 16
Other 0 0 0
Not reported 0 0 0
Total employees 800 607 193
■
NUMBER OF EMPLOYEES IN THE OPERATING COUNTRIES IN WHICH THE
COMPANY HAS AT LEAST 50 EMPLOYEES AND AT LEAST 10% OF THE TOTAL
NUMBER OF EMPLOYEES IN THE COMPANY
2024 2024 2024
Country
Number of
employees
(head count)
Of which
shore personnel
Of which
sea personnel
Finland 328 178 150
Sweden 205 205 0
Ukraine 30 30 0
Latvia 30 30 0
Estonia 25 25 0
Lithuania 25 25 0
Poland 26 26 0
France 19 19 0
Kazakhstan 12 12 0
Denmark 14 14 0
China 11 11 0
Germany 10 10 0
Uzbekistan 7 7 0
Belgium 6 6 0
Norway 6 6 0
The Netherlands 2 2 0
Romania 1 1 0
Non-EU *
)
43 0 43
Total 800 607 193
*
)
Employees on ESL Shipping's vessels under the Finnish flag who come from non-EU countries.
84
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
TOTAL NUMBER OF EMPLOYEES BY EMPLOYMENT CONTRACT AND GENDER
2024 2024 2024 2024 2024
Contract type
Female
(head count)
Male
(head count)
Other*
(head count)
Not disclosed
(head count) Total
Number of employees 272 528 0 0 800
Number of permanent employees 258 456 0 0 714
Number of temporary employees 14 72 0 0 86
Number of non-guaranteed hours employees 0 0 0 0 0
Number of full-time employees 257 517 0 0 774
Number of part-time employees 15 11 0 0 26
■
TOTAL NUMBER AND TURNOVER OF EMPLOYEES WHO LEFT
THE COMPANY DURING THE REPORTING PERIOD
2024
Headcount
Total number of employees who left the company during the reporting period 65
Employee turnover during the reporting period 8.6%
Diversity metrics
At the end of 2024, 16 of Aspo’s senior managers were men, and five were women. The
senior management consists of Aspo Plc’s Group Executive Committee and the manage-
ment teams of Aspo’s segments. Most of Aspo Group’s employees are aged between 30
and 50. The average age is 45. The table below presents more detailed information about
the age and gender distribution.
2024 2024 2024 2024 2024 2024
Employee group Male N Male % Female N Female % Total Total %
Top management 16 76.2% 5 23.8% 21 100
Employees under 30 years old 46 71.9% 18 28.1% 64 100
Employees 30–50 years old 281 63.6% 161 36.4% 442 100
Employees over 50 years old 201 68.4% 93 31.6% 294 100
85
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Health and safety metrics
Employees employed directly by Aspo’s companies fall within the scope of statutory occu-
pational healthcare and occupational safety policies. During 2024, Aspo Group reported
nine work-related accidents in its own workforce. Of these, 0 resulted in the death of an
employee.
■
HEALTH AND SAFETY METRICS
2024
Health and safety metrics Data
Percentage of people in its own workforce who are covered by health and safety
management system based on legal requirements and (or) recognized standards
or guidelines 100%
Number of fatalities in own workforce as result of work-related injuries and
work-related ill health 0
Number of recordable work-related accidents for own workforce 9
Rate of recordable work-related accidents for own workforce (TRIF) 4.4
Number of cases of recordable work-related ill health of employees 0
Remuneration metrics (pay gap and total remuneration)
In Aspo Group’s segments, the gender pay gap is 26.3%. The highest earner’s annual pay is
15.4 times the rest of the personnel’s median pay.
■
REMUNERATION METRICS, PAY GAP AND TOTAL REMUNERATION
2024
Remuneration metrics Data
Gender pay gap 26.3%
Annual total remuneration ratio 15.4
MEASUREMENT METHODOLOGIES FOR EMPLOYEE CHARACTERISTICS
The measurement methodologies have been audited only by the Sustainability Statement
Assurance provider.
S1-6 – CHARACTERISTICS OF
EMPLOYEES
Information about the number of employ-
ees by gender and employment contract in
each country, as well as information about
employee turnover, is obtained from HR
and payroll systems. The personnel are
divided between shore personnel and ESL
Shipping’s sea personnel. Sea personnel is
divided between non-EU employees and
employees from European countries.
The data is based on the number of
employees on the last day of the reporting
period (December 31, 2024), and the
figures are presented as a headcount.
Employees who left the company during
the reporting period refer to employment
relationships that have ended at the
employee's request, by mutual agreement,
due to retirement, or through termination
initiated by the employer.
S1-9 DIVERSITY METRICS
Employees’ age groups are obtained from
HR and payroll systems based on dates of
birth. The data is based on the number of
employees on the last day of the reporting
period (December 31, 2024).
S1-14 HEALTH AND SAFETY METRICS
The total number and type of work-related
accidents are obtained from the ESG
reporting system. The TRIF measurement
is based on the number of work-related
accidents leading to an absence or medical
treatment per one million working hours.
In the case of occupational diseases, the
number of absences is obtained from HR
and payroll systems. All employees are
subject to local legal regulations, which has
been addressed in reporting.
Aspo does not have an accident
and occupational disease monitoring
system covering all Group companies,
and the accuracy of data provision is the
responsibility of individuals. It is therefore
possible that not all individual cases have
been reported.The 2024 data only includes
employees Aspo’s companies employ
directly. This will be corrected in future
reporting through central monitoring.
S1-16 – REMUNERATION METRICS
(PAY GAP AND TOTAL REMUNERATION)
The 2024 pay gap data only includes
employees Aspo’s companies employ
directly.
Shore personnel: Based on the report
obtained from the HR system, monthly
or hourly pay has been determined for
each employment relationship that
remained valid on December 31, 2024. If
pay is recorded as monthly pay, it is first
converted into full-time equivalents (FTE) if
necessary and then divided by the average
monthly working hours calculated based on
each employment contract’s local full-time
working hours.
Sea personnel: Total pay for 2024 has
been obtained from the HR and payroll
system, divided by the number of working
days recorded on board and further by
the length of the working day, which is
eight hours. According to the collective
agreement, the regular working day for sea
personnel is eight hours, while the working
day for onshore personnel is 7.5 hours.
Annual holiday pay is not included in total
pay.
86
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Governance information
ESRS G1 Business conduct
Material impacts, risks and opportunities
related to business conduct (G1)
NEGATIVE IMPACT
·
High turnover
·
Lack of confidentiality
·
Opportunity for corruption
RISKS
·
Reputational damage
Business conduct policies
and corporate culture
Aspo Group’s principle is that socially, fi-
nancially and environmentally sustainable
business is a prerequisite for long-term
value creation, and that a sustainably led
growing company creates employment, tax
revenue and wellbeing. Aspo’s segments
aim to be sustainability forerunners in their
respective sectors in the long term. Key
elements of business sustainability are dis-
cussed as a separate item at the meetings
of Aspo’s Board of Directors and the Group
Executive Committee approximately once
a month.
In accordance with its Code of Conduct,
Aspo is committed to conducting business
honestly and in an ethically sustainable
manner. According to Aspo’s Code of
Conduct, all Aspo Group employees are
responsible for ensuring that the Group
acts in accordance with the company’s
ethical commitments. All Aspo Group
employees and all members of Aspo Plc’s
Board of Directors must complete annual
Aspo Code of Conduct e-training.
Aspo supports a culture of discussion
that encourages everyone’s voice to be
heard. Each employee is expected to
report any suspicions or observations
regarding activities that are in violation
of the law, the Code of Conduct or any
other Aspo policies. Employees can submit
notifications to their own supervisor,
directly to the company’s CEO, Aspo’s
legal department, HR department or an
internal audit representative. In addition,
an electronic whistleblowing channel is
available on the website at https://repor t.
whistleb.com/aspo. It allows employees
to submit notifications anonymously,
and external parties can also use the
channel. An external supplier manages the
whistleblowing channel, and notifications
are processed in accordance with a specific
process and reported to Aspo’s Board of
Directors. Personal data is processed in
accordance with the requirements of data
protection law and the EU General Data
Protection Regulation (GDPR), and notifica-
tions are kept confidential where possible.
Aspo’s whistleblowing policy describes the
procedures for investigating suspected
misconduct in more detail.
Aspo’s anti-corruption and anti-bribery
policies are compliant with the UN Conven-
tion: corruption or bribery is not accepted
in any form. The company does not offer,
give, request, or receive gifts or hospitality
of greater than nominal value, or that are
or may be intended to influence decision
making or to obtain unfair personal gain.
The goal is to have no cases of bribery or
corruption. The goal covers Aspo’s own
operations globally.
Aspo estimates that those most sus-
ceptible to bribery and corruption include
those working in managerial positions in
the company, as well as ship officers.
In whistleblower protection, Aspo com-
plies with the EU Whistleblower Directive
(act on the protection of people who report
breaches of EU and national law (December
20, 2022/1171)). Reporting concerns is
never a punishable act. Violation of the
Code of Conduct and retaliation may have
consequences. Aspo does not accept any
retaliatory action, including discharges, pay
reductions or the prevention of promotion,
against any person who has sincerely sub-
mitted a notification of suspected miscon-
duct, or who is involved in the investigation
of suspected misconduct. Whistleblowing
is included in Code of Conduct e-training.
87
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
The company may use an external
investigator or inspector to conduct an
investigation if this is considered necessary
to ensure independence.
Aspo’s Code of Conduct and whis-
tleblower protection policy cover all
material impacts, risks and opportunities
related to business conduct. Their timeli-
ness is reviewed when reviewing impacts,
risks and opportunities once a year. Aspo’s
Code of Conduct and whistleblower
protection policy apply to Aspo Group and
all its segments, focusing mainly on its
own operations. They do not apply to the
upstream and downstream value chains.
Aspo’s whistleblower protection policy also
covers former Aspo employees. The CEO is
responsible for implementing the Code of
Conduct and the whistleblower protection
policy.
In addition to Aspo Group’s policies and
whistleblowing channels, all ESL Shipping’s
vessels follow a procedure in accordance
with the MLC that allows sea personnel
to lodge a complaint on any matter that
is claimed to be in breach of the MLC
requirements.
Aspo Group and its segments are
committed to the UN Global Compact, the
UN Universal Declaration of Human Rights,
and the ILO Declaration on Fundamental
Principles and Rights at Work. In addition
to Group-level principles and policies, Telko
is committed to the UN’s UNCAC Principles
and the FECC’s Code of Conduct principles.
The Code of Conduct is available on Aspo’s
website, and the whistleblower protection
policy is available to employees in the
company’s intranet. Information about the
whistleblower protection policy can be
provided for other stakeholders on request.
■
ACTIONS RELATED TO BUSINESS CONDUCT
Material impact, risk or opportunity Actions during the reporting year (2024) Actions planned for the coming years (2025 -> )
Corporate culture
·
High turnover
·
Reputational damage
·
Revision of guidelines.
·
Launching an updated e-training program (CoC mandatory for everyone, anti-bribery, competi-
tion law and data protection for targeted groups).
·
Online courses launched in 13 languages and ensuring that they are available to all employees.
·
Annual review of compliance risks in all businesses.
·
Measuring how ethical Aspo is from employees’ perspective (e.g. People Power index).
·
Departing conversations with epmloyees.
·
Annual Code of Conduct and compliance trainings.
·
Self-assessments for internal control and compliance.
·
Continuous improvement of internal control based on risks
and self-assessments.
Protection of whistleblowers
·
Lack of confidentiality
·
Reputational damage
·
Whistleblowing process and communication regarding whistleblower protection and the possi-
bility to report shortcomings anonymously.
·
Keeping notifications confidential to the extent possible.
·
Compliance officer helps protect whistleblowers in various ways.
·
The actions taken during the reporting year will
continue from 2025.
·
Continuous improvement.
Corruption and bribery
·
Opportunity for corruption
·
According to Aspo Group’s policies:
·
Mandatory training regarding compliance and anti-corruption.
·
Several channels for raising concerns; all possible cases or suspicions, even minor ones, will be
investigated.
·
Straightforward roles and responsibilities communicated to everyone.
·
Continuous development of internal control to reduce risks.
·
The actions taken during the reporting year will continue
from 2025.
·
Continuous improvement.
88
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Prevention and detection
of corruption and bribery
Aspo Group has prepared the Code of
Conduct and related training for the entire
personnel. The main message is zero toler-
ance for any form of corruption and bribery.
In addition to Code of Conduct training, the
company provided online anti-bribery and
anti-corruption e-training in the fall of 2024
and establisheda separate anti-bribery and
anti-corruption policy.
All Aspo Group employees and all
members of Aspo Plc’s Board of Directors
are required to complete annual Aspo Code
of Conduct e-training, which also includes
anti-corruption and anti-bribery guidelines
and rules. The 100% target applies to 2024
and is compared to the base year of 2021,
when Code of Conduct training was com-
pleted by 88% of the personnel. The target
was met in 2024. The 100% target was
also reached in 2022 and 2023. The target
covers Aspo’s own operations globally.
Depending on tasks, employees must also
complete compliance training regarding
various themes such as anti-bribery and
anti-corruption, competition law, and data
protection. The target is that everyone in
the target group for compliance training
completes it.
Any suspicions of corruption or bribery
must be reported to either the nearest
supervisor, the Compliance Officer or
through the whistleblowing channel. The
company will investigate all suspicions
raised. Notification receipt options ensure
that investigation is always carried out by a
party not involved in the case.
The SVP of Legal, HR and Sustainability
statements significant suspicions to the
Audit Committee. In addition to the Audit
Committee, Aspo’s Board of Directors
discusses corruption and bribery cases on a
quarterly basis.
The company’s Code of Conduct and
anti-bribery and anti-corruption policies, as
well as related training, are communicated
to the entire personnel by email and in
the company’s intranet, where they are
available to the entire personnel.
In addition to Group-level training,
ESL Shipping is committed to fighting
corruption as a member of the Maritime
Anti-Corruption Network (MACN). ESL Ship-
ping’s vessels operate mainly in Northern
Europe, but the company understands that
corruption remains a significant problem
in some of the countries where its vessels
operate.
Incidents of corruption or bribery
In 2024, Aspo Group did not become aware
of any suspected incidents of corruption
or bribery. A total of EUR 0 in fines was
imposed for breaches of the law. Aspo
Group’s actions to prevent corruption
and bribery are discussed under G1-3.
Information related to corruption and brib-
ery cases is obtained from Aspo’s systems,
and no limitations have been identified in
the measurement methodologies.
The measurement methodologies have
been audited only by the Sustainability
Statement Assurance provider.
■
CORRUPTION OR BRIBERY INCIDENTS DURING THE REPORTING PERIOD
Corruption and bribery cases Number/amount
Number of convictions for violation of anti-corruption and anti-bribery laws 0
Amount of fines for violation of anti-corruption and anti-bribery laws EUR 0
89
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Appendix 1: Disclosure requirements and references
■
CROSS-CUTTING STANDARDS
Disclosure requirements
ESRS 2 General information Paragraph/report Page Further information
BP-1 General basis for preparation of sustainability statements Sustainability Statement 42
BP-2 Disclosures in relation to specific circumstances Sustainability Statement 42
GOV-1 The role of the administrative, management and supervisory bodies Sustainability Statement 42–43
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management
and supervisory bodies
Sustainability Statement 43–44
GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability Statement 44
GOV-4 Statement on due diligence Sustainability Statement 44
GOV-5 Risk management and internal controls over sustainability reporting Sustainability Statement/
Annual Report
44
SBM-1 Strategy, business model and value chain Sustainability Statement 44–46
SBM-2 Interests and views of stakeholders Sustainability Statement 46–47
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 47–51
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Sustainability Statement 51–54
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Sustainability Statement 54
MDR-P Policies adopted to manage material sustainability matters Sustainability Statement 64, 77, 87
MDR-A Actions and resources in relation to material sustainability matters Sustainability Statement 64–66,
79–83,
87–88
MDR-M Metrics in relation to material sustainability matters Sustainability Statement 64–65, 69,
75–76, 79,
86, 89
MDR-T Tracking effectiveness of policies and actions through targets Sustainability Statement 64–65,
79–80,
87–89
■
ENVIRONMENTAL STANDARDS
Disclosure requirements
ESRS E1 Climate change Paragraph/report Page Further information
ESRS 2, GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability Statement 44
E1-1 Transition plan for climate change mitigation Sustainability Statement 64
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 53
90
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ESRS E1 Climate change Paragraph/report Page Further information
ESRS, IRO-1 Description of the process to identify and assess material impacts, risks and opportunities related to climate Sustainability Statement 53–54
E1-2 Policies related to climate change mitigation and adaptation Sustainability Statement 64
E1-3 Actions and resources in relation to climate change policies Sustainability Statement 65–66
E1-4 Targets related to climate change mitigation and adaptation Sustainability Statement 64–65
E1-5 Energy consumption and mix Sustainability Statement 66–69
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions Sustainability Statement 69–74
E1-7 GHG removals and GHG mitigation projects financed through carbon credits - - Not relevant for Aspo
E1-8 Internal carbon pricing - - Not relevant for Aspo
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
- - Not relevant for Aspo
■
SOCIAL STANDARDS
Disclosure requirements
ESRS S1 Own workforce Paragraph/report Page Further information
ESRS 2, SBM-2 Interests and views of stakeholders Sustainability Statement 47
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 51
S1-1 Policies related to own workforce Sustainability Statement 77–78 Voluntary data points not responded to
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts Sustainability Statement 78–79 Voluntary data points not responded to
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns Sustainability Statement 79 Voluntary data points not responded to
S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
Sustainability Statement 79–83 Voluntary data points not responded to
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material
risks and opportunities
Sustainability Statement 79–83 Voluntary data points not responded to
S1-6 Characteristics of the undertaking’s employees Sustainability Statement 84–85 Responded to voluntary data points 52a
and b, no other voluntary data points
responded to
S1-7 Characteristics of non-employees in the undertaking’s own workforce - - Omitted as part of transitional provisions
S1-8 Collective bargaining coverage and social dialogue - - Not relevant
S1-9 Diversity metrics Sustainability Statement 85
S1-10 Adequate wages - - Not relevant
S1-11 Social protection - - Omitted as part of transitional provisions
S1-12 Persons with disabilities - - Omitted as part of transitional provisions
S1-13 Training and skills development metrics - - Omitted as part of transitional provisions
91
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ESRS S1 Own workforce Paragraph/report Page Further information
S1-14 Health and safety metrics Sustainability Statement 86 Voluntary data points and transitional
provisions not responded to
S1-15 Work-life balance metrics - - Omitted as part of transitional provisions
S1-16 Remuneration metrics (pay gap and total remuneration) Sustainability Statement 86 Voluntary data points not responded to
S1-17 Incidents, complaints and severe human rights impacts - - Not relevant
■
GOVERNANCE STANDARDS
Disclosure requirements
ESRS G1 Business conduct Paragraph/report Page Further information
ESRS 2, GOV-1 The role of the administrative, management and supervisory bodies Sustainability Statement 43
ESRS 2, IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Sustainability Statement 54
G1-1 Business conduct policies and corporate culture Sustainability Statement 87–88
G1-2 Management of relationships with suppliers - - Not relevant
G1-3 Prevention and detection of corruption and bribery Sustainability Statement 89 Voluntary data points not responded to
G1-4 Incidents of corruption or bribery Sustainability Statement 89 Voluntary data points not responded to
G1-5 Political influence and lobbying activities - - Not relevant
G1-6 Payment practices - - Not relevant
92
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Appendix 2: Data points derived from other EU legislation
The table below presents the data points from ESRS 2 and the topic-specific ESRS standards that are derived from other European Union (EU) legislation,
as outlined in Appendix B of ESRS 2.
Disclosure
requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS 2 GOV-1 21 (d) Board’s gender diversity X X Sustainability Statement 43
ESRS 2 GOV-1 21 (e) Percentage of board members who are independent X Sustainability Statement 43
ESRS 2 GOV-4 30 Statement on due diligence X Sustainability Statement 44
ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities X X X Sustainability Statement 45
ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production X X Sustainability Statement 45
ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons X X Sustainability Statement 45
ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco X Not applicable to Aspo
ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 X Not responded to
ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks X X Not responded to
ESRS E1-4 34 GHG emissions reduction targets X X X Not responded to
ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high
climate impact sectors)
X Sustainability Statement 66–68
ESRS E1-5 37 Energy consumption and mix X Sustainability Statement 66–68
ESRS E1-5 40 to 43 Energy intensity associated with activities in high climate impact sectors X Sustainability Statement 66, 69
ESRS E1-6 44 Gross Scopes 1, 2, 3 and Total GHG emissions X X X Sustainability Statement 69–74
ESRS E1-6 53 to 55 Gross GHG emissions intensity X X X Sustainability Statement 69–74
ESRS E1-7 56 GHG removals and carbon credits X Not applicable to Aspo
ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks X Not relevant
ESRS E1-9 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk X Not relevant
ESRS E1-9 66 (c) Location of significant assets at material physical risk X Not relevant
ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency
classes
X Not relevant
ESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities X Not relevant
ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (Europe-
an Pollutant Release and Transfer Register) emitted to air, water and soil
X Not relevant
ESRS E3-1 9 Water and marine resources X Not relevant
ESRS E3-1 13 Dedicated policy X Not relevant
ESRS E3-1 14 Sustainable oceans and seas X Not relevant
ESRS E3-4 28 (c) Total water recycled and reused X Not relevant
93
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Disclosure
requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS E3-4 29 Total water consumption in m3 per net revenue in own operations X Not relevant
ESRS 2- SBM-3 - E4 16 (a) i Activities negatively affecting biodiversity-sensitive areas X Not relevant
ESRS 2- SBM-3 - E4 16 (b) Material negative impacts regarding land degradation, desertification or soil
sealing
X Not relevant
ESRS 2- SBM-3 - E4 16 (c) Operations affecting threatened species X Not relevant
ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies X Not relevant
ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies X Not relevant
ESRS E4-2 24 (d) Policies to address deforestation X Not relevant
ESRS E5-5 37 (d) Non-recycled waste X Not relevant
ESRS E5-5 39 Hazardous and radioactive waste X Not relevant
ESRS 2 - SBM3 - S1 14 (f) Risk of incidents of forced labor X Sustainability Statement 51
ESRS 2 - SBM3 - S1 14 (g) Risk of incidents of child labor X Sustainability Statement 51
ESRS S1-1 20 Human rights policy commitments X Sustainability Statement 77
ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
X Sustainability Statement 77
ESRS S1-1 22 Processes and measures for preventing trafficking in human beings X Sustainability Statement 77
ESRS S1-1 23 Workplace accident prevention policy or management system X Sustainability Statement 78
ESRS S1-3 32 (c) Grievance/complaints handling mechanisms X Sustainability Statement 79
ESRS S1-14 88 (b) and
(c)
Number of fatalities and number and rate of work-related accidents X X Sustainability Statement
/ Not included (phase-in)
86
ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness X Not included (phase-in)
ESRS S1-16 97 (a) Unadjusted gender pay gap X X Sustainability Statement 86
ESRS S1-16 97 (b) Excessive CEO pay ratio X Sustainability Statement 86
ESRS S1-17 103 (a) Incidents of discrimination X Not relevant
ESRS S1-17 104 (a) Non-respect for UNGPs on Business and Human Rights and OECD Guidelines X X Not relevant
ESRS 2 - SBM3 – S2 11 (b) Significant risk of child labor or forced labor in the value chain X Not relevant
ESRS S2-1 17 Human rights policy commitments X Not relevant
ESRS S2-1 18 Policies related to value chain workers X Not relevant
ESRS S2-1 19 Non-respect for UNGPs on Business and Human Rights principles and OECD
guidelines
X X Not relevant
ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
X Not relevant
ESRS S2-4 36 Human rights issues and incidents connected to its upstream and down-
stream value chains
X Not relevant
94
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Disclosure
requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS S3-1 16 Human rights policy commitments X Not relevant
ESRS S3-1 17 Non-respect for UNGPs on Business and Human Rights, ILO principles or
OECD guidelines
X X Not relevant
ESRS S3-4 36 Human rights issues and incidents X Not relevant
ESRS S4-1 16 Policies related to consumers and end users X Not relevant
ESRS S4-1 17 Non-respect for UNGPs on Business and Human Rights principles and OECD
guidelines
X X Not relevant
ESRS S4-4 35 Human rights issues and incidents X Not relevant
ESRS G1-1 10 (b) United Nations Convention against Corruption X Sustainability Statement 87
ESRS G1-1 10 (d) Whistleblower protection X Not applicable to Aspo
ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws X X Sustainability Statement 89
ESRS G1-4 24 (b) Standards of anti-corruption and anti-bribery X Sustainability Statement 89
95
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Financial statements 2024
CONSOLIDATED FINANCIAL STATEMENTS 2024 97
Consolidated Statement of Comprehensive Income 97
Consolidated Balance Sheet 98
Consolidated Cash Flow Statement 99
Consolidated Statement of Changes in Equity 100
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 101
1 Aspo develops businesses responsibly
in the long term 101
1.1 Group structure 102
1.2 Acquisitions and divestments 105
1.3 Discontinued operations 109
2 Capital structure 112
2.1 Financial assets and liabilities 113
2.2 Cash and cash equivalents 114
2.3 Loans 115
2.4 Maturity 116
2.5 Leases 117
2.6 Equity 120
2.7 Earnings per share and dividend distribution 122
3 Business operations and profitability 123
3.1 Net sales 125
3.2 Other operating income 127
3.3 Associated companies 128
3.4 Materials and services 129
3.5 Other operating expenses 129
3.6 Employee benefit expenses and
number of personnel 130
3.7 Depreciation, amortization and
impairment losses 131
3.8 Financial income and expenses 132
3.9 Income taxes 133
4 Invested capital 134
4.1 Tangible assets 136
4.2 Intangible assets 139
4.3 Goodwill 141
4.4 Inventories 143
4.5 Accounts receivable and other receivables 144
4.6 Accounts payable and other liabilities 145
4.7 Provisions 146
4.8 Deferred taxes 147
5 Other notes 149
5.1 Financial risks and the management
of financial risks 149
5.2 Derivative contracts 153
5.3 Related parties and management compensation 155
5.4 Share-based payments 156
5.5 Contingent assets and liabilities,
and other commitments 158
5.6 Events after the financial year 159
5.7 Changes in IFRS standards 159
PARENT COMPANY’S FINANCIAL STATEMENTS 161
Parent company’s income statement 161
Parent company’s balance sheet 162
Parent company’s cash flow statement 163
Notes to the parent company’s financial statements 164
Signatures on the financial statements, Board
of Directors’ report and sustainability report 173
Auditor’s report 174
Sustainability assurance report 178
96
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS

|  |  |  | KONSERNITILINPÄÄTÖS, IFRS |  |  |  |  |
1,000 | EUR | Note | Jan 1–Dec 31, 2024 | Jan 1–Dec 31, 2023 | 1,000 | EUR | Note | Jan 1–Dec 31, 2024 | Jan 1–Dec 31, 2023
Continuing operations |  |  |  |  | Other comprehensive income |  |  |  |
Net sales |  | 3.1 | 592,599 | 536,434 | Items that may be reclassified to profit or loss |  |  |  |
Other operating income |  | 3.2 | 2,523 | 2,989 | in subsequent periods: |  |  |  |
Share of profits accounted for using the equity method |  | 3.3 | 442 | 1,268 | Translation differences |  |  | -971 | 12,153
Materials and services |  | 3.4 | -378,956 | -338,603 | Cash flow hedges |  | 5.2 | 9,403 | -47
|  |  |  |  | Other comprehensive income for the period, |  |  |  |
Employee benefit expenses |  | 3.6 | -54,364 | -48,539 | net of taxes |  |  | 8,433 | 12,106
Depreciation, amortization and impairment losses |  | 3.7 | -24,127 | -19,335 | Total comprehensive income |  |  | 15,716 | 13,747
Depreciation and amortization, leased assets |  | 3.7 | -14,830 | -14,183 |  |  |  |  |
Other operating expenses |  | 3.5 | -104,732 | -94,160 | Profit for the period attributable to |  |  |  |
Operating profit |  |  | 18,556 | 25,871 | Parent company shareholders |  |  | 6,363 | 1,641
|  |  |  |  | Non-controlling interest |  |  | 920 | 0
Financial income |  | 3.8 | 5,176 | 1,600 |  |  |  | 7,283 | 1,641
Financial expenses |  | 3.8 | -13,696 | -10,855 |  |  |  |  |
Financial income and expenses |  |  | -8,520 | -9,255 | Total comprehensive income attributable to |  |  |  |
|  |  |  |  | Parent company shareholders |  |  | 12,790 | 13,747
Profit before taxes |  |  | 10,035 | 16,616 | Non-controlling interest |  |  | 2,925 | 0
|  |  |  |  |  |  |  | 15,716 | 13,747
Income taxes |  | 3.9 | -2,752 | -361 |  |  |  |  |
Profit from continuing operations |  |  | 7,283 | 16,255 | Earnings per share attributable to parent company |  |  |  |
|  |  |  |  | shareholders, EUR |  |  |  |
Profit from discontinued operations |  | 1.3 | 0 | -14,614 | Basic earnings per share |  |  |  |
Profit for the period |  |  | 7,283 | 1,641 | Continuing operations |  | 2.7 | 0.14 | 0.45
|  |  |  |  | Discontinued operations |  | 2.7 | 0 | -0.46
|  |  |  |  | Total |  |  | 0.14 | -0.01
|  |  |  |  | Diluted earnings per share |  |  |  |
|  |  |  |  | Continuing operations |  | 2.7 | 0.14 | 0.45
|  |  |  |  | Discontinued operations |  | 2.7 | 0 | -0.46
|  |  |  |  | Total |  |  | 0.14 | -0.01

Consolidated statement of comprehensive income
Consolidated financial statements 2024
97
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Consolidated balance sheet

|  |  |  |  |  |  |  |  | KONSERNITILINPÄÄTÖS, IFRS |
ASSETS |  |  |  |  | EQUITY AND LIABILITIES |  |  |  |  |
1,000 | EUR | Note | 31.12.2024 | 31.12.2023 | 1,000 | EUR | Note | 31.12.2024 | 31.12.2023 |
Non-current assets |  |  |  |  | Equity attributable to parent company shareholders |  |  |  |  |
Goodwill |  | 4.3 | 66,983 | 38,454 | Share capital | 2.6 | 17,692 | 17,692 |
Other intangible assets |  | 4.2 | 38,952 | 13,256 | Share premium reserve | 2.6 | 4,351 | 4,351 |
Tangible assets |  | 4.1 | 174,407 | 168,972 | Other reserves |  | 23,835 | 16,434 |
Leased assets |  | 2.5 | 18,963 | 22,516 | Hybrid bond | 2.6 | 30,000 | 30,000 |
Investments accounted for using the equity method |  | 3.3 | 1,921 | 1,703 | Translation differences |  | -14,824 | -13,851 |
Other financial assets |  |  | 159 | 229 | Retained earnings |  | 100,248 | 85,861 |
Deferred tax assets |  | 4.8 | 454 | 541 | Total equity attributable to owners of the parent |  |  |  |  |
Total non-current assets |  |  | 301,840 | 245,671 | company |  | 161,301 | 140,487 |
|  |  |  |  | Equity attributable to the non-controlling interest |  |  | 27,522 | 0
|  |  |  |  | Total equity |  | 188,822 | 140,487 |
Current assets |  |  |  |  |  |  |  |  |  |
Inventories |  | 4.4 | 84,183 | 59,242 | Non-current liabilities |  |  |  |
Accounts receivable and other receivables |  | 4.5 | 88,433 | 73,705 | Deferred tax liabilities | 4.8 | 13,439 | 5,508 |
Current tax assets |  |  | 1,113 | 408 |  | Provisions | 4.7 | 602 | 595 |
Cash and cash equivalents |  | 2.2 | 36,393 | 30,683 | Loans and overdraft facilities | 2.3 | 191,736 | 138,547 |
Total current assets |  |  | 210,123 | 164,038 | Lease liabilities | 2.5 | 9,413 | 8,331 |
Total assets |  |  | 511,963 | 409,709 |  |  |  |  |  |
|  |  |  |  | Other liabilities | 4.6 | 10,025 | 986 |
|  |  |  |  | Total non-current liabilities |  | 225,215 | 153,967 |
|  |  |  |  | Current liabilities |  |  |  |
|  |  |  |  |  | Provisions | 4.7 | 107 | 157 |
|  |  |  |  | Loans and overdraft facilities |  | 2.3 | 13,006 | 33,892 |
|  |  |  |  | Lease liabilities |  | 2.5 | 10,258 | 15,129 |
|  |  |  |  | Accounts payable and other liabilities |  | 4.6 | 73,614 | 64,695 |
|  |  |  |  | Current tax liabilities |  |  | 939 | 1,382 |
|  |  |  |  | Total current liabilities |  |  | 97,926 | 115,255 |
|  |  |  |  | Total liabilities |  |  | 323,140 | 269,222 |
|  |  |  |  | Total equity and liabilities |  |  | 511,963 | 409,709 |

98
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Consolidated cash flow statement

1,000 | EUR | Note |  | Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023 | 1,000 | EUR | Note |  | Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023
Cash flows from/used in operating activities |  |  |  |  | Cash flows from/used in investing activities |  |  |  |
Operating profit from continuing operations |  |  | 18,556 | 25,871 | Investments in tangible and intangible assets |  | 4 | -49,674 | -21,824
Operating profit from discontinued operations |  | 1.3 | 0 | -16,105 | Proceeds from sale of supramax vessels |  |  | 33,546 | 0
Operating profit total |  |  | 18,556 | 9,766 | Proceeds from sale of tangible assets and other |  |  |  |
Adjustments to operating profit: |  |  |  |  | non-current assets |  |  | 3,265 | 12,255
Depreciation, amortization and impairment losses |  |  | 38,957 | 33,800 | Swed Handling acquisition, net of cash |  |  | -39,224 | 0
Gains on sale of tangible assets and other non-cur- |  |  |  |  | Other acquisitions, net of cash |  |  | -17,266 | -3,872
rent assets |  |  | -383 | -1,839 | Dividends received |  |  | 864 | 542
Losses on sale / deconsolidation of business opera- |  |  |  |  | Cash impact from sale / deconsolidation of business |  |  |  |
tions |  |  | 94 | 13,744 | operations *) |  |  | 0 | -7,387
Expensed inventory fair value adjustment of acquired busi- nesses |  |  | 1,481 | 115 | Investing cash flow |  |  | -68,489 | -20,286
Share of profits accounted for using the equity |  |  |  |  |  |  |  |  |
method |  | 3.3 | -442 | -1,268 | Cash flows from/used in financing activities |  |  |  |
Share-based incentive plan |  |  | 571 | 429 | Proceeds from loans |  |  | 95,115 | 75,665
Increase (+) / decrease (-) in provisions |  |  | -93 | 106 | Repayments of loans |  |  | -74,728 | -76,003
Unrealized foreign exchange gains and losses on operating activities |  |  | 120 | 126 | Proceeds from issuance of commercial papers |  |  | 5,000 | 0
|  |  |  |  | Purchase of own shares |  |  | 0 | -331
Change in working capital: |  |  |  |  | Payment of lease liabilities |  |  | -14,916 | -14,603
Increase (-) / decrease (+) in inventories |  |  | -11,737 | 19,553 | Hybrid bond, interest paid |  | 2.6 | -2,625 | -2,625
Increase (-) / decrease (+) in inventories green coast- |  |  |  |  | Proceeds from sale of minority interest in ESL Shipping |  |  | 45,000 | 0
ers and green handies |  |  | -2,755 | -4,896 | Dividend paid to the non-controlling owners |  |  | -2,786 | 0
Increase (-) / decrease (+) in accounts receivable and |  |  |  |  | Dividends paid |  |  | -7,547 | -14,445
other receivables |  |  | 6,086 | -1,439 | Financing cash flow |  |  | 42,512 | -32,342
Increase (+) / decrease (-) in accounts payable and other liabilities |  |  | -3,623 | -8,765 |  |  |  |  |
Interest paid |  |  | -11,327 | -9,204 | Change in cash and cash equivalents |  |  | 6,373 | -5,017
Interest received |  |  | 1,754 | 756 | Cash and cash equivalents Jan. 1 |  |  | 30,683 | 33,574
Income taxes paid |  |  | -4,908 | -3,373 | Translation differences |  |  | -663 | 109
Operating cash flow |  |  | 32,350 | 47,611 | Impairment of cash of the eastern companies classified |  |  |  |
|  |  |  |  | as held for sale |  |  | 0 | 2,017
|  |  |  |  | Cash and cash equivalents at year-end |  |  | 36,393 | 30,683

*) In 2023 the cash flow from the sale of Telko’s subsidiary in Russia was EUR -4.4 million. The cash impact
of the deconsolidation of the other entities in the Non-core businesses segment amounted to EUR -3.4
million in 2023. The cash impact of the sale of Leipurin’s bakery equipment business was EUR 0.4 million.
99
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Consolidated statement of changes in equity

|  |  |  |  |  |  | Total equity attributable to owners of the parent company |  |  |  |
|  |  |  | Share |  |  |  |  |  | Non- |
|  |  |  | premium | Other |  | Translation | Retained |  | controlling |
1,000 | EUR | Note | Share capital | reserve | reserves | Hybrid bond | differences | earnings | Total | interest | Total equity
Equity January 1, 2024 |  |  | 17,692 | 4,351 | 16,434 | 30,000 | -13,851 | 85,861 | 140,487 |  | 140,487
Comprehensive income |  |  |  |  |  |  |  |  |  |  |
Profit for the period |  |  |  |  |  |  |  | 6,363 | 6,363 | 920 | 7,283
Other comprehensive income, net of taxes |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  | 7,398 |  |  |  | 7,398 | 2,005 | 9,403
Translation differences |  |  |  |  | 2 |  | -973 |  | -971 |  | -971
Total comprehensive income |  |  |  |  | 7,400 |  | -973 | 6,363 | 12,790 | 2,925 | 15,716
Transactions with owners: |  |  |  |  |  |  |  |  |  |  |
Dividend distribution |  |  |  |  |  |  |  | -7,540 | -7,540 | -2,786 | -10,326
Sale of non-controlling interest |  | 2.6 |  |  |  |  |  | 15,702 | 15,702 | 29,298 | 45,000
Change in non-controlling interest |  | 2.6 |  |  |  |  |  | 1,929 | 1,929 | -1,929 | 0
Hybrid bond interest |  | 2.6 |  |  |  |  |  | -2,625 | -2,625 |  | -2,625
Share-based incentive plan |  |  |  |  |  |  |  | 558 | 558 | 12 | 571
Total transactions with owners |  |  |  |  |  |  |  | 8,024 | 8,024 | 24,596 | 32,620
Equity December 31, 2024 |  |  | 17,692 | 4,351 | 23,835 | 30,000 | -14,824 | 100,248 | 161,301 | 27,522 | 188,822
Equity January 1, 2023 |  |  | 17,692 | 4,351 | 16,472 | 30,000 | -25,995 | 101,165 | 143,685 |  |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |
Profit for the period |  |  |  |  |  |  |  | 1,641 | 1,641 |  |
Other comprehensive income, net of taxes |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  | -47 |  |  |  | -47 |  |
Translation differences |  |  |  |  | 9 |  | -3,045 |  | -3,036 |  |
Reclassification of translation differences |  | 1.3 |  |  |  |  | 15,189 |  | 15,189 |  |
Total comprehensive income |  |  |  |  | -38 |  | 12,144 | 1,641 | 13,747 |  |
Transactions with owners |  |  |  |  |  |  |  |  |  |  |
Dividend distribution |  |  |  |  |  |  |  | -14,447 | -14,447 |  |
Hybrid bond interest |  | 2.6 |  |  |  |  |  | -2,625 | -2,625 |  |
Purchase of own shares |  | 2.6 |  |  |  |  |  | -302 | -302 |  |
Share-based incentive plan |  |  |  |  |  |  |  | 429 | 429 |  |
Total transactions with owners |  |  |  |  |  |  |  | -16,945 | -16,945 |  |
Equity December 31, 2023 |  |  | 17,692 | 4,351 | 16,434 | 30,000 | -13,851 | 85,861 | 140,487 |  |

100
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Notes to the consolidated financial statements
KONSERNITILINPÄÄTÖKSEN LIITETIEDOT
STRUCTURE OF THE FINANCIAL STATEMENTS
Aspo’s consolidated financial statements are divided into five sections. This section (Aspo
develops its businesses responsibly in the long term) provides information about Aspo, its
tasks and purpose, as well as the Group structure, including acquisitions and divestments.
This section also describes the accounting principles of the financial statements and sum-
marizes the changes in them during 2024. The accounting principles as well as the account-
ing estimates and management’s judgement are presented as part of the note in which the
financial statements item in question is discussed. The financial statements have been divided
into subject areas and arranged so that they first address the most significant ownership and
financing topics for the Aspo Group, and then present the business operations and special
features of the owned businesses.
INFORMATION ON THE COMPANY AND ON THE FINANCIAL STATEMENTS
Aspo creates value by owning and developing its businesses responsibly in the long term.
Aspo Plc’s task is to own, lead and develop the operations of its subsidiaries and other Group
companies, centrally administer the Group companies, take care of issues related to financing
and strategic planning, and plan and implement financially expedient investments. Aspo sup-
ports the success and growth of its businesses through appropriate capabilities.
Aspo seeks sustainable long-term growth by investing earnings profitably and by seek-
ing to implement a compounder profile. Aspo enables growth for the businesses it owns and
aims to improve their profitability and revenues by developing them and ensuring steady cash
flows. Aspo actively supports and implements various business arrangements, acquisitions
and other growth investments in the Group's businesses. Sustainability is a key factor in guid-
ing Aspo Group’s leadership, operations and the process of identifying new investment oppor-
tunities. Aspo’s businesses aim to lead the way in sustainability in their respective fields. Aspo
focuses on B-to-B industrial services in particular, and its key clusters include logistics and
trade.
The Group’s parent company is Aspo Plc and its Business ID is 1547798-7. Aspo Plc is a
Finnish public Corporation, and its shares are listed on Nasdaq Helsinki Ltd. The parent com-
pany is domiciled in Espoo, and its registered address is Keilaranta 17, 02150 Espoo, Finland,
where also a copy of the consolidated financial statements is available.
In its meeting on March 20, 2025, Aspo Plc’s Board of Directors approved these consoli-
dated financial statements for issue. Pursuant to the Finnish Companies Act, the shareholders
decide of the adoption of the consolidated financial statements at the Annual General Meet-
ing.
ACCOUNTING PRINCIPLES
Accounting principles are presented as part of the note to which they relate to.
Accounting principles are marked with gray background color in each note.
ESTIMATES AND MANAGEMENT’S JUDGEMENT
The estimates and management’s judgement are presented as part of the note in
which the estimated financial statements item in question is discussed. Estimates and
management’s judgement are marked with white background color in each note.
1
ASPO DEVELOPS ITS BUSINESSES RESPONSIBLY IN THE LONG TERM
101
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
KONSERNITILINPÄÄTÖKSEN LIITETIEDOT
ACCOUNTING ESTIMATES AND
MANAGEMENT’S JUDGEMENT
Management exercises judgement when
applying the accounting principles. In
addition, when needed accounting esti-
mates are used in the preparation of the
financial statements. Changes in the fac-
tors that form the basis of the estimates
may cause that the final outcome signifi-
cantly deviates from the estimates used
when preparing the consolidated financial
statements.
When preparing the consolidated
financial statements, the effects of cli-
mate change have been assessed, espe-
cially with regard to matters requiring
judgment and estimates by the man-
agement, as well as the presentation of
notes information. Aspo has completed a
climate risk assessment, which has taken
into account different climate scenarios,
changes in conditions and the resulting
risks in the medium-term climate scenar-
ios of the IPCC. Aspo has estimated that
climate change will not have an impact
on the management judgements or esti-
mates used in the short or medium term.
The table below provides an overview
of the areas involving a higher degree of
judgement or complexity, and of items
which are more likely to be materially
adjusted if estimates and assumptions
turn out to be incorrect. Detailed informa-
tion about each of these estimates and
management’s judgement is included in
the notes of each affected financial state-
ment line item together with information
about the basis of preparation.
In 2024, the most significant change
in estimates was related to the determi-
nation of the residual value of vessels.
This is explained in more detail in note
4.1 Tangible assets.
SIGNIFICANT ESTIMATES AND DECISIONS BASED ON JUDGEMENT
Item Estimate Judgement Note
Discontinued operations Valuation and consolidation of
businesses reported as discontinued
operations
Yes 1.3
Lease liabilities and leased
assets
Determination of the lease term and
determination of the lease compo-
nent for time-chartered vessels
Yes 2.5
Tangible and intangible assets Determination of the useful life,
residual value and fair value in busi-
ness combinations
Yes 4.1, 4.2
Goodwill and brands Assumptions made in the value in
use calculations
No 4.3
Inventories Valuation of inventories Yes 4.4
Accounts receivable Valuation of accounts receivable Yes 4.5
Deferred tax assets Recognition and recoverability of
deferred tax asset
No 4.8
BASIS OF PREPARATION
Aspo Plc’s consolidated financial state-
ments have been prepared in accord-
ance with International Financial Report-
ing Standards (IFRS) as adopted by the
EU, and by applying the standards and
interpretations valid on December 31,
2024. The notes to the consolidated
financial statements are complemented
with requirements of Finnish Accounting
Standards and company law.
The figures in the consolidated finan-
cial statements are presented in thou-
sands of euros and are based on the orig-
inal cost of transactions unless otherwise
stated in the accounting principles. In
2024, the figures have for the first time
been presented and calculated based on
exact values, thus, the total of the break-
downs may not always be exactly equal
to the sum of its parts, viewed in thou-
sands of euros. The figures for the com-
parison year have not been changed for
any rounding. Figures from the compara-
tive period 2023 are presented in brack-
ets.
SIGNIFICANT CHANGES IN
FINANCIAL REPORTING IN 2024
There were no significant changes in the
accounting principles of Aspo in 2024.
However, in the financial year, account-
ing principles have been adopted regard-
ing the non-controlling interest, which are
presented in Note 2.6 Equity. Account-
ing principles have also been added relat-
ing to the Green Coaster pool (note 4
Invested capital) and in relation to emis-
sion allowances (note 4.4 Inventories).
In addition, the accounting principles
related to derivatives in note 5.2 Deriv-
ative contracts have been modified as
the Group has increasingly used hedg-
ing instruments. The standard amend-
ments adopted in the financial period are
described in note 5.7 Changes in IFRS
standards.
102
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
1.1 Group structure
Aspo’s businesses – ESL Shipping, Telko and Leipurin – are strong corporate brands in the trade and logistics sectors, and they aim for the leading posi-
tion in their respective markets. Aspo’s businesses are responsible for their own operations and customer relationships, as well as for developing these.
Aspo held a 100% stake in all Group companies in the 2023 financial year. In 2024, Aspo’s holding in the ESL Shipping segment companies decreased to
78.57% when OP Finland Infrastructure’s and Varma Mutual Pension Insurance Company's minority investment in ESL Shipping Oy, a subsidiary of Aspo,
was completed on February 28, 2024. The transaction took the form of a share issue, in which ESL Shipping Ltd issued new shares for OP Finland Infra-
structure and Varma Mutual Pension Insurance Company for a cash consideration of EUR 45.0 million. This led to a non-controlling interest of 21.43% in
ESL Shipping. This additional funding accelerates ESL Shipping’s ambition to lead the green transition in maritime transport in the Baltic Sea region and
allows the company to benefit from its strong market position and market growth.
■
GROUP COMPANIES
Company Domicile
Leipurin
Leipurin Plc FI
Leipurien Tukku Oy FI
LT HC One Oy FI
LT HC Two Oy FI
Kobia AB SE
Kebelco AB SE
Leipurin Estonia AS EE
SIA Leipurin LV
UAB Leipurin LT
Company Domicile
Telko
Telko Ltd FI
Rauma Terminal Services Oy FI
Telko International Oy FI
Telko Sweden AB SE
Swed Handling AB SE
Kemiverken i Skänninge
Aktiebolag SE
Swed Handling Transport AB SE
Telko Norway AS NO
Optimol Tribotechnik SA BE
Optimol Netherlands BV NL
Optimol France SAS FR
Greenfluid SAS FR
Polyma Kunststoff GmbH &
Co. KG DE
Company Domicile
ESL Shipping
ESL Shipping Ltd FI
Oy AtoBatC Shipping Ab FI
Oy Bomanship Ab FI
AtoBatC Shipping AB SE
AtoBatC Shipping Cyprus Ltd CY
Company Domicile
Aspo Plc, parent company FI
Aspo Services Ltd FI
Suhi-Suomalainen Hiili Oy FI
■
ASSOCIATED COMPANIES
Aspo Group has three associated
companies, Auriga KG, Norma KG
and CrossChem Sweden AB. More
information about the associated
companies can be found in note
3.3 Associated companies.
The companies listed below
are still existing companies
whose consolidation into the
Aspo Group was discontinued
in 2023. Kauko GmbH is in liq-
uidation and was consolidated
into the Aspo Group until Octo-
ber 31, 2023. The FLLC Leipu-
rin and TOO Leipurin compa-
nies were consolidated into the
Aspo Group until December 31,
Company Domicile
Polyma Kunststoff
Verwaltungs GmbH DE
Telko Denmark A/S DK
Telko Estonia OÜ EE
Telko Latvia SIA LV
Telko UAB LT
Telko-Poland Sp. z o.o. PL
Troili Poland Sp. z o.o. PL
Eltrex sp. z o.o. w likwidacji PL
LLC Telko UA
LLC Leipurin UA
LLC Telko Central Asia KZ
Telko Solution LLC UZ
Telko Romania SRL RO
Telko Shanghai Ltd. CN
2023, when control of the com-
panies was deemed to have
ended.
Company Domicile
Non-core businesses
FLLC Leipurin BY
TOO Leipurin KZ
Kauko GmbH DE
103
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
CONSOLIDATION
The consolidated financial statements
include the parent company Aspo Plc
and all its subsidiaries. Subsidiaries are
entities over which the Group has con-
trol. The prerequisite for control is that
the parent company has power over
the investee, is exposed to the varia-
ble return of the investee, and is able to
affect the amount of return it receives.
Subsidiaries are fully consolidated from
the date on which control is transferred
to the Group and deconsolidated from
the date that control ceases.
Associates are entities in which the
Group has 20–50 percentage of the vot-
ing rights and at least a 20-percentage
shareholding, or over which the Group
otherwise has significant influence.
Intra-group transactions, receivables
and liabilities and intra-group profit distri-
bution have been eliminated when pre-
paring the consolidated financial state-
ments. In addition, unrealized gains on
transactions within the Group are elimi-
nated. Unrealized gains on transactions
between the Group and its associates are
eliminated in proportion to the Group’s
ownership share.
FOREIGN SUBSIDIARIES
The results and financial position of
Group entities are measured in the pri-
mary currency of the unit’s economic
environment (“functional currency”). The
consolidated financial statements are
presented in euro, which is the parent
company’s functional and presentation
currency.
In the consolidated financial state-
ments, the income statement items of
foreign subsidiaries are translated into
euro by using the average exchange
rates of the financial year. Balance sheet
items are translated into euro by using
the exchange rates at the reporting date.
Translation differences are presented as
a separate item under equity. When an
interest in a subsidiary is divested in its
entirety or partially so that control is lost,
the accumulated translation differences
are reclassified to the statement of com-
prehensive income as part of the sales
gain or loss.
104
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
1.2 Acquisitions and divestments
ACQUISITIONS
Acquisitions in 2024
■
ACQUISITION CALCULATIONS 2024

|  | Optimol, Green- |  | Swed |
1,000 | EUR | fluid and Paraffin | Polyma | Handling | Total
Consideration |  |  |  |  |
Paid in cash |  | 12,411 | 5,448 | 52,530 | 70,389
Total consideration |  | 12,411 | 5,448 | 52,530 | 70,389
Assets acquired and liabilities assumed, fair value |  |  |  |  |
Intangible assets |  | 3,970 | 3,307 | 19,928 | 27,205
Tangible assets |  | 188 | 1,225 | 11,410 | 12,824
Inventories |  | 3,174 | 3,101 | 5,843 | 12,117
Accounts receivable and other receivables |  | 4,039 | 1,272 | 8,712 | 14,023
Cash and cash equivalents |  | 102 | 208 | 3,674 | 3,984
Total assets |  | 11,473 | 9,114 | 49,566 | 70,153
Interest-bearing liabilities |  | 1,758 | 2,468 | 3,746 | 7,971
Accounts payable and other liabilities |  | 3,212 | 2,067 | 6,196 | 11,475
Deferred tax liabilities |  | 1,139 | 1,130 | 6,361 | 8,630
Total liabilities |  | 6,108 | 5,666 | 16,302 | 28,077
Net assets acquired |  | 5,365 | 3,448 | 33,264 | 42,077
Goodwill |  | 7,046 | 2,001 | 19,266 | 28,312
Total |  | 12,411 | 5,448 | 52,530 | 70,389
Acquisition-related costs in 2024 |  | 661 | 245 | 1,029 | 1,935

In addition, in connection with the acquisition of Optimol and Greenfluid, EUR 0.2 million in
transaction costs was recognized in 2023.

■ NET SALES OF THE ACQUIRED COMPANIES IN 2024 |  |  |  |  |
|  | Optimol, Green- |  | Swed |
1,000 | EUR | fluid ja Paraffin | Polyma | Handling | Total
Before acquisition |  | 3,714 | 7,005 | 28,864 | 39,583
After acquisition |  | 15,481 | 5,284 | 27,858 | 48,622
Net sales total |  | 19,194 | 12,289 | 56,721 | 88,205

Acquisition of Swed Handling
On July 1, Telko expanded its chemicals business in Sweden by acquiring Swed Handling AB,
a leading Swedish chemical distributor, from TeRa Invest AB. Also, as part of the transaction,
Leipurin expanded its food industry business in Sweden, via the technical food ingredient dis-
tributor Kebelco AB, which is a subsidiary of Swed Handling. In Aspo Group’s financial report-
ing, Swed Handling excluding Kebelco is reported as part of the Telko segment and Kebelco as
part of the Leipurin segment.
The assets and liabilities of the acquired company were measured at fair value on the
acquisition date. Fair value allocations of EUR 19.9 million were made on intangible assets
based on principal relationships, non-compete clauses and trademarks. Fair value allocations
of EUR 3.0 million were made on buildings and land. The fair value adjustment relating to
inventories was EUR 0.7 million. The deferred tax liability arising from the fair value adjust-
ments was EUR 4.9 million. The carrying amount of the other acquired assets and liabili-
ties were deemed to correspond to their fair values. A goodwill balance of EUR 19.3 million
resulted from the acquisition. Acquisition-related costs of EUR 0.8 million were recognized in
the other operating expenses of the Telko segment and EUR 0.2 million in the other operating
expenses of the Leipurin segment.
The consideration of EUR 52.5 million will be paid fully in cash, and EUR 42.9 million has
already been paid. The acquisition includes an earn-out mechanism, and the rest of the con-
sideration will be paid in 2026 based on the earn-out clause of the purchase agreement. The
discounted earn-out liability recognized at the reporting date is EUR 9.5 million. The contin-
gent consideration for the Swed Handling acquisition is based on the operating profit of the
acquired company in 2024 and 2025. The range of the undiscounted contingent consideration
is EUR 0–11.3 million. The future outcome may differ from estimates due to the fluctuation in
operating profit and exchange rate.
105
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Acquisition of Optimol and Greenfluid
On March 8, Telko acquired Western European industrial lubricants distribution businesses
from Petrus S.A, consisting of shares in the companies: Optimol Tribotechnik SA, Optimol
Netherlands BV, Optimol France SAS and Greenfluid SAS. The acquired businesses are leading
distributors of premium industrial specialty and high-performance lubricants, metalworking flu-
ids and other general industrial lubricants in France and Benelux.
The consideration of EUR 12.4 million was paid in cash. The assets and liabilities of the
acquired company were measured at fair value on the acquisition date. A fair value allocation
of EUR 3.8 million was made on intangible assets based on principal relationships, and the fair
value adjustment relating to inventories was EUR 0.6 million. The deferred tax liability aris-
ing from the fair value adjustments was EUR 1.1 million. The carrying amount of the other
acquired assets and liabilities were deemed to correspond to their fair values. A goodwill bal-
ance of EUR 7.0 million resulted from the acquisition. The acquisition-related costs of approx-
imately EUR 0.8 million were recognized in the Telko segment’s other operating expenses,
however, EUR 0.2 million of the acquisition-related costs were recognized as expenses
already in 2023.
Acquisition of Polyma
On June 4, Telko acquired Polyma Kunststoffe GmbH & Co KG based in Hamburg, Germany.
The acquired company is a distributor of well-known engineering plastics. The acquisition pro-
vides Telko access to the German market, which is the biggest plastics market in Europe.
The assets and liabilities of the acquired company were measured at fair value on the
acquisition date. Fair value allocations totaling EUR 3.8 million were made on intangible
assets, buildings and inventories, and the related deferred tax liability recognized was EUR
1.1 million. The carrying amount of the other acquired assets and liabilities were deemed to
correspond to their fair values. A goodwill balance of EUR 2.1 million resulted from the acqui-
sition. The acquisition-related costs of approximately EUR 0.2 million were recognized in the
Telko segment’s other operating expenses.
The acquisition includes an earn-out mechanism, the discounted earn-out liability recog-
nized at the reporting date was EUR 0.5 million. The amount of the contingent consideration
depends on the acquired company’s operating profit during the period November 1, 2023,
and December 31, 2026, and it will be paid in year 2027. The range of the undiscounted con-
tingent consideration is EUR 0 – 3.5 million.
Acquisitions in 2023
Acquisition of Eltrex
On 31 January 2023, Telko acquired Eltrex, a Polish distributor of specialty chemicals and
industrial packaging materials. The consideration of EUR 5.0 million will be paid in full in cash.
Of this amount, EUR 3.9 million was paid in 2023, and EUR 0.3 million in 2024. The rest
of the consideration will be paid in year 2025 based on the earn-out clause of the purchase
agreement.
The assets and liabilities of the acquired company were measured at fair value on the
acquisition date. A fair value adjustment of EUR 3.1 million was made on intangible assets
based on customer relationships, non-compete clauses and trademarks, and the fair value
adjustment relating to inventories was EUR 0.1 million. The deferred tax liability arising from
the fair value adjustments was EUR 0.6 million. The carrying amount of the other acquired
assets and liabilities corresponded to their fair values. A goodwill balance of EUR 1.4 million
was recognized from the acquisition. The acquisition-related costs of approximately EUR 0.4
million were recognized in the Telko segment’s other operating expenses in 2023.
The contingent consideration for the Eltrex acquisition is based on the operating profit of
the acquired company in 2023 and 2024. The discounted book value of the contingent con-
sideration at the reporting date is EUR 0.8 million and it is based on Eltrex's operating profit
for the year 2024. The range of the undiscounted contingent consideration is EUR 1.2 to 1.5
million of which EUR 0.3 million was paid in 2024. The range is an estimate. The change in the
estimated amount of contingent consideration in 2024 was EUR 0.3 million (increase), and it
was recognized in the Telko segment's financial expenses.
106
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
DIVESTMENTS 2023
Leipurin Oyj reported in the Leipurin segment sold its bakery equipment trading business
to Orat Oy in December 2023. Orat Oy is a Finnish family business specializing in import of
machinery, accessories and raw materials used in the food industry and is part of Oy Trans-
meri Group Ab group. Leipurin bakery equipment trading business serves Finnish bakeries and
other food industry companies with production equipment as well related services and spare
parts. The transaction price was approximately EUR 0.4 million including the business and
related inventory. In 2022, bakery equipment trading business’s net sales amounted to EUR 2
million. The transaction did not have a significant impact on Aspo’s earnings or balance sheet.
The gain on sale of the bakery equipment trading business was EUR 0.2 million.
■
ACQUISITION CALCULATION OF ELTREX

1,000 | EUR | 2023
Consideration |  |
Paid in cash |  | 5,027
Total consideration |  | 5,027
Assets acquired and liabilities assumed, fair value |  |
Intangible assets |  | 3,386
Tangible assets |  | 19
Leased assets |  | 576
Inventories |  | 1,383
Accounts receivable and other receivables |  | 1,124
Cash and cash equivalents |  | 14
Total assets |  | 6,502
Interest-bearing liabilities |  | 1,239
Accounts payable and other liabilities |  | 1,018
Deferred tax liabilities |  | 630
Total liabilities |  | 2,887
Net assets acquired |  | 3,615
Goodwill |  | 1,412
Total |  | 5,027
Acquisition-related costs |  | 354

107
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
BUSINESS COMBINATIONS
The acquisition method of accounting is
used to account for business combina-
tions. The consideration and the acquired
assets and liabilities are measured at
fair value at the acquisition date. Acqui-
sition-related costs are recognized as
expenses. Any contingent consideration
is measured at fair value at the acquisi-
tion date and classified either as a liabil-
ity or equity. A contin-gent consideration
classified as a liability is measured at fair
value at each consequent reporting date,
and the resulting gain or loss is recog-
nized as financial items in profit and loss.
The contingent consideration classified
as equity is not re-measured. The amount
by which the consideration exceeds the
net fair value of the acquired identifiable
assets, liabilities and contingent liabilities
is recognized as goodwill.
OTHER RESTRUCTURING
Financial year 2024
In the Telko segment, Eltrex Partnership was first transferred to the ownership of its parent
company, Telko-Poland Sp. z o.o., and then merged with its parent company. The liquidation
process of Eltrex Sp. Z.o.o. started at the end of December 2024. Telko Caucasus LLC in Azer-
baijan was sold to the company’s management in April 2024.
In the Leipurin segment, the ownership of Leipurin LLC in Ukraine was transferred to LLC
Telko, and the company has been reported in the Telko segment since the beginning of Sep-
tember 2024.
In the ESL Shipping segment, Bothnia Bulk AB was merged with its sister company Ato-
BatC Shipping AB.
For the companies reported in the Non-core business segment in 2023, there were a few
changes in 2024. FLLC Telko in Belarus was dissolved on April 11, 2024, Leipurin’s Russian
companies OOO Leipurien Tukku and OOO NPK Leipurin were sold on October 10, 2024, and
the liquidation process of ESL Shipping Russia LLC was completed on November 27, 2024.
Financial year 2023
In the ESL Shipping segment, Norra Skeppnings Gruppen AB was merged with its parent com-
pany AtoBatC Shipping AB.
In the Telko segment, Telko Middle East Co. a company in Iran was closed down in April
2023.
In the Non-core businesses segment, OOO Telko, a company in Russia, was sold on May
10, 2023, to GK Himik, which is a Russian industrial operator. The consolidation of FLLC Telko
into the Group ended on August 31, 2023, when the company was placed into liquidation and
its operations ceased. Kauko GmbH was placed in voluntary liquidation, and the operations of
ESL Shipping Russia LLC ceased. These two companies were consolidated into Aspo Group
until October 31, 2023. OOO Leipurien Tukku, OOO NPK Leipurin, FLLC Leipurin and TOO Lei-
purin were consolidated into Aspo Group until December 31, 2023, when control over these
companies was deemed to have ceased.
108
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Following the Russian invasion in Ukraine in February 2022, Aspo started to seek strategic
options for restructuring its business operations in Russia and its nearby areas. At the begin-
ning of 2023, Aspo established a new reportable segment: Non-core businesses. The Non-
core businesses segment consisted of the following: Telko’s operations in Russia and Bela-
rus, as well as Kauko GmbH, which were previously reported in the Telko segment; Leipurin’s
operations in Russia, Belarus and Kazakhstan, which were previously reported the Leipurin
segment; and ESL Shipping’s operations in Russia, which were previously reported in the ESL
Shipping segment.
The Non-core businesses segment was classified as a discontinued operation in 2023 in
accordance with IFRS 5. The Non-core businesses segment was established to separate the
result of Aspo’s non-core operations from the result of the continuing operations. The result
and balance sheet of discontinued operations are reported separately from the figures for
Aspo Group’s continuing operations for the year 2023. In 2024 Aspo did not have discontin-
ued operations.
Telko’s subsidiary in Russia was sold in April 2023, and the sale of Leipurin’s subsidiaries
in Russia was finally completed in October 2024. The ESL Shipping segment’s business oper-
ations in the Russian market ended in the summer of 2022, and the company was liquidated
during 2024. The consolidation of all the business operations reported in the Non-core busi-
ness segment into the Aspo Group ended in 2023.
1.3 Discontinued operations
■
PROFIT FROM DISCONTINUED OPERATIONS

1,000 | EUR | 2023
Net sales |  | 16,620
Other operating income |  | 21
Materials and services |  | -14,427
Employee benefit expenses |  | -2,149
Depreciation, amortization and impairment losses |  | -39
Depreciation, leased assets |  | -244
Other operating expenses |  | -15,887
Operating profit |  | -16,105
Financial income and expenses |  | 1,750
Profit before taxes |  | -14,355
Income taxes |  | -259
Result for the period |  | -14,614

109
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
NET CASH FLOWS OF DISCONTINUED OPERATIONS

1,000 | EUR | 2023
Net cash inflow from operating activities |  | 610
Net cash inflow/outflow(-) from investing activities |  | -7,842
Net cash inflow/outflow(-) from financing activities |  | -366
Net change in cash generated by the discontinued operation |  | -7,598

Net cash flows of discontinued operations consist of discontinued operations' share of Aspo
Group’s cash flows.
The cash flow from the sale of Telko’s subsidiary in Russia was EUR -4.4 million, and it is
presented in the cash flow from investing activities. The cash received as purchase considera-
tion was EUR 5.7 million and the divested company’s cash and cash equivalents amounted to
EUR 10.1 million. The cash impact of the deconsolidation of the other entities in the Non-core
businesses segment amounted to EUR -3.4 million in 2023.
DISCONTINUED OPERATION
The sale of Telko’s subsidiary in Russia was completed in 2023. The company was sold to GK
Himik, which is a Russian industrial operator. The sales price was EUR 5.7 million. The loss
from the sale amounted to EUR -8.1 million, including EUR -10.2 million in accumulated trans-
lation differences, which were reclassified from the translation difference reserve through
profit or loss to other operating expenses as part of the sales loss. The transaction costs
were EUR -0.6 million.
The operations of Telko’s subsidiary in Belarus were discontinued, and its consolidation into
Aspo Group ended on August 31, 2023. The liquidation of the company was completed dur-
ing 2024. The loss recognized in the consolidated financial statements because of the decon-
solidation was EUR -0.8 million and included EUR -1.0 million in accumulated translation differ-
ences, which were reclassified from the translation difference reserve through profit or loss to
other operating expenses.
At the beginning of 2023, Leipurin signed a binding preliminary agreement to sell all shares
in its subsidiaries in Russia, Belarus and Kazakhstan to Timur Akhiyarov. The Russian-born
Akhiyarov would invest in Leipurin’s operations in eastern markets as a private investor. How-
ever, the completion of the transaction required the approval of the local authorities, which
was not obtained, and which involved significant uncertainty as the sales process was pro-
longed. For this reason, Aspo concluded at the end of 2023 that it had lost control over Lei-
purin’s eastern companies and their variable returns and decided to end the consolidation of
Leipurin’s subsidiaries in Russia, Belarus and Kazakhstan into Aspo Group on December 31,
2023. Following the deconsolidation, the assets and liabilities of Leipurin’s eastern business
operations were derecognized. The loss recognized as a result of the deconsolidation was
EUR -5.8 million and included EUR -3.7 million in accumulated translation differences, which
were reclassified from the translation difference reserve in equity through profit or loss to
other operating expenses. Leipurin’s Russian companies were finally sold to Timur Akhiyarov
in October 2024. Leipurin’s subsidiaries in Belarus and Kazakhstan continue to exist, but they
are not consolidated into the Aspo Group.
110
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
LOSS ON LOSS OF CONTROL 2023

1,000 | EUR | 2023
Telko Russia divestment |  |
Gain on sale |  | 2,363
Reclassification of cumulative translation differences |  | -10,464
Loss on sale, total |  | -8,101
Leipurin Russia loss of control |  |
Loss on loss of control |  | -1,611
Reclassification of cumulative translation differences |  | -3,725
Loss on loss of control, total |  | -5,336
Loss of control of other eastern operations |  |
Loss on loss of control |  | -86
Reclassification of cumulative translation differences |  | -985
Loss on loss of control, total |  | -1,071
Total |  |
Gain on sale |  | 2,363
Loss on loss of control |  | -1,697
Reclassification of cumulative translation differences |  | -15,174
Loss on loss of control, total |  | -14,508

The loss caused by the loss of control in 2023 mainly consisted of the reclassification of
translation differences, as substantial impairment losses had been recognized on the assets
of the companies in question already in 2022.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Because of the conditions prevailing at
the end of 2023, Aspo concluded that its
control over Leipurin’s companies Rus-
sia, Belarus and Kazakhstan had ended.
As a result, the consolidation of the com-
panies into Aspo’s consolidated finan-
cial statements ended on December
31, 2023. The decision to deconsoli-
date involved management judgment, as
efforts were still made to sell business
operations, but there was considerable
uncertainty concerning the completion of
the transaction, and the likelihood of suc-
cess was considered to be low.
During 2024, Leipurin’s Russian com-
panies were sold, but the transaction did
not have a material impact on Aspo’s fig-
ures, and it has not yet been possible to
repatriate the purchase price. Leipurin’s
companies in Belarus and Kazakhstan
continue to exist, but they are not con-
solidated into the Aspo Group. Currently
there are hardly any business operations
in the companies, and measures to sell or
liquidate the companies will be continued.
DISCONTINUED OPERATIONS
AND DISPOSAL GROUPS CLASSIFIED
AS HELD FOR SALE
Non-current assets or disposal groups
are classified as held for sale if their car-
rying amount will be recovered princi-
pally through a sale transaction rather
than through continuing use and a sale
is considered highly probable. They are
measured at the lower of their carrying
amount and fair value less costs to sell.
The assets of a disposal group classi-
fied as held for sale are presented sepa-
rately from the other assets in the bal-
ance sheet. The liabilities of a disposal
group classified as held for sale are
presented separately from other liabil-
ities in the balance sheet. The report-
ing of balance sheet items on separate
rows starts at the time of classification.
Non-current assets are not depreciated
or amortized while they are classified as
held for sale. Interest and other expenses
attributable to the liabilities of a disposal
group classified as held for sale continue
to be recognized.
A discontinued operation is a compo-
nent of the entity that has been disposed
of or is classified as held for sale, that
represents a separate major line of busi-
ness or geographical area of operations,
and that is part of a single coordinated
plan to dispose of such a line of busi-
ness or area of operations. The results
of discontinued operations are presented
separately in the consolidated statement
of comprehensive income. The compara-
tive period’s figures in the consolidated
statement of comprehensive income are
restated.
111
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
ASPO'S CAPITAL

1,000 | EUR | 2024 | 2023
Total equity |  | 188,822 | 140,487
Loans and overdraft facilities |  | 204,743 | 172,439
Lease liabilities |  | 19,671 | 23,460
Interest-bearing liabilities, total |  | 224,414 | 195,899
Equity and interest-bearing liabilities, total |  | 413,236 | 336,386
Interest-bearing liabilities, total |  | 224,414 | 195,899
- Cash and cash equivalents |  | 36,393 | 30,683
Net debt |  | 188,021 | 165,216
Gearing, % |  | 99.6% | 117.6%
Total equity |  | 188,822 | 140,487
Equity and liabilities, total |  | 511,963 | 409,709
Advances received |  | 515 | 1,531
Equity ratio, % |  | 36.9% | 34.4%

Net interest-bearing debt was EUR 188.0 (165.2) million and gearing was 99.6% (117.6%).
The Group’s equity ratio at the end of year was 36.9% (34.4%). Net debt is calculated by
deducting cash and cash equivalents from interest bearing liabilities. Calculation principles for
key figures are presented in the Board of Director’s report. The increase in net debt is mainly
related to loans taken out for the Green Coaster and Green Handy investments. The main rea-
son for the decrease in lease liabilities is the planned reduction of the leased fleet in ESL Ship-
ping segment, of which more information is provided in note 2.5 Leases.
CASH FLOW
The free cash flow is an important indicator for Aspo, as it represents cash flows generated
from business operations after investments. Therefore, the free cash flow has an impact on
the Group’s debt repayment and dividend distribution abilities, as well as liquidity. The free
cash flow was EUR -36.1 (27.3) million. The negative free cash flow was caused by the Green
Coaster and Green Handy investments as well as acquisitions.
■
FREE CASH FLOW

1,000 | EUR | 2024 | 2023
Net cash from operating activities |  | 32,350 | 47,611
Net cash used in investing activities |  | -68,489 | -20,286
Free cash flow |  | -36,139 | 27,325

The Group’s operating cash flow was EUR 32.4 (47.6) million. The cash flow impact of change
in working capital was EUR -12.0 (4.5) million. The negative impact of the change in working
capital was mainly driven by the EUR 12.7 million increase in inventory of Telko.
In 2023, the positive cash impact of working capital arose from a decrease in inventories
as a result of a decrease in market prices and proactive operational management measures,
especially in the Telko segment.
The investing cash flow was EUR -68.5 (-20.3) million. Investments amounted to EUR 49.7
million (21.8) and consisted mainly of the ESL Shipping segment’s Green Coaster and Green
Handy prepayments. Investing cash flow also included revenue from the sale of Supramax
vessels EUR 33.5 million, and a cash outflow related to acquisitions EUR 56.5 million. Other
investing cash flow amounted to EUR 4.1 million and consisted of proceeds from the sale of
tangible assets, as well as dividend income.
In 2023 investing cash flow included in addition to investments EUR 3.9 million cash out-
flow from the acquisitions of Eltrex, EUR 11.6 million cash inflow from the sale and leaseback
of Leipurin’s properties in Sweden and Lithuania, EUR 7.8 million negative cash impact of the
loss of control of Telko’s and Leipurin’s subsidiaries in Russia and other eastern countries, and
EUR 1.6 million of other cash inflow.
Aspo’s definition of capital includes all equity items, including the hybrid bond. The objective of
the Group is to achieve a capital structure, with which Aspo Group can ensure the operational
framework for short- and long-term operations, and a sufficient return on equity. The main fac-
tors affecting the capital structure are potential restructuring activities, Aspo Plc’s dividend
policy, the vessel investments of ESL Shipping and the profitability of the subsidiaries’ busi-
ness operations. The principles of capital management are explained in note 5.1 Financial risks
and financial risk management.
2
CAPITAL STRUCTURE
112
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo Group’s financial assets and liabilities are as follows:
■
FINANCIAL ASSETS AND LIABILITIES

1,000 | EUR | Note | 2024 | 2023
Financial assets |  |  |  |
Measured at amortized cost |  |  |  |
Loan receivables |  |  | 63 | 1,336
Accounts receivable and other receivables* |  |  | 62,742 | 48,784
Cash and cash equivalents |  | 2.2 | 36,393 | 30,683
Measured at fair value through other comprehensive income |  |  |  |
Derivatives |  |  | 9,357 |
Measured at fair value through profit and loss |  |  |  |
Derivatives |  |  | 10 |
Other financial assets |  |  | 2 | 128
Financial assets, total |  |  | 108,565 | 80,931
Financial liabilities |  |  |  |
Measured at amortized cost |  |  |  |
Loans and overdraft facilities |  | 2.3 | 204,743 | 172,439
Accounts payable and other liabilities* |  |  | 50,111 | 42,448
Lease liabilities |  | 2.5 | 19,671 | 23,460
Measured at fair value through other comprehensive income |  |  |  |
Derivatives |  | 5.2 |  | 59
Measured at fair value through profit and loss |  |  |  |
Derivatives |  |  | 60 |
Contingent considerations from acquisitions |  |  | 10,802 | 811
Financial liabilities, total |  |  | 285,386 | 239,217

*Comprises financial assets or financial liabilities included in the corresponding balance sheet item.
The Group’s exposure to risks relating to financial instruments is described in Note 5.1 Finan-
cial risks and the management of financial risks. The maximum exposure for credit risk at the
end of the financial year is the carrying amount of each class of financial asset.
2.1 Financial assets and liabilities
FINANCIAL ASSETS
Aspo classifies its financial assets based
on its business model as follows: 1)
measured at amortized cost, 2) meas-
ured at fair value through profit and loss,
and 3) measured at fair value through
other comprehensive income.
Accounts receivable and other receiv-
ables, as well as cash and cash equiva-
lents, recognized at amortized cost are
initially measured at fair value and subse-
quently at amortized cost. They are clas-
sified as current when they fall due within
twelve months after the end of the
reporting period. Cash and cash equiva-
lents are always classified as current. The
expected credit loss model applied for
accounts receivable is described in Note
4.5 Accounts receivable and other receiv-
ables. This group includes loan receiva-
bles, whose cash flow consists of the
payment of capital and interest, and that
are planned to be held until the date of
maturity. Loan receivables are recog-
nized at amortized cost using the effec-
tive interest rate method. Transaction
costs are included in the original acqui-
sition cost. Credit loss risks associated
with loan receivables are assessed on a
customer-specific basis and, if required,
the expected credit loss is considered
when measuring receivables over the
next 12 months or when the credit loss
risk increases throughout the contractual
period.
Financial assets measured at fair value
through profit and loss include other
non-current financial assets which con-
sist of investments in unlisted shares.
Because their fair value cannot be relia-
bly determined, they have been recog-
nized at their acquisition cost less pos-
sible impairment losses. In addition, any
purchase price receivables from Eastern
companies are financial assets recog-
nized at fair value through profit or loss.
At the end of 2024 and 2023, their fair
value has been estimated to be zero. In
2024, the sale of Leipurin Russia resulted
in a loss of EUR 0.1 million, which is pre-
sented in financial expenses.
Financial assets measured at fair value
through other comprehensive income
include derivative instruments in hedge
accounting.
Financial assets are derecognized
when the Group has lost the contractual
right to cash flows, or when it has mate-
rially moved risks and rewards outside
the Group.
FINANCIAL LIABILITIES
Aspo classifies its financial liabilities as
follows: 1) measured at amortized cost,
and 2) measured at fair value through
profit and loss, and 3) measured at fair
value through other comprehensive
income. In addition, the financial liabilities
include lease liabilities, the accounting
principles of which are described in note
2.5 Leases.
113
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
CASH AND CASH EQUIVALENTS AND UNUTILIZED COMMITTED REVOLVING
CREDIT FACILITIES

1,000 | EUR | 2024 | 2023
Cash and cash equivalents |  | 36,393 | 30,683
Revolving credit facilities |  | 40,000 | 40,000
Total |  | 76,393 | 70,683

Cash and cash equivalents include cash funds, bank deposits and other highly liquid invest-
ments of no more than three months. At the end of the financial year, the Group’s cash and
cash equivalents were EUR 36.4 (30.7) million. Committed revolving credit facilities, totaling
EUR 40 million, were fully unused, as in the comparative period. The revolving credit facilities
are maturing in 2027.
2.2 Cash and cash equivalents
FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
The Group classifies the determination methods of the fair values of financial assets and lia-
bilities based on the fair value hierarchy. Financial assets and liabilities recognized at fair value
through other comprehensive income are at level one in the hierarchy. Financial assets and lia-
bilities recognized at amortized cost are at level two in the hierarchy. Their fair values do not
significantly differ from their carrying amount. The fair values of non-current loans have been
calculated by discounting future cash flows and by considering Aspo’s credit margin. Financial
assets and liabilities recognized at fair value through profit and loss are at level three in the
hierarchy.
FAIR VALUE HIERARCHY
Preparing the consolidated financial state-
ments requires the measurement of fair
values, for both financial and non-financial
assets and liabilities. Group classifies the
fair value measurement hierarchy as fol-
lows:
Level 1: The fair values of financial
instruments are based on quoted prices
on active markets. A market may be con-
sidered active when quoted prices are
available on a regular basis and the prices
represent the instrument’s actual value in
liquid trading.
Level 2: The financial instruments are
not traded on active and liquid markets.
The value of the financial instrument can
be determined on verifiable market infor-
mation and possibly partially based on
derived determination of value. If the fac-
tors influencing the instrument’s fair value
are nevertheless available and verifiable,
the instrument belongs to level two.
Level 3: The valuation of the financial
instrument is not based on verifiable mar-
ket information. Nor are other factors that
affect the instrument’s fair value available
or verifiable.
Bank, pension, and bond loans recog-
nized at amortized cost, as well as over-
draft facilities in use, are initially recog-
nized at fair value, net of transaction
costs, after which they are measured at
amortized cost using the effective inter-
est rate method. The difference between
the withdrawn amount net of transac-
tion costs and the paid amount is rec-
ognized in the income statement during
the estimated loan maturity period. The
fair values of loans do not materially dif-
fer from their carrying amounts, because
their interest rate is close to the market
rate. The carrying amounts of accounts
payable and other liabilities are expected
to correspond to their fair values due to
the short-term nature of these items.
Aspo classifies the liability as non-current
unless it falls due within a year.
Financial liabilities measured at fair
value through profit and loss include con-
tingent considerations from business
acquisitions.
Financial liabilities measured at fair
value through other comprehensive
income include derivatives in hedge
accounting .
114
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
LOANS AND OVERDRAFT FACILITIES IN USE

1,000 | EUR | 2024 | 2023
Non-current |  |  |
Loans |  | 191,736 | 138,547
|  | 191,736 | 138,547
Current |  |  |
Loans |  | 8,006 | 18,905
Commercial papers |  | 5,000 |
Bonds |  |  | 14,981
Overdraft facilities in use |  |  | 6
|  | 13,006 | 33,892
Total |  |  |
Loans |  | 199,743 | 157,452
Commercial papers |  | 5,000 |
Bonds |  |  | 14,981
Overdraft facilities in use |  |  | 6
Total |  | 204,743 | 172,439

2.3 Loans
In October 2024, Aspo Plc signed a new syndicated term loan facility agreement amounting
to EUR 60 million with OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S, Fin-
land Branch as lenders. The loan will be repaid in one installment at the end of the loan term,
which is two years, with a one-year option to extend.
In December 2024, Aspo Plc renewed a loan of EUR 10 million with LocalTapiola matur-
ing in 2027. The renewed loan will be repaid in one installment at the end of the five-year loan
term.
In 2022, AtoBatC Shipping AB reported in ESL Shipping segment signed an EUR 32.2 mil-
lion loan agreement with Svenska Skeppshypotek. The loan’s maturity is 15 years. The loan is
withdrawn in parts in line with the financing need for the construction of Green Coasters. At
the end of the year EUR 23.5 (8.1) million of the loan had been withdrawn.
On September 25, 2019, Aspo Plc issued a EUR 15 million unsecured private placement
bond as part of the group bond of EUR 40 million guaranteed by Garantia Insurance Com-
pany. The bond paid a fixed interest rate and it matured on September 25, 2024 when it was
repaid.
Aspo Plc had an EUR 80 million domestic commercial paper program of which by EUR 5.0
(0.0) million was utilized at the reporting date.
In December 2023, ESL Shipping Oy reported in ESL Shipping segment signed two loan
agreements in total of EUR 37.6 million. The loan period for both loans is five years and they
will be paid back in equal installments during the loan period. The loans were granted by OP
Corporate Bank Plc and the loans were used to pay back existing loans of similar value.
In addition, in 2023, Aspo signed a loan agreement of EUR 30 million for a three-year loan
period extending the maturity of Aspo’s loan portfolio. The loan was taken for general corpo-
rate purposes and for refinancing a loan of similar value. The loan will be paid back at the end
of the loan period.
Covenant terms and interest rate risk related to loans are disclosed in note 5.1 Financial
risks and the management of financial risks.
115
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
MATURITY ANALYSIS
2024

|  | Carrying value | Cash flow |  |  |  |
1,000 | EUR | Dec 31,2024 | 2025 | 2026 | 2027 | 2028 | 2029–
Loans |  | -199,743 | -8,287 | -112,487 | -9,345 | -30,790 | -39,412
Commercial papers |  | -5,000 | -5,000 |  |  |  |
Loans total | -204,743 | -13,287 | -112,487 | -9,345 | -30,790 | -39,412
Accounts payable and other liabilities |  | -50,111 | -50,111 |  |  |  |
Contingent considerations from acquisitions |  | -10,802 | -929 | -11,345 | -633 |  |
Lease liabilities | -19,671 | -10,851 | -4,368 | -3,047 | -1,440 | -1,172
Currency forward contracts |  |  |  |  |  |  |
Hedge accounting applied |  | 9,357 | 9,357 |  |  |  |
Hedge accounting not applied |  | -50 | -50 |  |  |  |
Derivative instruments total |  | 9,306 | 9,306 |  |  |  |
2023 |  | Carrying value | Cash flow |  |  |  |
1,000 | EUR | 31.12.2023 | 2024 | 2025 | 2026 | 2027 | 2028–
Loans |  | -172,433 | -33,904 | -36,796 | -43,590 | -16,990 | -41,172
Overdraft facilities in use |  | -6 | -6 |  |  |  |
Accounts payable and other liabilities |  | -42,448 | -42,448 |  |  |  |
Contingent considerations from acquisitions |  | -811 | -312 | -712 |  |  |
Lease liabilities |  | -23,460 | -15,729 | -3,984 | -2,137 | -1,645 | -1,164

Most lease payments fall due within five years and a significant proportion of vessel lease payments fall due in less than a year. However, with
the lease period for vessels being a rolling 13 months, it is likely that the cash flows arising from leases will be substantially the same in 2026–
2029 as in 2025.
AtoBatC Shipping AB’s EUR 32.2 million loan agreement with Svenska Skeppshypotek is not fully included in the maturity analysis because
only EUR 23.5 (8.1) million of the loan has been withdrawn at the reporting date. The final loan repayment date is in 2038.
In 2022, Aspo issued a hybrid bond of EUR 30 million, which is classified as equity. The bond has no maturity, but the company is entitled to
redeem it in June 2025 at the earliest.
2.4 Maturity
LIQUIDITY AND REFINANCING RISK
The objective of Aspo Group is to ensure
sufficient financing for operations in all sit-
uations and market conditions. In accord-
ance with the treasury policy, the sources
of financing are diversified among a suffi-
cient number of counterparties and differ-
ent loan instruments. The appropriate num-
ber of committed financing agreements and
sufficient maturity ensure Aspo Group’s cur-
rent and near-future financing needs and
decrease the refinancing risk relating to
financing agreements.
The main financing source of Telko and
Leipurin is the cash flow from their oper-
ations. ESL Shipping often also requires
external financing in conjunction with invest-
ments due to the nature of its operations.
Liquidity is ensured through cash and cash
equivalents, and committed overdraft facil-
ities, as well as revolving credit facilities
granted by selected cooperation banks. The
Group has adopted a Nordic multi-currency
cash pool structure, which improves the effi-
ciency of the Group’s cash management and
centralization of liquid funds.
For loan covenants and interest rate risk
refer to note 5.1 Financial risks and the man-
agement of financial risks.
The maturity structure of loans was bal-
anced, and the Group’s refinancing risks
were reduced during 2024 and 2023 by
means of several bilateral loan arrange-
ments.
116
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
2.5 Leases
The Group has customary, business related lease contracts, e.g. relating to offices, ware-
houses, vessels and cars. Part of the office equipment and software is also leased. Lease
terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease term for vessels is in general approximately one year. Other rental agree-
ment periods are typically less than five years.
The consolidated balance sheet shows the following amounts relating to leases:
■
LEASED ASSETS

1,000 | EUR | 2024 | 2023
Intangible assets |  | 347 | 544
Land |  | 689 | 745
Buildings |  | 8,888 | 7,052
Machinery and equipment |  | 2,746 | 2,044
Vessels |  | 6,294 | 12,131
Total |  | 18,963 | 22,516

■
LEASE LIABILITIES

1,000 | EUR | 2024 | 2023
Non-current |  | 9,413 | 8,331
Current |  | 10,258 | 15,129
Total |  | 19,671 | 23,460

At the end of the financial year the most significant leased assets were the vessels leased by
ESL Shipping, and the office and warehouse premises used by the businesses. According to
the management’s assessment, eight of the ESL Shipping segment’s time-chartered vessels
in the smaller ship category will be returned to their owners at the beginning of 2025, which
has significantly reduced the balance sheet value of leased vessels and the lease liability at
the end of 2024. The vessels to be returned will be replaced with the Green Coaster vessels
to be completed during 2025, for example.
The additions to the leased assets were EUR 18.0 (21.9) million during the financial
year. The most significant cause for the increases in leased assets and lease liabilities is the
monthly extension of the time-chartered vessels lease term by one month, which resulted in
increases of EUR 10.2 million. Another main reason for the increases is the acquisitions car-
ried out in 2024, which account for EUR 5.6 million of the increases. Maturity of lease liabili-
ties is presented in Note 2.4 Maturity.
117
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Lease accounting involves significant
management estimates relating to
the determination of the lease term
and the lease components.
The most significant management
judgement regarding the determi-
nation of the lease term relates to
leased vessels, most of which, have
been leased for a period of approxi-
mately one year. As a significant por-
tion of the fleet is leased, it is likely
that, the same or a similar vessel will
be leased again at the end of the
lease term. In case there is no inten-
tion to continue or renew the lease,
the agreement will be treated as a
fixed-term lease contract. If a vessel
is leased for approximately one year,
the lease term used to calculate the
lease liability is 13 months (ongoing
month + the next 12 months). This
is because the agreements may be
terminated after the fixed lease term
and each month a new assessment
is made on the probability to use the
termination right. The need of ves-
sels is planned over a 12-month plan-
ning period and the plan is adjusted
each month as deemed necessary.
A significant estimate has been
made in the determination of rents
when the lease component and non-
lease components have been sepa-
rated from lease agreements of ves-
sels, i.e. when it is estimated how
large a part of the payment of rent
is associated with the leased vessel
and how large a part is associated
with the crew and other services.
The management estimates that the
vessel accounts for 30% of the rent
and the remaining 70% is made up
of non-lease components. ESL Ship-
ping’s management has made the
estimate based on a statistical calcu-
lation, which is updated for changes
annually. Aspo’s lease liabilities relat-
ing to non-lease components are
presented as other commitments in
Note 5.5 Contingent assets and lia-
bilities, and other commitments.
The determination of the lease
term involves judgement, especially
with regard to agreements valid until
further notice. The estimate of the
duration of the lease term is agree-
ment specific. The probable lease
term of lease agreements valid until
further notice is estimated based on
business plans and considering costs
arising from the termination of the
agreement.
The option to extend or terminate
a lease is considered in determining
the lease term. The period covered
by an option to extend the lease
is included into the lease term if it
according to management judgement
is reasonably certain that the option
will be exercised. Correspondingly, if
it is reasonably certain that an option
to terminate the lease is not exer-
cised, the lease term will cover the
contract period in full. The assess-
ment to exercise an option or not
is made case by case based on the
profitability of the arrangement and
needs of the business.
The consolidated statement of comprehensive income shows the following amounts relating to leases:
■
AMOUNTS RECOGNIZED IN PROFIT AND LOSS

1,000 | EUR | 2024 | 2023
Depreciation and amortization, leased assets |  | -14,830 | -14,183
Interest expenses |  | -840 | -631
Expenses relating to short-term leases |  | -62 | -217
Expenses relating to leases of low-value assets |  | -241 | -209
Expenses relating to leases with variable rent |  | -1,408 |
Expenses total |  | -17,381 | -15,240
Rental income from operating sub-leases |  | 17 | 54
Rental income total |  | 17 | 54

Depreciation and amortization of leased assets is presented in note 3.7 Depreciation, amortization and
impairment losses.
The lease payments relating to leased assets amounted to EUR 15.7 (14.8) million, of which EUR
0.8 (0.6) million were interest expenses. The total lease payments, also including the variable lease
payments and rents for short-term and low-value asset leases, amounted to EUR 17.5 (15.7) million.
At the end of the financial year, the Group was committed mainly to such future lease agreements
that are designated to replace existing agreements, and the amount of which do not significantly
depart from the agreements currently effective. The lease agreements do not include significant pur-
chase options. Leased assets are not used as security for borrowing purposes.
SALE AND LEASEBACK IN 2023
In the comparative year 2023, Kobia AB, which is reported in the Leipurin segment, carried out three
sale and leaseback transactions of its properties in Sweden. The lease period agreed for all the prop-
erties is five years. The properties came to the Group in connection with the acquisition of Kobia on
September 1, 2022. The Tyresö and Gothenburg properties were acquired by Revelop, a Swedish real
estate investment company, and the Hässleholm property was acquired by the real estate investment
company JS Fastigheter. The total sales price of the properties was approximately EUR 13.6 million.
Aspo recognized a total sales gain of approximately EUR 0.5 million on these sale and leaseback trans-
actions.
In addition, a sale and leaseback transaction of a warehouse and office property was carried out in
the Leipurin segment in Kaunas, Lithuania, in the 2023 financial year. The buyer was an entrepreneur
operating in the same industrial area in Kaunas. With this transaction and the lease agreement, Leipu-
rin will continue its operations in Lithuania in the same premises. The lease period is two years. The
sales price of the property was EUR 1.1 million, with a sales gain of EUR 0.9 million. In lease agree-
ment of the warehouse ended in the summer of 2024 in connection with the outsourcing of the ware-
house. For the office, the lease agreement is still valid.
118
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
LEASES
Leases are recognized as a leased asset
and a corresponding liability at the date
when the leased asset is available for use
by the Group. Contracts may contain both
lease and non-lease components. When the
agreement includes a non-lease component
such as maintenance, services, and mari-
time crew, Aspo separates them based on
their stand-alone price given in the agree-
ment or by using estimates.
The lease term is based on the agree-
ment period considering any options to
extend or terminate. For contracts valid
until further notice, Aspo estimates the
probable lease term according to best
knowledge and based on business plans,
considering costs arising from the termina-
tion of the agreement.
Assets and liabilities arising from a lease
are initially measured on a present value
basis. Lease liabilities include the net pres-
ent value of the following lease payments:
• fixed payments (including in-substance
fixed payments), less any lease
incentives to be received
• variable lease payment that are based
on an index or a rate, initially measured
using the index or rate as at the
commencement date
• amounts expected to be payable by the
Group under residual value guarantees
• the exercise price of a purchase option
if the Group is reasonably certain to
exercise that option, and
• payments arising from terminating the
lease if the lease term reflects the Group
exercising that option.
Lease payments to be made under rea-
sonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted
using the interest rate implicit in the lease.
If that rate cannot be readily determined,
which is generally the case for leases in the
Group, the lessee’s incremental borrowing
rate is used. The criteria used to determine
the applicable discount rate for each lease
agreement include the class of underlying
asset, geographic location, currency, matu-
rity of the risk-free interest rate and les-
see’s credit risk premium.
Right of use assets, i.e., Leased assets
are measured at cost comprising the fol-
lowing:
• the amount of the initial measurement
of lease liability
• any lease payments made at or before
the commencement date less any lease
incentives received
• any initial direct costs, and
• restoration costs.
The Group is exposed to potential future
increases in variable lease payments based
on an index or rate, which are not included
in the lease liability until they take effect.
When adjustments to lease payments
based on an index or rate take effect, the
lease liability is reassessed and adjusted
against the leased asset.
Leases are recognized in profit and loss
as finance expenses of the lease liabil-
ity and depreciation of the leased asset.
Leased assets are generally depreciated
over the shorter of the asset’s useful life
and the lease term on a straight-line basis.
If the Group is reasonably certain to exer-
cise a purchase option, the leased asset
is depreciated over the underlying asset’s
useful life. The finance cost is recognized in
profit and loss over the lease period so as
to produce a constant periodic rate of inter-
est on the remaining balance of the liability
for each period.
A lease liability and a leased asset are
not recognized on the balance sheet for
leases with variable lease payments or
for low-value underlying assets. Aspo has
determined the acquisition value of EUR
5,000 as a threshold for low value assets.
Leases with variable lease payments
include the vessels sold to Green Coster
Shipping AB, the lease payments for which
are determined based on the income of
the Green Coaster pool. Low-value assets
comprise ICT equipment and minor office
furniture. Also, short-term leases, with a
lease term of 12 months or less, are not
recognized on the balance sheet. Pay-
ments associated with low-value assets
and short-term leases are recognized on
a straight-line basis in other operating
expenses.
Aspo acts as a lessor in a very minor
scale when sub-leasing office premises.
These arrangements have been classified
as operating leases and the lease income is
recognized in other operating income on a
straight-line basis over the lease term.
In sale and leaseback situations, it is
assessed whether the requirements under
IFRS 15 are met in a way that the disposal
can be treated as a sale. If the disposal of
an asset is a sale, the value of the leased
asset to be recognized is measured as a
portion of the carrying amount of the sold
asset that corresponds to the assets right
to use value remaining for the company. As
the sales gain or loss is presented only the
portion of the sales gain of the asset that
corresponds to the rights transferred to
the buyer.
119
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo’s equity consists of the share capital, share premium, hybrid bond (Hybrid), translation
differences, treasury shares, retained earnings and other reserves including the invested unre-
stricted equity reserve, legal reserves and hedging reserve. Dividend distribution is disclosed in
note 2.7 Earnings per share and dividend distribution.
NON-CONTROLLING INTEREST
In the financial year 2024, Aspo's equity is divided into equity attributable to Aspo sharehold-
ers and non-controlling interests. The non-controlling interests' share of Aspo's equity consists
of 21.43 percent of the equity of the ESL Shipping segment. In addition, the result of the ESL
Shipping segment and other comprehensive income items are allocated to the owners of the
parent company and non-controlling interests based on their ownership interests.
The minority investment in Aspo’s subsidiary ESL Shipping Ltd by OP Finland Infrastruc-
ture and Varma Mutual Pension Insurance Company was completed on February 28, 2024.
The transaction was completed as a share issue where ESL Shipping Ltd issued new shares
to OP Finland Infrastructure and Varma Mutual Pension Insurance Company against a cash
consideration of EUR 45.0 million. This resulted in a non-controlling interest of 21.43% in ESL
Shipping. In Aspo Group, as control of the subsidiary was not lost, the consideration of EUR
45.0 million was recognized in retained earnings deducted by the lost share of ESL Shipping’s
equity EUR 29.3 million resulting in a net increase of EUR 15.7 million in the total equity
attributable to owners of Aspo. The cash flow of EUR 45.0 million is presented as financing
cash flow.
In December 2024 ESL Shipping Oy distributed a total dividend of EUR 22 million. Of this
amount EUR 13.0 million was distributed in accordance with the ownership share between
Aspo Plc and the non-controlling interest (EUR 10.2 million to Aspo Plc and EUR 2.8 million to
non-controlling owners) and EUR 9.0 million was distributed to Aspo Plc only. The dividend of
EUR 9.0 million paid to Aspo Plc only related to the sold Supramax vessels and was based on
the original investment agreement between Aspo Plc and the minority owners, which stated
that the sales proceeds from the Supramax vessels pertain solely to Aspo Plc. The non-con-
trolling owners computational share of this EUR 9.0 million was EUR 1.9 million and it was
recognized as a decrease of the non-controlling interest and as an increase of equity attributa-
ble to owners of Aspo.
2.6 Equity
■
SHARE CAPITAL AND SHARE PREMIUM RESERVE

|  |  |  |  | Share premium
| Number of | Share capital | reserve
| shares | 1,000 | EUR | 1,000 | EUR
Dec 31, 2024 | 31,419,779 |  | 17,692 | 4,351 |

Share capital includes ordinary shares. Aspo Plc has one share series. Each share entitles
the shareholder to one vote at the shareholders’ meeting. The shares do not have a nominal
value. On December 31, 2024, Aspo Plc’s number of shares was 31,419,779 and the share
capital was EUR 17.7 million.
Share subscriptions based on the convertible capital loan that were issued during the valid-
ity of the old Companies Act (29.9.1978/734) were recognized in the share premium reserve.
There have been no changes in the number of shares, share capital or share premium reserve
during the financial years ended December 31, 2024, and 2023.
■
TREASURY SHARES

| Number of | Treasury shares
| shares | 1,000 | EUR
Jan 1, 2023 | 62,250 |  | -354
Purchase of own shares | 36,194 |  | -302
Share-based incentive plan | -82,200 |  | 523
Dec 31, 2023 | 16,244 |  | -133
Jan 1, 2024 | 16,244 |  | -133
Share-based incentive plan | -13,976 |  | 117
Dec 31, 2024 | 2,268 |  | -17

120
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Aspo Plc holds treasury shares, which the Board of Directors has transferred to individuals
within the scope of share-based incentive schemes based on authorization granted by the
Annual General Meeting. Share-based incentive schemes are described in more detail in note
5.4 Share-based payments. Treasury shares are presented as part of retained earnings.
Based on the authorization by the Annual General Meeting, Aspo’s Board of Directors
decided to start a repurchasing program of the company's own shares on March 9, 2023.
Additional treasury shares were needed for the purposes of the share-based incentive pro-
grams. During the period from March 9 to March 31, 2023, Aspo acquired a total of 36,194
of its own shares in trading organized by Nasdaq Helsinki Ltd.
OTHER RESERVES
The invested unrestricted equity reserve includes other equity-type investments and share
subscription price to the extent that it is not recognized in the share capital in accordance
with a separate resolution.
The hedging reserve includes the fair value of derivative contracts, adjusted for any tax
impact, for the derivative contracts that are subject to hedge accounting.
TRANSLATION DIFFERENCES
The translation difference reserve includes translation differences arising from the translation
of the financial statements of foreign units, as well as unrealized foreign exchange gains and
losses from the Group’s net investments in foreign operations. More information on transla-
tion differences is presented under currency risks in note 5.1 Financial risks and the manage-
ment of financial risks.
HYBRID BOND
In June 2022, Aspo issued a hybrid bond of EUR 30 million, with a coupon rate of 8.75% per
annum. The hybrid bond has no maturity, but the company is entitled to redeem it in June
2025 at the earliest. There were no changes in the hybrid bond during the financial year or the
previous financial year.
During the financial period, the hybrid bond accrued EUR 2.6 (2.6) million in interest recog-
nized as a reduction of retained earnings. EUR 2.6 (2.6) million has been paid in interest on
the hybrid bond during the financial year.
EQUITY
Transaction costs, net of tax, resulting
directly from the issuance of new shares
are recognized in equity, as a reduction of
the payments received. When the com-
pany purchases treasury shares, the con-
sideration paid for the shares and the
transaction costs are recognized as a
reduction in equity. When the shares held
by the company are sold, the consider-
ation, net of tax and less direct transac-
tion costs, is recognized as an increase
in equity.
HYBRID BOND
The hybrid bond is classified as equity.
The interest payment obligation arises
if the Annual Shareholders’ Meeting
decides to distribute dividends. If no div-
idend is distributed, the company can
decide upon the payment of interest
separately. In the consolidated financial
statements, the bond together with its
accumulated interest and the transaction
costs relating to the issuance of a new
hybrid bond, net of possible tax, are pre-
sented in equity according to their nature.
A hybrid bond is an instrument which is
subordinated to the company’s other
debt obligations. The hybrid bond does
not confer to its holders the rights of a
shareholder and does not dilute the hold-
ings of the shareholders.
NON-CONTROLLING INTEREST
Changes in the ownership interest in a
subsidiary that do not result in the par-
ent losing control of the subsidiary are
equity transactions (i.e. transactions
with owners in their capacity as owners).
The difference between the fair value of
the consideration paid and the change
in the non-controlling interest is recog-
nized directly in equity and attributed to
the owners of the parent. The non-con-
trolling interest is presented in the con-
solidated statement of financial position
within equity, separately from the equity
of the owners of the parent. In addition,
the profit or loss for the period as well as
other comprehensive income are attrib-
uted to the owners of the parent and to
the non-controlling interests on the basis
of present ownership interests.
121
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit and loss attributable to the parent com-
pany’s shareholders by the weighted average number of outstanding shares during the finan-
cial year. When calculating earnings per share, the interest of the hybrid bond, net of tax, has
been considered as a profit-reducing item. Diluted earnings per share equals basic earnings
per share as there has been no dilution effects in years 2024 and 2023.
■
EARNINGS PER SHARE

1,000 | EUR | 2024 | 2023
Profit for the period attributable to parent company shareholders, |  |  |
continuing operations |  | 6,363 | 16,255
Interest of the hybrid bond (adjusted by tax effect), continuing operations |  | -2,100 | -2,100
Profit for the period attributable to parent company shareholders, discontinued operations |  |  | -14,614
Total |  | 4,263 | -459
Average number of shares outstandning during the financial |  |  |
period (1,000) |  | 31,414 | 31,390
Basic and diluted earnings per share, EUR |  |  |
Earnings per share, continuing operations |  | 0.14 | 0.45
Earnings per share, discontinued operations |  |  | -0.46
Total |  | 0.14 | -0.01

2.7 Earnings per share and dividend distribution
DIVIDEND DISTRIBUTION
In accordance with the dividend policy updated in 2024, Aspo’s aim is to distribute annually
up to 50% of its profit for the financial year as a dividend. The longer-term goal is to gradually
increase the amount of dividends as profitability improves, while considering financing needs
of growth initiatives with strategic priority.
The Board of Directors has proposed that a dividend of EUR 0.19 per share is distrib-
uted for the financial year 2024 and that the dividend is paid in two installments in May and
November 2025.
Dividend distribution to owners of the parent company is recognized based on the General
Meeting’s resolution. No dividend is paid to the treasury shares held by Aspo Plc.
According to the decision of the Annual General Meeting held on April 12, 2024, a total div-
idend of EUR 0.24 per share was distributed for 2023. The dividend was paid in April 2024.
122
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4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
ESL SHIPPING LEIPURINTELKO
OPERATING SEGMENTS
The operating and reportable segments of Aspo Group’s continuing operations are ESL Ship-
ping, Telko and Leipurin. In 2023 the reportable segments also included the Non-core busi-
nesses segment. The Non-core businesses segment was established in the first quarter of
2023 and included the eastern businesses held for sale. The segment was reported as dis-
continued operations in 2023. In 2024 the Non-core businesses segment is not reported any
more as all the entities included in the segment were either sold or deconsolidated from Aspo
Group in 2023.
The Board of Directors, which is the chief operating decision maker in Aspo Group, is
responsible for allocating resources to the operating segments and evaluating their perfor-
mance. The operating segments have been identified based on Aspo Group’s organizational
structure, in which each business is led separately.
• ESL Shipping conducts sea transportation of raw materials for industry and the energy
sector and offers related services.
• Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry.
Its extensive customer service also covers technical support and the development of
production processes.
• Leipurin provides solutions particularly for bakery customers and food industry and to
retail trade and chain customers in the foodservice business.
3
BUSINESS OPERATIONS AND PROFITABILITY
PROFITABILITY OF CONTINUING OPERATIONS
Within the Group, the evaluation of segment results is based on each segment’s EBITA and
net sales from outside the Group. Segment reporting is prepared in accordance with the same
recognition and measurement principles as the consolidated financial statements. Transac-
tions between segments are based on fair market prices. There are no significant inter-seg-
ment transactions.
123
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
SEGMENT ASSETS AND LIABILITIES

1,000 | EUR | ESL Shipping | Telko | Leipurin | Unallocated items | Group total
Segment assets Dec 31, 2023 |  | 241,525 | 74,510 | 58,808 | 34,866 | 409,709
Segment assets Dec 31, 2024 |  | 238,170 | 174,065 | 59,619 | 40,109 | 511,963
Segment liabilities Dec 31, 2023 |  | 31,817 | 33,191 | 19,191 | 185,023 | 269,222
Segment liabilities Dec 31, 2024 |  | 21,762 | 56,803 | 18,948 | 225,627 | 323,140

The assets and liabilities of the segments are items that the segment uses in its business operations or that can be reasonably allocated to the segment. The segments’ assets and liabilities do
not include intra-Group items. Items unallocated to segments consist of items associated with income taxes and centralized financing. The Non-core businesses segment is presented as a dis-
continued operation. More information is provided in note 1.3 Discontinued operations, including information about the results of discontinued operations in 2023. In the Non-core business seg-
ment, there were no assets and liabilities left at the end of 2023.
■
RECONCILIATION OF SEGMENT EBITA TO THE GROUP’S PROFIT BEFORE TAXES FROM CONTINUING OPERATIONS

|  |  |  | 2024 |  |  |  |  | 2023 |  |
|  |  |  |  | Unallocated | Group |  |  |  | Unallocated | Group
1,000 | EUR | ESL Shipping | Telko | Leipurin | items | total | ESL Shipping | Telko | Leipurin | items | total
EBITA |  | 9,205 | 12,506 | 4,495 | -4,968 | 21,238 | 17,836 | 8,719 | 5,855 | -5,201 | 27,209
EBITA poistot*) |  | -139 | -2,070 | -303 | -170 | -2,682 | -157 | -722 | -245 | -215 | -1,339
Liikevoitto |  | 9,066 | 10,436 | 4,192 | -5,138 | 18,556 | 17,679 | 7,997 | 5,610 | -5,415 | 25,871
Nettorahoituskulut |  |  |  |  | -8,520 | -8,520 |  |  |  | -9,255 | -9,255
Voitto ennen veroja |  |  |  |  |  | 10,035 |  |  |  |  | 16,616
*) Amortization and impairment of intangible assets |  |  |  |  |  |  |  |  |  |  |

Items unallocated to segments consist of the results of other operations, i.e. mainly administrative costs. Other operations include Aspo Group’s administration, the finance and ICT service
center. The Group has not allocated net financial expenses to segments, as Aspo monitors and manages them at the Group level.
124
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
3.1 Net sales
■
TELKO’S NET SALES

1,000 | EUR | 2024 | 2023
Plastics business |  | 105,890 | 101,438
Chemicals business |  | 82,743 | 59,410
Lubricants business |  | 64,670 | 50,469
Telko total |  | 253,304 | 211,317

Telko´s net sales increased by 20% to EUR 253.3 (211.3) million. Sales growth was driven by
acquisitions as well as volume growth. Sales prices were overall at a lower level than the pre-
vious year, causing a slight decline in organic net sales.
■
LEIPURIN’S NET SALES

1,000 | EUR | 2024 | 2023
Regions: |  |  |
Finland |  | 45,395 | 49,272
Sweden |  | 55,118 | 50,221
Baltics |  | 32,576 | 35,786
East |  |  | 805
Total |  | 133,088 | 136,084
of which: |  |  |
Bakeries |  | 93,635 | 99,718
Food Industry |  | 15,607 | 11,844
Retail, foodservice, other |  | 23,846 | 24,522
Leipurin total |  | 133,088 | 136,084

Leipurin’s net sales decreased by 2% to EUR 133.1 (136.1) million. The deflationary mar-
ket price trend continued throughout the year, as well as the impact of activities targeted to
improve sales mix, decreasing sales volumes in low margin categories.
Aspo’s revenue consists mainly of the following income flows:
• ESL Shipping: Sales of sea freight services mainly to the industry and the energy sector
• Telko: Sales of plastic and chemical raw materials as well as lubricants to industries and
trade
• Leipurin: Sales of raw materials to the bakery and other food industry
The external net sales of the segments equal the net sales in the Group’s income statement.
In the comparative period, the net sales not allocated to the segments were EUR 4 thousand.
Aspo does not depend on any individual significant customers, however, in the ESL Ship-
ping segment the purchases of one customer in the steel industry account for slightly more
than ten percent of the consolidated net sales.
Aspo Group’s net sales from continuing operations grew by 11% to EUR 592.6 (536.4) mil-
lion. Net sales include foreign exchange rate differences of EUR 0.0 (-0.2) million.
■
ESL SHIPPING’S NET SALES

1,000 | EUR | 2024 | 2023
Vessel class: |  |  |
Handy |  | 79,132 | 78,534
Coaster |  | 119,530 | 93,682
Supra |  | 7,544 | 16,812
ESL Shipping total |  | 206,207 | 189,028

ESL Shipping’s net sales increased by 9% to EUR 206.2 (189.0) million. Net sales include pro-
ceeds of EUR 25.3 million from the executed sale of mv Stellamar and mv Aquamar to the
company established by the pool investors, impacting positively net sales growth for Coast-
ers. The combined net sales of the Handy and Coaster operations excluding vessel sale
increased by 1% compared to the previous year. The sale of the Supramax vessels was com-
pleted in the second quarter, so they generated net sales until then.
125
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
TIMING OF REVENUE RECOGNITION
In ESL Shipping segment revenue is recognized over time as the transportation services are
rendered. The revenue from the sale of vessels is recognized at a point in time based on the
delivery terms. In Telko and Leipurin segments revenue is recognized at a point in time based
on the delivery terms. Thus, most of the Group’s net sales, 69% (65%), are recognized as rev-
enue at a point in time in conjunction with the delivery of goods or services. Net sales recog-
nized over time mainly include ESL Shipping’s sea transportation and related services amount-
ing to EUR 180.9 (188.8) million.
INFORMATION RELATED TO GEOGRAPHICAL REGIONS
Aspo’s reportable market areas are: Finland, Scandinavian countries, Baltic countries, Other
European countries and Other countries. The Swed Handling acquisition in Sweden has
increased the share of Scandinavia in Telko and Leipurin segments. In the ESL Shipping seg-
ment, net sales to Scandinavia have increased mainly due to the sale of the Green Coaster
vessels to the Swedish Green Coaster Shipping AB. Net sales of the geographical regions are
presented as per customer location.
■
NET SALES BY MARKET AREA

|  |  |  | 1,000 | EUR | 2024 | 2023
|  |  |  | Leipurin |  |  |
|  |  |  | Finland |  | 45,468 | 49,454
|  |  |  | Scandinavia |  | 53,892 | 49,290
|  |  |  | Baltic countries |  | 32,473 | 35,711
|  |  |  | Other European countries |  | 1,255 | 1,629
|  |  |  |  |  | 133,088 | 136,084
|  |  |  | Unallocated items |  |  |
|  |  |  | Finland |  |  | 4
|  |  |  |  |  |  | 4
|  |  |  | Total |  |  |
|  |  |  | Finland |  | 194,991 | 197,413
|  |  |  | Scandinavia |  | 204,944 | 157,537
|  |  |  | Baltic countries |  | 63,515 | 63,854
|  |  |  | Other European countries |  | 95,392 | 74,534
|  |  |  | Other countries |  | 33,758 | 43,096
|  |  |  | Total |  | 592,599 | 536,434
1,000 | EUR | 2024 | 2023 |  |  |  |
ESL Shipping |  |  |  |  |  |  |
Finland |  | 101,142 | 99,411 |  |  |  |
Scandinavia | 74,753 | 53,367 |  |  |  |
Baltic countries | 2,822 | 425 |  |  |  |
Other European countries |  | 24,107 | 26,118 |  |  |  |
Other countries |  | 3,383 | 9,708 |  |  |  |
|  | 206,207 | 189,029 |  |  |  |
Telko |  |  |  |  |  |  |
Finland |  | 48,381 | 48,544 |  |  |  |
Scandinavia |  | 76,298 | 54,880 |  |  |  |
Baltic countries |  | 28,220 | 27,718 |  |  |  |
Other European countries |  | 70,030 | 46,787 |  |  |  |
Other countries |  | 30,375 | 33,388 |  |  |  |
|  | 253,304 | 211,317 |  |  |  |

126
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
REVENUE RECOGNITION
The majority of Aspo’s net sales comes
from the sale of products, which are con-
sidered to be individual performance obli-
gations. Revenue is recognized when the
performance obligation is fulfilled by hand-
ing over the product or service to the client.
Revenue is recognized upon delivery at a
point in time once significant risks and ben-
efits associated with ownership have been
passed on to the buyer in accordance with
the delivery clauses.
ESL Shipping’s income from sea freight
is recognized over time as the services are
rendered. The revenue recognition is based
on the transportation agreements or other
service agreements. At the end of each
reporting period, revenue from ESL Ship-
ping’s undelivered or otherwise incomplete
services, is recognized based on the num-
ber of days completed by the reporting
date as a percentage of the estimated total
duration of the service.
Apart from ESL Shipping, only a small
part of the net sales of the operating seg-
ments comprises services sold to custom-
ers, income from which is recognized at a
point in time once the service has been ren-
dered, or over time if the customer simulta-
neously receives benefits when the service
is being rendered. Majority of other services
offered by the segments are regarded as
customer service, and they are not con-
sidered separate performance obligations,
because they are related, for example, to
the development and design of product
concepts and customized solutions.
Transaction prices do not include any
significant financing components. Primar-
ily, accounts receivable fall due within 0–60
days after the invoicing date. Advance pay-
ments received from customers are also
used, typically in projects with a long pro-
duction period, where installments are tied
to the progress of the project. These pay-
ments are contract liabilities and recorded
in advances received.
Some contracts with customers include
discounts that are tied, for example, to
product volumes purchased annually by
the customer in question. With regard to
these, the likely amount of a realized dis-
count is estimated on the basis of histor-
ical information, and these estimates are
used to adjust the recognized revenue.
These accruals are recorded on a monthly
basis, and the estimates are updated when
more information is available. The amount
of these discounts is not significant within
Aspo Group.
Products sold by Aspo involve war-
ranty obligations, due to the replacement
or repair of any defective products during
the warranty period. These warranty obli-
gations do not differ from normal statu-
tory obligations, or any obligations followed
in accordance with sector-specific market
practices. These obligations are assessed
regularly as the likely amount based on his-
torical experience and recorded in opera-
tional expenses.
Aspo has not had significant incremental
costs for obtaining contracts with custom-
ers that should be capitalized in the bal-
ance sheet. Possible incremental costs are
expensed as incurred as their nature is such
that they would be expensed within a year.
■
OTHER OPERATING INCOME

1,000 | EUR | 2024 | 2023
Gains on sale of tangible assets and other non-current assets |  | 703 | 1,479
Rents and related remunerations |  | 137 | 58
Gains on sale of business operations |  |  | 174
Leasing agreement related compensation |  | 121 | 49
Other income |  | 1,563 | 1,229
Total |  | 2,523 | 2,989

In 2024, gains from the sale of tangible assets include EUR 0.7 million in gains from the
sale of real estate assets of other operations. In 2023, several sale and leaseback agree-
ments relating to properties were conducted in the Leipurin segment. These are included
in gains on sale of tangible assets. The gain from the sale of Kobia’s properties was EUR
0.5 million, and the gain from the sale of the property in Kaunas, Lithuania, was EUR 0.9
million. More information about the sale and leaseback transactions is provided in note
2.5 Leases.
The gain on the sale of Leipurin’s bakery equipment business was EUR 0.2 million in
2023. More information is provided in note 1.2 Acquisitions and divestments.
3.2 Other operating income
127
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

1,000 | EUR | 2024 | 2023
Balance Jan 1 |  | 1,703 | 974
Business combinations |  | 44 |
Dividends received |  | -269 | -539
Share of profits for the the financial year |  | 442 | 1,268
Carrying amount Dec 31 |  | 1,921 | 1,703

■
RELATED PARTY TRANSACTIONS WITH ASSOCIATED COMPANIES

1,000 | EUR | 2024 | 2023
Services acquired |  | -2,534 | -3,080
Commissions |  | -87 |
Depreciation of time-chartered vessels | -1,101 | -1,254
Interest expense of time-chartered vessels | -26 | -29
Leased assets, vessels | 1,122 | 1,265
Other receivables |  | 123 | 286
Lease liabilities |  | 1,133 | 1,272

SHARE IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD
Aspo Group has three associated companies of which two were acquired in conjunction with
the acquisition of AtoBatC Shipping AB in 2018. These German limited partnership compa-
nies, Auriga KG and Norma KG, are domiciled in Leer. The associated companies are included
in the ESL Shipping segment. The third associated company, CrossChem Sweden AB, became
part of the Group with the acquisition of Swed Handling in 2024, and is domiciled in Nor-
rköping.
■
ASSOCIATED COMPANIES

Company | Domicile | Holding %
Auriga KG | DE | 49.00
Norma KG | DE | 49.00
CrossChem Sweden AB | SE | 50.00

Auriga KG and Norma KG both own one dry bulk cargo vessel. The income of the companies
consists of rent income from the vessels owned. The fair value of these associated compa-
nies determined in conjunction with the acquisition was EUR 0.9 million higher than the carry-
ing amount. The difference between the fair value and carrying amount is attributable to the
vessels owned by the companies, and it is amortized during the useful life of the vessels. The
amortization amounts to approximately EUR 0.1 million per year. ESL Shipping uses the two
vessels of the associated companies in its business operations and pays market rent to the
associated companies.
CrossChem Sweden AB owns the AdBlue brand, which Swed Handling AB uses in some
of the products it sells. Swed Handling AB sells the products to CrossChem Sweden AB and
buys them back under the AdBlue brand. Swed Handling AB pays CrossChem Sweden AB the
market price for products under the AdBlue brand. The difference between the selling and pur-
chasing price can be regarded as a commission for the brand, which is presented in the con-
solidated financial statements as part of external services.
ASSOCIATED COMPANIES
Investments in associates are accounted for using the equity method of accounting. If the
Group’s share of losses in an associate exceeds the carrying amount, losses in excess of
the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli-
gations of the associate. Unrealized gains on transactions between the Group and its
associates are eliminated in proportion to the Group’s ownership share. The share of prof-
its of associated companies presented in the consolidated statement of comprehensive
income is calculated from the associate’s profit for the period, net of tax .
3.3 Associated companies
128
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
MATERIALS AND SERVICES

1,000 | EUR | 2024 | 2023
Purchases during the period |  |  |
ESL Shipping |  | -65,021 | -47,028
Telko |  | -216,807 | -160,396
Leipurin |  | -104,989 | -106,871
Total |  | -386,817 | -314,295
Change in inventories |  | 19,287 | -14,926
Services acquired |  |  |
Telko |  | -6,685 | -4,159
Leipurin |  | -4,740 | -5,223
Total |  | -11,426 | -9,382
Materials and services, total |  | -378,956 | -338,603

Purchases included EUR -0.5 (-0.3) million in exchange rate differences.
3.4 Materials and services
■
OTHER OPERATING EXPENSES

1,000 | EUR | 2024 | 2023
ESL Shipping |  | -81,846 | -78,093
Telko |  | -12,789 | -6,756
Leipurin |  | -5,937 | -5,666
Other operations |  | -4,139 | -3,645
Total |  | -104,712 | -94,160

Most of ESL Shipping’s other operating expenses are related to vessel operations, such as
port and fairway fees, technical vessel expenses, service components of lease agreements,
and the travel expenses of crew members.
Telko’s other operating expenses increased from the previous year because of acquisi-
tion-related expenses, other operating expenses of the acquired companies, and the impact of
inflation. Acquisition-related expenses amounted to EUR -1.9 million (-1.0).
Other operating expenses of the Leipurin business increased from the previous year
because of expenses related to acquisitions, other operating expenses of the acquired com-
panies, and the impact of inflation. The acquisition costs of Kebelco AB amounted to EUR 0.2
million.
■
AUDITOR’S FEES

1,000 | EUR | 2024 | 2023
Audit firm of the parent company |  |  |
Audit |  | 527 | 365
Tax advice |  | 4 | 3
Other services |  | 15 | 63
Other audit firms |  |  |
Audit |  | 56 | 43
Tax advice |  | 10 | 20
Other services |  | 19 | 4
Total |  | 630 | 498

The authorized public accountant firm Deloitte Oy is Aspo Plc’s auditor. Deloitte’s audit fee for
2024 was EUR 0.5 (0.4) million, and its fees relating to other services totaled EUR 0.0 (0.1)
million.
3.5 Other operating expenses
129
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
3.6 Employee benefit expenses and number of personnel
■
EMPLOYEE BENEFIT EXPENSES

1,000 | EUR | 2024 | 2023
Wages and salaries |  | -44,058 | -40,247
Pension expenses, defined contribution plans |  | -4,597 | -4,075
Share-based payments |  | -655 | -1,114
Other employee benefit expenses |  | -5,055 | -3,103
Total |  | -54,364 -48,539 |

Aspo benefits from the government subsidy for merchant vessels received from the Minis-
try of Transport and Communications, according to which ESL Shipping receives withholding
taxes and social security expenses related to marine personnel’s pays as refunds. The amount
of the subsidy for merchant vessels amounted to EUR 5.3 (5.9) million.
In Finland the statutory pension provision is arranged by insurances from pension insurance
companies. In foreign units, the pension provision is arranged in accordance with local legis-
lation and social security regulations. The Group’s pension schemes are defined contribution
plans and the contributions are recognized as employee benefit expense in the financial period
they relate to. Information regarding the employee benefits of key management personnel is
presented in note 5.3 Related parties and management compensation.
NUMBER OF EMPLOYEES
At the end of the financial year, the number of employees of Aspo Group was 800 (712), and
the average number of personnel during the financial year was 765 (835). The impact of the
Polyma, Optimol, Greenfluid and Swed Handling acquisitions on the number of employees in
the Group at the end of the financial year was 132.
■
PERSONNEL BY SEGMENT, ON AVERAGE

| 2024 | 2023
ESL Shipping | 269 | 296
Telko | 294 | 237
Leipurin | 157 | 167
Other operations | 46 | 40
Continuing operations, total | 765 | 740
Discontinued operation |  | 95
Total 765 835 |  |

■
PERSONNEL BY SEGMENT AT YEAR-END

| 2024 | 2023
ESL Shipping | 253 | 297
Telko | 349 | 218
Leipurin | 154 | 157
Other operations | 44 | 40
Total 800 712 |  |

■
PERSONNEL BY GEOGRAPHICAL AREA AT YEAR-END

| 2024 | 2023
Finland | 371 | 408
Scandinavia | 225 | 128
Baltic countries | 80 | 83
Other European countries | 94 | 60
Other countries | 30 | 33
Total | 800 | 712

130
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
DEPRECIATION AND AMORTIZATION, TANGIBLE AND INTANGIBLE ASSETS

1,000 | EUR | 2024 | 2023
Intangible assets |  | -2,416 | -920
Buildings |  | -356 | -455
Vessels |  | -13,300 | -17,223
Machinery and equipment |  | -967 | -720
Other tangible assets |  | -51 | -17
Total |  | -17,090 | -19,335
Impairment losses |  |  |
Vessels |  | -7,018 |
Other tangible assets |  | -18 |
Total impairment losses |  | -7,036 |
Total depreciation, amortization and impairment losses |  | -24,127 | -19,335

3.7 Depreciation, amortization and impairment losses
■
DEPRECIATION AND AMORTIZATION, LEASED ASSETS

1,000 | EUR | 2024 | 2023
Intangible assets |  | -266 | -418
Land |  | -112 | -99
Buildings |  | -2,831 | -2,553
Vessels |  | -10,313 | -10,021
Machinery and equipment |  | -1,308 | -1,092
Total |  | -14,830 | -14,183

Aspo’s depreciation expenses mainly relate to vessels owned and leased by ESL Shipping.
Depreciation of owned vessels was lower than in the comparative period, mainly due to the
sale of Supramax vessels and changes in residual value, which are described in more detail
in note 4.1 Tangible assets. Impairment losses of EUR 7.0 million were also related to the
Supramax vessels sold. The impairment loss was recognized in March 2024 when the vessels
were classified as held for sale in accordance with the IFRS 5 standard. The recognition of the
depreciation on the Supramax vessels also ended at that time.
Accounting principles for depreciation are included in note 4.1 Tangible assets and 4.2
Intangible assets. Accounting principles for leases are described in note 2.5 Leases.
■
DEPRECIATION AND AMORTIZATION BY SEGMENT

|  |  |  | 2024 |  |  |  |  | 2023 |  |
|  |  |  |  | Other | Group |  |  |  | Other | Group
1,000 | EUR | ESL Shipping | Telko | Leipurin | operations | total | ESL Shipping | Telko | Leipurin | operations | total
Intangible assets |  | -135 | -2,050 | -228 | -3 | -2,416 | -144 | -643 | -130 | -3 | -920
Tangible assets |  | -13,309 | -1,142 | -205 | -17 | -14,674 | -17,260 | -608 | -504 | -43 | -18,415
|  | -13,445 | -3,192 | -434 | -20 | -17,090 | -17,404 | -1,251 | -634 | -46 | -19,335
Leased assets |  | -10,663 | -1,772 | -1,911 | -483 | -14,830 | -10,394 | -1,460 | -1,581 | -748 | -14,183

131
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
FINANCIAL INCOME AND EXPENSES

1,000 | EUR | 2024 | 2023
Dividend income from other non-current financial assets |  | 595 | 3
Interest income from loans and other receivables |  | 3,404 | 684
Foreign exchange gains |  | 1,176 | 913
Financial income |  | 5,176 | 1,600
Interest expenses on leases |  | -840 | -631
Interest and other financial expenses |  | -10,984 | -8,753
Foreign exchange losses |  | -1,872 | -1,471
Financial expenses |  | -13,696 | -10,855
Financial income and expenses |  | -8,520 | -9,255

Net financial expenses totaled EUR -8.5 (-9.3) million. The average interest rate of inter-
est-bearing liabilities was higher than in the previous year, which increased the interest
expenses of Aspo.
The net financial expenses were lower in 2024 compared with 2023 due to earn-out
adjustments of EUR 1.5 million recognized in financial income.
3.8 Financial income and expenses
132
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
RECONCILIATION OF THE TAX EXPENSE IN THE STATEMENT OF
COMPREHENSIVE INCOME AND TAXES CALCULATED BY USING
THE PARENT COMPANY’S TAX RATE 20%

1,000 | EUR | 2024 | 2023
Profit before taxes |  | 10,035 | 16,616
Taxes calculated using the parent company's tax rate |  | -2,007 | -3,323
Impact of foreign subsidiaries' tax rates |  | 160 | 350
Impact of tonnage taxation |  | 729 | 2,650
Losses for which no deferred tax asset was recognized |  | -1,372 | -1,717
Utilization of previously unrecognized tax losses |  | 635 | 464
Taxes from previous financial years |  | -1,088 | -433
Withholding taxes |  | -123 | -56
Timing differences, tax-free and non-deductible items |  | 314 | 1,704
Taxes in the statement of comprehensive income |  | -2,752 | -361
Effective tax rate |  | 27% | 2%

In Finland and Sweden, a limited liability company which is obliged to pay taxes and is prac-
ticing international marine logistics has the opportunity to apply for taxation based on ves-
sel tonnage during a tonnage taxation period, instead of taxation based on the profits of
the shipping business. ESL Shipping Ltd.’s and AtoBatC Shipping AB’s taxation is based on
the tonnage taxation regime. The inclusion within the scope of tonnage taxation significantly
reduces the Group’s effective tax rate.
Aspo Group’s effective tax rate was 27% (2%). The effective tax rate for the reporting
period increased as a result of ESL Shipping’s relatively smaller result, meaning that the bene-
fit of tonnage tax was smaller than in the comparative period. In the comparative period, the
tax rate was particularly low, as the gains from Kobia’s sale and leaseback transactions were
mainly tax-free. Taxes from previous financial years mainly consist of taxes paid by the Esto-
nian and Latvian companies in the reporting period in connection with intra-group dividend dis-
tributions.
■
TAXES IN THE STATEMENT OF COMPREHENSIVE INCOME

1,000 | EUR | 2024 | 2023
Taxes for the period |  | -2,208 | -2,246
Change in deferred tax assets and liabilities |  | 544 | 2,318
Taxes from previous financial years |  | -1,088 | -433
Total |  | -2,752 | -361

■
INCOME TAX ON OTHER COMPREHENSIVE INCOME

1,000 | EUR | 2024 | 2023
Cash flow hedges |  |  | 12

The Group’s income taxes include taxes based on the Group companies’ profits for the finan-
cial year, adjustment of taxes from previous financial years and changes in deferred taxes.
Income taxes are recognized in accordance with the tax rate valid in each country. Regarding
the deferred taxes, see note 4.8. Deferred taxes.
In 2023, the tax calculated on the fair value of the forward contract in hedge accounting
was netted from the fair value of the forward contract and recognized in other comprehensive
income. In 2024, no deferred tax was recognized on the cash flow hedge of the ESL Shipping
segment’s Green Handy investment, as it has been considered to be subject to tonnage taxa-
tion.
3.9 Income taxes
133
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INVESTED CAPITAL

1,000 | EUR | Note | 2024 | 2023
Goodwill |  | 4.3 | 66,983 | 38,454
Other intangible assets |  | 4.2 | 38,952 | 13,256
Tangible assets |  | 4.1 | 174,407 | 168,972
Leased assets |  | 2.5 | 18,963 | 22,516
Investments accounted for using the equity method |  | 3.3 | 1,921 | 1,703
Other financial assets |  |  | 159 | 229
Net working capital |  |  | 102,280 | 69,261
Total |  |  | 403,666 | 314,392

Invested capital describes where equity and interest-bearing liabilities are committed to, which
is why it provides interesting information and is representative of Aspo’s operations. The
most significant component of invested capital is the vessels owned and leased by ESL Ship-
ping, totaling EUR 122.1 million. Goodwill and other intangible assets account for EUR 105.9
million of invested capital. Goodwill and other intangible assets, such as customer relation-
ships and brands are generated on Aspo’s balance sheet, when it develops the Group struc-
ture through acquisitions according to its strategy.
Net working capital makes up EUR 102.3 million of invested capital. Working capital, as
defined by Aspo, includes inventories, accounts receivable, accounts payable and advances
received. Aspo emphasizes the efficiency of working capital and aims to permanently decrease
its working capital.
4
INVESTED CAPITAL
■
WORKING CAPITAL

1,000 | EUR | Note | 2024 | 2023
Inventories |  | 4.4 | 66,366 | 44,179
Green coaster ja green handy advance payments |  | 4.4 | 17,818 | 15,063
Accounts receivable |  | 4.5 | 62,742 | 48,784
Accounts payable |  | 4.6 | -44,121 | -37,234
Advances received |  | 4.6 | -524 | -1,531
Net working capital |  |  | 102,280 | 69,261

■
NON-CURRENT ASSETS BY MARKET AREA

1,000 | EUR | 2024 | 2023
Finland |  | 186,119 | 192,710
Scandinavia |  | 113,363 | 51,673
Baltic countries |  | 254 | 269
Other European countries |  | 1,520 | 255
Other countries |  | 130 | 223
Total |  | 301,386 | 245,130

The non-current assets include all other assets except for deferred tax assets. Assets of geo-
graphical regions are presented as per location of the assets.
134
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INVESTMENTS BY SEGMENT

1,000 | EUR | 2024 | 2023
ESL Shipping |  | 47,339 | 20,723
Telko |  | 1,882 | 892
Leipurin |  | 128 | 89
Other operations |  | 325 | 81
Continuing operations, total |  | 49,674 | 21,785
Discontinued operation |  |  | 40
Total |  | 49,674 | 21,825

Investments consist of additions in tangible assets and intangible assets that will be used
during more than one financial year, excluding additions through acquisitions. The invest-
ments of EUR 49.7 (21.8) million mainly consisted of ESL Shipping segment’s investments in
Green Coaster and Green Handy vessels. Additions of leased assets are disclosed in note 2.5
Leases.
GREEN COASTER INVESTMENT
AtoBatC Shipping AB, reported in the ESL Shipping segment, is building a series of six highly
energy-efficient electric hybrid vessels. The new vessels of ice class 1A are top of the line in
terms of their cargo capacity, technology and innovation. The total value of the first six-ves-
sel investment is approximately EUR 70 million, and its cash flows are divided mainly for the
years 2021–2026. The new vessels are built at the Chowgule and Company Private Limited
shipyard in India.
In 2022, it was confirmed that ESL Shipping will establish a Green Coaster pool. As a
result, AtoBatC Shipping AB ordered six additional Green Coaster vessels from the Chowgule
& Company Private Limited in India, which will be sold further to Green Coaster Shipping AB
(not part of Aspo Group).
Every other vessel built by Chowgule & Company Private Limited will be produced for Ato-
BatC Shipping AB, and every other will be sold further to Green Coaster Shipping AB, after
reaching Europe. Advance payments for the vessels to be sold further are recognized in inven-
tories and the sales price is recognized as net sales. The sales price of the vessels is based on
their full cost. All the twelve Green Coasters built and under construction will be operated in
the Green Coaster pool by AtoBatC Shipping AB, when their building has been completed, and
they have been delivered.
By the end of year 2024 two of the vessels built for AtoBatC Shipping AB, Electramar and
Ecomar, have been delivered and also two of the vessels built for Green Coaster Shipping AB,
Stellamar and Aquamar, were delivered and sold further to Green Coaster Shipping AB. All of
these four Green Coasters are operated in the Green Coaster pool, which started its operation
on June 18, 2024 with the first two vessels.
AtoBatC Shipping AB makes variable lease payments to Green Coaster Shipping AB for the
coasters owned by the pool investors based on a calculated pool income. The variable lease
payments are recognized as lease expenses. No lease liability or lease asset is recognized
under IFRS 16 as the lease expenses don’t have a fixed price but are fully variable.
GREEN HANDY INVESTMENT
On October 9, 2024, Aspo announced that ESL Shipping will build a series of four new, fos-
sil free handy sized vessels. The total value of the four ships is approximately EUR 186 mil-
lion and this investment will take place during the years 2024–2028. In December 2024, ESL
Shipping Ltd made the first payment for the four Green Handies to be built. The payment
amounted to EUR 29.0 million calculated with the hedged rate.
ESL Shipping Ltd has no pool agreement in place for the Green Handies yet, but the plan
is to sell one of the four Green Handies to a group of investors. Thus, one quarter of the
investment amount, including realized hedge result, has been recognized in advance payment
for inventories and three quarters have been recognized as advance payments for tangible
assets.
VESSEL INVESTMENT COMMITMENTS
The remaining Green Coaster investment commitment at the end of the year is approximately
EUR 26 million. This amount includes only the future payments for those Green Coasters
which are produced for AtoBatC Shipping AB.
The remaining Green Handy investment commitment at the end of the year is approxi-
mately EUR 158 million. This amount includes the remaining payments for all the four Green
Handies, as there is not yet in place an agreement to sell one of the Handies.
135
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
TANGIBLE ASSETS 2024

|  |  |  |  |  |  | Work in |
|  |  |  | Machinery and |  | Other | progress and |
1,000 | EUR | Land | Buildings | equipment | Vessels | tangible assets | advance payments | Total
Acquisition cost, Jan 1 |  | 2 | 6,743 | 13,304 | 310,057 | 751 | 25,577 | 356,434
Translation differences |  | -7 | -40 | -276 |  | -3 | 0 | -326
Additions, business combinations |  | 2,091 | 11,066 | 7,223 |  | 968 |  | 21,348
Additions |  |  | 29 | 1,020 | 1,678 | 98 | 45,577 | 48,402
Decreases |  | -1 | -24 | -989 | -72,258 | -91 |  | -73,362
Transfers between classes |  |  | 15 |  | 27,987 |  | -28,018 | -16
Acquisition cost, Dec 31 |  | 2,084 | 17,789 | 20,283 | 267,465 | 1,722 | 43,136 | 352,479
Accumulated depreciation, Jan 1 |  |  | -5,245 | -11,692 | -170,045 | -480 |  | -187,462
Translation differences |  |  | 11 | 246 |  | 2 |  | 259
Accumulated depreciation, business combinations |  |  | -3,474 | -4,550 |  | -560 |  | -8,584
Accumulated depreciation of decreases |  |  | 21 | 704 | 38,696 | 4 |  | 39,426
Depreciation for the period, continuing operations |  |  | -356 | -967 | -13,300 | -51 |  | -14,674
Impairment |  |  |  |  | -7,018 | -18 |  | -7,036
Accumulated depreciation, Dec 31 |  |  | -9,042 | -16,259 | -151,667 | -1,104 |  | -178,072
Carrying amount, Dec 31 |  | 2,084 | 8,747 | 4,024 | 115,798 | 619 | 43,136 | 174,407

In 2024, increases in tangible assets were mainly caused by advance payments related to the new Green Coaster and Green Handy vessels, as well as business acquisitions. The decreases in
vessels include the two Supramax vessels sold in the ESL Shipping segment.
4.1 Tangible assets
136
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
TANGIBLE ASSETS 2023

|  |  |  |  |  |  | Work in |
|  |  |  | Machinery and |  | Other | progress and |
1,000 | EUR | Land | Buildings | equipment | Vessels | tangible assets | advance payments | Total
Acquisition cost, Jan 1 |  | 4,945 | 16,999 | 16,207 | 309,228 | 756 | 10,669 | 358,804
Translation differences |  | 2 | -166 | -305 |  |  |  | -469
Additions, business combinations |  |  |  | 27 |  |  |  | 27
Additions |  |  | 2 | 415 | 2,044 |  | 18,485 | 20,946
Decreases |  | -4,945 | -10,189 | -3,063 | -4,672 | -5 |  | -22,874
Transfers between classes |  |  | 97 | 23 | 3,457 |  | -3,577 | 0
Acquisition cost, Dec 31 |  | 2 | 6,743 | 13,304 | 310,057 | 751 | 25,577 | 356,434
Accumulated depreciation, Jan 1 |  |  | -8,514 | -13,878 | -157,494 | -464 |  | -180,350
Translation differences |  |  | 112 | 237 |  |  |  | 349
Accumulated depreciation, business combinations |  |  |  | -8 |  |  |  | -8
Accumulated depreciation of decreases |  |  | 3,621 | 2,707 | 4,672 | 1 |  | 11,001
Transfers between classes |  |  |  | -1 |  |  |  | -1
Depreciation for the period, continuing operations |  |  | -455 | -720 | -17,223 | -17 |  | -18,415
Depreciation for the period, discontinued operations |  |  | -9 | -29 |  |  |  | -38
Accumulated depreciation, Dec 31 |  |  | -5,245 | -11,692 | -170,045 | -480 |  | -187,462
Carrying amount, Dec 31 |  | 2 | 1,498 | 1,612 | 140,012 | 271 | 25,577 | 168,972

In the comparative year, the decreases in land and buildings were mainly caused by the sale and leaseback transactions carried out in the Leipurin segment, which are explained in more detail in
note 2.5 Leases.
137
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
TANGIBLE ASSETS
Tangible assets are recognized at cost
net of cumulative depreciation less any
impairment losses. For new construction
of vessels, financial expenses arising dur-
ing the construction are capitalized as
part of the cost and depreciated over the
useful life of the asset. The depreciation
period of dockages is based on an esti-
mate of the dockage interval.
Depreciation is calculated on a
straight-line basis over the estimated
useful life as follows:
• Vessels 17–30 years
• Pushers 18 years
• Dockings 2–3 years
• Buildings and structures 15–50 years
• Machinery and equipment 3–20 years
• Piping 5–20 years
• Refurbishment costs
from premises 5–10 years
• Other tangible assets 3–40 years
The depreciation periods of the Group's
buildings and structures, as well as
machinery and equipment, have changed
from the comparative year due to the
longer useful lives of the tangible assets
of the companies acquired in 2024.
Land is not depreciated, but the carry-
ing amounts are reviewed annually.
Gains and losses arising from the dis-
continued use and disposal of tangible
assets are included in other operating
income and expenses.
The carrying amounts of individ-
ual tangible and intangible assets are
reviewed at the end of each report-
ing period to identify events or circum-
stances that could indicate their impair-
ment. An asset’s carrying amount is writ-
ten down immediately to its recoverable
amount if the asset’s carrying amount
is greater than its estimated recovera-
ble amount. The impairment loss is recog-
nized in profit and loss. After the recog-
nition of an impairment loss, the asset’s
useful life is reassessed. A previously rec-
ognized impairment loss is reversed if
the estimates used in the determination
of the recoverable amount change. Car-
rying amount increased due to the rever-
sal of an impairment loss may not exceed
the carrying amount that would have
been defined for the asset if no impair-
ment loss had been recognized in previ-
ous years.
SUBSIDIES
Government subsidies granted to com-
pensate for expenses incurred are rec-
ognized in the statement of comprehen-
sive income in the periods in which the
expenses related to the object of the
subsidy are expensed. Subsidies received
are presented as net deductions from
generated expenses. Subsidies related
to the acquisition of tangible assets have
been recognized as adjustments to their
cost. Subsidies are recognized as income
during the period of use of the asset in
the form of smaller depreciation expense.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Estimates of the useful life and resid-
ual value, and the selection of deprecia-
tion method require management’s signif-
icant judgement and are subject to a con-
stant review. Vessels comprise the most
significant fixed asset item on the bal-
ance sheet, and their depreciation peri-
ods range from 17 to 30 years, based on
the useful life of each vessel.
Estimates are also made in conjunc-
tion with business acquisitions when
determining the fair values and remain-
ing useful lives of the acquired tangible
assets. To determine fair values, either an
external valuation or a calculation model
based on expected discounted cash
flows is used.
The residual values of vessels were
reviewed in late 2024, as some vessels
are approaching the end of their useful
life. Previously, the residual value of ves-
sels has been estimated to be zero, but
because steel always has scrap value,
this has led to situations in which a gain
has been recognized when a vessel has
been scrapped at the end of its useful
life.
Offers were obtained on the price of
scrap steel in connection with scrapping,
based on which the residual values for
vessels were calculated. It was consid-
ered appropriate to determine a residual
value for all vessels, and not just those
approaching the end of their useful life.
The scrap steel price used in the calcula-
tion was estimated based on the precau-
tionary principle so that it would remain
below the market price even over the
longer term.
The estimated residual value for all
vessels was EUR 12.3 million. Determin-
ing the residual value has a diminishing
effect on depreciation according to plan.
The re-evaluation of the residual val-
ues was carried as per October 1, 2024,
which reduced the depreciation expense
recognized in 2024 by EUR 0.7 million.
In 2025, the profit impact will be around
EUR 2.6 million.
Going forward, the residual value will
be determined for all new vessels. The
value of scrap steel will be reviewed at
least annually, and it will be ensured that
the value of scrap steel used in the cal-
culation of the residual values does not
exceed the market price.
138
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INTANGIBLE ASSETS

|  |  | 2024 |  |
|  |  | Other |  |
|  | Intangible | intangible | Advance |
1,000 | EUR | rights | assets | payments | Total
Acquisition cost, Jan 1 |  | 7,465 | 17,914 | 1,012 | 26,391
Translation differences |  | -11 | -81 |  | -92
Additions, business combinations |  | 5,249 | 21,968 |  | 27,216
Additions |  | 185 | 411 | 677 | 1,273
Decreases |  | -109 | -13 | -207 | -329
Transfers between classes |  | 206 |  | -190 | 16
Acquisition cost, Dec 31 |  | 12,984 | 40,199 | 1,292 | 54,476
Accumulated amortization and impairment, Jan 1 |  | -1,415 | -11,720 |  | -13,135
Translation differences |  | -3 | 33 |  | 30
Accumulated amortization, business combinations |  | -116 |  |  | -116
Accumulated amortization and impairment of decreases |  | 109 | 5 |  | 114
Amortization for the period, continuing operations |  | -448 | -1,968 |  | -2,416
Accumulated amortization and impairment, Dec 31 |  | -1,874 | -13,650 |  | -15,523
Carrying amount, Dec 31 |  | 11,111 | 26,549 | 1,292 | 38,952

Other intangible assets have increased mainly as a result of acquisitions, which are described in note 1.2 Acquisitions and
divestments.
Intangible rights primarily consist of brands and trademarks. Other intangible assets include software and associated licenses,
as well as principal and customer relationships acquired in business combinations.
4.2 Intangible assets
139
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INTANGIBLE ASSETS

|  |  | 2023 |  |
|  |  | Other |  |
|  | Intangible | intangible | Advance |
1,000 | EUR | rights | assets | payments | Total
Acquisition cost, Jan 1 |  | 7,123 | 14,567 | 808 | 22,498
Translation differences |  | 10 | 232 | 851 | 1,093
Additions, business combinations |  | 141 | 3,103 |  | 3,244
Additions |  | 28 |  |  | 28
Decreases |  | -472 |  |  | -472
Transfers between classes |  | 635 | 12 | -647 | 0
Acquisition cost, Dec 31 |  | 7,465 | 17,914 | 1,012 | 26,391
Accumulated amortization and impairment, Jan 1 |  | -1,650 | -10,933 |  | -12,583
Translation differences |  | -6 | -98 |  | -104
Accumulated amortization and impairment of decreases |  | 473 |  |  | 473
Amortization for the period, continuing operations |  | -231 | -689 |  | -920
Amortization for the period, discontinued operations |  | -1 |  |  | -1
Accumulated amortization and impairment, Dec 31 |  | -1,415 | -11,720 |  | -13,135
Carrying amount, Dec 31 |  | 6,050 | 6,194 | 1,012 | 13,256

ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Estimates of the useful life and residual
value, and the selection of depreciation
method require the management’s signif-
icant judgement and are subject to a con-
stant review.
Estimates are also made in conjunction
with business combinations when deter-
mining the fair values and remaining use-
ful lives of the acquired intangible assets.
The value on the acquisition date is deter-
mined using discounted cash flows.
The useful lives of brands included in
Telko and Leipurin segments have been
estimated to be indefinite. The strong
image and history of these brands sup-
port management’s view that these
brands will affect cash flow generation
over an indefinable period. The brands
with indefinite useful life have been
tested for impairment together with
goodwill, of which more information can
be found in note 4.3 Goodwill.
■
BRANDS BY SEGMENT

1,000 | EUR | 2024 | 2023
Telko |  | 6,730 | 2,155
Leipurin |  | 3,404 | 3,148
Total |  | 10,135 | 5,303

Brands are included in intangible rights. The useful life of the brands belonging to the
Telko and Leipurin segments has been estimated to be unlimited, with the exception of
Swed Handling’s and Kebelco’s trademarks.
140
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
INTANGIBLE ASSETS
Intangible assets are measured at cost
and amortized on a straight-line basis
over their useful lives. The amortization
periods are:
• Software and associated
licenses 3–5 years
• Principal relationships and
technology acquired through
business combinations 10 years
• Customer relationships
acquired through business
combinations 15 years
• Non-compete clause 6 years
• Trademarks, with limited
useful life 5–15 years
Cloud services are recognized as an
expense in the period during which the
expense is incurred because they are not
controlled by the company.
Brands with indefinite useful life, gen-
erated through acquisitions, are not
amortized according to plan. Instead,
their valuation is reviewed together with
goodwill at least annually by utilizing
value in use calculations. The account-
ing principles relating to the recognition
of impairment losses are included in note
4.1 Tangible assets.
RESEARCH AND
DEVELOPMENT COSTS
Aspo Group’s R&D focuses, according to
the nature of each segment, on develop-
ing the operations, procedures, and prod-
ucts as part of customer-specific oper-
ations, which means that development
inputs are included without specification
in operating expenses, and they do not
meet the recognition criteria for intangi-
ble assets.
■
GOODWILL

1,000 | EUR | 2024 | 2023
Acquisition cost, Jan1 |  | 47,605 | 47,392
Additions, business combinations |  | 28,312 | 1,745
Decreases |  |  | -1,519
Translation differences |  | 208 | -13
Acquisition cost, Dec 31 |  | 76,126 | 47,605
Accumulated impairment, Jan 1 |  | -9,151 | -10,524
Accumulated impairment of decreases |  |  | 1,368
Translation differences |  | 8 | 5
Accumulated impairment, Dec 31 |  | -9,143 | -9,151
Carrying amount, Dec 31 |  | 66,983 | 38,454

In 2024, goodwill increased by EUR 28.3 million (1.7) because of acquisitions. Acquisitions are
described in note 1.2 Acquisitions and divestments.
In 2023, the decreases in goodwill were related to Eastern business operations.
Telko OOO, which was sold in the comparative year, accounted for EUR 0.4 million of the
decreases in goodwill, and the decrease in goodwill arising from the end of consolidation of
Leipurin’s Eastern companies was EUR 1.0 million. Full impairment loss on these goodwill bal-
ances were recognized already in 2022.
Goodwill is allocated to the Group’s cash-generating units on the operating segment level.
Goodwill is allocated to the cash-generating units as follows:
■
GOODWILL BY SEGMENT

1,000 | EUR | 2024 | 2023
ESL Shipping |  | 6,337 | 6,337
Telko |  | 38,818 | 10,790
Leipurin |  | 21,828 | 21,327
Total |  | 66,983 | 38,454

4.3 Goodwill
141
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
IMPAIRMENT TESTING
The recoverable amount of the cash-generating units is determined by a value in use calcula-
tion. Cash flow-based value in use is determined by calculating the present value discounted
forecasted cash flows. The cash flows include for example estimates of future sales, profit-
ability and maintenance investments. The cash flow projections are based on the budget for
2025 and the financial plans for 2026–2028 approved by the Board of Directors. In testing,
the cash flow projections are prepared for a five-year period, with the final year being the ter-
minal year. The terminal value has been calculated by using a growth assumption of 2% (2%).
When estimating net sales, the assumption is that current operations can be maintained,
and net sales will grow in a controlled manner at the rate estimated in financial plans. The
sales margin is estimated to follow net sales growth. It is estimated that costs will increase
slowly as a result of continuous cost management. Fixed costs are expected to grow at the
rate of inflation.
The discount rate is determined for each segment by using the weighted average cost of
capital (WACC) that depicts the overall costs of equity and liabilities, considering the particu-
lar risks related to the assets and location of operations. In the Telko and Leipurin segments,
the WACC decreased from the previous year because the weighting of the countries was
changed so that it is calculated based on the source country of the net sales of the countries
of operation (previously calculated based on the destination country). The calculation principle
was changed because it was considered to better represent the country risk related to cash
flows. In addition, only countries whose net sales account for at least 0.5% of the CGU’s total
net sales are taken into account in the WACC calculation. Ukraine was therefore not taken
into account in Leipurin’s calculation. The changes in Telko’s WACC are explained in particu-
lar by the decrease in the proportion of Ukrainian sales and the WACC level calculated for it.
In addition, for example, Uzbekistan’s WACC level and proportion of sales have decreased.
Country-specific risk-free interest rates have fallen overall. Correspondingly, market risk pre-
miums have risen overall. The WACC determination was also affected by the decrease in the
peer group’s beta during the year, which affected Leipurin’s WACC the most. For ESL Shipping,
Sweden’s proportion of net sales has increased, which has decreased the WACC level of the
ESL Shipping segment.
■
POST-TAX WACC BY CASH GENERATING UNIT

| 2024 | 2023
ESL Shipping | 7.69% | 8.57%
Telko | 10.92% | 12.34%
Leipurin | 7.90% | 9.28%

ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The carrying amount of goodwill is tested
for impairment by using value in use cal-
culations, which include estimates. Differ-
ent assumptions in the value in use calcu-
lations could have a significant impact on
the amounts of goodwill reported in the
consolidated financial statements.
Uncertainties in economic develop-
ment, changes in exchange rates and
strong fluctuations in the operating envi-
ronment make it difficult to prepare the
estimates used in the impairment test-
ing, especially regarding future cash flows
and profit levels.
According to management’s view the
estimates of future cash flows and the
tying-up rate of capital used in testing are
likely. The assumptions used in the calcu-
lations may, however, change along with
changes in financial and business condi-
tions. Therefore, future cash flows may
differ from the estimated discounted
future cash flows, which may lead to the
recognition of impairment losses in com-
ing periods.
RESULTS OF THE IMPAIRMENT TESTS AND SENSITIVITY ANALYSIS
The Leipurin, Telko and ESL Shipping segments underwent the annual goodwill impairment
testing in December. The recoverable amount indicated by the impairment tests conducted
clearly exceeded the carrying amount of the cash generating unit for each operating segment,
and the carrying amounts are therefore considered to be justified. In the Leipurin segment,
only a decrease of two percentage points in the estimated EBITDA would cause a need to
recognize an impairment loss.
GOODWILL
Goodwill arising from business combina-
tions is not amortized according to plan,
instead its value is tested for impairment
at least annually by using value in use cal-
culations. An indication of possible impair-
ment may trigger the impairment testing
also with shorter time frame. Cash flow-
based value in use is determined by cal-
culating the present value of forecast dis-
counted cash flows for each cash-gener-
ating unit.
An impairment loss is recognized in
profit and loss if the carrying amount
of a cash-generating unit is higher than
its recoverable amount. The impairment
loss is primarily allocated to goodwill. An
impairment loss recognized on goodwill is
not reversed under any circumstances.
142
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INVENTORIES

1,000 | EUR | 2024 | 2023
Materials and supplies |  | 5,925 | 6,174
Work in progress |  | 269 |
Finished goods |  | 58,440 | 37,522
Green coaster ja green handy advance payments |  | 17,818 | 15,063
Other inventories |  | 1,731 | 483
Total |  | 84,183 | 59,242

■
INVENTORIES BY SEGMENT

1,000 | EUR | 2024 | 2023
ESL Shipping |  | 21,413 | 19,583
Telko |  | 48,117 | 25,222
Leipurin |  | 14,653 | 14,437
Total |  | 84,183 | 59,242

ESL Shipping’s inventories include the fuels of vessels and advance payments for the Green
Coaster and Green Handy vessels to be sold to the members of the vessel pool. Leipurin’s
inventories consist of raw materials for the bakery and food industries and, to a lesser extent,
of various packaging and other supplies. Telko has plastic and chemical raw materials and
lubricants in stock.
The regulation on emission allowances for shipping companies entered into force on 1 Jan-
uary 2024 and applies to vessels greater than 5,000 GT. In the ESL Shipping segment, all
emission allowances are purchased and recognized in inventories when acquired. At the end
of 2024, inventories include emission allowances of EUR 0.1 million. ESL Shipping uses emis-
sion allowances in its business operations and records the emission allowances used as mate-
rials and services during the financial year. ESL Shipping does not trade with the emission
allowances. Purchased emission allowances that remain unused during the year can be used
in future years.
In 2022, ESL Shipping established a Green Coaster pool. As a result, AtoBatC Shipping AB
ordered twelve vessels from the Chowgule & Company Private Limited shipyard in India. Every
4.4 Inventories
INVENTORIES
Inventories, including emission allow-
ances, are measured at cost or at net
realizable value, if lower. The cost is
determined using the FIFO (first-in, first-
out) principle. Net realizable value is the
actual sales price in the ordinary course
of business less the costs of completion
and sale. In normal operating conditions
Aspo Group recognizes a 100% allow-
ance for slow-moving inventories of more
than 12 months.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
For inventories the estimation uncer-
tainty relates mainly to the recoverability
and measurement of slow-moving inven-
tories. Uncertainties over demand for
products increase as products become
older, and some products also become
outdated. According to the manage-
ment’s assessment, it is appropriate to
write off the carrying value of inventory
items older than one year, unless they
are associated with an order or a binding
sales contract or there are other excep-
tional reasons, such as seasonality, to
maintain the value of the items.
other vessel will be sold to a company formed by a group of investors. Advance payments for
the Green Coaster vessels to be sold further have been recognized in inventories. Also, one of
the Green Handy vessels to be built is planned to be sold further. At the end of the financial
year, inventories included EUR 17.8 (15.1) million in advance payments for the Green Coaster
and Green Handy vessels.
The result from continuing operations during the financial year included a change in the
inventory obsolescence provision of EUR 0.1 million (-1.0).
143
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
4.5 Accounts receivable and other receivables
■
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES

1,000 | EUR | 2024 | 2023
Accounts receivable |  | 62,742 | 48,784
Refund from the Ministry of Transport and Communications |  | 3,316 | 5,887
Advance payments |  | 1,622 | 4,123
VAT receivable |  | 1,837 | 1,691
Loan receivables |  | 4 | 1,336
Fair value of hedge instruments |  | 9,357 |
Other deferred receivables |  | 9,556 | 11,884
Total |  | 88,433 | 73,705

■
AGEING ANALYSIS OF ACCOUNTS RECEIVABLE 2024

2024 |  | Accounts | Allowance for | Carrying
1,000 | EUR | receivable | credit losses | amount
Not matured |  | 55,750 | -38 | 55,712
Matured 1–30 days ago |  | 6,343 | -29 | 6,315
Matured 31–60 days ago |  | 414 | -38 | 376
Matured 61–90 days ago |  | 271 | -2 | 269
Matured 91–180 days ago |  | 115 | -45 | 70
Matured more than 181 days ago |  | 875 | -875 | 0
Total |  | 63,768 | -1,027 | 62,742

2023 |  | Accounts | Allowance for | Carrying
1,000 | EUR | receivable | credit losses | amount
Not matured |  | 45,431 | -31 | 45,400
Matured 1–30 days ago |  | 3,104 | -9 | 3,095
Matured 31–60 days ago |  | 123 | -1 | 122
Matured 61–90 days ago |  | 70 |  | 70
Matured 91–180 days ago |  | 112 | -30 | 82
Matured more than 181 days ago |  | 1,180 | -1,165 | 15
Total |  | 50,020 | -1,236 | 48,784

According to management’s judgement accounts receivable do not involve significant credit
loss risks. During the year, a total of EUR 0.2 (0.5) million was recognized as credit losses
from accounts receivable. The amount includes the change in the expected credit loss allow-
ance.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The recoverability of accounts receivable
always involves the risk that the counter-
party becomes insolvent and is unable to
pay its debts. See also “Credit and coun-
terparty risks” in note 5.1 Financial risks
and the management of financial risks.
Businesses make sales- and custom-
er-specific assessment based on the
nature of sales and the credit rating of
customers, as well as their service his-
tory, to define to whom products and
services are sold, and which payment
terms are used. If necessary, an advance
payment is used as the payment term.
Allowance for expected credit losses is
recognized proactively based on each
segment’s credit loss history. Considera-
ble uncertainties are associated with the
solvency of Ukrainian customers due the
war in Ukraine. Consequently, advance
payment is used as the payment term for
Ukrainian customers .
144
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
NON-CURRENT OTHER LIABILITIES

1,000 | EUR | 2024 | 2023
Contingent considerations from acquisitions |  | 9,999 | 538
Advances received |  | 8 |
Other non-current liabilities |  | 17 | 449
Total |  | 10,025 | 986

■
ACCOUNTS PAYABLE AND OTHER LIABILITIES

1,000 | EUR | 2024 | 2023
Accounts payable |  | 44,121 | 37,234
Advances received |  | 515 | 1,531
Salaries and social security contributions |  | 9,728 | 8,384
Employer contributions |  | 1,640 | 1,436
Accrued interest |  | 3,295 | 2,733
VAT liability |  | 4,258 | 3,659
Contingent considerations from acquisitions |  | 803 | 273
Other current liabilities |  | 1,036 | 596
Other current deferred liabilities |  | 8,217 | 8,848
Total |  | 73,614 | 64,695

4.6 Accounts payable and other liabilities
ACCOUNTS RECEIVABLE
AND OTHER RECEIVABLES
Accounts receivable and other receiva-
bles are measured at amortized cost.
When measuring accounts receivable,
Aspo applies the simplified segment-spe-
cific model to determine expected credit
losses, as permitted by IFRS 9 stand-
ard. The Group estimates expected credit
losses using an experience-based matrix
which takes into account the age struc-
ture of receivables, each segment’s credit
loss history from previous years, the mar-
ket area and the customer base.
Accounts receivable and contract
assets are derecognized as final credit
losses when it is determined that it is
reasonably certain that no payment will
be obtained due to for example the bank-
ruptcy of the client. Credit losses are
included in operating profit on net basis.
If subsequently payments relating to
final credit losses are received, they are
credited from the same profit and loss
account.
145
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
NON-CURRENT PROVISIONS

|  | Tax | Restoration | Pension |
1,000 | EUR | provisions | provisions | provisions | Total
December 31, 2023 |  | 28 | 466 | 101 | 595
Change in provisions |  | 10 |  | -3 | 7
December 31, 2024 |  | 38 | 466 | 98 | 602

■
CURRENT PROVISIONS

|  | Warranty | Other | Pension |
1,000 | EUR | provision | provisions | provisions | Total
December 31, 2023 |  | 35 | 122 |  | 157
Change in provisions |  | 7 | -122 | 65 | -50
December 31, 2024 |  | 42 | 0 | 65 | 107

Non-current provisions include a restoration provision relating to the Rauma terminal area and
are reported in the Telko segment. Rauma Terminal Services Oy, a company belonging to Aspo
Group, is obligated to restore the land areas leased from the Town of Rauma, so that they are
in the same condition as before the lease. The obligation is expected to be realized in 2030,
when the land lease agreement ends. The pension provisions relate to direct pension liabili-
ties granted by the Group. The current other provisions relate mainly to warranty and mainte-
nance.
4.7 Provisions
PROVISIONS
A provision is recognized in the balance
sheet if the Group has, as a result of a
past event, a present legal or construc-
tive obligation for which settlement is
probable, and the amount of the obli-
gation can be reliably estimated. The
amount recognized as a provision is
the present value of the costs that are
expected to occur when settling the obli-
gation.
146
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
DEFERRED TAX ASSETS

1,000 | EUR | 2024 | 2023
Leases |  | 137 | 195
Employee benefits |  | 8 | 7
Allowance for credit losses |  | 10 | 46
Other provisions |  | 68 | 202
Losses carried forward |  | 133 |
Other temporary differences |  | 99 | 91
Total |  | 454 | 541

■
CHANGES IN DEFERRED TAX ASSETS

1,000 | EUR | 2024 | 2023
Deferred tax assets, Jan 1 |  | 541 | 330
Items recognized in the statement of comprehensive income |  |  |
Leases |  | -58 | 121
Employee benefits |  | 1 | -17
Allowance for credit losses |  | -36 | -56
Other provisions |  | -134 | 109
Losses carried forward |  | 133 |
Other temporary differences |  | 8 | 54
Deferred tax assets, Dec 31 |  | 454 | 541

4.8 Deferred taxes
In Aspo Group no deferred tax assets have been recognized on the taxable losses carried for-
ward because there is no assurance that the companies that accumulated the losses will be
able to utilize them before they expire. The Finnish companies’ taxable losses were EUR 48.8
(54.8) million and foreign companies taxable losses amounted to EUR 3.2 (2.3) million. The
loss expiry period varies from one country to another, while some losses do not expire within
the scope of the current legislation. In Finland, the period of utilization of tax losses is ten
years. In Aspo Group, tax losses expire and emerge each year.
147
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
DEFERRED TAX LIABILITIES

1,000 | EUR | 2024 | 2023
Depreciation in excess of plan and Swedish tax reserves |  | 3,055 | 1,319
Tangible and intangible assets |  | 9,260 | 3,065
Retained earnings of foreign subsidiaries |  | 1,122 | 1,046
Other temporary differences |  | 2 | 78
Total |  | 13,439 | 5,508

■
CHANGES IN DEFERRED TAX LIABILITIES

1,000 | EUR | 2024 | 2023
Deferred tax liabilities, Jan 1 |  | 5,508 | 6,946
Items recognized in the statement of comprehensive income |  |  |
Depreciation in excess of plan and Swedish tax reserves |  | 261 | -115
Tangible and intangible assets |  | -925 | -1,940
Retained earnings of foreign subsidiaries |  | 76 | -23
Other temporary differences |  | -76 | 52
Acquisitions |  | 8,595 | 588
Deferred tax liabilities, Dec 31 |  | 13,439 | 5,508

During the financial year, a deferred tax liability of EUR 1.1 (1.0) million in total was recognized
based on the retained earnings of the Estonian and Latvian subsidiaries of Telko and Leipurin.
A deferred tax liability of EUR 0.1 (0.8) million has not been recognized based on the retained
earnings of other foreign subsidiaries because the funds are permanently invested in the coun-
tries in question or because the profit distribution does not cause tax payment.
Deferred tax assets and liabilities arising from leases are presented on a gross basis in the
table below. Deferred tax is recognized in the net amount in deferred tax assets.
DEFERRED TAXES
Deferred tax assets and liabilities are
calculated from temporary differences
between accounting and taxation by
applying the applicable tax rate at the
reporting date or by using a future sub-
stantively enacted tax rate. Temporary
differences arise e.g., from provisions, dif-
ferences in depreciation and from tax-
able losses carried forward. Deferred
tax assets are recognized from taxable
losses carried forward and other tempo-
rary differences only to the extent that
it is likely that they can be utilized in the
future.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The recognition of deferred tax assets
involves estimates because their realiza-
tion during upcoming years requires tax-
able income, against which the benefit
can be used. On each closing date, the
Group estimates whether taxable income
against which deferred tax assets can be
used will be accumulated in the future
at a sufficient probability. The estimate
is based on a long-term plan and profit
forecast prepared by the management.
The realization of the tax benefit and
the recognition of deferred tax assets
are affected by the future profitability of
the Group’s business operations and any
changes in the tax legislation. Deferred
tax assets have not been recognized
for tax losses, if the utilization involves
uncertainty.
Deferred tax liabilities have not been
recognized from the undistributed profits
of the Finnish Group companies, because
this profit can be distributed without
any tax consequences. Furthermore, the
Group does not recognize deferred tax
liabilities from the undistributed profit of
its foreign subsidiaries, insofar as it is not
probable that the temporary difference is
dissolved in the foreseeable future.
■
DEFERRED TAXES ON LEASE AGREEMENTS

1,000 | EUR | 2024 | 2023
Leased assets |  | 2,332 | 1,949
Lease liabilities |  | 2,469 | 2,143
Total |  | 137 | 195

148
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
FINANCIAL RISK MANAGEMENT PRINCIPLES AND ORGANIZATION
The purpose of Aspo Group’s financial risk management is to protect the operating mar-
gin and cash flows and to effectively manage fund-raising and liquidity. The Group aims to
develop the predictability of the results, future cash flows, and capital structure, and continu-
ously adapt its operations to changes in the operating environment.
Financial risk management is based on the treasury policy approved by the Board of Direc-
tors, which defines the main principles for financial risk management in Aspo Group. The treas-
ury policy defines general risk management objectives, the relationship between the Group’s
parent company and business units, the division of responsibility, and risk management-re-
lated reporting requirements. The treasury policy also defines the operating principles related
to the management of currency risks, interest rate risks, as well as liquidity and refinancing
risks.
Together with the Chief Financial Officer, Aspo’s CEO is responsible for the implementation
of financial risk management in accordance with the treasury policy approved by the Board of
Directors. The business units are responsible for recognizing their own financial risks and man-
aging them together with the parent company in accordance with the Group’s treasury policy
and instructions provided by the parent company.
Information about liquidity and refinancing risk can be found in note 2.4 Maturity.
CAPITAL MANAGEMENT
Capital is managed by monitoring the key figures for indebtedness and solvency (gearing,
equity ratio and net debt/EBITDA) and by adjusting the components of capital in a way that
targets relating to the key figures are met. In addition to Aspo’s own targets, certain loans
include external requirements for the levels of capital. They are monitored and reported to
Aspo’s management, and to the providers of the loans concerned. The solvency of the subsid-
iaries is monitored, and capital is transferred within the Group as permitted by regulations.
Covenants
Under the terms of its financing arrangements, the Group must meet the following covenants
related to its equity ratio and net debt/EBITDA ratio at the end of each year and quarter:
• For term loans with a book value of EUR 194.6 (146.6) million, the equity ratio must
exceed 25%, and for a total of EUR 151.5 (92.6) million of these loans, the net debt/
EBITDA ratio must not exceed 4.5.
Similar covenants can be used for Aspo’s binding but unused financing arrangements. If Aspo
or its subsidiaries have provided pledges or mortgages as collateral for the loan, the value
ratio of the loan pledge must exceed the agreed-upon ratio.
The Group has complied with these covenants throughout the reporting period. The equity
ratio on December 31, 2024 was 36.9% (34.4%). The net debt/EBITDA ratio used for loans
with a book value of EUR 81.0 million was 3.3 (3.8). The adjusted net debt/EBITDA ratio used
for loans with a book value of EUR 70.0 million was 3.0.
There is no indication that Aspo will have difficulty in complying with the covenants when
they are next tested on the date of the interim report on March 31, 2025.
MARKET RISKS
Currency risk
Aspo Group has businesses in 17 countries, and the operations take place in many different
currencies. The Group’s currency risk consists of foreign currency-denominated internal and
external receivables and liabilities, estimated currency flows, derivative contracts and trans-
lation risks related to results and capital. The target of Aspo Group is to decrease the uncer-
tainty related to fluctuations in results, cash flows and balance sheet items.
At the business unit level, currency risk mainly occurs when a unit sells products and ser-
vices with its domestic currency, but the costs are realized in a foreign currency.
In Aspo Group, a significant part of the net sales of Telko and Leipurin have come from
Scandinavia and especially from Sweden. Aspo’s most significant translation risk concerns the
Swedish krona (SEK). If the krona weakens against the euro, the net sales of the Telko and
Leipurin segments generated in Sweden decrease. If the krona strengthens, net sales of Aspo
Group increase. The Swedish krona weakened against the euro in 2024.
At the reporting date, Aspo Group’s currency position mainly consisted of internal and
external interest-free and interest-bearing receivables and liabilities denominated in foreign
currencies. Interest-bearing external liabilities are mainly denominated in euro.
5.1 Financial risks and the management of financial risks
5
OTHER NOTES
149
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
LOANS AND OVERDRAFT FACILITIES IN USE BY CURRENCY

1,000 | EUR | 2024 | 2023
EUR |  | 201,331 | 171,531
SEK |  | 3,412 |
USD |  |  | 902
PLN |  |  | 6
Total |  | 204,743 | 172,439

■
ACCOUNTS RECEIVABLE BY CURRENCY

1,000 | EUR | 2024 | 2023
EUR |  | 43,306 | 36,837
SEK |  | 10,208 | 5,438
DKK |  | 2,436 | 1,596
PLN |  | 771 | 541
UAH |  | 578 | 438
USD |  | 1,783 | 1,105
Other |  | 3,659 | 2,829
Total |  | 62,742 | 48,784

■

|  | ACCOUNTS PAYABLE AND ADVANCES RECEIVED BY CURRENCY |
1,000 | EUR | 2024 | 2023
EUR |  | 35,575 | 28,745
SEK |  | 4,743 | 5,120
DKK |  | 190 | 367
PLN |  | -4 | 90
UAH |  | 214 | 562
USD |  | 2,801 | 1,954
Other |  | 1,118 | 1,927
Total |  | 44,636 | 38,765

Most of Aspo Group’s accounts receivable are denominated in euro. The accounts receivable
denominated in the Swedish and Danish krona comprise the next largest items. The share of
accounts receivable and accounts payable denominated in USD is also significant, especially
in the Telko segment, because part of raw materials are purchased in USD. In addition, part of
ESL Shipping’s sales transactions is carried out in USD, and certain fuel purchases are denom-
inated in USD. ESL Shipping’s new Green Coaster vessel investments and upcoming sales
are denominated in euro. The investments in the Green Handy vessels are USD-denominated
and are hedged against exchange rate fluctuations by forward contracts. The sensitivity of
these currency forward contracts to USD/EUR exchange rate changes is shown in the table. A
strengthening of EUR against USD by ten percentage points would result in an impact of EUR
-15.7 million in the Group’s equity and other comprehensive income, and a weakening of EUR
against USD by ten percentage points would result in a positive impact of EUR 19.2 million in
the Group’s equity and other comprehensive income.
150
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
SENSITIVITY ANALYSIS FOR CURRENCY HEDGE INSTRUMENTS

|  | Profit and loss | Equity
1,000 | EUR | 2024 | 2024
ESL Shipping cash flow hedge |  |  |
+ 10% strengthening of EUR against USD |  |  | -15,681
- 10% weakening of EUR against USD |  |  | 19,165
Other currency hedge instruments |  |  |
Nominal value + 10% |  | 650 |
Nominal value - 10% |  | -650 |

Aspo Group also has two other currency forward contracts, the fair value of which is deter-
mined by the ratio of NOK and SEK exchange rates to the euro. A change of ten percentage
points in the fair value of these forward contracts would result in a profit impact of EUR 0.7
million.
■
EQUITY OF FOREIGN SUBSIDIARIES BY CURRENCY

|  | Equity | Equity
1,000 | EUR | 2024 | 2023
EUR |  | 38,782 | 36,040
SEK |  | 26,017 | 21,034
DKK |  | 8,943 | 9,657
NOK |  | 180 | -161
UAH |  | 1,650 | 1,325
PLN |  | 320 | 5,593
CNY |  | 3,264 | 2,615
KZT |  | -2,145 | -786
AZN |  |  | -472
UZS |  | -737 | -483
RON |  | -394 | -376
Total |  | 75,882 | 73,986

Aspo Group has made investments in foreign subsidiaries. In addition to direct invest-
ments, the equity of the foreign subsidiaries changes based on their business results. The
table shows the Group’s share of the subsidiaries’ equity by currency. The total equity of the
Group’s foreign subsidiaries at the reporting date was EUR 75.9 (74.0) million. The largest for-
eign currency-denominated investments in 2024 were SEK-denominated investments in sub-
sidiaries operating in Sweden, totaling EUR 26.0 (21.0) million. Despite the significant share
of equity being denominated in the SEK and DKK, the Group deems that diversification is at
a sufficient level, and there is no need to hedge the translation position associated with the
equities of its foreign subsidiaries.
The Group’s internal non-current loan receivables from Telko’s Belarusian, Ukrainian and
Kazakhstani subsidiaries have initially been classified as non-current net investments in for-
eign operations in accordance with IAS 21 standard. The treatment of the Ukrainian loan of
EUR 3.4 million as a net investment in a foreign operation ended in 2021 as a result of repay-
ments, but the translation differences related to the loan that had accumulated until the
reclassification of the loan have not been reversed, and they are still included in the transla-
tion differences. The Belarusian company paid off its entire debt balance of EUR 0.8 million
in 2022, and the related translation differences were reclassified through profit or loss dur-
ing 2023 when the company was placed in liquidation and its consolidation into Aspo Group
ended. The loan receivable from Telko Kazakhstan of EUR 1.8 million continues to be treated
as a net investment in a foreign operation.
ITEMS DENOMINATED IN
FOREIGN CURRENCIES
Transactions denominated in foreign cur-
rencies are recorded at the exchange
rates at the transaction dates. Receiv-
ables and liabilities denominated in for-
eign currencies, outstanding at the end
of the financial year are translated using
the exchange rates at the reporting date.
The gains and losses arisen from for-
eign currency denominated transactions
and the translation of monetary items
are recognized in profit and loss. For-
eign exchange gains and losses related
to business operations, as well as their
hedging results recognized through profit
or loss, are included in the correspond-
ing items above operating profit. For-
eign exchange gains and losses on for-
eign currency loans, including their hedg-
ing results recognized through profit or
loss, are included in financial income and
expenses.
Aspo has internal non-current loans to
subsidiaries, which have been classified
as net investments in foreign operations,
in accordance with IAS 21 standard. The
unrealized foreign exchange gains and
losses arising from these net invest-
ments are recognized in other compre-
hensive income and are included in trans-
lation differences. Accumulated transla-
tion differences related non-current net
investments are reclassified from equity
to profit or loss when the subsidiary
being invested in is sold in full or in part
so that the Group no longer has control,
or control is otherwise lost.
151
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Interest rate risk
To finance its operations, Aspo Group uses both fixed-rate and floating-rate borrowings the
latter of which causes an interest rate risk in Aspo Group’s cash flow and profit when changes
in the interest rate level take place. In addition to fixed-rate borrowings, Aspo Group may
use interest rate derivatives to decrease a possible growth in future cash outflows caused
by an increase in short-term market interest rates. On December 31, 2024, the Group’s inter-
est-bearing liabilities totaled EUR 224.4 (195.9) million and cash and cash equivalents stood
at EUR 36.4 (30.7) million. The share of lease liabilities included in the amount of inter-
est-bearing liabilities was EUR 19.7 (23.5) million. Aspo Group’s debt portfolio is reviewed
with regard to average interest rate, the duration of interest rate position and average loan
maturity. On the balance sheet date, the average interest rate on interest-bearing liabilities,
excluding lease liabilities, was 4.8% (5.4%), the duration of interest rate position was 0.7
years (0.4), the average loan maturity was 4.3 years (3.9).
SENSITIVITY TO MARKET RISKS
Aspo Group is exposed to interest rate and currency risks via financial assets and liabilities, in
the balance sheet on the reporting date. Market risks may also have an impact on Aspo Group
through items other than financial instruments. The oil price has an impact on Aspo Group’s
financial performance through transportation costs. The Group has hedged against this risk by
means of contractual clauses. The fluctuations in raw material prices for chemicals and food
also affect the Group’s financial performance.
Aspo Group has not identified material transaction risks related to any single currency.
However, Aspo Group has internal euro-denominated loans in the Telko segment’s companies
in Norway, Ukraine and Kazakhstan, which generate foreign exchange gains and losses for the
Group. Currency differences in internal loans affect the Group’s result because they are not
eliminated in consolidation. The Norwegian loan is hedged against exchange rate fluctuations,
but there are no other hedges for intra-Group loans.
If the currency of Kazakhstan weakened by 10 percentage points, it would result in an
exchange rate loss of EUR 0.3 million for the Group, and if the currency of Ukraine weakened
against the euro, it would result in an exchange rate loss of EUR 0.3 million calculated based
on the loan capital on the balance sheet date. If the Kazakh currency strengthened by ten per-
centage points, this would result in a foreign exchange gain of EUR 0.3 million for the Group,
and if the Ukrainian currency strengthened against the euro, this would result in a foreign
exchange gain of EUR 0.4 million, calculated based on the loan capital on the balance sheet
date, which would be reported as foreign exchange gains in financial items.
The sensitivity calculation resulting from changes in interest rates is based on the following
assumptions:
• The interest level changes by one percentage point.
• The position includes floating-rate interest-bearing financial liabilities and assets.
• The calculation is based on balance sheet values on the reporting date, and changes in
capital during the year are not taken into account.
■
SENSITIVITY ANALYSIS FOR INTEREST RATE RISK

|  | Profit and loss | Profit and loss
1,000 | EUR | 2024 | 2023
Interest rate risk |  |  |
Change of +100 basic points in the market interest rates |  | -1,892 | -1,559
Change of -100 basic points in the market interest rates |  | 1,909 | 1,572

CREDIT AND COUNTERPARTY RISKS
The Group has credit risk from accounts receivable. Telko and Leipurin segments have an inter-
national and highly diversified customer base, and no considerable customer risk concentra-
tions exist. The counterparty risk of Ukrainian customers has been addressed by utilization
of payment terms based on advance payments. ESL Shipping’s accounts receivable derive
from long-term customer relationships with creditworthy companies. The turnover rate of its
accounts receivable is high. All businesses hedge against credit risks by using, when neces-
sary, payment terms based on advance payments and bank guarantees.
Aspo Group aims to have a low cash and cash equivalents balance. The counterparty risk is
managed by selecting well-known and financially solvent domestic and international banks as
counterparties. Excess funds may be invested in bank deposits and short-term money mar-
ket instruments. The derivative contract-based counterparty risk is managed by selecting well-
known and solvent Nordic banks as counterparties.
152
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
5.2 Derivative contracts
■
DERIVATIVE CONTRACTS

|  | Nominal | Fair | Nominal | Fair
|  | value | value, net | value | value, net
1,000 | EUR | 2024 | 2024 | 2023 | 2023
Forwards |  |  |  |  |
Foreign currency forwards |  | 179,759 | 9,306 | 11,290 | -59

■
NET GAIN/(LOSS) ON DERIVATIVE CONTRACTS

1,000 | EUR | 2024 | 2023
Materials and services |  | 10 |
Financial income |  | -60 |
Profit for the period |  | -50 |
Other comprehensive income |  | 9,403 | -47
Total comprehensive income |  | 9,353 | -47

DERIVATIVES 2024
The Aspo Group’s forward contracts on the reporting date:
• ESL Shipping Oy’s forward contracts related to the USD-denominated Green Handy vessel
investments
• Aspo Plc’s forward contract related to the intra-Group NOK loan
• Swed Handling AB’s forward contracts related to purchases in EUR and USD
At the reporting date, the fair value of the forward contracts totaled EUR 9.3 million. ESL
Shipping’s forward contracts are used to hedge against the strengthening of USD, and their
fair value on the balance sheet date included in the above total was EUR 9.4 million, which
is recognized in receivables and other comprehensive income and presented in the hedging
reserve in equity.
ESL Shipping’s forward contracts relating to vessels are subject to hedge accounting and
will expire in April 2025, when they will be renewed. ESL Shipping’s forward contracts relating
to vessels are considered to be part of the vessel investments and subject to tonnage tax-
ation thus deferred tax liability has not been recognized on them. The sensitivity analysis of
derivative contracts is presented in note 5.1 Financial risks and the management of financial
risks.
In December 2024, ESL Shipping Ltd made the first payment for the four Green Handy ves-
sels under construction. The payment was EUR 29.0 million calculated at the forward rate.
ESL Shipping Ltd does not yet have a pool contract for the Green Handy vessels, but one of
the four vessels is planned to be sold to a group of investors. Thus, a quarter of the amount
of the prepayment has been recognized as an advance payment on inventories and three
quarters as an advance payment on tangible assets.
DERIVATIVES 2023
At the end of the financial year 2023, Aspo had a forward contract for hedging the SEK-de-
nominated purchase price of the Swed Handling acquisition. The fair value of the forward con-
tract at the end of 2023 was EUR -59 thousand. The forward contract was subject to hedge
accounting. The forward contract matured during the reporting period in connection with the
acquisition of Swed Handling.
153
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
DERIVATIVES
Derivatives are initially recognized at fair
value on the day the Group becomes a
contractual counterparty and are subse-
quently measured at fair value. Fair value
of derivatives is determined on the basis
of quoted market prices and rates, the
discounting of cash flows and option val-
uation models. The fair value of currency
forwards is calculated by discounting
the predicted cash flows from the agree-
ments in accordance with interest rates
of the currencies sold, translating the
discounted cash flows at the exchange
rates at the reporting date, and calcu-
lating the difference between the dis-
counted values. The nominal value of for-
eign exchange forward contracts is calcu-
lated by converting them at the exchange
rate of the balance sheet date.
For those foreign exchange forward
contracts that are included in hedge
accounting, the change in the fair value of
the effective portion of the hedge is rec-
ognized in other comprehensive income
and presented in the hedging reserve
included in other reserves in equity.
Hedging gains and losses on other for-
eign exchange forwards recognized
through profit or loss are recognized in
the income statement on the basis of
the hedged item either above the oper-
ating profit or in financial income and
expenses.
When applying hedge accounting,
the relation between the hedging instru-
ments and hedged items is documented
at the start of hedging, as well as the
risk management targets and strategies
used as guidelines when launching differ-
ent hedging actions. At the start of hedg-
ing and continuously after this action, the
Group prepares an estimate whether the
derivatives used in hedging effectively
abolish the changes in fair values or cash
flows of the hedged objects. The gain
or loss relating to an inefficient portion
is immediately recognized in the state-
ment of comprehensive income as finan-
cial items.
When the hedging instrument expires
or is sold or when hedging does not meet
the criteria of hedge accounting, the
accumulated gains and losses retained in
equity at that time remain in equity and
are reclassified to the statement of com-
prehensive income only after the fore-
cast transaction takes place. If the fore-
cast transaction is no longer expected
to occur, the accumulated gain or loss
retained under equity is immediately
reclassified to the statement of com-
prehensive income. The hedging results
for ESL Shipping Oy’s forward contracts
relating to vessels are recognized as an
adjustment to the acquisition cost of the
vessels.
154
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
5.3 Related parties and management compensation
RELATED PARTIES
The subsidiaries and associated companies, which are related parties of Aspo Group are pre-
sented in note 1.1 Group structure, and further information about associated companies can
be found in note 3.3 Associated companies. The related parties also include key management
personnel i.e., members of the Board of Directors and the Group Executive Committee and
their close family members as well as any entities under their control. Information about the
members of the Board and the Group Executive Committee is available in the Governance sec-
tion, where also information on Aspo’s hybrid bond subscribed by the related parties is pre-
sented. No material transactions with Aspo’s related parties or entities controlled by them
were identified during the financial year.
MANAGEMENT COMPENSATION
■
EXPENSES FOR KEY MANAGEMENT COMPENSATION

1,000 | EUR | 2024 | 2023
Salaries and other short-term employee benefits |  | 1,987 | 2,219
Post-employment benefits |  | 480 | 556
Termination benefits |  | 98 |
Share-based payments |  | 519 | 723
Total |  | 3,084 | 3,498

Pension benefits include both statutory and voluntary pension payments.
■
SALARIES AND BENEFITS OF BOARD MEMBERS AND CEO

1,000 | EUR | 2024 | 2023
Chief Executive Officer compensation |  |  |
CEO Jansson Rolf, salaries |  | 468 | 443
CEO Jansson Rolf, pensions |  | 93 | 102
CEO Jansson Rolf, bonuses |  | 87 | 175
CEO Jansson Rolf, share-based payments |  | 52 | 522
Total |  | 700 | 1,242

Aspo’s CEO is entitled to a statutory pension, and the retirement age is determined according
to the statutory earnings-related pension scheme. The period of notice applied to the employ-
ment relationship of the CEO is six months. If notice is given by the company, a severance pay
corresponding to six months’ salary will be paid in addition to the salary for the notice period.

1,000 | EUR | 2024 | 2023
Board of Directors compensation |  |  |
Westerlund Heikki, Chairman of the Board |  | 77 | 73
Kaario Mammu, Vice Chairman of the Board** |  |  | 13
Laine Mikael, Vice Chairman of the Board*** |  | 57 | 51
Allam Patricia |  | 41 | 37
Ekman Annika**** |  | 28 |
Kolunsarka Tapio |  | 41 | 37
Pöyry Salla***** |  | 17 | 37
Ståhlberg Kaarina* |  | 42 | 31
Vehmas Tatu |  | 45 | 41
Total |  | 347 | 320
*Member of the Board since April 4, 2023 |  |  |
**Vice Chairman of the Board until April 4, 2023 |  |  |
***Vice Chairman of the Board since April 4, 2023 |  |  |
****Member of the Board since April 12, 2024 |  |  |
*****Member of the Board until April 12, 2024 |  |  |

155
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
5.4 Share-based payments
■
SHARE-BASED PAYMENT EXPENSES RECOGNIZED

1000 € | 2024 | 2023
Recognized in employee benefit expenses | -655 | -1,114

Aspo has share-based incentive schemes the expenses of which are normally recognized dur-
ing a period of three years.
After the end of the financial year on February 17, 2025, Aspo announced that it estab-
lishes a new long-term share-based incentive plan for key employees and pays part of the
short-term remuneration plan in shares. In addition, it was announced that the long-term
share-based incentive plans 2023–2025 and 2024–2026 are terminated.
Share-based incentive plan 2024–2026
On February 15, 2024, Aspo Plc’s Board of Directors approved a new share-based incentive
plan for the Group key employees by establishing a new performance share plan 2024–2026.
The aim of the plan is to combine the objectives of the shareholders and the key employ-
ees to increase the value of the company in the long-term, to retain the key employees at the
company, and to offer them competitive reward plan based on earning and accumulating the
company´s shares.
Rewards earned from each of the three performance periods of the performance share
plan will be based on the Group’s earnings per share (EPS), two criteria based on sustainability
indicators and operating profit targets for business divisions. The prerequisite for participation
in the plan and for receipt of reward on the basis of the program is that a key person holds
the company's shares or acquires the company's shares, up to the number predetermined by
the Board of Directors.
The potential reward will be paid partly in the company´s shares and partly in cash in 2025,
2026 and 2027. The cash proportion is intended to cover taxes and tax-related costs arising
from the reward to a key employee. As a general rule, no reward will be paid if a key employ-
ee´s employment or service ends before the reward payment. The shares paid as reward may
not be transferred during the restriction period. As another general rule, if a key employee´s
employment contract or director contract terminates during the restriction period, he or she
must gratuitously return the shares earned as reward.
The performance share plan 2024–2026 is directed to circa 20 participants, including the
members of the Group Executive Committee. The rewards to be paid on the basis of the plan
correspond to the value of a maximum total of 280,000 Aspo Plc shares including also the
proportion to be paid in cash.
For the 2024 earnings period, the targets were met at 20% overall.
Share-based incentive plan 2023–2025
On February 15, 2023, Aspo Plc’s Board of Directors decided to establish a key employee
incentive plan for 2023–2025. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group’s earnings per share (EPS) and two
sustainability indicators. The share-based incentive plan is directed to a maximum of 30 partic-
ipants, including the members of the Group Executive Committee.
The potential reward will be paid partly in the company´s shares and partly in cash in 2024,
2025 and 2026. The rewards to be paid on the basis of the plan correspond to the value of a
maximum total of 320,000 Aspo Plc shares including also the proportion to be paid in cash.
The cash proportion is intended to cover taxes and tax-related costs arising from the reward
to a key employee.
For the 2023 earnings period, the targets were met at 10% overall. On March 26, 2024,
Aspo Plc granted 6,416 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders’ Meeting held on April 4,
2023.
For the 2024 earnings period, the targets were met at 20% overall.
Share-based incentive plan 2022–2024
On February 16, 2022, Aspo Plc’s Board of Directors decided to establish a key employee
incentive plan for 2022–2024. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group’s earnings per share (EPS) and two
sustainability indicators. The share-based incentive plan is directed at a maximum of 30 peo-
ple, including the members of the Group Executive Committee.
The potential reward will be paid partly in the company’s shares and partly in cash in 2023,
2024 and 2025. The rewards payable based on the plan correspond to a maximum total
value of 400,000 Aspo Plc shares, also including the proportion to be paid in cash.
For the 2022 earnings period, the targets were met at 90% overall. On March 29, 2023,
Aspo Plc granted 76,050 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders’ Meeting held on April 6,
2022.
For the 2023 earnings period, the targets were met at 30% overall. On March 26, 2024,
Aspo Plc granted 7,560 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders’ Meeting held on April 4,
2023.
For the 2024 earnings period, the targets were met at 20% overall.
156
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Share-based incentive plan 2021–2023
On February 11, 2021, Aspo’s Board of Directors decided to establish a key employee incen-
tive plan for 2021–2023. The share-based incentive plan was directed at around 20 people,
including the members of the Group Executive Committee.
The EPS target, acting as an earnings criterion for the share-based incentive plan, was fully
met during the 2021 financial year. In March 2022, based on the share-based incentive plan,
a total of 89,400 treasury shares were transferred, and an amount equaling the value of the
shares was paid in cash to cover taxes. Shares paid as a reward may not be transferred dur-
ing the restriction period, which ended on December 31, 2023. The expense of the share-
based incentive plan was recognized in the years 2021–2023.
Share-based incentive plan 2020
In June 2022, Aspo’s Board of Directors granted 20,000 Aspo shares to Aspo’s CEO Rolf
Jansson based on the share-based incentive plan for 2020 and the conditions of the CEO’s
contract of service. The first tranche of 10,000 shares and an amount of cash equaling their
value to cover taxes were transferred in June 2022 and at the same time, Jansson acquired
10,000 shares from the markets at his own expense in accordance with the contract.
A second transfer of equal nature and quantity took place in June 2023.
■
SHARE-BASED INCENTIVE PLAN

|  |  |  | Number |  |
| Board |  |  | of shares | Share price on | Share price on
| decision date | Grant date | Transfer date | granted | grant date, EUR | transfer date, EUR
Restricted share plan 2020 | 17.6.2020 | 14.6.2022 | 16.6.2022 | 10,000 | 7.83 | 7.59
| 17.6.2020 | 14.6.2022 | 22.6.2023 | 10,000 | 7.83 | 7.04
| 10.8.2023 | 22.8.2023 |  | 10,000 | 6.19 |
Share-based incentive plan 2021–2023 | 11.2.2021 | 1.4.2021 | 23.3.2022 | 67,100 | 8.99 | 6.72
| 16.2.2022 | 16.2.2022 | 23.3.2022 | 22,300 | 10.34 | 6.72
Share-based incentive plan 2022–2024 | 16.2.2022 | 30.5.2022 | 28.3.2023 | 76,050 | 7.48 | 8.46
| 16.2.2022 | 30.5.2022 | 26.3.2024 | 7,560 | 7.48 | 6.08
Share-based incentive plan 2023–2025 | 15.2.2023 | 6.6.2023 | 26.3.2024 | 6,416 | 6.95 | 6.08
Share-based incentive plan 2024–2026 | 15.2.2024 | 28.3.2024 |  |  | 6.08 |

SHARE-BASED PAYMENTS
The Group has share-based management
incentive plans, where part of the reward
is settled in shares and part in cash.
These plans include net payment fea-
tures for meeting withholding tax obliga-
tions. Assigned shares are measured at
fair value at the time of assignment and
recognized in the statement of compre-
hensive income as costs over the vesting
period of the incentive plan. Other than
market-based conditions (e.g. profitability
and profit growth target) are not included
in the fair value but taken into account
when determining the number of shares
to which a right is assumed to be gener-
ated by the end of the vesting period. For
the portion settled in shares the expense
is recognized as an employee benefits
expense, with a corresponding increase
in equity. Also the portion paid in cash
is classified as equity settled and recog-
nized in equity at the grant date market
value.
In August 2023, Aspo’s Board of Directors granted 10,000 Aspo shares to Aspo’s CFO
Erkka Repo based on the share-based incentive plan for 2020 and the conditions of the CFO’s
contract of service. Half of the shares will be transferred after twelve months of service and
the other half after 24 months of service.
157
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
5.5 Contingent assets and liabilities, and other commitments
OTHER COMMITMENTS
Collaterals and commitments
As part of their ordinary business activities, Aspo and some of its subsidiaries sign different
kinds of agreements under which guarantees are offered to third parties on behalf of these
subsidiaries. Such agreements are primarily made in order to support or improve Group com-
panies’ creditworthiness and facilitate the availability of sufficient financing.
■
COLLATERAL FOR OWN DEBT AND OTHER COMMITMENTS

1,000 | EUR | 2024 | 2023
Mortgages given |  | 169,637 | 127,000
Guarantees |  | 14,134 | 20,734
Total |  | 183,771 | 147,734
Other commitments |  | 25,589 | 23,480

The mortgages given are associated with loan agreements to finance certain vessel invest-
ments of ESL Shipping, and they represent the amount of mortgages as at the loan agree-
ments’ signing date. On the closing date, the corresponding loan capital was EUR 87.6 (66.0)
million. Other commitments consist mainly of commitments relating to temporary maritime
personnel of time-chartered vessels. The amount of emission allowances used during 2024
EUR 1.7 million will be returned to the EU on September 30, 2025, and are presented as
other commitments.
CONTINGENT ASSETS AND LIABILITIES
Contingent liability related to the divestment of Kauko
Based on the agreement on the sale of Kauko Oy’s shares Aspo is responsible for an old debt
established in 2016–2018 to Chinese companies that have not invoiced their receivables.
Kauko has aimed to contribute to the collection of the debt, but to no avail. In the company’s
view, it is not likely that the counterparty will require the company to repay its debt, and the
liability of EUR 0.5 million has not been recognized on Aspo’s balance sheet.
Contingent liability Telko Ukraine
Telko Ukraine has been subject to a tax inspection based on which the company should pay
additional taxes, tax increases and fines totaling EUR 1.9 million. The case is almost entirely
related to the tax treatment of old loans granted in 2011–2012. Telko has taken the given
decision to court and the case has been analyzed by external experts. Based on the expert
opinion the chances of success in court have been assessed to be good. Thus, no liability has
been recognized in the balance sheet.
Tax positions
Due to local tax audits or clarification requests, Aspo has some uncertain tax positions, as the
tax authority has summoned the company’s claims for deductible items in tax returns. Con-
cerning each case, Aspo has assessed whether the tax authority’s interpretations are justified
and, if necessary, adjusted the recognized amounts to correspond with the expected paya-
ble amounts. Although management believes that these cases will not result in any significant
additional recognitions in addition to previously recognized amounts, the final amounts may
differ from the estimated amounts.
Legal proceedings
Aspo Group companies are parties to some legal proceedings and disputes associated with
regular business operations. The financial impact of these proceedings and disputes cannot be
estimated for certain but, on the basis of the information available and taking into account the
existing insurance cover and provisions made, Aspo management believes that they do not
have any material adverse impact on the Group’s financial position.
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
5.7 Changes in IFRS standards
NEW AND AMENDED STANDARDS THAT ARE EFFECTIVE FOR YEAR 2024
The following amendments to standards have been applied in Aspo Group for the first time in
the accounting period commencing January 1, 2024.
• Classification of Liabilities as Current or Non-Current – Amendment to IAS 1, which became
effective on January 1, 2024. The amendment clarifies that the classification of loans as
current or non-current should be based on rights that are in existence at the end of the
reporting period and that the classification is unaffected by management’s expectations
or events after the reporting date. The amendment had no material effect on the
classification of Aspo’s loans as current and non-current.
• Non-current Liabilities with Covenants – Amendment to IAS 1, which became effective on
January 1, 2024. The amendments specify that only covenants that an entity is required to
comply with on or before the end of the reporting period affect the entity’s right to defer
settlement of a liability for at least twelve months after the reporting date (and therefore
must be considered in assessing the classification of the liability as current or noncurrent).
The IASB also specifies that the right to defer settlement of a liability for at least twelve
months after the reporting date is not affected if an entity only has to comply with a
covenant after the reporting period. However, if the entity’s right to defer settlement of a
liability is subject to the entity complying with covenants within twelve months after the
reporting period, an entity discloses information that enables users of financial statements
to understand the risk of the liabilities becoming repayable within twelve months after the
reporting period. Aspo presents information related to covenants in note 5.1 Financial risks
and the management of financial risks.
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures—Supplier Finance Arrangements. The amendments add a disclosure objective
to IAS 7 stating that an entity is required to disclose information about its supplier
finance arrangements that enables users of financial statements to assess the effects
5.6 Events after the financial year
After the end of the financial year in February 2025 ESL-Shipping signed a loan agreement of
EUR 70 million with Svenska Skeppshypotekskassan for financing the Green Handy –vessels.
The loan is expected to be drawn in the years 2027 and 2028.
After the end of the financial year on February 12, 2025, Aspo announced that Leipurin has
completed the agreement to take over the food ingredients distribution business previously
conducted by the Lithuanian company, Kartagena UAB.
After the end of the financial year on February 17, 2025, Aspo announced that it estab-
lishes a new long-term share-based incentive plan for key employees and pays part of the
short-term remuneration plan in shares. In addition, it was announced that the long-term
share-based incentive plans 2023–2025 and 2024–2026 are terminated.
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5 Business operations
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
• Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial
instruments. The amendments aim to improve the understandability of the changes to
IFRS 9 and IFRS 7 standards relating to derecognition of a financial liability, classification
of financial assets and disclosures in the financial statements. The amendments will be
effective for the financial year beginning on 1 January 2026. The company's management
anticipates that the application of these amendments may have an impact on the notes to
the consolidated financial statements.
• IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 standard replaces the standard IAS 1 Presentation of Financial Statements and
introduces new reporting requirements. The new standard also amends other IFRS financial
reporting standards, such as IAS 7 Cash Flow Statements, IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors and IAS 33 Earnings per Share. IFRS 18
introduces new requirements to, among others: present specified categories and defined
subtotals in the statement of profit or loss, provide disclosures on management-defined
performance measures (MPMs) in the notes to the financial statements and to improve
aggregation and disaggregation. The standard must be applied for the financial period
beginning on 1 January 2027, with earlier application permitted. IFRS 18 will be applied
retrospectively, subject to certain transitional provisions. The company's management
anticipates that the adoption of this new standard will have an impact on the consolidated
financial statements in future periods.
of those arrangements on the entity’s liabilities and cash flows. In addition, IFRS 7 was
amended to add supplier finance arrangements as an example within the requirements
to disclose information about an entity’s exposure to concentration of liquidity risk. To
meet the disclosure objective, an entity will be required to disclose in aggregate for its
supplier finance arrangements regarding supplier finance arrangements and liquidity risk
information. The amendments are applicable for the annual reporting period beginning on 1
January 2024, however, the group does not have significant financing arrangements with
suppliers or service providers.
• Amendments to IFRS 16 Leases—Lease Liability in a Sale and Leaseback. The
amendments clarify how a seller-lessee subsequently measures sale and leaseback
transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. These
amendments require a seller-lessee to subsequently measure lease liabilities arising from
a leaseback in a way that it does not recognise any amount of the gain or loss that relates
to the right of use it retains. The new requirements do not prevent a seller-lessee from
recognising in profit or loss any gain or loss relating to the partial or full termination of a
lease. The amendments are effective for annual reporting periods beginning on or after 1
January 2024 and are to be applied retrospectively. As a result of the change, there was
no need to adjust entries related to existing sale and leaseback agreements.
CHANGES IN IFRS STANDARDS AND IFRIC INTERPRETATIONS, THAT BECOME
EFFECTIVE EARLIEST IN THE NEXT FINANCIAL YEAR
The Group will adopt the following changes in standards when they become effective:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates—Lack of
Exchangeability. The amendments specify when a currency is exchangeable into another
currency and when it is not. A currency is exchangeable when an entity is able to exchange
that currency for the other currency through markets or exchange mechanisms that create
enforceable rights and obligations without undue delay at the measurement date and for
a specified purpose. A currency is not exchangeable into the other currency if an entity
can only obtain an insignificant amount of the other currency. When a currency is not
exchangeable at the measurement date, an entity estimates the spot exchange rate as
the rate that would have applied to an orderly transaction between market participants at
the measurement date and that would faithfully reflect the economic conditions prevailing.
Following the amendments, the group is required to disclose information that would enable
users of its financial statements to evaluate how a currency’s lack of exchangeability
affects, or is expected to affect, its financial performance, financial position and cash flows.
The amendments are effective for the annual reporting period beginning on 1 January
2025. Earlier application is permitted. The company's management anticipates that the
application of these amendments may have an impact on the group's consolidated financial
statements in future periods.
160
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
EUR Note Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023
Net sales 1.1 704,516.00 673,144.42
Other operating income 1.2 1,177,109.75 573,680.99
Employee benefit expenses 1.3 -2,454,756.70 -2,133,482.37
Depreciation and amortization 1.4 -33,063.27 -39,972.32
Other operating expenses 1.5 -4,196,435.79 -3,856,496.94
Operating loss -4,802,630.01 -4,783,126.22
Financial income and expenses 1.6 19,067,070.80 4,702,033.67
Profit before appropriations and taxes 14,264,440.79 -81,092.55
Appropriations 1.7 3,859,000.00 1,550,000.00
Profit for the period 18,123,440.79 1,468,907.45
Parent company’s income statement
Parent company’s financial statements
161
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18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Parent company’s balance sheet
ASSETS
EUR Note Dec 31, 2024 Dec 31, 2023
Non-current assets
Intangible assets 2.1 364,395.27 56,122.14
Tangible assets 2.1 520.00 103,427.53
Investments 2.2 111,687,198.44 81,818,131.57
Total non-current assets 112,052,113.71 81,977,681.24
Current assets
Receivables from Group companies, non-current 2.3 102,001,725.31 104,092,786.00
Receivables from Group companies, current 2.3 5,727,458.01 7,812,027.55
Other current receivables 2.3 534,105.50 223,377.72
Cash and cash equivalents 20,267,049.40 13,750,585.05
Total current assets 128,530,338.22 125,878,776.32
Total assets 240,582,451.93 207,856,457.56
EQUITY AND LIABILITIES
EUR Note Dec 31, 2024 Dec 31, 2023
Equity
Share capital 2.4 17,691,729.57 17,691,729.57
Share premium reserve 2.4 4,351,173.64 4,351,173.64
Invested unrestricted equity reserve 2.4 21,131,584.71 21,150,592.47
Retained earnings 2.4 1,741,246.68 7,742,502.38
Profit for the period 18,123,440.79 1,468,907.45
Total equity 63,039,175.39 52,404,905.51
Provisions 2.5 41,205.60 57,342.94
Liabilities
Non-current liabilities
Hybrid bond 2.6 30,000,000.00 30,000,000.00
Loans from financial institutions 2.6 110,000,000.00 70,000,000.00
Loans from Group companies 2.6 873,000.00
Total non-current liabilities 140,873,000.00 100,000,000.00
Current liabilities
Liabilities to Group companies 2.7 28,151,481.22 24,997,410.28
Bonds 2.7 14,992,778.75
Commercial papers 2.7 5,000,000.00
Loans from financial institutions 2.7 12,500,000.00
Accounts payable 2.7 136,389.69 99,487.30
Other liabilities 2.7 67,161.41 79,730.45
Deferred liabilities 2.7 3,274,038.62 2,724,802.33
Total current liabilities 36,629,070.94 55,394,209.11
Total liabilities 177,502,070.94 155,394,209.11
Total equity and liabilities 240,582,451.93 207,856,457.56
162
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Parent company’s cash flow statement
EUR Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023
Cash flows from/used in operating activities
Operating loss -4,802,630.01 -4,783,126.22
Adjustments to operating loss -469,770.63 -220,947.24
Change in working capital 370,360.22 -503,635.03
Interest paid -10,078,724.10 -7,558,673.66
Interest received 5,964,257.24 5,234,524.57
Dividends received 28,814,346.58 14,000,000.00
Net cash from operating activities 19,797,839.30 6,168,142.42
Cash flows from/used in investing activities
Investments in tangible and intangible assets -324,880.13 -65,858.50
Proceeds from sale of property, plant and equipment
and other intangible assets 540,186.28 2,257.58
Proceeds from sale of investments 180,290.02
Loans granted -72,284,708.54 -38,000,000.00
Proceeds from loans 44,482,164.39 36,681,000.00
Net cash used in investing activities -27,406,947.98 -1,382,600.92
EUR Jan 1–Dec 31, 2024 Jan 1–Dec 31, 2023
Cash flows from/used in financing activities
Proceeds from non-current loans from Group companies 875,000.00
Repayment of non-current loans from Group companies -2,000.00
Proceeds from non-current loans 70,000,000.00 30,000,000.00
Repayment of non-current loans -42,500,000.00 -32,500,000.00
Change in current receivables from Group companies -1,453,470.33 763,990.17
Change in current liabilities to Group companies 3,151,963.05 13,214,534.78
Repayment of a bond loan -15,000,000.00
Proceeds from issuance of commercial papers 5,000,000.00
Group contributions received 1,550,000.00 2,500,000.00
Dividends paid -7,546,951.42 -14,444,211.60
Purchase of own shares -308,100.66
Proceeds from sale of treasury shares 51,031.73 301,194.68
Net cash used in financing activities 14,125,573.03 -472,592.63
Change in cash and cash equivalents 6,516,464.35 4,312,948.87
Cash and cash equivalents Jan 1 13,750,585.05 9,437,636.18
Cash and cash equivalents at year-end 20,267,049.40 13,750,585.05
163
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41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Notes to the parent company’s financial statements
ACCOUNTING PRINCIPLES
Basis of accounting
Aspo Plc’s financial statements have
been compiled in accordance with Finnish
Accounting Standards (FAS). The account-
ing principles have not changed from the
previous year. Aspo Plc is the parent com-
pany of Aspo Group. All figures in the finan-
cial statements are presented in full val-
ues. When appropriate, the financial state-
ments of Aspo Plc comply with the Group’s
accounting principles based on IFRS. Below
are described those accounting principles in
which the financial statements of Aspo Plc
differ from the accounting principles of the
Group. The accounting principles for the con-
solidated financial statements are presented
in the notes to the consolidated financial
statements. When compiling the financial
statements, the management of the com-
pany must, in accordance with valid regula-
tions and good accounting practice, make
estimates and assumptions that affect the
measurement and accruing of financial state-
ment items. The outcome may differ from
the estimates.
Investments
Subsidiary shares and other shares and par-
ticipations, included in non-current invest-
ments, are measured at the lower of the
acquisition cost or the fair value.
Leasing
Lease payments are recognized as rent
expenses during the lease period and
included in other operating expenses.
Provisions
Provisions include items that are either
based on contracts or otherwise binding obli-
gations but have not yet realized. Changes
in provisions are recognized in the income
statement.
Share-based payments
In the parent company’s financial state-
ments, share-based payment expenses
are recognized as expenses for the finan-
cial year, during which the obligation to pay
remunerations is generated. Share-based
payment expenses are recognized as provi-
sions if the shares have not been transferred
yet. The right to tax deductibility is estab-
lished when the shares are transferred. The
reward is settled partly in shares of the com-
pany and partly in cash, with cash being paid
to fulfil the withholding tax obligation. The
settlement of the reward in the company’s
own shares does not give rise to an account-
ing transaction.
Income taxes
The income taxes in the income statement
include taxes calculated on profit for the
period based on Finnish tax legislation and
considering losses carried forward, as well
as adjustment of taxes from previous finan-
cial years. No deferred tax asset has been
recognized on Aspo Plc's losses carried for-
ward of EUR 42.1 million. The unrecognized
deferred tax asset is EUR 8.4 million.
Hybrid bond
The hybrid bond is presented in the parent
company’s balance sheet as liabilities and
the related interest is presented as financial
expenses in the income statement.
Cash pool arrangement
The Group has a cash pool arrangement, to
facilitate an efficient liquid asset manage-
ment between the parent and its subsidiar-
ies. The cash pool balances of the subsidi-
aries are presented in the parent company’s
balance sheet as either cash pool receivables
or liabilities.
Measurement of financial instruments
Fair value measurement compliant with
Chapter 5, section 2a of the Accounting Act
is applied to the accounting treatment of
financial derivatives, and changes in their fair
value are entered in the income statement.
Financial derivatives are measured at the
market prices at the balance sheet date.
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
1.3 Information about personnel and management
■
EMPLOYEE BENEFIT EXPENSES
EUR 2024 2023
Wages and salaries -2,042,005.46 -1,572,569.76
Share-based payments -17,650.24 -129,326.74
Profit bonus paid to the personnel fund -14,020.04 -27,516.73
Pension expenses -376,731.55 -430,695.50
Other social security expenses -4,349.41 26,626.36
Total -2,454,756.70 -2,133,482.37
■
MANAGEMENT COMPENSATION
EUR 2024 2023
CEO, salaries 467,696.52 442,764.60
CEO, share-based payments 52,321.54 521,613.50
CEO, bonuses 87,117.64 174,903.00
Members of the Board of Directors, remunerations 346,714.28 319,616.65
Total 953,849.98 1,458,897.75
The CEO is entitled to a statutory pension, and the retirement age is determined according to
the statutory earnings-related pension scheme.
■
AVERAGE NUMBER OF PERSONNEL DURING THE FINANCIAL YEAR
2024 2023
Office staff 11 8
1.1 Net sales
1.2 Other operating income
■
NET SALES
EUR 2024 2023
Net sales 704,516.00 673,144.42
Distribution of net sales by market area %
Finland 100 100
■
OTHER OPERATING INCOME
EUR 2024 2023
Gain on sale of tangible assets 651,773.51
Rental income from Group companies 367,864.10 524,932.10
Other operating income 157,472.14 48,748.89
Total 1,177,109.75 573,680.99
165
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6 CEO's review
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18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
OTHER OPERATING EXPENSES
EUR 2024 2023
Rents -497,493.00 -844,061.31
Administration and consultancy services -3,247,225.08 -2,323,314.22
Other expenses -451,717.71 -689,121.41
Total -4,196,435.79 -3,856,496.94
■
AUDITOR’S FEES
EUR 2024 2023
Audit fees 77,500.00 50,000.00
Other services 56,550.00
Total 77,500.00 106,550.00
The authorized public accountant firm Deloitte Oy is the company’s auditor. The audit fee was
EUR 77.5 (50.0) thousand.
1.5 Other operating expenses
■
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES
EUR 2024 2023
Amortization, other long-term expenditure -14,030.46 -39,118.68
Impairment losses on tangible assets -18,391.71
Depreciation, machinery and equipment -641.10 -853.64
Total -33,063.27 -39,972.32
1.4 Depreciation, amortization
and impairment losses
166
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6 CEO's review
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24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
FINANCIAL INCOME AND EXPENSES
EUR 2024 2023
Financial income
Dividend income
From Group companies 23,214,290.58 7,600,000.00
From others 56.00
Total 23,214,346.58 7,600,000.00
Other interest and financial income
From Group companies 4,779,731.66 4,816,994.16
Guarantee service fee 126,813.40 117,730.60
Exchange rate gains 1,012.55 5,213.41
From others 1,150,856.42 290,169.96
Total 6,058,414.03 5,230,108.13
Total financial income 29,272,760.61 12,830,108.13
Impairment losses on investments
Impairment losses on shares -53,159.00
Total impairment losses on investments -53,159.00
Financial expenses
Interest expenses and other financial expenses
To Group companies -1,834,575.73 -403,003.21
To others -8,317,955.08 -7,725,071.25
Total -10,152,530.81 -8,128,074.46
Total financial expenses -10,152,530.81 -8,128,074.46
Total financial income and expenses 19,067,070.80 4,702,033.67
1.6 Financial income and expenses
■
APPROPRIATIONS
EUR 2024 2023
Group contributions received 3,859,000.00 1,550,000.00
Total 3,859,000.00 1,550,000.00
1.7 Appropriations
167
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6 CEO's review
8 Strategy
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16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INTANGIBLE AND TANGIBLE ASSETS 2024
EUR Intangible rights
Other long-term
expenditure
Total
intangibles Land Buildings
Machinery and
equipment
Other
tangible assets
Total
tangibles
Acquisition cost, Jan. 1 201,058.04 77,309.10 278,367.14 1,907.55 12,142.02 25,023.56 100,878.90 139,952.03
Additions 324,880.13 324,880.13
Decreases -120,288.55 -11,450.60 -131,739.15 -1,387.55 -12,142.02 -11,708.20 -82,487.19 -107,724.96
Acquisition cost, Dec. 31 80,769.49 390,738.63 471,508.12 520.00 0.00 13,315.36 18,391.71 32,227.07
Accumulated depreciation, Jan. 1 -201,058.04 -21,186.96 -222,245.00 -12,142.02 -24,382.46 -0.02 -36,524.50
Accumulated depreciation of decreases 120,288.55 8,874.06 129,162.61 12,142.02 11,708.20 -18,391.69 5,458.53
Depreciation and amortization for the period -14,030.46 -14,030.46 -641.1 -641.1
Accumulated depreciation, Dec. 31 -80,769.49 -26,343.36 -107,112.85 0.00 -13,315.36 -18,391.71 -31,707.07
Carrying amount, Dec. 31, 2024 0.00 364,395.27 364,395.27 520.00 0.00 0.00 0.00 520.00
■
INTANGIBLE AND TANGIBLE ASSETS 2023
EUR Intangible rights
Other long-term
expenditure
Total
intangibles Land Buildings
Machinery and
equipment
Other
tangible assets
Total
tangibles
Acquisition cost, Jan. 1 201,058.04 135,459.44 336,517.48 1,907.55 12,142.02 170,841.18 103,136.46 288,027.21
Additions 1,530.00 1,530.00 0.00
Transfers between classes 64,328.50 64,328.50 0.00
Decreases -124,008.84 -124,008.84 -145,817.62 -2,257.58 -148,075.20
Acquisition cost, Dec. 31 201,058.04 77,309.10 278,367.14 1,907.55 12,142.02 25,023.56 100,878.88 139,952.01
Accumulated depreciation, Jan. 1 -201,058.04 -106,077.12 -307,135.16 -12,142.02 -169,346.44 -181,488.46
Accumulated depreciation of decreases 124,008.84 124,008.84 145,817.62 145,817.62
Depreciation and amortization for the period -39,118.68 -39,118.68 -853.64 -853.64
Accumulated depreciation, Dec. 31 -201,058.04 -21,186.96 -222,245.00 -12,142.02 -24,382.46 -36,524.48
Carrying amount, Dec. 31, 2023 0.00 56,122.14 56,122.14 1,907.55 0.00 641.10 100,878.88 103,427.53
2.1 Intangible and tangible assets
168
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
INVESTMENTS
EUR
Subsidiary
shares
Other
shares Total
Carrying amount, Jan. 1 81,657,131.12 161,000.45 81,818,131.57
Impairment loss -130,933.13 -130,933.13
Additions/Disposals 30,000,000.00 30,000,000.00
Carrying amount, Dec. 31, 2024 111,657,131.12 30,067.32 111,687,198.44
Carrying amount, Jan. 1 81,657,131.12 161,000.45 81,818,131.57
Carrying amount, Dec. 31, 2023 81,657,131.12 161,000.45 81,818,131.57
The increase of EUR 30 million in subsidiary shares in the 2024 financial year resulted from the conversion of a loan granted to ESL
Shipping Oy to equity.
Subsidiaries of Aspo Plc Share
ESL Shipping Ltd, Helsinki 78.57%
Telko Ltd, Espoo 100%
SuHi- Suomalainen Hiili Oy, Helsinki 100%
Leipurin Plc, Helsinki 100%
Aspo Services Ltd, Helsinki 100%
Aspo Plc sold a share in ESL Shipping Ltd in the 2024 financial year. OP Finland Infrastructure’s and Varma Mutual Pension Insurance Com-
pany's minority investment in ESL Shipping Oy, a subsidiary of Aspo, was completed on February 28, 2024. The transaction took the form
of a share issue, in which ESL Shipping Ltd issued new shares for OP Finland Infrastructure and Varma Mutual Pension Insurance Company
for a cash consideration of EUR 45.0 million, which gave them an ownership share of 21.43% in ESL Shipping.
2.2 Investments
169
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
■
NON-CURRENT RECEIVABLES
EUR 2024 2023
Receivables from Group companies
Loan receivables 102,001,725.31 104,092,786.00
Total non-current receivables 102,001,725.31 104,092,786.00
■
CURRENT RECEIVABLES
EUR 2024 2023
Receivables from Group companies
Interest receivables 25,698.62 47,583.56
Dividend receivables 5,600,000.00
Group contribution receivables 3,859,000.00 1,550,000.00
Cash pool receivables 1,833,555.90 380,085.57
Accounts receivables 9,203.49 234,358.42
Total 5,727,458.01 7,812,027.55
Other receivables 153,474.06 15,707.84
Deferred receivables
Interest 9,646.57
Other deferred receivables 370,984.87 207,669.88
Total other current receivables 534,105.50 223,377.72
Total current receivables 6,261,563.51 8,035,405.27
2.3 Receivables 2.4 Equity
■
EQUITY
EUR 2024 2023
Share capital, Jan. 1 17,691,729.57 17,691,729.57
Share capital, Dec. 31 17,691,729.57 17,691,729.57
Share premium reserve, Jan. 1 4,351,173.64 4,351,173.64
Share premium reserve, Dec. 31 4,351,173.64 4,351,173.64
Invested unrestricted equity reserve, Jan. 1 21,150,592.47 21,370,305.29
Share-based payments, gain on sale of treasury shares 88,387.84
Share-based payments -19,007.76
Purchase of own shares -308,100.66
Invested unrestricted equity reserve, Dec. 31 21,131,584.71 21,150,592.47
Retained earnings, Jan. 1 9,211,409.83 21,973,907.14
Share-based payments 70,039.49 212,806.84
Dividend distribution -7,540,202.64 -14,444,211.60
Retained earnings, Dec. 31 1,741,246.68 7,742,502.38
Profit for the period 18,123,440.79 1,468,907.45
Total equity 63,039,175.39 52,404,905.51
■
CALCULATION REGARDING DISTRIBUTABLE EQUITY
EUR 2024 2023
Invested unrestricted equity reserve 21,131,584.71 21,150,592.47
Retained earnings 1,741,246.68 7,742,502.38
Profit for the period 18,123,440.79 1,468,907.45
Total 40,996,272.18 30,362,002.30
170
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
2.5 Provisions
■
PROVISIONS
EUR 2024 2023
Share based incentive plan 41,205.60 57,342.94
Total 41,205.60 57,342.94
■
NON-CURRENT LIABILITIES
EUR 2024 2023
Hybrid bond 30,000,000.00 30,000,000.00
Loans from financial institutions 110,000,000.00 70,000,000.00
Total 140,000,000.00 100,000,000.00
Liabilities to Group companies
Loans 873,000.00
Total 873,000.00
Total non-current liabilities 140,873,000.00 100,000,000.00
In October 2024, Aspo Plc signed a new syndicated term loan facility agreement amounting
to EUR 60 million with OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S, Fin-
land Branch as lenders. The loan will be repaid in one installment at the end of the loan term,
which is two years, with a one-year option to extend.
In December 2024, Aspo Plc renewed a loan of EUR 10 million with LocalTapiola matur-
ing in 2027. The renewed loan will be repaid in one installment at the end of the five-year loan
term.
In 2023 Aspo signed a loan agreement of EUR 30 million for a three-year loan period
extending the maturity of Aspo’s loan portfolio. The loan was taken for general corporate pur-
poses and for refinancing a loan of similar value. The loan will be paid back at the end of the
loan period.
2.6 Non-current liabilities
171
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
2.7 Current liabilities
■
CURRENT LIABILITIES
EUR 2024 2023
Loans from financial institutions
Loans from financial institutions 12,500,000.00
Commercial papers 5,000,000.00
Bonds 14,992,778.75
Total 5,000,000.00 27,492,778.75
On September 25, 2019, Aspo Plc issued a EUR 15 million unsecured private placement bond
as part of the group bond of EUR 40 million guaranteed by Garantia Insurance Company.
The bond paid fixed interest rate and matured on September 25, 2024, and it was repaid at
maturity.
EUR 2024 2023
Liabilities to Group companies
Cash pool accounts 28,149,327.20 24,997,364.15
Accounts payable 2,154.02 46.13
Total 28,151,481.22 24,997,410.28
Deferred liabilities
Interest 2,614,637.46 2,194,951.13
Personnel expenses 493,887.77 422,175.63
Other 165,513.39 107,675.57
Total 3,274,038.62 2,724,802.33
2.8 Guarantees and contingent liabilities
■
LEASE LIABILITIES
EUR 2024 2023
Payable within one year 695,437.68 1,035,556.90
Payable later 2,051,166.67 2,737,718.48
Total 2,746,604.35 3,773,275.38
■
GUARANTEES ON OWN BEHALF
EUR 2024 2023
Guarantees 117,439.40 117,439.40
Total 117,439.40 117,439.40
■
GUARANTEES ON BEHALF OF GROUP COMPANIES
EUR 2024 2023
Guarantees 91,967,735.86 86,643,167.89
Total 91,967,735.86 86,643,167.89
172
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Signatures on the financial statements, Board of Directors’ report
and sustainability report
The financial statements drawn up in accordance with the applicable accounting regulations
provide a true and fair view of the assets, liabilities, financial position and profit or loss of both
the company and the group of companies included in its consolidated financial statements.
The Board of Directors’ report includes a true and fair view of the development and perfor-
mance of the business operations of the company on the one hand and of the group of com-
panies included in its consolidated financial statements on the other hand, and a description
of the most significant risks and uncertainties and other aspects of the company’s situation.
The sustainability report included in the Board of Directors’ report has been prepared in
accordance with the reporting standards referred to in chapter 7 of the Accounting Act and
Article 8 of the Taxonomy Regulation.
Espoo, March 20, 2025
Heikki Westerlund Patricia Allam
Chair Board member
Annika Ekman Tapio Kolunsarka
Board member Board member
Mikael Laine Kaarina Ståhlberg
Board member Board member
Tatu Vehmas
Board member
Rolf Jansson
CEO
The Auditor’s note
Our auditor’s report has been issued today.
Espoo, 20 March 2025
Deloitte Oy
Authorised public accountants
Jukka Vattulainen
APA
173
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
(Translation from the Finnish original)
Auditor’s report
To the Annual General Meeting of Aspo Plc
REPORT ON THE AUDIT OF FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Aspo Plc
(business identity code 1547798-7) for the year ended 31
December 2024. The financial statements comprise the
consolidated statement of financial position, statement of
comprehensive income, statement of changes in equity,
statement of cash flows and notes, including a summary of
material accounting policies, as well as the parent company’s
balance sheet, income statement, cash flow statement and
notes to the financial statements.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial performance, financial
position and cashflows in accordance with International
Financial Reporting Standards as adopted by the EU; and
• the financial statements give a true and fair view of the
parent company’s financial performance and financial
position in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities
for the Audit of Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
According to our best knowledge and understanding all
services other than the statutory audit we have provided
for parent company and group companies comply with
regulations governing the services other than the statutory
audit in Finland. We have not provided any prohibited non-
audit services referred to in Article 5(1) of regulation (EU)
537/2014. All services other than the statutory audit which
we have provided have been disclosed in note 3.5. to the
consolidated financial statements and in note 1.5 to the
parent company’s financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
We have also addressed the risk of management override
of internal controls. This includes consideration of whether
there was evidence of management bias that represented a
risk of material misstatement due to fraud.
174
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Key audit matter How our audit addressed
the key audit matter
Revenue recognition (continuing operations)
Refer to consolidated financial statements’ note 3.1.
In the financial year 2024 Aspo Group’s
revenue from continuing operations
amounted to EUR 592.6 million (EUR
536.4 million), which mainly consists of
sale of goods, but also from services sold
to customers.
Revenue from sale of goods is recognized
when the control of the underlying
products has been transferred to the
customer. Revenue from services is
recognized after the service has been
rendered.
Revenue is Group’s key performance
indicator, which may be an incentive for
premature revenue recognition.
We have assessed the internal controls
of Aspo Group’s information technology
systems relating to sales process and
revenue recognition focusing of access
controls and change management
controls.
We have assessed the design of main
controls relating to major revenue streams
and assessed the operating effectiveness
of these controls.
We have assessed of the compliance
of company’s accounting policies over
revenue recognition and comparison with
applicable accounting standards.
We have audited correctness of timing
and amounts of revenue recognized based
on samples and substantive analytical
audit procedures and comparison with
applicable accounting standards.
As part of our audit of revenue
recognition policies we have compared
of sales transactions in the bookkeeping
records against customer contracts and
verification of acceptance of deliveries.
We have assessed the appropriateness
and adequacy of the information reported
in the consolidated financial statements.
We have not identified significant risks of material misstatement in accordance with EU
Audit Regulation (537/2014) Article 10 paragraph 2 c in the parent company’s financial
statements.
Key audit matter How our audit addressed
the key audit matter
Goodwill impairment testing
Refer to the Aspo Plc’s consolidated financial statements’ note 4.3.
Consolidated financial statements
as of 31.12.2024 includes Goodwill
amounting to EUR 67.0 million
(EUR 38.5 million). Management
has conducted goodwill impairment
testing and as a result of the testing
conducted has not accounted for
impairment over goodwill during
financial year 1.1.–31.12.2024.
Goodwill impairment testing requires
substantial management judgment
over the recoverable amounts
which are for example associated
to following assumptions and
estimates:
• Estimations over the projected
future cash flow of the cash
generating units;
• Long term growth assumptions;
and
• Applied discount rate.
For further details over the goodwill
impairment testing conducted by the
management is presented in the note
4.3. within the consolidated financial
statements.
In connection with our audit, we have critically
assessed management's estimates of future
cash flows and compared management's
estimates for impairment testing with approved
budgets and forecasts. We have evaluated
the company's impairment testing processes
and the cash flow calculations on the basis of
which the calculations have been prepared. We
have assessed the technical adequacy of the
impairment testing calculation.
We have assessed the impairment testing of
goodwill booked to the consolidated financial
statements as at 31.12.2024 by:
• Evaluating the key assumptions affecting
the forecasts by segment;
• Assessing growth forecasts compared to
actual development;
• Comparing applied discount rates to
independent third- party sources;
• Performed a sensitivity analysis for long-
term assumptions and the discount rate
used.
• We have used Deloitte’s fair value specialist
to ensure that the discount rates and long-
term growth assumptions are consistent
with market information.
We have also assessed the sensitivity
analysis presented in Note 4.3 to the financial
statements with regard to the key factors
whose material change could lead to a
significant impairment of goodwill.
175
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
• Conclude on the appropriateness of
the Board of Directors’ and the Chief
Executive Officer use of the going
concern basis of accounting and based
on the audit evidence obtained, whether
a material uncertainty exists related
to events or conditions that may cast
significant doubt on the parent company’s
or the group’s ability to continue as
a going concern. If we conclude that
a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures
are inadequate, to modify our opinion.
Our conclusions are based on the audit
evidence obtained up to the date of our
auditor’s report. However, future events
or conditions may cause the company to
cease to continue as a going concern.
• Evaluate the overall presentation,
structure and content of the financial
statements, including the disclosures,
and whether the financial statements
represent the underlying transactions and
events so that the financial statements
give a true and fair view.
• Obtain sufficient appropriate audit
evidence regarding the financial
information of the entities or business
activities within the group to express
an opinion on the consolidated financial
statements. We are responsible for the
direction, supervision and performance
of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and significant audit findings, including any
significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with
governance with a statement that we have
complied with relevant ethical requirements
regarding independence and communicate
with them all relationships and other
matters that may reasonably be thought
to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with
those charged with governance, we
determine those matters that were of most
significance in the audit of the financial
statements of the current period and are
therefore the key audit matters. We describe
these matters in our auditor’s report unless
law or regulation precludes public disclosure
about the matter or when, in extremely
rare circumstances, we determine that a
matter should not be communicated in our
report because the adverse consequences of
doing so would reasonably be expected to
outweigh the public interest benefits of such
communication.
Responsibilities of the Board of Directors
and the Chief Executive Officer for the
financial statements
The Board of Directors and the Chief
Executive Officer are responsible for the
preparation of consolidated financial
statements that give a true and fair view
in accordance with International Financial
Reporting Standards as adopted by the EU,
and of financial statements that give a true
and fair view in accordance with the laws
and regulations governing the preparation
of financial statements in Finland an comply
with statutory requirements. The Board of
Directors and the Chief Executive Officer are
also responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the
Board of Directors and the Chief Executive
Officer are responsible for assessing the
parent company’s and the group’s ability
to continue as going concern, disclosing,
as applicable, matters relating to going
concern and using the going concern basis
of accounting. The financial statements are
prepared using the going concern basis of
accounting unless there is an intention to
liquidate the parent company or the group
or cease operations, or there is no realistic
alternative but to do so.
Auditor’s responsibilities in the audit
of financial statements
Our objectives are to obtain reasonable
assurance on whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable
assurance is a high level of assurance, but
is not a guarantee that an audit conducted
in accordance with good auditing practice
will always detect a material misstatement
when it exists. Misstatements can arise
from fraud or error and are considered
material if, individually or in aggregate, they
could reasonably be expected to influence
the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with good
auditing practice, we exercise professional
judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to
those risks, and obtain audit evidence
that is sufficient and appropriate to
provide a basis for our opinion. The risk
of not detecting a material misstatement
resulting from fraud is higher than for one
resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of
internal control.
• Obtain an understanding of internal
control relevant to the audit in order
to design audit procedures that are
appropriate in the circumstances, but
not for the purpose of expressing an
opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates
and related disclosures made by
management.
176
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
OTHER REPORTING REQUIREMENTS
Information on our audit engagement
We have been appointed as auditors by the
Annual General Meeting of Aspo Plc on 4
May 2020, and our appointment represents
a total period of uninterrupted engagement
of 5 years.
Other information
The Board of Directors and the Chief
Executive Officer are responsible for the
other information. The other information
comprises the report of the Board of
Directors and thein formation included in the
Financials but does not include the financial
statements and our report thereon. We
have obtained the report of the Board of
Directors prior to the date of this auditor’s
report, and the Financials is expected to be
made available to us after that date.
Our opinion on the financial statements does
not cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read
the other information identified above and,
in doing so, consider whether the other
information is materially inconsistent with
the financial statements, or our knowledge
obtained in the audit, or otherwise appears
to be materially misstated. With respect
to report of the Board of Directors, our
responsibility also includes considering
whether the report of the Board of Directors
has been prepared in compliance with
the applicable provisions, excluding the
sustainability report information on which
there are provisions in Chapter 7 of the
Accounting Act and in the sustainability
reporting standards.
In our opinion, the information in the report
of the Board of Directors is consistent with
the information in the financial statements
and the report of the Board of Directors
has been prepared in compliance with the
applicable provisions. Our opinion does not
cover the sustainability report information
on which there are provisions in Chapter 7 of
the Accounting Act and in the sustainability
reporting standards.
If, based on the work we have performed
on the other information that we have
obtained prior to the date of this auditor’s
report, we conclude that there is a material
misstatement of this other information, we
are required to report that fact. We have
nothing to report in this regard.
Espoo, 20 March 2025
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
177
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Assurance report on the sustainability report
To the Annual General Meeting of Aspo Plc
We have performed a limited assurance engagement on the
group sustainability report of Aspo Plc (1547798-7) that
is referred to in Chapter 7 of the Accounting Act and that
is included in the report of the Board of Directors for the
financial year 1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the group
sustainability report does not comply, in all material respects,
with
• the requirements laid down in Chapter 7 of the Accounting
Act and the sustainability reporting standards (ESRS);
• the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Aspo Plc
has identified the information for reporting in accordance
with the sustainability reporting standards (double materiality
assessment) and the tagging of information as referred to in
Chapter 7, Section 22 of the Accounting Act.
Our opinion does not cover the tagging of the group
sustainability report with digital XBRL sustainability tags
in accordance with Chapter 7, Section 22, Subsection 1(2),
of the Accounting Act, because sustainability reporting
companies have not had the possibility to comply with that
provision in the absence of the ESEF regulation or other
European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability
report as a limited assurance engagement in compliance with
good assurance practice in Finland and with the International
Standard on Assurance Engagements (ISAE) 3000 (Revised)
Assurance Engagements Other than Audits or Reviews of
Historical Financial Information.
Our responsibilities under this standard are further described
in the Responsibilities of the Authorised Group Sustainability
Auditor section of our report.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability
report of Aspo Plc that is referred to in Chapter 7 of the
Accounting Act has been prepared and assurance has been
provided for it for the first time for the financial year 1.1.–
31.12.2024.
Our opinion does not cover the comparative information that
has been presented in the group sustainability report. Our
opinion is not modified in respect of this matter.
Authorised Group Sustainability Auditor's
Independence and Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The authorised group sustainability auditor applies
International Standard on Quality Management ISQM 1,
which requires the authorised sustainability audit firm
to design, implement and operate a system of quality
management including policies or procedures regarding
compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director of Aspo
Plc are responsible for:
• the group sustainability report and for its preparation and
presentation in accordance with the provisions of Chapter
7 of the Accounting Act, including the process that has
been defined in the sustainability reporting standards and
in which the information for reporting in accordance with
the sustainability reporting standards has been identified
as well as the tagging of information as referred to in
Chapter 7, Section 22 of the Accounting Act and
• the compliance of the group sustainability report with
the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088;
• such internal control as the Board of Directors and the
Managing Director determine is necessary to enable the
preparation of a group sustainability report that is free
from material misstatement, whether due to fraud or
error.
(Translation from the Finnish original)
178
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
Inherent Limitations in the Preparation
of a Sustainability Report
In preparing the sustainability report, the company is required
to conduct a materiality assessment to identify relevant
matters to be reported. This process involves significant
management judgement and choices. Due to the nature
and characteristics of sustainability reporting, this type of
information involves estimates and assumptions, as well as
measurement and evaluation uncertainties.
In reporting forward-looking information, management is
required to prepare the forward-looking information on the
basis of disclosed assumptions about events that may occur
in the future and possible future actions by the Group. The
actual outcome is likely to be different since anticipated
events frequently do not occur as expected.
Responsibilities of the Authorised Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement
to obtain limited assurance about whether the group
sustainability report is free from material misstatement,
whether due to fraud or error, and to issue a limited
assurance report that includes our opinion. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the decisions of users taken on the
basis of the group sustainability report.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we
exercise professional judgment and maintain professional
skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement
of the group sustainability report, whether due to fraud
or error, and obtain an understanding of internal control
relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the parent company’s or the group’s
internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures
That Have Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. The
nature, timing and extent of assurance procedures selected
depend on professional judgment, including the assessment
of risks of material misstatement, whether due to fraud or
error. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
Our procedures included for ex. the following:
• Performed inquiries of the company’s management and
personnel responsible for collecting and reporting the
information contained in the sustainability report at the
group level and for subsidiaries, as well as at the different
levels and business areas of the organization.
• Obtained an understanding of the company’s
sustainability reporting process, internal controls, and
information systems related to the sustainability reporting
process through inquiries.
• Reviewed the supporting documentation and records
prepared by the company, where applicable, and assessed
whether they support the information included in the
sustainability report.
• With respect to the double materiality assessment
process, we evaluated the implementation of the process
conducted by the company in relation to the requirements
of the ESRS standards and assessed whether the
disclosed information on the double materiality
assessment is in accordance with the ESRS standards.
• Evaluated whether the sustainability report meets the
requirements of the ESRS standards, in all material
aspects, regarding material sustainability matters to a
significant extent.
• With respect to the EU taxonomy information, we
obtained an understanding of the process by which the
company has identified taxonomy-eligible and taxonomy-
aligned economic activities and assessed the compliance
of the related disclosed information with the regulations.
Espoo, 20 March 2025
Deloitte Oy
Authorised Sustainability Audit Firm
Jukka Vattulainen
Authorised Sustainability Auditor
179
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS
193
Independent Auditor’s Report on the ESEF
Consolidated Financial Statements of Aspo Plc
To the Board of Directors of Aspo Plc
We have performed a reasonable assurance engagement
on whether the iXBRL tagging of the consolidated financial
statements in the ESEF consolidated financial statements
(aspoplc-2024-12-31-fi.zip) of Aspo Plc (1547798-7) for
the financial year 1.1.–31.12.2024 has been prepared in
accordance with the requirements of Article 4 of Commission
Delegated Regulation (EU) 2018/815 (ESEF RTS).
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and Group CEO are responsible for
the preparation of the report of the Board of Directors and
financial statements (ESEF financial statements) that comply
with the requirements of ESEF RTS. This responsibility includes
• preparation of ESEF financial statements in XHTML format
in accordance with Article 3 of ESEF RTS
• tagging the consolidated financial statements’ primary
statements, disclosures and identifying information in the
ESEF financial statements with iXBRL tags in accordance
with Article 4 of ESEF RTS, and
• ensuring consistency between ESEF financial statements
and audited financial statements
The Board of Directors and CEO are also responsible for such
internal control as they determine is necessary to enable the
preparation of ESEF financial statements in accordance with
the requirements of ESEF RTS.
Auditor’s Independence and Quality Control
We are independent of the company in accordance with the
ethical requirements that are applicable in Finland and are
relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
The auditor applies International Standard on Quality
Management 1 and, accordingly, an audit firm shall design,
implementand maintain a system of quality control including
policies and procedures regarding compliance with ethical
requirements, professional standards, and applicable legal and
regulatory requirements.
Auditor’s Responsibilities
In accordance with the engagement letter, we express
an opinion on whether the tagging of the consolidated
financial statements in the ESEF financial statements has
been prepared in all material respects in accordance with
the requirements of Article 4 of ESEF RTS. We conducted
a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements ISAE 3000.
The engagement includes procedures to obtain evidence on:
• whether the tagging of the consolidated financial
statement’s primary statements in the ESEF financial
statements has been prepared in all material respects in
accordance with the requirements of Article 4 of ESEF RTS
• whether the tagging of the consolidated financial
statements’ disclosures and identifying information in the
ESEF financial statements has been prepared in all material
respects in accordance with the requirements of Article 4 of
ESEF RTS, and
• whether the ESEF financial statements are consistent with
the audited financial statements.
The nature, timing and extent of the procedures selected
depend on the auditor’s judgment. This includes the
assessment of risk of material departures from the
requirements set out in ESEF RTS, whether due to fraud or
error.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the tagging of the consolidated financial
statements in the ESEF financial statements (aspoplc-2024-
12-31-fi.zip) of Aspo Plc for the financial year 1.1.–31.12.2024
has been prepared in all material respects in accordance with
the requirements of Article 4 of ESEF RTS.
Our audit opinion on the consolidated financial statements
of Aspo Plc for the financial year 1.1 -31.12.2024 has been
expressed in our auditor’s report dated 20.3.2025. In this
report, we do not express an audit opinion or any other
assurance conclusion on the consolidated financial statements.
Espoo, April 1, 2025
Deloitte Oy
Audit Firm
Jukka Vattulainen
APA
(Translation of the
Finnish Original)
2 Aspo in brief
4 Key figures
5 Business operations
6 CEO's review
8 Strategy
10 ESL Shipping
13 Telko
16 Leipurin
18 Sustainability at Aspo
24 BOARD OF DIRECTORS’ REPORT
41 – Sustainability statement
90 – Annexes to the sustainability statement
96 FINANCIAL STATEMENTS
97 Consolidated financial statements
161 Parent company financial statements
174 Auditor's report
178 Sustainability assurance report
180 GOVERNANCE
181 Corporate Governance
189 Board of Directors
191 Group's Executive Committee
193 INVESTOR INFORMATION
CONTENTS