Aspo has reinstated its guidance for 2020 and now expects EBIT of EUR 12-16m. Visibility for the rest of the year has improved, while COVID-19 and related restrictions keep the guidance range wide. The company has been able to maintain strong cash flow during unprecedented times and thus we do not anticipate any major problems from the stretched balance sheet. Telko's profitability improvement seems imminent and sustainable, though ESL Shipping will still be loss-making in Q3. We now forecast 2020 EBIT of EUR 14.7m while we expect a clear improvement in 2021, driven mainly by ESL Shipping. However, we acknowledge the considerable uncertainty in the shipping market, the Russian economy and wider consumer confidence. Marketing material commissioned by Aspo.

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