Slide 1: Aspo Q1
Aspo Q1 May 8, 2019 CEO Aki Ojanen
Slide 2: Aspo Q1
Aspo Q1 2 Q1 May 8, 2019 Profit for the period Net sales increased and Operating profit increased and increased and stood were EUR 141.5 (115.3) was EUR 4.9 (3.7) million. at EUR 3.5 (2.0.) million. million. Operating profit Earnings per share Net sales grew by 23%. improved by 32%. increased and we
Slide 3: Net sales by quarter
3 Q1 May 8, 2019 Net sales by quarter MEUR Aspo’s net sales increased 180 by 23%. 157 160 142 140 132 133 136 The most significant 119 124 127 115 growth in net sales 120 was in ESL Shipping. 100 80 60 Finland is Aspo’s largest 40 market area where net sales increased by 29%. 20 0 2017 2018 2019 In
Slide 4: Operating profit by quarter
4 Q1 May 8, 2019 Operating profit by quarter Operating profit MEUR was EUR 4.9 (3.7) million. 10 Operating profit 8 *) 7.1 7.1 7.2 7.4 increased by 32%, 6.5 reaching a new record high. 6 5.1 4.9 4.4 4 3.7 ESL Shipping ja Telko 2 2.6 improved operating profit. 0 Due to the cyclicality, 2017 2018 2019
Slide 5: Long-term financial targets
Q1 May 8, 2019 Long-term financial targets % Operating profit, %, cumulative Operating margin was 3.5% (3.2). 8 7 6 *) 5 4.5 4.6 4.7 4.7 4.4 The target level is 3.7 3.9 4 3.5 7% by 2020. 3.2 3.8 3 2 The effect of the adoption 1 of IFRS 16 standard to 0 operating profit is 2017 2018 2019 The target l
Slide 6: Long-term financial targets
6 Q1 May 8, 2019 Long-term financial targets % Return on equity (ROE), cumulative ROE improved and was 11.7% (7.0). 20 18 16.7 17.1 16 15.6 Target level is 14.6 13.4 13.5 over 20% on average 14 12.4 *) 11.7 by 2020. 12 10 8 7.0 6 4 2 0 2017 2018 2019 Q1 Q1-Q2 Q1-Q3 Q1-Q4 The target level is indicate
Slide 7: Long-term financial targets
7 Q1 May 8, 2019 Long-term financial targets % Gearing Gearing increased to 181.1% (103.3). 200 181 180 Gearing increased as a result of 160 155 154 investments in new vessels and 140 the acquisition in 2018. 114 110 119 120 104 103 100 94 80 Due to the adoption of the 60 IFRS 16 standard, gearing 4
Slide 8: Aspo represents a balanced entity
8 Q1 May 8, 2019 Aspo represents a balanced entity Net sales by segment, Q1 2019 Net sales by market area, Q1 2019 Finland 48.9 MEUR 15% 31% ESL Shipping 43.7 MEUR 34% Scandinavia 19.3 MEUR Leipurin 25.9 MEUR Baltic countries 13.8 MEUR 51% 27% Telko 71.9 MEUR Russia, other CIS countries and Ukraine
Slide 9: Russia, other CIS countries and Ukraine
9 Q1 May 8, 2019 Russia, other CIS countries and Ukraine MEUR 50 In the eastern markets, 46.2 45.6 47.5 net sales increased and 45 43.2 42.3 were EUR 37.9 (32.6) 39.3 40.1 40 37.9 million. 35 32.6 30 25 20 Net sales of both Telko 15 and Leipurin increased in 10 the eastern markets. 5 0 Total net sal
Slide 10: ESL Shipping
10 Q1 May 8, 2019 ESL Shipping Leading marine logistics provider for bulk cargo
Slide 11: ESL Shipping Q1
11 Q1 May 8, 2019 ESL Shipping Q1 Net sales increased significantly Freight rates of dry bulk cargo dropped and were EUR 43.7 (20.5) million. steeply in January and February. Net sales grew by 113%. Freight rates began to rise again in March, The growth was mainly due to the acquisition but at the e
Slide 12: ESL Shipping key figures Q1
12 Q1 May 8, 2019 ESL Shipping key figures Q1 Net sales increased MEUR Net sales 50 by 113% and were 46.4 EUR 43.7 (20.5) million. 45 43.7 40 The impact of the acquisition 35 30.6 on the increase was 30 EUR 19.9 million. 25 22.6 22.6 20.5 20 18.9 19.5 18.3 15 Net sales increased significantly as a r
Slide 13: ESL Shipping key figures Q1
13 Q1 May 8, 2019 ESL Shipping key figures Q1 Operating profit MEUR Operating profit increased and was 5.0 EUR 3.2 (2.6) million. 4.5 4.3 4.2 4.1 4.0 4.0 Operating margin 3.5 3.3 3.2 3.1 was 7.3% (12.7). 3.0 3.0 2.6 2.5 2.0 1.5 Problems with the cranes 1.0 of the new LNG-fueled 0.5 vessels reduced t
Slide 14: Baltic Dry Index
14 Q1 May 8, 2019 Baltic Dry Index Source: Bloomberg
Slide 15: Leipurin
15 Q1 May 8, 2019 Leipurin From bread and recipes to a comprehensive selection
Slide 16: Leipurin Q1
16 Q1 May 8, 2019 Leipurin Q1 The market for industrially packed bread Net sales decreased and was continues to decline in the western market. The EUR 25.9 (30.2) million. market of in-store bakeries and baking units continued to grow. The decrease in net sales was mainly due to the timing of projec
Slide 17: Leipurin key figures Q1
17 Q1 May 8, 2019 Leipurin key figures Q1 MEUR Net sales Net sales decreased and were 35 32.9 EUR 25.9 M (30,2) million. 30.2 31.2 31.6 29.4 30.1 29.9 30 28.0 25.9 Net sales of cyclical 25 machinery operations decreased about 50%. 20 15 In western markets, 10 net sales of bakery raw material and foo
Slide 18: Leipurin key figures Q1
18 Q1 May 8, 2019 Leipurin key figures Q1 MEUR Operating profit 1.6 Operating profit was 1.4 1.4 EUR 0.5 (0.8) million. 1.2 Operating margin 1 0.9 was 1.9% (2.6). 0.8 0.8 0.8 0.8 0.7 0.6 0.6 0.5 0.4 0.4 0.2 Operating profit fell short of the target mainly due to 0 loss-producing machine 2017 2018 20
Slide 19: Net sales in Russia, other CIS countries and Ukraine
Net sales in Russia, other CIS countries 19 Q1 May 8, 2019 and Ukraine MEUR Net sales in the market area MRUB Net sales of the Russian company 14.0 800 693 11.8 700 12.0 10.3 600 562 10.0 514 8.3 8.1 8.3 8.6 8.3 484 478 481 475 8.2 500 456 452 8.0 7.7 400 6.0 300 4.0 200 2.0 100 0.0 0 2017 2018 2019
Slide 20: Telko
20 Q1 May 8, 2019 Telko Raw material solutions for the industry Aspo has changed its segment reporting so that Kauko is reported as part of the Telko segment starting from January 1, 2019.
Slide 21: Telko Q1
21 Q1 May 8, 2019 Telko Q1 International economic growth slowed down in Telko’s market areas. Net sales of Telko segment increased by 11% and were EUR 71.9 (64.6) million. Demand for industrial raw materials continued fairly high. Moderate economic Net sales of Telko operations increased by growth i
Slide 22: Telko key figures Q1
22 Q1 May 8, 2019 Telko key figures Q1 MEUR Net sales 80 Net sales of Telko segment 71.7 71.9 *) 69.5 were EUR 71.9 (64.6) milloin. 70 65.7 67.3 65.6 67.3 63.6 60 57.7 50 40 The increase in net sales in Telko’s operations was driven 30 by growth in sales volume in 20 several market areas. 10 The gro
Slide 23: Telko key figures Q1
23 Q1 May 8, 2019 Telko key figures Q1 MEUR Operating profit Operating profit of Telko 4.0 segment increased and was 3.6 3.4 EUR 2.4 (1.6) million. 3.5 3.1 3.0 3.0 2.9 *) 2.5 2.4 2.4 2.3 2.2 Operating profit of 2.0 Telko operations was 1.5 EUR 2.3 (2.2) million and the operating margin was 1.0 appro
Slide 24: Net sales in Russia, other CIS countries and Ukraine
Net sales in Russia, other CIS countries and 24 Q1 May 8, 2019 Ukraine MEUR Net sales in the market area MRUB Net sales of the Russian company 40.0 1400 35.3 34.8 1258 34.4 1195 35.0 33.5 1200 1149 30.4 31.0 29.2 1029 30.0 28.7 982 967 1004 1000 888 25.0 24.0 794 800 20.0 600 15.0 400 10.0 5.0 200 0
Slide 25: Guidance for 2019
25 Q1 May 8, 2019 Guidance for 2019 Aspo’s operating profit will be EUR 28–33 (20.6) million in 2019.
Slide 26: Additional material
ft ASPO Additional material
Slide 27: Net cash from operating activities
27 Q1 May 8, 2019 Net cash from operating activities MEUR 25.0 20.3 Net cash from 20.0 17.4 operating activities was EUR 1.9 (-1.2) million. 15.0 10.0 7.6 5.7 5.0 3.5 1.9 0.0 -1.2 -1.2 Adoption of IFRS 16 increased -5.0 -3.2 the Group’s net cash from operating activities by -10.0 2017 2018 2019 appr
Slide 28: Equity ratio and gearing
28 Q1 May 8, 2019 Equity ratio and gearing % 45 200.0 Gearing at Aspo Group was 181% (103). 40 180.0 35 160.0 140.0 Equity ratio was 28% (37). 30 120.0 25 100.0 20 80.0 15 60.0 As a result of the adoption of 10 40.0 IFRS 16, gearing increased by 5 20.0 approximately 30 percentage points and the equi
Slide 29: Structure of liabilities
29 Q1 May 8, 2019 Structure of liabilities Interest bearing liabilities Interest bearing liabilities without lease liabilities without lease liabilities March 31, 2018: 134 MEUR March 31, 2019: 198 MEUR 2% 8% Loans 6% Loans 5% 3% 4% Commercial Commercial 2% 10% papers papers Others Others TyEL pensi
Slide 30: Maturity of significant loan agreements
30 Q1 May 8, 2019 Maturity of significant loan agreements MEUR 90 The average interest rate of 1.4 interest-bearing liabilities, 80 excluding lease liabilities, was 70 1.6% (1.6) 25.0 60 TyEL pension loan 50 Bond 1.4 20.0 40 Hybrid bond (call) 70.9 Revolving credit facilities In 2019, a total of 30
Slide 31: Shareholders / allocation
31 Q1 8.5.2019 Shareholders / allocation Number of shareholders Distribution of ownership on March 31, 2019 by ownership group, % 9,800 9,612 4% 1% 9,600 9,502 9,400 20% Institutions 9,236 9,200 Group Executive 9,060 1% Committee Board 9,000 8,929 Private investors 8,800 53% 21% Non domestic&nominee
Slide 32: IFRS 16 Leases standard, as of January 1, 2019
IFRS 16 Leases standard, as of 32 Q1 May 8, 2019 January 1, 2019 Lease liabilities to be classified as debt that is recognized in interest- Interest-bearing debt (-) bearing liabilities in the balance sheet. and right-of-use assets (+) recognized in balance sheet for a total increase Right-of-use as
Slide 33: IFRS 16: The impact on the statement of comprehensive income in brief
IFRS 16: The impact on the stament of 33 Q1 May 8, 2019 comprehensive income in brief Aspo Group consolidated statement of comprehensive income 1-3/2019, MEUR Amount of leases reduces EBITDA increases Net sales 141.5 Depreciation and Materials and services -92.5 impairment losses increase Fixed cost
Slide 34: IFRS 16 impact on balance sheet on March 31, 2019
IFRS 16 impact on balance sheet 34 Q1 May 8, 2019 on March 31, 2019 Main new balance sheet specifications: Assets: • Right-of-use assets related to lease agreements • Current and non-current lease liabilities Right-of-use assets related • Further minor changes to finance leases to lease agreements I