Slide 1: Aspo Q4 and full-year 2020
Aspo Q4 and full-year 2020 February 11, 2021 CEO Aki Ojanen
Slide 2: Strong finish to a challenging year, Q4 operating profit & cash flow record-high
2 Q4 February 11, 2021 Aspo Q4 and full-year 2020: Strong finish to a challenging year, Q4 operating profit & cash flow record-high Steep net sales decline eased in Q4 Q4/2020 1-12/2020 The operating environments of ESL Shipping and Telko started to recover in early autumn. Leipurin suffered from pa
Slide 3: Exceptionally steep drop in demand in the spring, recovery started in early autumn
Exceptionally steep drop in demand in the spring, 3 Q4 February 11, 2021 recovery started in early autumn Net sales M€ 31 % ESL Shipping 41,2 180 M€ 160 157 49 % Leipurin 26,6 M€ 151 148 147 142 140 133 136 133 133,5 Telko 65,7 M€ 120 115 116 118 20 % 100 Finland 47.1 M€ 80 11 % Scandinavia 21.7 60
Slide 4: Pandemic and the weakening of the ruble decreased net sales in the Eastern market
Pandemic and the weakening of the ruble 4 Q4 February 11, 2021 decreased net sales in the Eastern market M€ Net sales development: Russia, other CIS countries and Ukraine 50 47,5 46,2 45,6 46,0 44,5 45 42,8 40 37,9 37,4 37,7 34,8 35 32,6 31,6 30 25 20 15 10 5 0 2018 2019 2020 Q1 Q2 Q3 Q4
Slide 5: Q4 operating profit at a record high
5 Q4 February 11, 2021 Q4 operating profit at a record high M€ Operating profit by quarter Q4 operating profit by business: 10 ESL Shipping 4.8 Me (4.4) 7,6 Leipurin 0.2 Me (1.1) 8 7,4 *) 7,1 7,2 6,7 Telko 4.1 Me (0.9) 6 4,9 5,4 4,1 4,0 4,1 4 3,7 3,6 Q4 operating profit grew to 2 2,6 a record high a
Slide 6: Aspo Group's net cash from operating activities highest ever
Aspo Group’s net cash from operating 6 Q4 February 11, 2021 activities highest ever M€ Net cash from operating activities, cumulative Net cash from operating 70,0 65 activities increased to a record 60,0 high of EUR 65.0 million (52.5), 52,5 partially due to improved 50,0 working capital management
Slide 7: ESL Shipping
7 Q4 February 11, 2021 ESL Shipping Leading marine logistics provider for bulk cargo
Slide 8: ESL Shipping Q4 2020: Strong fourth quarter to conclude a challenging year
ESL Shipping Q4 2020: 8 Q4 February 11, 2021 Strong fourth quarter to conclude a challenging year • Q4 operating profit increased to EUR 4.8 million (4.4). Vessel operations succeeded despite challenging wind conditions, and cost efficiency improved. • ESL Shipping’s Q4 net sales decreased 9% and we
Slide 9: ESL Shipping net sales by quarter
9 Q4 February 11, 2021 ESL Shipping net sales by quarter M€ Net sales 50 46,4 Q4 net sales decreased 9% as 43,7 42,6 43,4 45,3 45 42,7 transport volumes still fell 41,2 40 slightly short from comparative period. 35 32,9 31,6 30,6 30 25 22,6 20,5 20 15 10 5 ESL Shipping’s fleet was fully utilized sin
Slide 10: ESL Shipping operating profit by quarter
10 Q4 February 11, 2021 ESL Shipping operating profit by quarter M€ Operating profit 6,0 Strong Q4 with transport 4,8 volumes recovering after a 5,0 4,4 4,4 4,3 challenging early part 4,0 4,2 4,0 of the year. 3,2 3,0 2,6 2,6 2,3 2,0 1,0 0,6 Q4 operating profit rate was 0,0 11.7%, approaching the 201
Slide 11: Development of transport volumes
11 Q4 February 11, 2021 Development of transport volumes Million tons 5 AtoB@C acquisition 4,5 New LNG 4 vessels 3,5 3 2,5 2 1,5 1 0,5 0
Slide 12: Baltic Dry Index 2016-2020
12 Q4 February 11, 2021 Baltic Dry Index 2016-2020
Slide 13: Leipurin
13 Q4 11.2.2021 Leipurin From bread and recipes to a comprehensive selection
Slide 14: Leipurin Q4 2020: Challenging operating environment due to the pandemic constraints
Leipurin Q4 2020: Challenging operating environment 14 due to the pandemic constraints • Leipurin’s market environment remained challenging due to the restrictions related to the pandemic. Q4 net sales decreased to EUR 26.6 million (31.9). • Q4 operating profit decreased to EUR 0.2 million (1.1). Le
Slide 15: Leipurin net sales by quarter
15 Q4 February 11, 2021 Leipurin net sales by quarter M€ Net sales 35 Leipurin’s business was 31,2 31,6 31,9 significantly impacted by the 30 30,2 29,9 28,0 28,0 pandemic constraints which 25,9 26,9 26,6 substantially decreased both 25 23,2 24,3 net sales and operating profit. 20 15 10 Net sales wer
Slide 16: Leipurin operating profit by quarter
16 Q4 11.2.2021 Leipurin operating profit by quarter M€ Operating profit Clear decline in operating profit 1,2 caused by lowered demand due to 1,1 pandemic related restrictions. 1 0,9 0,8 0,8 0,8 0,8 Significant machine deliveries to 0,8 Russia also further delayed by the 0,6 0,6 constraints. 0,6 0,
Slide 17: Telko
17 Q4 February 11, 2021 Telko Raw material solutions for the industry
Slide 18: Telko Q4 2020: Record results despite a challenging market
Telko Q4 2020: Record results despite a 18 Q4 February 11, 2021 challenging market • Telko segment’s Q4 net sales decreased by 5.9% and was EUR 65.7 million (69.8). • Industrial demand, which decreased significantly in spring, started to slowly return to normal during the fourth quarter. • The opera
Slide 19: Telko net sales by quarter
19 Q4 February 11, 2021 Telko net sales by quarter Prices of plastic raw materials and M€ Net sales chemicals increased from the 90 previous quarter to the 80,6 comparative period’s level. 80 74,7 71,7 71,9 69,5 69,8 The proportion of higher added 70 67,3 *) 65,7 63,6 62,5 value products and more ca
Slide 20: Telko operating profit by quarter
20 Q4 February 11, 2021 Telko operating profit by quarter M€ Operating profit Telko segment’s full-year 4,5 4,2 4,2 4,1 operating profit increased to a 4,0 record level of EUR 14.9 million 3,6 3,4 3,5 (8.0). 3,0 2,9 2,5 2,4 2,3 2,4 2,4 2,2 2,0 Operating profit of Telko 1,5 business in Q4 was EUR 3.2
Slide 21: Equity ratio and gearing
Q4 February 11, 2021 Equity ratio and gearing % % 40 200 35 175 30 150 Gearing improved due to strong cash flow 25 125 even though the size of the hybrid bond was 20 100 reduced in Q2. 15 75 10 50 5 25 0 0 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Equity ratio, % Gearin
Slide 22: Strong liquidity and a balanced maturity structure
Strong liquidity and a balanced maturity structure Interest bearing liabilities Maturity of loan agreements (MEUR) without lease liabilities (MEUR) Average interest 100 rate 1.5% 26 3 80 11 60 140 40 Loans Commercial papers TyEL pension loan Bond 20 Liquidity position (MEUR) 0 2021 2022 2023 2024 Lo
Slide 23: Dividend proposal EUR 0.35 per share
Dividend proposal EUR 0.35 per share 23 The Board of Directors 0,70 proposes that EUR 0.35 (0.22) per share is distributed 0,60 in dividends for the 2020 0,50 financial year, and that the dividend is paid in two 0,40 installments. 0,30 Furthermore, the Board of Directors proposes that the 0,20 first
Slide 24: From a good position to 2021
24 Q4 11.2.2021 From a good position to 2021 • During the year, we successfully managed to protect our results despite the challenging operating environment. • ESL Shipping’s and Telko’s customer demand began to recover strongly already at the end of 2020, and we estimate that Aspo's operating condi
Slide 25: Guidance for 2021
25 Q4 February 11, 2021 Guidance for 2021 Aspo’s operating profit in 2021 will be higher than in 2020 (EUR 19.3 million).
Slide 26: Appendix
26 Q4 February 11, 2021 Appendix
Slide 27: Key figures
27 Q4 February 11, 2021 Key figures 10-12/2020 10-12/2019 1-12/2020 1-12/2019 Net sales, MEUR 133.5 147.0 500.7 587.7 Operating profit, MEUR 7.6 5.4 19.3 21.1 Operating profit, % 5.7 3.7 3.9 3.6 ESL Shipping, operating profit, MEUR 4.8 4.4 7.6 14.6 Leipurin, operating profit, MEUR 0.2 1.1 1.4 3.0 Te
Slide 28: Long-term financial targets
Long-term financial targets 28 Q4 February 11, 2021 Operating profit rate (cum.) ROE (cum.) Gearing target 6% in 2023 target > 20% in 2023 target 130% in 2023 196 181 174 4,74,7 *) 4,4 155154 162 159163163 15,6 149 3,8 3,9 14,0 13,5 13,1 13,5 3,5 3,6 12,4 *) 3,2 3,33,2 11,7 119 3,1 3,6 3,0 11,4 103
Slide 29: Leipurin net sales in Russia, other CIS countries and Ukraine
Leipurin net sales in Russia, other CIS 29 Q4 February 11, 2021 countries and Ukraine M€ Net sales in the market area MRUB Net sales of the Russian company 14,0 800 693 11,8 700 665 12,0 11,1 587 600 559 10,0 9,5 535 9,0 514 513 8,6 8,3 8,6 478 481 475 489 480 8,2 8,1 500 8,0 7,7 7,5 7,5 400 6,0 300
Slide 30: Telko net sales in Russia, other CIS countries and Ukraine
Telko net sales in Russia, other CIS 30 Q4 February 11, 2021 countries and Ukraine M€ Net sales in the market area MRUB Net sales of the Russian company 40,0 1400 36,5 1258 1279 35,3 34,8 35,5 34,4 1195 1211 35,0 1200 1149 31,6 1131 1084 29,2 30,0 1004 974 26,9 27,4 1000 26,3 868 856 25,0 24,0 23,8
Slide 31: Shareholders / allocation
31 Q4 February 11, 2021 Shareholders / allocation Number of shareholders Distribution of ownership on December 31, 2020 by ownership group, % 12 000 10 904 10 260 4% 1% 10 000 9 236 9 502 9 060 8 000 18 % Institutions Group Executive 6 000 1% Committee Board of Directors 4 000 51 % Private investors