Slide 1: Aspo's Q1 April 27, 2012
Aspo’s Q1 April 27, 2012 CEO Aki Ojanen CFO Arto Meitsalo
Slide 2: Q1 2012 main events
Q1 2012 main events • The new tonnage tax act entered into force, and it was applied retroactively from the start of 2011. Earnings per share increased to EUR 0.09/share (EUR 0.04/share). • M/s Arkadia was received and transferred to the Baltic Sea, which caused costs of EUR 0.5 million. • Prices in
Slide 3: Growth of Group net sales
Growth of Group net sales MEUR 140 120 106.7 108.8 100 83.4 80 60 40 20 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 3
Slide 4: Net sales / segment Q1
Net sales / segment Q1 MEUR Change % 120 +2% 106.7 108.8 -28% 100 80 +10 % 60 40 0% 20 -3% 0 Q1/2011 Q1/2012 ESL Shipping Leipurin Telko Kaukomarkkinat 4
Slide 5: Group operating profit decreased
Group operating profit decreased MEUR 9 8 7 6 5 4 2.9 3 2.1 2 1 0.3 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 5
Slide 6: Operating profit / segment Q1
Operating profit / segment Q1 MEUR Q1/12 Q1/11 Change % ESL Shipping -0.9 0.4 -325 Leipurin 0.6 1.5 -60 Telko 2.0 1.7 18 Kaukomarkkinat -0.1 0.4 -125 Other operations -1.3 -1.1 -18 Total 0.3 2.9 -90 6
Slide 7: Net sales and operating profit Q1
Net sales and operating profit Q1 2011/2012 Q1 Q2 Q3 Q4 Cum. Net sales 108.8 108.8 MEUR 106.7 124.6 123.7 121.3 476.3 Operating profit 0.3 0.3 MEUR 2.9 5.2 8.4 5.0 21.5 7
Slide 8: Aspo's operations
Aspon toimipisteet (2011 Aspo’s operations Aspon toimipisteet 2010 (lisätään tähdellä) pisteet) BKT:n kasvu 2014 Valko-Venäjä 6,9 Kiina 9,5 Tanska 2,3 GDPkasvu BKT:n growth in 2016 2016 Viro 4,0 China Kiina 9,59.5 Suomi 2,8 Belarus Valko-Venäjä 5,05.0 Latvia 4,0 Latvia Latvia 4,04.0 Liettua 4,0 Ukra
Slide 9: Net sales / market area Q1
Net sales / market area Q1 MEUR Q1/12 Q1/11 Change % Finland 39.6 45.2 -12 Nordic countries 9.5 10.9 -13 Baltic countries 11.9 11.2 6 Russia, Ukraine + other CIS 30.3 24.0 26 Other countries 17.5 15.4 14 Total 108.8 106.7 2 9
Slide 10: Net sales Russia, Ukraine + other CIS countries
Net sales Russia, Ukraine + other CIS countries Including ESL Shipping’s transports from Russia MEUR 60 50 40 36.8 31.6 30 22.0 20 10 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 10
Slide 11: Aspo business operations
ht ASPO Aspo business operations
Slide 12: Integral part of Finnish security of supply
Integral part of Finnish security of supply
Slide 13: ESL Shipping Q1 2012
ESL Shipping Q1 2012 • Global of dry bulk cargo prices fell to a record low level, which had an exceptionally strong effect on Baltic Sea spot prices. • The price level of long-term agreements remained unchanged. • Coal transports to Finland were reduced by the warm winter and high stock levels. • T
Slide 14: Baltic Dry Index
Baltic Dry Index Source: Bloomberg
Slide 15: ESL Shipping key figures Q1
ESL Shipping key figures Q1 Q1/12 Q1/11 Change % Net sales, MEUR 19.9 20.5 -3 Operating profit, MEUR -0.9 0.4 -325 Personnel 202 179 13 15
Slide 16: New Supramax vessel: m/s Arkadia
New Supramax vessel: m/s Arkadia 16
Slide 17: Expert in flavors and structures
Expert in flavors and structures
Slide 18: Leipurin Q1 2012
Leipurin Q1 2012 • The price of basic raw materials in the food industry has stabilized at a high level. • Net sales from bakery raw materials grew and operating profit improved. • No significant bakery machinery project was recognized as income. In machine business, net sales and operating profit f
Slide 19: Leipurin key figures Q1
Leipurin key figures Q1 Q1/12 Q1/11 Change % Net sales, MEUR 30.0 29.9 0 Operating profit, MEUR 0.6 1.5 -60 Personnel 272 232 17 19
Slide 20: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 10 8.9 9 8 7 6.2 6 5.3 5 4.5 4.0 4.0 4 3 2 1 0 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Leipurin has been part of Aspo Group as of 5/2008 20
Slide 21: Leading expert in chemicals and plastic raw materials
Leading expert in chemicals and plastic raw materials Yhtiökokous 3.4.2012
Slide 22: Telko Q1 2012
Telko Q1 2012 • Prices of raw materials sold increased slightly. • Telko’s strong growth was organic. • Operating profit improved considerably despite a cost provision of EUR -0.3 million due to an incorrect raw material batch. • Net sales grew and profitability continued to improve strongly in Russ
Slide 23: Telko key figures Q1
Telko key figures Q1 Q1/12 Q1/11 Change % Net sales, MEUR 53.0 48.1 10 Operating profit, MEUR 2.0 1.7 18 Personnel 232 225 3 23
Slide 24: Growing net sales in Russia, Ukraine and other CIS countries
Growing net sales in Russia, Ukraine and other CIS countries MEUR 25 21.4 20 17.8 15 11.3 9.7 10 6.5 6.0 5 0 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 24
Slide 25: Expert in energy efficiency
Expert in energy efficiency
Slide 26: Kaukomarkkinat Q1 2012
Kaukomarkkinat Q1 2012 • Net sales and operating profit fell. • No projects were recognized as income in China and Finland. • Performance in Poland improved, particularly in frequency converters. • Sales of energy-efficiency equipment increased by 15%. • In Finland, net sales of professional electro
Slide 27: Kaukomarkkinat key figures Q1
Kaukomarkkinat key figures Q1 Q1/12 Q1/11 Change % Net sales, MEUR 5.9 8.2 -28 Operating profit, MEUR -0.1 0.4 -125 Personnel 86 90 -4 27
Slide 28: Energy efficient building technology for new projects and renovation in Finland
Energy efficient building technology for new projects and renovation in Finland Apar tment Residential buildings Commer cial buildings facilities Air -to-air heat Gr ound-sour ce Solar collector s Biomass bur ner s pumps heat pumps Heat stor age and Ventilation and Contr ol systems Solar power distr
Slide 29: Financing
ht ASPO Financing
Slide 30: Equity ratio and gearing
Equity ratio and gearing % 200 180 160 140 124,7 123,7 120 115,8 116,3 101,5 100 92,1 94,4 93,1 94,1 80 60 40 36,2 33,7 34,2 35,2 33,2 31,7 32,9 30,2 30,0 20 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Equity ratio Gearing 30
Slide 31: Operational cash flow
Operational cash flow MEUR 10 9.7 8.9 8 7.1 6.3 6 5.0 4 2 0.2 0 -2 -2.9 -4 -4.3 -6 -8 -8.1 -10 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 31
Slide 32: Interest bearing liabilities and net debt
Interest bearing liabilities and net debt MEUR 140 120 111,0 100 80 87,0 82,0 81,6 78,4 78,5 78,1 70,6 60 63.2 40 20 0 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Net debt Cash and cash equivalents 32
Slide 33: Maturity of long-term loan portfolio
Maturity of long-term loan portfolio MEUR 45 20,0 40 42,0 35 20,0 30 25 25,0 20 20,0 15 10,0 10 5 5,0 1.0 0 2012 2013 2014 2015 2016+ Loans Convertible capital loan Revolving credit facilities Commercial papers, overdraft facilities, and lease agreements not included. .
Slide 34: Liquidity Q1 2012
Liquidity Q1 2012 MEUR Total In use Revolving credit facilities 40.0 0.0 Commercial Paper Program 50.0 15.0 Cash and cash equivalents 15.2 Interest-bearing liabilities, with a 1 year maturity, amount to a total of EUR 18.6 million . Cash and cash equivalents + binding revolving credit facilities not
Slide 35: Financials
ht ASPO Financials Arto Meitsalo
Slide 36: Income statement and key figures Q1
Income statement and key figures Q1 MEUR 2012 2011 Net sales 108.8 106.7 Depreciations -2.4 -2.0 Operating profit 0.3 2.9 Net financial expenses -0.9 -1.3 Profit before taxes -0.6 1.5 Profit for the period 2.7 1.1 2012 2011 Earnings/share, EUR 0.09 0.04 Equity ratio, % 32.9 31.7 Equity/share, EUR 3.
Slide 37: Tonnage tax
Tonnage tax • The tonnage tax act entered in force on March 1, 2012 and was applied retroactively from the start of 2011. • Being included in tonnage taxation improved earnings per share for 2011 retrospectively by approx. EUR 0.10/share in Q1. • About EUR 0.2 million of the deferred tax liability o
Slide 38: Balance sheet
Balance sheet MEUR Assets Shareholders’ equity and 350 liabilities 350 295.1 295.1 300 300 250 78,2 250 78,0 227.3 227.3 200 60,1 200 49,2 75,5 150 150 121,7 45,4 80,9 100 100 167,7 121,8 50 50 95,4 70,9 0 0 Q1/12 Q1/11 Q1/12 Q1/11 Shareholders' equity Non-current assets Long-term liabilities Invent
Slide 39: Financial targets
Financial targets Return on investment, return on equity Group on the whole ROI, % ROE, % 45 45 40 40 35 35 30 30 25 25 24,1 20 20 18,5 15 15 16,4 15,2 12,7 12,5 10 13,0 10 11,1 11,4 5 5 0,6 0 0 2008 2009 2010 2011 Q1/2012 2008 2009 2010 2011 Q1/2012 Target 39
Slide 40: Financial targets
Financial targets Operating profit, % 8 7 6 5 4 6,8 3 5,8 5,0 2 4,3 4,2 4,1 2,5 2,7 1 0 0,3 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Target 40
Slide 41: Personnel Q1/2012
Personnel Q1/2012 Group total 805 Share of Group personnel Distribution per country Other Other Kaukomarkkinat operations countries 11% 1% ESL Shipping 9% Finland Russia, 25% 54% Ukraine, other CIS 26% Baltic Telko countries 29% Leipurin Nordic 9% 34% countries 2% 41
Slide 42: Shareholders / allocation
Shareholders / allocation Share Q1/2012 Number of shareholders 7000 Personnel fund 0.2% 6384 Non-domestic 6183 & nominee Institutions 6000 5760 registrations 28.7% 5036 4860 5161 2.5% 5000 4000 3000 2000 1000 Manage- ment Private investors 2.2% 0 58.9% Board 7.5% 42
Slide 43: Market value
Market value Share price, EUR Market value, MEUR (incl. own shares) Closing Average 245 10,00 250 222 8,26 211 7,90 8,00 200 6,80 170 6,44 156 5,90 6,00 150 106 4,03 4,00 100 2,00 50 0,00 0 Aspo started its rights issue on April 6, 2011. Share prices before this date are historical prices (not adjus
Slide 44: Outlook for 2012
ht ASPO Outlook for 2012
Slide 45: Expectations in Aspo Group in 2012
Expectations in Aspo Group in 2012 • Aspo’s current structure creates a good basis for many years of organic growth. • The share of growth markets (i.e., Russia, CIS, Ukraine, China, the Baltic region, and Poland) of the Group’s sales will continue to increase. • The second Supramax vessel ordered b
Slide 46: Guidance for 2012
Guidance for 2012 • Aspo maintains its guidance for 2012 unchanged. – Aspo aims for growth in net sales and operating profit, and will improve earnings per share. 46
Slide 47: Next interim report Q2 published on August 21, 2012
Next interim report Q2 published on August 21, 2012 Thank you!