Slide 1: Aspo's year 2015 and Q4
Aspo’s year 2015 and Q4 CEO Aki Ojanen Group Treasurer Harri Seppälä 1
Slide 2: Year 2015 – result improved
Year 2015 – result improved • Earnings per share improved to EUR 0.61 (0.57). • Profit for the period grew and amounted to EUR 19.8 million (18.4). • Operating profit decreased to EUR 20.6 million (23.4). • Net sales fell and amounted to EUR 445.8 million (482.9). • Strong cash flow from operating a
Slide 3: Long term financial targets
Long term financial targets Operating profit, % ROE Gearing 30 180 8 160 7 25 140 131.6 6 19.1 20 120 5 4.8 17.8 4.5 4.6 16.4 94.1 98.2 101.0 101.4 100 4 15 11.8 80 3 2.3 10 8.9 60 2.2 2 40 5 1 20 0 0 0 Q4/11 Q4/12 Q4/13 Q4/14 Q4/15 3
Slide 4: Net sales and operating profit 2011–2015
Net sales and operating profit 2011–2015 Net sales Operating profit MEUR MEUR 500 476.3 481.6 482.9 50 476.3 445.8 400 40 300 30 200 20 100 10 0 0 4
Slide 5: Net sales / market area
Net sales / market area MEUR 2015 2014 Change, % Finland 147.7 162.0 -9 Scandinavia 51.8 47.9 8 Baltic countries 50.4 55.7 -10 Russia, Ukraine + other CIS 128.3 153.0 -16 Other countries 67.6 64.3 5 Total 445.8 482.9 -8 5
Slide 6: Operating profit / segment
Operating profit / segment MEUR 2015 2014 Change, % ESL Shipping 14.7 16.0 -8 Leipurin 2.4 4.4 -45 Telko 10.4 9.9 5 Kaukomarkkinat -1.2 0.1 -1300 Other operations -5.7 -7.0 19 Total 20.6 23.4 -12 6
Slide 7: Aspo Q4/2015
Aspo Q4/2015 • Earnings per share stood at EUR 0.11 (0.11). • Profit for the period amounted to EUR 3.7 million (3.7). • Operating profit rate increased to 5.1% (4.5). • Operating profit grew to EUR 6.2 million (5.5). • Cash flow from operating activities fell and amounted to EUR 14.3 million (15.8)
Slide 8: Net sales and operating profit Q4
Net sales and operating profit Q4 2014/2015 Q1 Q2 Q3 Q4 Cum. Net sales 102.0 110.2 111.5 122.1 445.8 MEUR 108.0 122.7 129.6 122.6 482.9 Operating profit *) 3.0 4.1 7.3 6.2 20.6 MEUR 3.8 6.3 7.8 5.5 23.4 *) The operating profit for Q1/2015 and 1-12 2015 includes EUR 1.3 million goodwill impairment lo
Slide 9: Group operating profit, quarterly
Group operating profit, quarterly MEUR 9 8 7 6.2 6 5.5 5 4 3.8 3 2 1 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 9
Slide 10: Net sales 2011–2015 Russia, Ukraine + other CIS
Net sales 2011–2015 Russia, Ukraine + other CIS countries MEUR 180 157.8 160 153.0 153.0 140 128.3 122.6 120 100 80 60 40 20 0 2011 2012 2013 2014 2015 10
Slide 11: Group net sales, quarterly
Group net sales, quarterly MEUR 140 120.3 122.6 122.1 120 100 80 60 40 20 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 11
Slide 12: Aspo's business operations
Aspo’s business operations
Slide 13: Integral part of Finnish security of supply
Integral part of Finnish security of supply
Slide 14: ESL Shipping Q4/2015
ESL Shipping Q4/2015 • International dry bulk cargo rates have decreased to the historically low level. • Vessels mainly operated in the Baltic Sea and the North Sea. • Net sales fell due to lower fuel prices and transportation volumes of energy coal. • Net sales amounted to EUR 19.9 million (23.2).
Slide 15: ESL Shipping key figures Q4
ESL Shipping key figures Q4 Q4/15 Q4/14 Change, % Net sales, MEUR 19.9 23.2 -14 Operating profit, MEUR 4.5 5.2 -13 Personnel 223 226 -1 15
Slide 16: Baltic Dry Index 2009‒2015
Baltic Dry Index 2009‒2015 Source: Lloyds/BDI
Slide 17: The bakery specialist
The bakery specialist
Slide 18: Leipurin Q4/2015
Leipurin Q4/2015 • The decrease in prices of raw materials evened out through the fall harvest season. • Net sales were EUR 31.5 (36.1) million. Net sales were reduced by lower delivery volumes of machine sales in Russia, and the devaluation of the Russian ruble which reduced euro-denominated net sa
Slide 19: Leipurin key figures Q4
Leipurin key figures Q4 Q4/15 Q4/14 Change, % Net sales, MEUR 31.5 36.1 -13 Operating profit, MEUR 0.4 0.5 -20 Personnel 299 297 1 19
Slide 20: Net sales in Russia, Ukraine + other CIS countries Q4/2009–2015
Net sales in Russia, Ukraine + other CIS countries Q4/2009–2015 MEUR 14 13.0 12 11.4 10.8 10.8 10 9.1 8 7.0 6 5.4 4 2 0 Q4/09 Q4/10 Q4/11 Q4/12 Q4/13 Q4/14 Q4/15 20
Slide 21: Net sales in Russia in rubles Q4/2009–2015
Net sales in Russia in rubles Q4/2009–2015 MRUB 700 600 573.4 523.5 500 394.8 400 322.3 311.0 300 263.5 201.8 200 100 0 Q4/09 Q4/10 Q4/11 Q4/12 Q4/13 Q4/14 Q4/15 21
Slide 22: Leading expert in plastic raw materials and chemicals
Leading expert in plastic raw materials and chemicals
Slide 23: Telko Q4/2015
Telko Q4/2015 • The oil prices and prices of raw materials sold by Telko continued to decrease. • Net sales were EUR 53.6 (55.8) million. • The operating profit decreased to EUR 1.9 (2.8) million. • Net sales in Russia, Ukraine and other CIS countries decreased. Operating profit rate in the area rem
Slide 24: Telko key figures Q4
Telko key figures Q4 Q4/15 Q4/14 Change, % Net sales, MEUR 53.6 55.8 -4 Operating profit, MEUR 1.9 2.8 -32 Personnel 265 258 3 24
Slide 25: Net sales in Russia, Ukraine + other CIS countries Q4/2009–2015
Net sales in Russia, Ukraine + other CIS countries Q4/2009–2015 Me 35 30.8 30 28.3 27.8 26.7 25.0 25 20 18.3 15 11.1 10 5 0 Q4/09 Q4/10 Q4/11 Q4/12 Q4/13 Q4/14 Q4/15 25
Slide 26: Net sales in Russia in rubles Q4/2009–2015
Net sales in Russia in rubles Q4/2009–2015 MRUB 1000 900 864.2 850.0 800 700 649.2 616.4 593.2 600 488.5 500 400 367.8 300 200 100 0 Q4/09 Q4/10 Q4/11 Q4/12 Q4/13 Q4/14 Q4/15 26
Slide 27: Expert in mobile knowledge work
Expert in mobile knowledge work
Slide 28: Kaukomarkkinat Q4/2015
Kaukomarkkinat Q4/2015 • Net sales increased to EUR 17.1 (7.5) million. • Net sales were mainly increased by project deliveries in China. • Operating profit grew to EUR 0.6 (-0.2) million. • Operating profit was increased by improved profitability in Finland and project deliveries in China. • Increa
Slide 29: Kaukomarkkinat key figures Q4
Kaukomarkkinat key figures Q4 Q4/15 Q4/14 Change, % Net sales, MEUR 17.1 7.5 128 Operating profit, MEUR 0.6 -0.2 400 Personnel 46 69 -33 29
Slide 30: Financing and financials
Financing and financials Harri Seppälä 30
Slide 31: Income statement Q1-Q4
Income statement Q1-Q4 MEUR 2015 2014 Net sales 445.8 482.9 Ebitda 33.1 34.6 Depreciations and impairment -12.5 -11.2 Operating profit 20.6 23.4 Financial income and expenses 0.7 -4.4 Profit before taxes 21.3 19.0 Income taxes -1.5 -0.6 Profit for the period 19.8 18.4 Earnings/share, EUR 0.61 0.57 3
Slide 32: Cash flow from operating activities
Cash flow from operating activities MEUR 16 15.8 14.8 14.3 14 13.4 11.7 12 10 8.5 8 6 4 3.3 1.8 2 0.5 0 -2 -4 -2.8 -6 -8 -7.4 -10 -12 -10.9 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 32
Slide 33: Interest bearing liabilities and net debt
Interest bearing liabilities and net debt MEUR 160 140 130.2 131.9 132.5 120 124.5 116.9 118.4 113.7 108.9 100 105.1 106.3 104.0 101.5 80 60 40 20 0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Net debt Cash and cash equivalents 33
Slide 34: Maturity of significant loan agreements
Maturity of significant loan agreements MEUR 70 4.4 60 11.0 50 1.4 1.4 40 20,0 40.0 49.0 30 20 20.0 1.4 1.4 19.3 18.7 10 4.6 4.6 0 2016 2017 2018 2019 2020+ Loans Revolving credit facility Hybrid bond (call) Bond loan TyEL Commercial papers. overdraft facilities and financial leasing agreements not
Slide 35: Personnel / segment
Personnel / segment 350 299 300 265 250 223 200 150 100 46 50 24 0 2010 2011 2012 2013 2014 Q4/2015 Tot. 712 Tot. 814 Tot. 871 Tot. 869 Tot. 879 Tot. 857 ESL Shipping Leipurin Telko Kaukomarkkinat Other operations 35
Slide 36: Personnel / market area
Personnel / market area 500 450 418 400 350 302 300 250 200 150 100 72 50 45 20 0 2010 2011 2012 2013 2014 Q4/2015 Tot. 712 Tot. 814 Tot. 871 Tot. 869 Tot. 879 Tot. 857 Finland Scandinavia Baltic countries Russia, Ukraine, other CIS Other countries 36
Slide 37: Shareholders / allocation
Shareholders / allocation Share Q4/2015 Number of shareholders Personnel 10000 fund 8929 0.4% 9000 Non-domestic & 8150 Institutions nominee 8000 7389 25.3% registrations 6497 2.5% 7000 6183 6000 5000 4000 3000 2000 Group 1000 Executive 0 Committee Private investors Board 0.7% 56.9% 14.2% 37
Slide 38: Market value
Market value Share price, EUR Market value, MEUR (incl. own shares) Closing Average 10.00 250 232 222 211 198 8.26 187 8.00 7.50 200 176 6.80 6.39 6.03 5.69 6.00 150 4.00 100 2.00 50 0.00 0 Aspo started its right issue on April 6, 2011. Share prices before this date are historical prices (not adjust
Slide 39: Dividend proposal 2015
Dividend proposal 2015 • Dividend policy: ” On average, Aspo will pay approximately at least half of its earnings as dividends.” • ”The aim is to increase shareholder value.” • The Board of Directors proposes to the Annual Shareholders' Meeting that EUR 0.41 per share be distributed as dividends. 39
Slide 40: Dividend / earnings
Dividend / earnings (dividend from 2015 EUR 0.41) figures adjusted for rights issue % 160 148 139 140 129 127 120 120 106 100 95 84 80 75 71 71 70 70 67 59 60 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* 2012 2013 2014 2015** * Repayment of capital ** Board proposal 40
Slide 41: Dividend / earnings and cash flow
Dividend / earnings and cash flow (dividend from 2015 EUR 0.41) figures adjusted for rights issue EUR 1.20 1.13 EBIT 23.7 OWC Sales of business EBIT 20.6 1.00 operations Incl. non-recurring items 0.80 EBIT 23.4 0.82 EBIT 21.5 OWC 0.70 0.73 0.60 0.56 0.61 0.57 0.57 0.53 0.48 0.45 0.40 0.38 0.36 0.32
Slide 42: Outlook for 2016
ft ASPO Outlook for 2016
Slide 43: Aspo's market environment 2016
Aspo’s market environment 2016 • The time of slow growth in the international economy and in industry in the EU will continue. • Uncertainty and poor economic situation in Russia, Ukraine and other CIS countries will continue. It is difficult to estimate the future developement. • The exchange rates
Slide 44: Guidance for 2016
Guidance for 2016 • Aspo’s operating profit will be EUR 17-24 (20.6) million in 2016. 44
Slide 45: Thank you!
ft ASPO Thank you!