Slide 1: Aspo Q4 and full year 2019
Aspo Q4 and full year 2019 February 13, 2020 CEO Aki Ojanen
Slide 2: Aspo Q4 and full-year 2019
2 Q4 February 13, 2020 Aspo Q4 and full-year 2019 2019 net sales grew 9% and stood at EUR 587.7 2019 operating profit was 2019 earnings per share were (540.9) million EUR 21.1 (20.6) million. EUR 0.47 (0.42) Q4 net sales were EUR 147.0 Q4 earnings per share were Q4 operating profit was (156.6) milli
Slide 3: Net sales by quarter
3 Q4 February 13, 2020 Net sales by quarter MEUR Q4 net sales decreased by 6% 180 and were EUR 147.0 (156.6) 157 160 151 148 147 million. 142 140 132 133 136 124 127 119 115 In 2019, net sales increased 120 by 9%. 100 80 60 40 Low price levels in Telko’s business and a decline in ESL 20 Shipping’s t
Slide 4: Operating profit by quarter
4 Q4 February 13, 2020 Operating profit by quarter MEUR Operating profit in Q4 was 10 EUR 5.4 (2.6) million. *) 8 7,4 2019 operating profit stood at EUR 7,1 7,1 7,2 6,5 6,7 21.1 (20.6) million. 6 5,4 5,1 4,9 4,4 4,1 4 3,7 2 2,6 Figures for 2018 include an impairment loss of EUR 4.8 million recognize
Slide 5: Long-term financial targets
5 Q4 February 13, 2020 Long-term financial targets % Operating profit rate, cumulative 8 2019 operating profit rate 7 was 3.6% (3.8). 6 *) 5 4,5 4,6 4,7 4,7 4,4 4 3,7 3,9 3,5 3,6 3,6 3,2 3,8 3,1 Target level is 6% in 2023. 3 2 1 0 Target level 2023 2017 2018 2019 indicated by the dashed line Q1 Q1-Q
Slide 6: Long-term financial targets
6 Q4 February 13, 2020 Long-term financial targets % Return on equity (ROE), cumulative 20 Return on equity in 2019 18 16,7 17,1 was 13.5% (12.4) 16 15,6 14,6 14,0 14 13,4 13,5 13,1 13,5 12,4 *) 11,7 Target level is 12 over 20% on average 10 in 2023. 8 7,0 6 4 2 0 2017 2018 2019 Target level 2023 in
Slide 7: Long-term financial targets
7 Q4 February 13, 2020 Long-term financial targets % Gearing 200 196 181 Gearing was at 162.2% (154.4). 180 174 162 160 155 154 140 119 120 114 110 104 103 100 94 80 60 Due to the adoption of the 40 IFRS 16 standard, gearing 20 increased by approximately 30 0 percentage points on January 1, 2017 201
Slide 8: Net cash from operating activities
8 Q4 February 13, 2020 Net cash from operating activities Net cash from operating activities MEUR was EUR 52.5 (20,3) million. 60,0 *)52,5 50,0 Adoption of IFRS 16 increased the Group’s net cash from operating 40,0 33,6 activities by approximately 30,0 EUR 14 million. 20,3 20,0 17,4 14,6 10,0 7,6 5,
Slide 9: Aspo is a balanced entity
9 Q4 February 13, 2020 Aspo is a balanced entity Net sales by segment, Q4 2019 Net sales by market area, Q4 2019 Finland 48.4 MEUR 14 % 31 % ESL Shipping 45.3 Scandinavia 21.0 33 % MEUR MEUR 47 % Leipurin 31.9 MEUR Baltic countries 15.1 MEUR 29 % Telko 69.8 MEUR Russia, other CIS countries and Ukrai
Slide 10: Russia, other CIS countries and Ukraine
10 Q4 February 13, 2020 Russia, other CIS countries and Ukraine MEUR Net sales Net sales in the eastern 50 47,5 markets decreased by 10% 46,2 45,6 46,0 44,5 45 43,2 42,3 42,8 in Q4. 39,3 40,1 40 37,9 35 32,6 This was mainly due to lower price levels in Telko’s 30 business and the lack of 25 transpor
Slide 11: ESL Shipping
11 Q4 February 13, 2020 ESL Shipping Leading marine logistics provider for bulk cargo
Slide 12: ESL Shipping
12 Q4 February 13, 2020 ESL Shipping Q4 operating profit increased to EUR 4.4 (4.2) Q4 net sales were EUR 45.3 (46.4) million. million. 2019 operating profit was EUR 14.6 (15.1) million. 2019 net sales increased due to the acquisition of AtoB@C and stood at Steep decline in transportation volumes in
Slide 13: ESL Shipping key figures
13 Q4 February 13, 2020 ESL Shipping key figures MEUR Net sales 50 46,4 45,3 45 43,7 42,6 43,4 Q4 net sales were EUR 45.3 (46.4) million. 40 35 30,6 30 25 22,6 22,6 20,5 20 18,9 19,5 18,3 15 10 2019 net sales increased due to 5 the acquisition of AtoB@C and stood at 0 2017 2018 2019 EUR 175.0 Me (12
Slide 14: ESL Shipping key figures
14 Q4 February 13, 2020 ESL Shipping key figures Q4 operating profit MEUR Operating profit increased to EUR 4.4 (4.2) 5,0 million. 4,5 4,3 4,2 4,4 4,4 4,1 4,0 4,0 Q4 operating profit rate 3,5 3,3 3,2 3,0 3,1 was 9.7% (9.1). 3,0 2,6 2,6 2,5 2,0 1,5 1,0 0,5 2019 operating profit was EUR 14.6 (15.1) mi
Slide 15: Baltic Dry Index
15 Q4 February 13, 2020 Baltic Dry Index
Slide 16: Leipurin
16 Q4 February 13, 2020 Leipurin From bread and recipes to a comprehensive selection
Slide 17: Leipurin
17 Q4 February 13, 2020 Leipurin Operating profit increased in Q4 and was EUR 1.1 (0.8) million. Operating profit rate for Q4 net sales were EUR 31.9 (31.6) million. Q4 stood at 3.4% (2.5). 2019 net sales stood at EUR 115.7 (121.0) million. 2019 operating profit was EUR 3.0 (3.3) million. Bakery bus
Slide 18: Leipurin key figures
18 Q4 February 13, 2020 Leipurin key figures MEUR Net sales 35 32,9 31,2 31,6 31,9 30,2 29,4 30,1 29,9 29,9 Q4 net sales were EUR 31.9 30 28,0 28,0 25,9 (31.6) million. 25 20 15 10 2019 net sales stood at EUR 5 115.7 (121.0) million. Decrease in net sales was mainly due to 0 weaker net sales in the
Slide 19: Leipurin key figures
19 Q4 February 13, 2020 Leipurin key figures MEUR Operating profit 1,6 Operating profit increased in 1,4 1,4 Q4 and was EUR 1.1 (0.8) million. 1,2 1,1 Operating profit rate for Q4 1 0,9 stood at 3.4% (2.5). 0,8 0,8 0,8 0,8 0,8 0,7 0,6 0,6 0,6 0,5 0,4 0,4 Operating profit increased as a 0,2 result of
Slide 20: Net sales in Russia, other CIS countries and Ukraine
20 Q4 February 13, 2020 Net sales in Russia, other CIS countries and Ukraine MEUR 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 10,3 600 562 559 10,0 9,5 535 9,0 514 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 2
Slide 21: Telko
21 Q4 February 13, 2020 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 22: Telko
22 Q4 February 13, 2020 Telko Net sales of Telko segment decreased in Q4 Telko segment’s Q4 operating profit was and were EUR 69.8 (78.6) million. In terms of EUR 0.9 (-1.0) million. sales volume, the decrease was 1% from the comparative period. 2019 operating profit for the segment was EUR 8.0 (7.4
Slide 23: Telko key figures
23 Q4 February 13, 2020 Telko key figures MEUR Net sales 90 *) 80,6 *) Q4 net sales of Telko segment 80 *) 74,7 *) 71,7 71,9 decreased and were EUR 69.8 69,5 69,8 70 65,7 67,3 65,6 67,3 (78.6) million. 63,6 60 57,7 50 40 30 2019 net sales stood at EUR 20 297.0 (299.8) million. 10 Weak price levels n
Slide 24: Telko key figures
24 Q4 February 13, 2020 Telko key figures MEUR Operating profit 4,0 Telko segment Q4 operating 3,6 profit was EUR 0.9 (-1.0) 3,5 3,4 3,1 million. 3,0 2,9 3,0 2,5 2,4 2,4 2,4 2,3 2,3 2,2 2,0 Operating profit of Telko business in 2019 was EUR 8.2 1,5 (12.1) million. 0,9 1,0 0,5 Net sales of Kauko busi
Slide 25: Net sales in Russia, other CIS countries and Ukraine
25 Q4 February 13, 2020 Net sales in Russia, other CIS countries and Ukraine MEUR Net sales in the market area MRUB Net sales of the Russian company 40,0 1400 36,5 1258 35,3 34,8 35,5 34,4 1195 1211 35,0 33,5 1200 1149 31,6 1131 30,4 31,0 28,7 29,2 1029 1004 30,0 982 967 974 1000 888 25,0 24,0 794 8
Slide 26: Guidance for 2020
26 Q4 February 13, 2020 Guidance for 2020 Aspo’s operating profit in 2020 will be higher than in 2019 (EUR 21.1 million).
Slide 27: Additional material
ft ASPO Additional material
Slide 28: Equity ratio and gearing
28 Q4 February 13, 2020 Equity ratio and gearing % 45 250 Gearing at Aspo Group was 162.2% (154.4). 40 200 Equity ratio was 35 30.1% (29.5). 30 150 25 20 100 15 As a result of the adoption of 10 50 IFRS 16, gearing increased by 5 approximately 30 percentage points and the equity ratio 0 0 Q1/17 Q2/1
Slide 29: Structure of liabilities
29 Q4 February 13, 2020 Structure of liabilities Interest bearing liabilities Interest bearing liabilities without lease liabilities without lease liabilities December 31, 2018: 199 MEUR December 31, 2019: 200 MEUR 3% 6% Loans Loans 4% 2 % 13 % 9% Commercial Commercial 3% papers papers Others 10 % O
Slide 30: Maturity of significant loan agreements
30 Q4 February 13, 2020 Maturity of significant loan agreements MEUR 90 The average interest rate of interest-bearing liabilities, 80 1,4 excluding lease liabilities, was 70 1.4% (1.6 12/2018). 25 1,4 60 TyEL pension loan 11 50 Bond 20 Hybrid bond (call) 40 20 Revolving credit facilities 67,5 During
Slide 31: Shareholders / allocation
31 Q4 February 13, 2020 Shareholders / allocation Number of shareholders Distribution of ownership on December 31, 2019 by ownership group, % 10 500 10 260 1% 0% 10 000 19 % Institutions 9 502 9 500 Group Executive 9 236 1% Committee Board 9 060 9 000 8 929 56 % Private investors 23 % Non-domestic a
Slide 32: IFRS 16 Leases standard, as of January 1, 2019
32 Q3 October 29, 2019 IFRS 16 Leases standard, as of January 1, 2019 Lease liabilities, classified as debt have been 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
Slide 33: IFRS 16: The impact on the statement of comprehensive income in brief
33 Q3 October 29, 2019 IFRS 16: The impact on the statement of comprehensive income in brief Aspo Group consolidated statement of comprehensive income 1-12/2019, MEUR Lease expenses reduces. Net sales and other income 588.6 EBITDA increases. Materials and services -389.1 Depreciation increases. Fixe
Slide 34: IFRS 16 impact on balance sheet on December 31, 2019
34 Q3 October 29, 2019 IFRS 16 impact on balance sheet on December 31, 2019 New balance sheet line items: Assets: • Right-of-use assets related to lease agreements • Current and non-current lease liabilities Right-of-use assets related to lease agreements Intangible assets and goodwill 51.2 Total eq