Slide 1: Aspo January–December 2021: Highest operating profit in company history
Aspo January–December 2021 Highest operating profit in company history CEO Rolf Jansson Feb 16, Aspo Q4/2021 1 2022
Slide 2: Aspo Q4 and year 2021: The highest full-year operating profit in company history
Aspo Q4 and year 2021: The highest full-year operating profit in company history Q4/2021 1–12/2021 Growth in Aspo’s net sales remained strong in the last Net sales Net sales quarter EUR 160.0 M EUR 573.3 M • Full-year net sales grew back to 2019 levels (125.6) (474.3) Operating profit Operating prof
Slide 3: Kauko and Vulganus defined as businesses outside core operations
The Kauko business and Vulganus Oy, part of the Leipurin segment, were defined as businesses outside Aspo’s core operations in December • The Kauko operating segment has been classified as a discontinued operation in group reporting. • Its results and balance sheet are reported separately from the f
Slide 4: Aspo's net sales for 2021 increased by 14% and returned to the 2019 level
Aspo’s net sales for 2021 increased by 14% and returned to the 2019 level MEUR Net sales Growth % • Net sales in 2021 were EUR 586.4 million 220 30% • +14% vs 2020 (EUR 500.7 million) 200 25% • -0.2% vs 2019 (EUR 587.7 million) 180 20% • Aspo’s growth has remained strong in the 160 15% past three qu
Slide 5: The relative proportion of the western market in Aspo's net sales growing
The relative proportion of the western market in Aspo’s net sales growing • The relative proportion of Russia and other CIS countries in Aspo’s net sales has decreased and with Other countries Aspo’s new strategy, this trend is predicted to 14 % (12 %) continue Finland 31 % (32 %) • This change is b
Slide 6: The comparability of the 2021 figures is affected by items totaling EUR 8.5 million
The comparability of the 2021 figures is affected by items totaling EUR 8.5 million • An impairment loss of EUR 3.4 million was recorded on Kauko’s goodwill in the third quarter. Kauko EUR 3.4 million • This impairment was based on decreasing profitability of the business. Kauko’s profits in 2020 we
Slide 7: Aspo Group operating profit and impairments Q4/21 and 2021
Aspo Group operating profit and impairments Q4/21 and 2021 Aspo Q4/2021 operating profit MEUR Aspo 2021 operating profit 7.2% MEUR 6.4% 8.5 % 8.5% 5.4 % 5.4% Aspo Q4/2021 Impairment for Impairment on Impairment on Aspo Q4/2021 Aspo 2021 Impairments Impairments Aspo reported comparable Telko's Rauma
Slide 8: Record operating profit in Q4/2021 exceeding 8% target
Record operating profit in Q4/2021 exceeding 8% target MEUR Operating profit Growth % • Aspo’s adjusted operating profit in Q4, excl. items affecting comparability totaling EUR 8.5 16 12% million, was record-high and exceeded the new operating profit target of 8 %. 14 10% • Aspo’s adjusted operating
Slide 9: Cash flow strong, growth in Telko inventories tied up working capital
Cash flow strong, growth in Telko inventories tied up working capital MEUR 70 • Aspo's cash flow remained strong in 2021, despite falling compared to 2020 60 • The impact of the change in working capital on cash flow in 2021 was EUR 50 -22.0 (23.0) million, mainly due to increase in Telko’s inventor
Slide 10: Return on equity 27.9% in 2021
Return on equity 27.9% in 2021 ROE %. 30,0 25,0 • The return on equity in 2021 rose to 27.9% (without the Target >20% EUR 8.5 million impairments) 20,0 and to 20.8% with the impairments included. 15,0 • Positive development was boosted particularly by the 10,0 strong performances of ESL Shipping and
Slide 11: Good development in key sustainability targets
Good development in key sustainability targets • Sustainability is a key factor of Aspo’s management system. Carbon intensity Work satisfaction • To support the sustainability commitments, Aspo published new environmental, social and corporate governance (ESG) goals for 0.42 (0.44) AA+ (People Power
Slide 12: Aspo business reviews
Aspo business reviews Forerunner and Accelerated growth Towards full potential industrial partner Feb 16, Aspo Q4/2021 12 2022
Slide 13: ESL Shipping: strong net sales growth and new 14% operating profit target achieved
Net sales saw strong growth and ESL shipping achieved its new 14% target for operating profit. Q4/2021 was the strongest quarter on record for the shipping company Feb 16, Aspo Q4/2021 13 2022
Slide 14: Strong growth continued for ESL Shipping throughout Q4 and 2021
Strong growth continued for ESL Shipping throughout Q4 and 2021 clearly exceeded pre-pandemic figures • Net sales were EUR 191.4 million in 2021, clearly above the pre-pandemic 2019 level MEUR Net sales Growth % - +29.0% vs. 2020 (EUR 148.4 million) 60 120% - +9.4% vs. 2019 (EUR 175.0 million) 55 10
Slide 15: Cargo prices of large vessels continue at a high level despite falling index
Considering the long-term trend, the cargo prices of large vessels continue to be at a high level despite the falling index The Baltic Dry Index provides a benchmark for the price of moving the major raw materials by sea. The Baltic Dry Index takes into account 23 different shipping routes carrying
Slide 16: ESL Shipping reached new target level for full-year operating profit
ESL Shipping reached new target level for full-year operating profit • Full-year operating profits in 2021 rose to a record high EUR 26.8 million (14%), in comparison to MEUR Operating profit Operating profit % - EUR 7.6 million (5.1%) in 2020 10 20% - EUR 14.6 million (8.3%) in 2019 • The 14 percen
Slide 17: Barge Espa sold in January
Barge Espa sold in January • After the end of the financial year, ESL Shipping sold Espa, its smallest towed barge of 9,000 tons, built in 1987, as part of the strategic modernization of its fleet. • Sales gains of EUR 1.5 million will be recognized during the first quarter of 2022. Feb 16, Aspo Q4/
Slide 18: Telko shows record growth and performance in 2021
Telko shows record growth and performance in 2021, nearly reaching its new operating profit target of 8% Feb 16, Aspo Q4/2021 18 2022
Slide 19: Telko's strong growth continued in the final quarter
Telko's strong growth continued in the final quarter MEUR • Operating profit in 2021 was EUR 268.8 million, reaching the Net sales Growth % level of 2019: 80 40% - +19.5% vs. 2020 (EUR 224.9 million) - -0.6% vs. 2019 (EUR 270 million) 70 30% • Telko’s demand and price level stayed high in all its pr
Slide 20: Telko nearly achieved its new 8% target for operating profit
Telko nearly achieved its new 8% target for operating profit MEUR Operating profit Operating profit% • An impairment and a restoration provision totaling 9 9% EUR 0.8 million were recognized on the fixed assets of Target 8% Telko’s Rauma terminal 8 8% • Adjusted operating profit for 2021, without th
Slide 21: Positive growth and development in Leipurin's operating profit
Positive growth and development in Leipurin’s operating profit continued through the year Feb 16, Aspo Q4/2021 21 2022
Slide 22: Net sales in Q4 nearly rose to 2019 levels
Net sales in Q4 nearly rose to 2019 levels MEUR • Net sales in 2021 were EUR 113.1 million Net sales Growth % • +12.0% vs. 2020 (EUR 101.0 million) 40 20% • -2.3% vs. 2019 (EUR 115.7 million) 35 15% • Demand for and price level of Leipurin products continued to grow - During Q4/2021, in Finland, Lei
Slide 23: Leipurin operating profit rate improved throughout 2021
Leipurin operating profit rate improved throughout 2021 • An impairment loss of EUR 4.3 million was recognized on MEUR Leipurin’s goodwill during the final quarter. Operating profit Operating profit% 1,2 6% • The full-year adjusted operating profit, excluding the impairment loss, was EUR 1.9 (1.7) m
Slide 24: Aspo's financial position and guidance
Aspo’s financial position and guidance Feb 16, Aspo Q4/2021 24 2022
Slide 25: Gearing ratio decreased to the target level
Gearing ratio decreased to the target level Equity ratio % Gearing % 40 200 • Gearing and the equity 35 180 ratio have improved in the previous three 30 160 years Gearing 25 140 target <130% 20 120 • Gearing fell under Aspo’s long-term 15 100 target level of 130% at the end of the year 10 80 5 60 0
Slide 26: Liquidity and maturity structure
Liquidity and maturity structure Interest-bearing liabilities, Maturity profile (MEUR) incl. lease liabilities 100 Net interest- 21 1 90 bearing debt total 5 EUR 167 million 15 80 70 Avg interest rate 1.4% 60 142 50 40 Term loans Bonds 30 Commercial programs Pension loans 20 Lease liabilities 10 Liq
Slide 27: Dividend proposal
Dividend proposal 0,76 • Aspo’s aim is to annually increase the amount of dividends. 0,61 0,57 • The Board of Directors proposes to the 0,56 Annual Shareholders’ Meeting of Aspo 0,49 Plc to be held on April 6, 2022 that 0,47 0,45 0,44 0,45* EUR 0.23 (0.35) per share be 0,42 0,42 0,41 0,42 0,43 0,42
Slide 28: Guidance for 2022
Guidance for 2022 Aspo Group's comparable operating profit remains at the same level as in 2021 (EUR 42.4 million). Comparable operating profit includes the following items: Operating profit +/- capital gains and losses, goodwill impairment losses and other items affecting comparability. Feb 16, Asp
Slide 29: Summary: Aspo is in a good position to implement its renewed strategy
Summary: Aspo is in a good position to implement its renewed strategy • Aspo Q4 and year 2021: Record performance - Aspo’s net sales for 2021 increased by 14% and returned to the 2019 level - The record highest full-year operating profit in company history - Operating profit rate passed new 8% targe
Slide 30: Q&A
Q&A +358 9 817 10310 (71344087#) Feb 16, Aspo Q4/2021 30 2022
Slide 31: Upcoming events
Upcoming events AGM April 6, 2022 Q1 interim report May 4, 2022 www.aspo.com Twitter: @AspoPlc Feb 16, Aspo Q4/2021 31 2022
Slide 32: Appendix
Appendix Aspo Q4/2021 16.2.2022 32
Slide 33: Key figures
Key figures 10-12/2021 10-12/2020 1-12/2021 1-12/2020 Net sales, MEUR 160.0 125.6 573.3 474.3 Operating profit, MEUR1), 2), 3) 8.8 7.6 33.9 19.3 Operating profit from continuing operations, MEUR1), 2) 8.7 6.7 36.9 16.7 Operating profit from discontinued operations, MEUR3) 0.1 0.9 -3.0 2.6 Operating
Slide 34: Shareholders
Shareholders Largest shareholders 31.12.2021 % of shares Havsudden Oy Ab 10.39 Aev Capital Holding Oy 10.23 Varma Mutual Pension Insurance Company 4.53 Personnel fund Vehmas Tapio 4.06 Non-domestic 1% and nominee registrations 4 % Ilmarinen Mutual Pension Insurance Company 2.79 Nyberg Gustav 2.71 In