Slide 1: Aspo Q2 2020
1 Q2 12.8.2020 Aspo Q2 2020 August 12, 2020 CEO Aki Ojanen
Slide 2: Aspo Q2 2020
Aspo Q2 2020 2 Q2 12.8.2020 Net cash from operating Q2 net sales were EUR 115,6 Q2 operating profit was EUR activities developed strongly, million (151.2). 4.1 million (4.1). and the Group’s free cash flow was EUR 15.1 million (10.8). Despite a steep decline in net We expect the very Giving out a fi
Slide 3: Net sales by quarter
3 Q2 12.8.2020 Net sales by quarter M€ 180 157 Q2 net sales decreased 24% 160 151 148 147 142 and was EUR 115.6 million 140 133 136 133 (151.2). 116 120 115 100 80 60 The operations of customer 40 companies decreased in all 20 operating countries and this was reflected in a historically 0 2018 2019
Slide 4: Operating profit by quarter
4 Q2 12.8.2020 Operating profit by quarter M€ 10 Q2 operating profit was EUR 4.1 million (4.1). 8 7,1 7,2 7,4 *) 6,7 6 4,9 5,4 4,1 4,0 4,1 4 3,7 Despite an unusual market 2 2,6 environment the operating profit remained at the 0 comparative period’s level due 2018 2019 2020 to profit improvement in T
Slide 5: Net cash from operating activities
5 Q2 12.8.2020 Net cash from operating activities M€ 60,0 Net cash from operating activities 52,5 in H1 was EUR 30.5 million (14.6). 50,0 40,0 Free cash flow in H1 was 33,6 30,5 EUR 28.4 million (9.7). 30,0 20,3 20,0 14,6 13,9 10,0 7,6 Net cash from operating 1,9 0,0 activities increased due to -1,2
Slide 6: Distribution of net sales
6 Q2 12.8.2020 Distribution of net sales Net sales by segment, Q2 2020 Net sales by market area, Q2 2020 Finland 42,6 M€ 11 % 28 % Scandinavia 18,2 M€ ESL Shipping 32,9 M€ 37 % Leipurin 23,2 M€ 27 % Baltic countries 10,4 52 % M€ Telko 59,5 M€ Russia, other CIS 20 % countries and Ukraine 9% 31,6 M€ 1
Slide 7: Russia, other CIS countries and Ukraine
7 Q2 12.8.2020 Russia, other CIS countries and Ukraine M€ Net sales 50 47,5 46,2 45,6 46,0 44,5 45 42,8 Net sales in the eastern 40 37,9 37,4 markets decreased and were 35 EUR 31.6 million (44.5). 32,6 31,6 30 25 20 The net sales decline was 15 especially due to Telko whose 10 net sales decrease in
Slide 8: ESL Shipping
8 Q2 12.8.2020 ESL Shipping Leading marine logistics provider for bulk cargo
Slide 9: ESL Shipping
9 Q2 12.8.2020 ESL Shipping Q2 net sales were EUR 32.9 million (42.6). Q2 operating profit decreased to EUR 0.6 Transportation volumes decreased to 3.0 (4.1) million (2.6). million tons during the second quarter of 2020. Due to lower demand for transportation and the prevailing low cargo price level
Slide 10: ESL Shipping key figures
10 Q2 12.8.2020 ESL Shipping key figures M€ Net sales 50 46,4 45,3 43,7 42,6 43,4 Q2 net sales were 45 42,7 EUR 32.9 million (42.6). 40 35 32,9 30,6 30 25 22,6 20,5 20 15 The decrease in transportation 10 volumes resulted from 5 production adaptations in the steel industry in Northern 0 2018 2019 20
Slide 11: ESL Shipping key figures
11 Q2 12.8.2020 ESL Shipping key figures M€ Operating profit 5,0 4,4 4,4 Q2 operating profit 4,5 4,3 4,2 4,0 decreased to 4,0 EUR 0.6 million (2.6). 3,5 3,2 3,0 2,6 2,6 2,5 2,3 2,0 1,5 Lower transportation volumes 1,0 0,6 due to challenging market 0,5 environment and general 0,0 uncertainty consider
Slide 12: Baltic Dry Index
12 Q2 12.8.2020 Baltic Dry Index
Slide 13: Leipurin
13 Q2 12.8.2020 Leipurin From bread and recipes to a comprehensive selection
Slide 14: Leipurin
14 Q2 12.8.2020 Leipurin Q2 net sales were EUR 23.2 million (28.0). Q2 operating profit decreased to EUR 0.3 million (0.6). The coronavirus pandemic and resulting During June, the general situation involving restrictions had a significant impact on Leipurin’s customers and markets started to Leipuri
Slide 15: Leipurin key figures
15 Q2 12.8.2020 Leipurin key figures M€ Net sales 35 31,2 31,6 31,9 30,2 29,9 Q2 net sales were 30 28,0 28,0 26,9 EUR 23.2 million (28.0). 25,9 25 23,2 20 15 Restrictions have had the most 10 severe impacts in the 5 restaurant and cafeteria sector, which has been reflected in 0 Leipurin’s foodservic
Slide 16: Leipurin key figures
16 Q2 12.8.2020 Leipurin key figures M€ Operating profit 1,2 1,1 Q2 operating profit decreased to EUR 0.3 million (0.6). 1 0,9 0,8 0,8 0,8 0,8 0,8 Operating profit rate was 1.3% (2,1). 0,6 0,6 0,6 0,5 0,4 0,3 Leipurin is actively monitoring 0,2 the development of demand and profitability and is prep
Slide 17: Net sales in Russia, other CIS countries and Ukraine
Net sales in Russia, other CIS countries 17 Q2 12.8.2020 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 11,1 600 559 10,0 9,5 535 9,0 514 8,6 8,3 8,6 478 481 475 489 480 8,2 500 8,0 7,7 7,5 400 6,0 300 4,0 200 2,0 100 0,0 0 2018 2019
Slide 18: Telko
18 Q2 12.8.2020 Telko Raw material solutions for the industry
Slide 19: Telko
19 Q2 12.8.2020 Telko Telko segment net sales decreased in Q2 Telko segment operating profit increased in and were EUR 59.5 million (80.6). Q2 and stood at EUR 4.2 million (2.3). Net sales fell due to lower demand as a result of Telko’s sales margin and operating profit coronavirus restrictions, dec
Slide 20: Telko key figures
20 Q2 12.8.2020 Telko key figures M€ Net sales 90 80,6 Telko segment net sales 80 74,7 71,7 71,9 decreased in Q2 and were 70 67,3 69,5 69,8 *) EUR 59.5 million (80.6). 63,6 59,5 60 57,7 50 40 30 20 The sales fell steeply in all 10 markets due to the pandemic. 0 2018 2019 2020 Q1 Q2 Q3 Q4 *) As of Ja
Slide 21: Telko key figures
21 Q2 12.8.2020 Telko key figures M€ Operating profit Telko segment operating 4,5 4,2 profit increased in Q2 and 4,0 stood at EUR 4.2 million (2.3). 3,6 3,5 3,4 3,0 2,9 The operating profit of Telko 2,5 2,4 2,3 2,4 2,4 2,2 business was EUR 3.4 million 2,0 (2.2) in Q2. 1,5 Kauko’s net sales in Q2 wer
Slide 22: Net sales in Russia, other CIS countries and Ukraine
Net sales in Russia, other CIS countries 22 Q2 12.8.2020 and Ukraine M€ 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 1200 1149 31,6 1131 29,2 30,0 1004 974 26,9 1000 868 856 25,0 24,0 23,8 794 800 20,0 600 15,0 400 10,0 5,0
Slide 23: Equity ratio and gearing
Equity ratio and gearing Q2 12.8.2020 % 40 250 Both gearing and equity 35 ratio improved due to 200 30 strong cash flow even though the size of the 25 hybrid bond was reduced 150 in Q2. 20 100 15 Dividends of EUR 0.11 per 10 50 share, totaling 5 approximately EUR 3.4 million, were paid during 0 0 th
Slide 24: Debt profile and maturities
Debt profile and maturities Interest bearing liabilities Maturity of loan agreements (MEUR) without lease liabilities (MEUR) 100 90 26 2 80 4 17 70 60 144 50 40 Loans Commercial papers TyEL pension loan Bond Others 30 20 Liquidity position (MEUR) 10 0 2020 2021 2022 2023 2024+ 27 55 Hybrid (call) Lo
Slide 25: Market remains challenging, strong cash flow provides backbone
Market remains challenging, strong cash 25 Q2 12.8.2020 flow provides backbone • The pandemic has had a significant impact in the operations of our customer companies and it has led to a substantial decrease in Aspo’s net sales. • Determined measures to secure profitability have paid off and are sti
Slide 26: Participate in the development of Aspo's sustainability work
Participate in the development of Aspo's 26 Q2 12.8.2020 sustainability work Sustainability is an important part of Aspo's value creation, and we regularly seek to survey the views of our stakeholders on the subject. We want to invite our stakeholders to share ideas and opinions on how we as a congl
Slide 27: Appendix
27 Q2 12.8.2020 Appendix
Slide 28: Key figures
28 Q2 12.8..2020 Key figures 4-6/2020 4-6/2019 1-6/2020 1-6/2019 1-12/2019 Net sales, MEUR 115,6 151,2 248,8 292,7 587,7 Operating profit, MEUR 4,1 4,1 8,1 9,0 21,1 Operating profit, % 3,5 2,7 3,3 3,1 3,6 ESL Shipping, operating profit, MEUR 0,6 2,6 2,9 5,8 14,6 Leipurin, operating profit, MEUR 0,3
Slide 29: Long-term financial targets
Long-term financial targets 29 Q2 12.8.2020 Operating profit rate (cum.) Return on equity (cum.) Gearing Target level 6% in 2023 Target level > 20% in 2023 Target level 130% in 2023 196 181 174 4,74,7 *) 4,4 155154 162 159163 15,6 3,8 13,5 14,0 3,5 3,6 13,1 13,5 3,3 12,4 *) 119 3,2 3,1 3,6 11,7 3,0
Slide 30: Shareholders / allocation
30 Q2 12.8.2020 Shareholders / allocation Number of shareholders Distribution of ownership on June 30, 2020 by ownership group, % 11 000 10 619 4% 1% 10 500 10 260 18 % Institutions 10 000 Group Executive 1% Committee 9 502 9 500 Board of Directors 9 236 9 060 Private investors 21 % 9 000 55 % Non-d